Insurance

The economic growth in Singapore has benefitted the insurance industry as a whole and contributed to its growth in recent years. Both consumer and commercial insurance policies have become necessities as individuals and business entities strive to increase longevity and protect themselves against natural calamities.

Among consumers, accident, health and travel insurance are becoming popular products as Asians become more affluent and wise about how to spend and save. In trade and economic sectors, more companies particularly in the marine, oil and gas and construction industries are looking into related insurance policies.

Career development
Individuals who choose to become part of this sector must be willing to take on the challenges of communicating brilliantly, thinking in a strategic manner and using the Internet as a positive business tool to reach consumers.

Graduates seeking to join the insurance industry can contact the Financial Industry Competency Standards (FICS) organisation, which offers an accreditation and certification system complete with transparent and structured programmes to improve their skills in the sector.

Job opportunities
A graduate in this field will be taken in as a management executive and given basic training that is necessary to excel in this sector. In both general and life insurance companies, you will be working on claims handling. As you progress, you will be taught underwriting skills and if you become a life insurance specialist, you could become a relationship manager in the affluent world of wealth management. Claims and underwriting professional You should have a degree in banking and finance, economics or business. Nursing degrees will be an asset in life insurance companies while engineering degrees are welcome in the general insurance sector. Your tasks will involve processing, analysing, investigating and settling claims. You will be working with beneficiaries and next of kin.

Insurance broker
This role requires graduates to work as intermediaries between insurance companies and buyers who could be individuals, companies or other insurers. Degrees in banking and finance, economics or business are advantageous.

To move ahead in the insurance industry, one can always approach the Singapore College of Insurance to learn about competency requirements for this sector. There are also organisations like the Singapore Insurance Brokers’ Association and Singapore Reinsurers’ Association which allow insurance executives, managers and directors to become members in order to stay updated on the latest developments while adhering to the professional conduct of the industry.

Useful links

• Singapore College of Insurance
• Singapore Insurance Brokers’ Association
• Singapore Reinsurers’ Association