Issue No. 18 April - June 2014
Message from the PresidentIndustry Events
Industry News

Message from the President

Photo of LIA PresidentUpdate on Key Focuses for 2014

The momentum in the first half of 2014 has been gathering speed and intensity, and we expect this pace to continue for the rest of the year.  

One: Implementation of new regulations

Consultation on Risk-Based Capital 2, June 2014

LIA is finalising a comprehensive response paper on the MAS's second consultation paper.

Technology Risk Management, July 2014

LIA is finalising feedback and recommendations from industry on MAS's revised TRM requirements.

Personal Data Protection Act, July 2014

LIA is finalising two Codes of Practice for life insurers and their tied representatives in consultation with the Personal Data Protection Commission.

FATCA

Consultation and preparatory work on various aspects are in progress.

FAIR

LIA is preparing guidance material for members on Balanced Score Card.
LIA is revising its guidelines on the life insurance advisory process.
Consultation and preparatory work are in progress in respect of Web Aggregator and Basic Insurance Products.

Two: Participation in national agendas

We want to collaborate and contribute positively towards nation-building. The MediShield Life Review Committee's final report has just been released, and there is much work to be done by IP insurers prior to implementation in 2015.

Three: Effective communications

We want to do more and better, in terms of reaching out to Singaporeans to help them appreciate the benefits of life insurance and understand the common products as well as be informed of new initiatives. LIA is progressing on a more effective communications strategy, key messages and comprehensive materials for the association and members.

Concerted efforts

I would reiterate that the challenge of change can be surmounted if we resolve to turn changes into opportunities for innovation and new avenues of growth.

Khoo Kah Siang

Industry Events

Official opening of SHF-LIA Heart Health Hub
14 April 2014, Fortune Centre, Singapore

Life insurance industry raises $200,000 to support rehabilitation of heart patients

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From left to right: The Flying Dutchman, Dr Khoo Kah Siang, President, Life Insurance Association Singapore, and Associate Professor Terrance Chua, Chairman, Singapore Heart Foundation

Cardiac patients and those at risk of heart disease will now be able to benefit from the rehabilitative services offered at the Singapore Heart Foundation's (SHF) newest facility in Middle Road.

The SHF-Life Insurance Association Heart Health Hub was officially opened today by Denise Phua, MP for Moulmein-Kallang GRC.

The new facility at Fortune Centre on Middle Road spans 4,037 square feet and is the second of two institutions in Singapore that offers cardiac rehabilitation and support for the community-at-large.

The life insurance industry raised a total of $200,000 for the development of the health hub as part of its Life Insurance Week initiative launched in October last year. Member companies of LIA contributed one dollar for every policy sold during the month of October.

The health and well-being of Singaporeans was chosen as an area of focus with the intent of mitigating the risk of ill-health and chronic diseases. During Life Insurance Week last year, the LIA also sponsored a series of health screenings at high-traffic work places and a mall.

"We put the health of the community at the top of our agenda," said LIA President Dr Khoo Kah Siang. "Rising healthcare costs is a growing concern and the best way to contain the financial burden of it is for people to take responsibility for their own health. With heart disease being one of the major health problems among Singaporeans, we are pleased that our industry has contributed to the rehabilitative process of heart patients. Today we see the fruition of our efforts with the new SHF-LIA Heart Health Hub."

Popular radio host The Flying Dutchman (FD) was also at the cheque presentation ceremony during the official opening. FD suffered a near-fatal heart attack in 2012 and was lucky enough to survive it and tell his story. As the spokesperson for life insurance for LIA's recently concluded consumer education campaign, FD's personal story resonates closely with the industry's push for Singaporeans to stay financially protected and responsible for staying in good health.

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The SHF-LIA Heart Health Hub is well-equipped with treadmills, cross trainers, fluid rowers, fluid cycles and both free-weights and a multifunctional weight training machine. It also houses a multipurpose room for conducting educational health talks and workshops for members and the public, as well as a basic kitchen for cooking demonstrations.

The new facility provides assistance to recovering heart patients and individuals at risk of developing heart disease, such as those with hypertension, high cholesterol, diabetes mellitus and obesity among other chronic ailments so that they can better manage their condition through the Heart Wellness Programme. SHF is the only institution in Singapore that offers a structured community-based phases 3 and 4 cardiac rehabilitation programme at heavily subsidised rates.

Great Eastern First Founding Partner to ink collaboration with Singapore Sports Hub

30 April 2014

Great Eastern will be the Official Insurance Partner for the Sports Hub and will bring sports closer to the community in tandem with its LIFE company purpose to promote healthy living for all.

Great Eastern - Photo
Dr Khoo Kah Siang, CEO (Singapore), Great Eastern, and Philippe Collin Delavaud, CEO, SportsHub

Great Eastern, Singapore's leading life insurance group, was unveiled as the first Founding Partner of the iconic Singapore Sports Hub as well as the Official Insurance Partner. The strategic partnership with SportsHub Pte Ltd strongly reinforces Great Eastern's commitment to actively help the community live healthier and better through sports as well as reaffirms the company's support of local sports.

