GIA Gives the Message of Sustainability at its First “Masterclass”

    GIA held a conference recently to discuss the latest developments in the insurance sector and to promote the importance of sustainable growth.

    BankBazaar Singapore – February 8, 2018

    Singapore: The General Insurance Association of Singapore (GIA) organised a symposium recently to discuss the latest trends and developments in the insurance sector in Singapore and also to encourage corporations to adopt a more sustainable approach to their business operations.

    The first Sustainable Insurance Masterclass brought together noted industry leaders and experts to promote the importance of sustainability in the consumer goods sector and the general insurance industry within and outside Singapore.

    Experts provided insights into various key areas of their industries and how innovative solutions within the general insurance industry can lead to a more equitable and stable growth.

    Irresponsible use of paper and energy were identified as two key areas promoting untenable growth. It was agreed by most speakers that reduction in both could lead to a more sustainable future.

    Claudia Salem, Head of AIG Singapore and Head of Country Operations for Southeast Asia at the company, however, noted that sustainability was more than reduction in paper and energy wastage (reduction of carbon footprint).

    Salem said that insurers could use the personal data they had access to and develop innovative solutions that incentivised sustainable business operations and lifestyle.

    Key Takeaways

    The conference tried to raise awareness levels of industry players and key enablers about the general meaning of sustainable growth as defined by the United Nations. Salem sought to tie the sustainability drive promoted by this symposium with the government’s declaration of 2018 as a year of climate action.

    She also exhorted industry leaders and decision-makers to ensure that their actions were in alignment with the principles of sustainability adopted by the UN and its stakeholders. This meant:

    • Adopting business strategies that incorporated sustainability and demonstrated the same before the clients.
    • Collaborating with regulators and industry supporters to raise awareness of social, environmental, and governance issues.
    • Demonstrating accountability and transparency to regulatory and other forms of scrutiny.

    Speakers at the symposium stressed on the need to take a hard look at legacy issues like paper trails and misuse of energy.

    It was pointed out that digital penetration being high in Singapore in other spheres of life made it all the more important for the industry to make a shift towards digitisation. Since people in Singapore are still hesitant to move from paper policies to digital ones, key collaborators and players were asked to oversee and incentivise the transformation to a completely paperless industry.

    What Sustainability in Insurance Means for Customers?

    The sustainability conference identified end customers as key stakeholders in the process. A new world with less paper would mean customers will have access to their policies within minutes instead of waiting for days to have the policy documents delivered to their homes. This had the potential to improve the level of personalisation that customers received.

    Reduction of energy (transport, print, electricity, etc.) would mean better utilisation of public spending and higher growth.

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