The Life Insurance Association, Singapore (LIA Singapore) has unveiled its newly elected Management Committee and outlined its strategic priorities for 2025, focusing on consumer advocacy. The announcement was made during the Association’s Annual General Meeting on 27 March 2025, where Wong Sze Keed was appointed as President, succeeding Dennis Tan. The committee’s agenda includes enhancing financial literacy, simplifying legacy planning, and fostering trust within the industry.
Wong Sze Keed emphasised the industry’s robust performance in 2024, achieving a 19.7% growth with S$5.87 billion in Total Weighted New Business Premiums, despite economic challenges. She stated, “As an industry, we will build on that momentum in 2025 by prioritising consumers and addressing key consumer challenges by enhancing financial literacy, simplifying legacy planning and the claims journey, strengthening trust, and supporting a sustainable healthcare ecosystem.”
The committee’s priorities include enhancing customer financial literacy to bridge protection gaps, simplifying legacy planning and the claims journey for families, elevating industry culture and conduct to build greater trust with consumers, and collaborating with stakeholders to ensure a sustainable healthcare ecosystem.
With Singapore’s ageing population, the LIA plans to publish consolidated legacy planning resources and update its Nomination of Insurance Nominees guide in Q2 2025. Additionally, the industry aims to prevent unintended policy lapses through digitalisation efforts whilst ensuring inclusivity for seniors.
The LIA’s initiatives are set against a backdrop of projected 12% medical inflation in Singapore, highlighting the need for collaboration among insurers, the medical community, and government stakeholders to maintain healthcare affordability.
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