The Singapore insurance industry : public perceptions and prospects

Abstract

Due to the recent changes implemented by the Monetary Authority of Singapore, the team feels that it is necessary to reassess the level of public awareness and perceptions towards the insurance industry. It is also the objective of this project to clarify any misconceptions found and to provide information regarding the prospects and career opportunities in the industry. To achieve the objectives set, 2 surveys were conducted on the public and the industry separately to serve as primary data. Secondary data was collected from various reports, journals, textbooks and magazines. It was found that majority of the respondents ( approximately 70% ) know insurance can provide financial protection but are still unaware that it could be used for saving and investment purposes as well. Most of them purchased their policies from companies that adopt a more aggressive approach in their marketing strategies and they are pleased and satisfied with their policies and services provided by their agents. The industry has been experiencing double-digit growth for several years and is facing manpower problems especially in the middle management to keep up with the demand for insurance. General Insurers and Reinsurers seem to provide better job opportunities and local companies compared to their foreign counterparts offer a more attractive job package. Thus it can be concluded that since the public generally has a good opinion of the industry, it will be easier to grow and recruit people ( especially graduates from the NTU insurance course) to work and promote professionalism in the industry.