Philip Lam Kah Leong, FCCA

The 1st ASEAN Professional Insurance Diploma (APID) Academic Committee Meeting 2024 The 1st ASEAN Professional Insurance Diploma (APID) Academic Committee Virtual Meeting was held on 10 June 2024. The academic committee, composed of AIC training providers, has chosen Perry Tan as the Chairperson. Perry currently serves as the Head of Technical Training Department of Singapore College of Insurance (SCI). The Academic Committee is happy to note that the Micro-Certificates of Module 1: ASEAN Insurance Market Practices (Underwriting and Claims) from Indonesia, Malaysia, Philippines, Singapore and Thailand were completed in the first half of the year. Module 2: Climate Risk Management and Environmental Risk Management in ASEAN will be delivered starting with the Foundation Certificate which will be held on 29, 30, and 31 July 2024. This Foundation Certificate is SCI’s cutting-edge course on climate and natural catastrophe insurance, tailored for professionals navigating the complexities of climate risks and natural disasters in Southeast Asia. This program provides an in-depth understanding of the insurance mechanisms designed to combat the impacts of environmental changes on economies, particularly focusing on Cambodia, Laos, Indonesia, Philippines, Thailand, and Vietnam. For more information and to register, please click on this link: https://lnkd.in/g6DXJPQm #SCI #APID #climateriskmanagement #environmentalriskmanagement

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General insurance agents are the unsung heroes of the insurance world, helping clients navigate the complex landscape of policies and claims. But, have you stopped to think about the risks you face in your daily work? We’re not talking about the usual suspects like market fluctuations or policy lapses, but something more personal – liability to your customers. We’re not here to scare you, but to shed light on the potential pitfalls and how to avoid them. So, let’s dive into the liability landscape and explore the risks you face. [This article was generated by Meta AI and has been edited by the Surer team for clarity, readability and context.] #generalinsurance #surersg #surer #insurancebrokers #insuranceagent #insuranceindustry #insurancesolution #insurtech #cpdhours #Markel #Anapi #GeneralInsuranceAgentProfessionalIndemnityInsurance #GIAPII

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Feeling the pinch from rising insurance premiums? We’ve got some valuable tips to help SMEs manage costs without compromising on coverage. Dive into our latest article to learn more about effective risk management and how Aviso Broking can assist you 📘👇 Read the full article: https://lnkd.in/gq7MRk4v #Insurance #BusinessTips #SMEs #RiskManagement

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While economic growth in Asia Pacific is expected to slow, life insurance business is still expected to improve across some markets. #AsiaPacificEconomy #LifeInsuranceMarket #MarketTrends #AsiaBusiness #FinancialForecast https://ow.ly/r1hh50RlR18

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Life is unpredictable, and planning ahead with insurance is one of the best ways to protect yourself and your loved ones. I recently read an inspiring story about Mr Chew Sin Kiat who survived a brain tumor at age 32. It reminded me how crucial it is to have a safety net in place: [How I Survived a Brain Tumour at Age 32](https://lnkd.in/gNP-wdZH...). That's why I'm a strong advocate for ensuring your insurance coverage is comprehensive. Here's why it's worth considering: Many of us might already have Life Insurance, Critical Illness Cover, Accident plans and comprehensive Hospital & Surgical plan. However, are you aware that none of these will pay you if you're out of work for an extended period beyond your medical leave entitlement? The writer of the article also mentioned: “This had come with its own set of worries. How would my higher-ups react, and would my job be in jeopardy?” Question is, have you “Insured Your Insurance” yet? If you have, then you can recuperate in peace without worrying about your income / Living expense, as it will be taken care of*. Additionally, for your Critical Illness coverage, are you covered for 15 times your annual expenses? If not, reach out to your current agent, or feel free to get in touch with me. https://lnkd.in/gmEbwEPX #PlanningAheadHelps #StayProtected

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Many years ago, someone from AIA insurance company approached me about joining their team in the insurance industry. Although a career in insurance was never part of my plan, I politely declined. However, this individual’s unwavering persistence inspired me. I truly admire his determination and attitude. Like many others, I often feel wary when approached by agents trying to sell products, especially since I already have coverage. I'm inundated with calls and messages from agents introducing themselves with lines like, "Hi Pauline, I'm Audrey from Prudential, a new service agent. Are you free to catch up?" I typically don’t respond, as these messages often feel indistinguishable from one another. This highlights an important truth: if you’re in the insurance industry and aim to sell your products, how you engage your audience is crucial. Capturing their attention is vital if you want to inspire responses. By adjusting your approach—perhaps sharing exciting promotions in food and beverages or enticing travel deals—you could ignite their interest. Building familiarity with your clients is essential; rushing to sell can deter them. Securing contracts requires both strategy and dedication. If you're targeting large corporations, remember they usually have their own agents and are hesitant to change suppliers. Therefore, forging relationships with well-connected individuals is key, along with your persistence in maintaining contact with potential clients. Every industry has its challenges; we often hear that sales are struggling and that we must push harder. No sector is without its difficulties, and corporate professionals face unique trials in their quest to excel. Ultimately, finding the right fit within an organization can be transformative and play a significant role in a company’s success.