Since 2006, Great Eastern has invested some S$8.2 million to promote healthy living to the community through sponsorship of two signature sporting events under its Live Great programme - the Great Eastern Women's Run and Great Eastern-Yeo's S.League.

Commented Dr Khoo Kah Siang, CEO (Singapore), Great Eastern: "As a LIFE company, Great Eastern has gone beyond the traditional role of an insurance company to help the community live healthier and better. Our support for sports is integral to Great Eastern's DNA. Sports is one of life's rich experiences and brings out the best in each of us. Sports embraces the best of the human spirit and brings families and the community together.

Our partnership with the iconic Singapore Sports Hub adds an exhilarating new dimension to our Live Great programme offerings and is an excellent platform for us to further promote the important message of healthy living as well as bring Singaporeans together from every walk of life.

I am excited to share that, for a start, participants of our Great Eastern Women's Run can look forward to exciting fringe activities at the Sports Hub. We are also in active discussions to stage our Run at the Hub next year. On the community front, we have several exciting initiatives lined up.

At Great Eastern, we are firm advocates of sports for all so, as part of the OCBC Group, we will be actively supporting Sport Singapore's Community Open House at the Sports Hub targeted for end of June. The young and elderly, youths and families as well as the underprivileged, will be invited and be among the first to experience this world class facility.

Come August, which is when we celebrate Singapore's National Day and Great Eastern's 106th birthday, we have a memorable treat in store for needy children. We are partnering the Football Association of Singapore to hold a special football clinic for 100 underprivileged children who will have the rare opportunity to not only play on the new pitch at the Stadium but also be coached by Singapore's top former internationals.

Great Eastern will also participate in the 'Experience Sports' programme at Singapore Sports Hub, to support the Hub's community initiatives. Our participation will include raising awareness and increasing community engagement in sporting activities at the Hub, starting with our very own employees. With our partnership of the Singapore Sports Hub, we are delighted to bring sports closer to the community."

Said Mr Philippe Collin Delavaud, CEO, SportsHub Pte Ltd: "Great Eastern is well regarded as an ardent supporter of sports in Singapore, and we are delighted to have their support for the Singapore Sports Hub. As we work towards growing a vibrant sporting scene in Singapore, partnerships with iconic home-grown corporations like Great Eastern are very much valued."

This strategic partnership is brokered by World Sport Group (WSG), the Sports Hub's exclusive commercial partner. Added WSG CEO Andrew Georgiou, "We are very excited that Great Eastern, a leading homegrown brand, has concluded a deal with the Singapore Sports Hub. This partnership is truly significant because of the long term opportunity through which Great Eastern can engage and deepen its relationships with existing and potential customers. This will provide Great Eastern with all-year-round global brand exposure through the range of activities held at this world-class venue."

As a Founding Partner, Great Eastern will receive significant branding opportunities at the Sports Hub as well as global exposure on the Sports Hub's online platforms. Great Eastern's partnership with the Singapore Sports Hub is part of the OCBC Group's larger collaboration with the Sports Hub.

Manulife Singapore commits some S$1 million to SwimSafer programme

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Children with SwimSafer Manulife swim caps

Manulife Singapore has become the first corporation to sponsor a national water safety programme, as it commits some S$1 million to SwimSafer - an ongoing initiative which imparts children with water safety knowledge and water survival skills. SwimSafer is one of the many activities that come under the umbrella of ActiveSG, a key element of the Vision 2030 sports master plan of Sport Singapore.

As presenting sponsor for SwimSafer, Manulife Singapore will be working closely with ActiveSG to promote the importance of water safety in the community and in schools over the next three years. On top of its sponsorship of S$900,000, Manulife will provide additional funding for outreach programmes.

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Lim Teck Yin, CEO, Sport Singapore and Naveed Irshad, CEO, Manulife Singapore at the SwimSafer Press Conference

Naveed Irshad, President and Chief Executive Officer of Manulife Singapore said, "Manulife has always been a big supporter of sports, both locally and internationally. As a strong, trustworthy and reliable financial services company, Manulife is here to help Singaporeans fulfil their dreams, be it a child who is learning how to swim or our clients, by giving them the financial security and peace of mind to do what they most want to do. We believe that this collaboration will create inroads to the sports industry, and by supporting a programme that is meaningful and aligned with our values."

The programme aims to teach swimming proficiency and water survival skills to children to minimise drowning incidences in a fun manner. These skills are necessary in view that more than 60% of drowning incidences in Singapore (from 2005 to 2008) occurred in open waters, such as the seas, rivers and reservoirs.

Manulife will be pumping in additional resources to engage students on water safety. This includes producing special skits and souvenirs to complement at least 40 outreach programmes conducted by ActiveSG in its sports centres and to schools each year. Over 170 primary schools that participate in SwimSafer annually will stand to benefit from this effort.

The SwimSafer programme was first introduced in March 2010 as the only national water safety programme. It replaced the Learn-To-Swim Programme and the National Survival Swimming Award. SwimSafer is carried out at all 25 ActiveSG swimming complexes island-wide, and the programme has certified over 80,000 students to date.

There are six progressive stages, each comprising 12 hours of lesson time. Survival and activity skills are taught in each stage of the programme, working progressively toward the next stage. At the end of each stage, each child will receive a stage completion certificate indicating his/her individual skill achievements. A badge will be awarded upon the completion of each stage.

Zurich Life Singapore launches new brand campaign "For those who truly love"

Zurich Life Singapore introduced its new brand campaign in June 2014 on 250 taxis. The ethos and strap line of the new campaign is 'Zurich Insurance. For Those Who Truly Love', and this is a unified global communication platform across all the countries Zurich has presence in.

The idea of Zurich's new brand campaign is to connect the world of insurance with values we all share. We want the best protection available for the people and things we truly love: a newborn child, a secure retirement, or a fledgling business. Instead of focusing on products or prices, we wanted to create an emotional bond with our customers, our people, our shareholders and our communities, and our new direction in advertising will help to achieve that.

The new brand campaign is based on a simple insight: You want the best possible protection for whomever- or whatever- you truly love. For Zurich, the message is clear. We are there for our customers when they need us to protect what they value most in life.

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Industry News

LIA Media Statement

MediShield Life: Role of Integrated Shield Plans

27 June 2014 - The life insurance industry is encouraged by the efforts of the MediShield Life Review Committee to provide greater protection for more Singapore residents with the introduction of MediShield Life.
 
Integrated Shield Plans (IPs) offered by our five life insurers are complementary to MediShield Life. IPs provide Singaporeans more choices if you would like to increase your level of protection above and beyond medical care provided at Class C or B2 wards of government structured hospitals covered under MediShield Life.
 
We will work closely with the Government to improve public education on health insurance and how MediShield Life and IPs work, and their relationship with each other.
 
We would like to assure policyholders that there will be minimal impact on the top-up portion of your IP, and IP insurers will also continue to monitor and manage the impact of medical inflation to ensure that the IPs remain competitively priced.
 
Accordingly, we look forward to working with policy-makers and relevant organisations to address concerns over Singapore's rising medical inflation. This includes improving price transparency of professional fees within the healthcare industry, reviewing how benchmarks for such fees could support cost management efforts for IPs, as well as the opportunity to analyse data to allow for better scrutiny of unusually high bills.

We continue to collaborate closely with the Review Committee and Ministry of Health (MOH), and are aligned on the recommendations that our five Integrated Shield Plan (IP) insurers will:

  • Develop key features for a standard Integrated Shield Plan with B1 coverage,
  • Be allowed to manage individuals with pre-existing conditions differently, including having the option to offer coverage for pre-existing conditions with increased premium, and
  • Collaborate with policy-makers and relevant organisations to further enhance the regulatory and accountability framework

The five IP insurers represented by LIA are:

  • AIA Singapore Private Limited
  • Aviva Ltd
  • Great Eastern Life Assurance Company Limited
  • NTUC Income Insurance Co-operative Limited
  • Prudential Assurance Company Singapore (Private) Limited

-End-

Additional references:

The Zurich Community - a dialogue between customers, distributors and Zurich

Zurich introduced the online tool, Zurich Community (ZCom) in Singapore in February 2014. The platform is a secure and closed site, which offers an on-going and iterative exchange between the Community members and Zurich.  Populated with a cross-section of approximately 300 existing and potential customers, the Community members are invited to take part in a range of online activities including moderated discussions, surveys and brainstorms. One of the widely-agreed outcomes of FAIR, is the need for the development of more technology-based and user-friendly platforms, and Zurich's decision to introduce ZCom is the first step towards the right direction.

"Zurich has been committed to the Singapore market since 2006 and launched the tool in order to achieve the best results both for our customers and distributors, as well as for Zurich. The ultimate goal is to help us to understand customer needs better by having an active conversation peppered with some research," said Peter Huber, Chief Executive Officer of Zurich Global Life Singapore.

The key advantage of the Community is the unfiltered and unbiased real-time dialogue with its members. This allows Zurich to react immediately and to achieve valuable quick wins. The Community attracts a high level of involvement among all its members. One recent discussion was around Zurich's new term assurance product, where the takeaways from the online discussion have direct influence over the product features. This new term protection product is slated to launch in early July 2014. Another engagement activity is focusing on the new taxi advertisement of Zurich. So far the discussion has attracted more than 350 comments and 46 photos of the new taxis were uploaded by community members. "At first glance it looks the same but the impressive slogan and simplicity design has made it somehow different from the others." says a community member (male Singaporean, 42 years old).

The Zurich Community also incorporates the involvement of selected groups of distributors. These groups are engaged throughout the year through a variety of appropriate channels, serving as a valuable advisory board to Zurich.

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