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Whenever I asked newly joined Life Planner of why they choose to join AIA full time, their answer is mostly about the income, the commission, the scheme and the bonus which in short, they're motivated to join because of money. Of course if I put myself in their shoes, I will answer the same thing too. But as a AIA trainer and a coach, it's part of my responsibilities to inspire them to think further. So normally after listening to their answer, my next question is always: What you plan to do with the money? There's where you started to see different answers coming out - some plan to use it to clear debt, some want to bring their parents to travel or to Umrah, some thinking to earn more to get married. That's where I will tell them that money is just a tool that helps you fulfill your dream. Keep these dreams as your goal and continue to motivate yourself that you're working hard not because of the money, but to shorten the time so that you can live with less financial headache, go travel with parent comfortably and give your loves one a memorable wedding. As a trainer and coach, we don't just provide training, but we also play a role to help our new Life Planner to understand how important is their dream, and to achieve all their dream and goals with solid financial foundation. What we do is more than just train, we inspire too.

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Visionet teams up with Actuarial Resources Corporation (ARC), merging cutting-edge technology and unparalleled actuarial expertise to transform the insurance landscape. Together, we are at the forefront of driving innovation and fostering collaboration, revamping the insurance sector. Read more: https://lnkd.in/gVYbMkRF   #InsuranceInnovation #Insurtech #ActuarialExcellence #TechCollaboration

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What are the possible tax measures in Budget 2025?   Read more from the article in Star Biz as David Lai, our Executive Director and Head of Tax Advisory shares his thoughts on the possible tax measures to be unveiled in Budget 2025 on 18 October 2024. https://lnkd.in/gwzMM5hQ.

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LIA Singapore recently announced the business results of Singapore's life insurance industry for the first quarter of 2024.    This quarter, the life insurance industry saw its strongest set of results since the same period in 2020. Weighted new business premiums for the quarter surged 32.2 per cent year on year to $1.37 billion and of this total, single-premium policies recorded a 46.4% increase in weighted premiums to $500.4 million. 📈 This trend reflects the increasing awareness of the importance of meeting saving and protection needs in Singapore.    For the first quarter of 2024, the life insurance industry has also paid out S$5.01 billion to policyholders and beneficiaries, an increase of 94.6% compared to the same period last year.   As medical inflation continues to be a challenge Singaporeans face, the life insurance industry continues to work in close collaboration with regulators and is supportive of increased transparency across the entire healthcare system including clear value and quality of care metrics. Looking forward, Dennis Tan, CFP®, President of LIA Singapore highlighted that "The life insurance industry is starting the year positively by focusing and achieving progress in narrowing our nation’s protection gap as we grow the sector as a whole.” #LIASingapore #LifeInsurance #Singapore #FinancialProtection

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Advancements in technology, shifting customer expectations and emerging challenges will define Singapore and Asia Pacific's insurance landscape in 2025. With the new year fast apporaching, Etiqa Insurance Singapore's CEO, Raymond Ong, shares three key trends - from digital adoption, to the rise of sustainability practices and greater diversity & inclusion - that will shape the industry in the new year with Asia Insurance Review. Thank you, Sarah Si, for including Raymond's insights in Asia Insurance Review's year-end issue. https://lnkd.in/gcbBs7cs #EtiqaInsuranceSingapore #AsiaInsuranceReview #InsurancePredictions2025

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Unlock Talent Retention with Cutting-Edge Employee Benefits Strategies – Discover the 5 Key Trends Shaping Malaysia's Workforce Today!

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After new financial representatives complete an induction programme to ensure competency in services to customers, they are then required to undergo competency assessments every year. 👉 Jason Yeo Vice President & Head of Compliance at Income Insurance Limited 👉 Chuan How Tan Chief Agency Officer at Income Insurance Limited ✍️ Article written by: Sarah Si #Insurance #Lifeinsurance #Healthinsurance #Financialperformance

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The general insurance market in Singapore is expected to grow significantly, reaching $8.1 billion in gross written premiums (GWP) by 2029. This represents a compound annual growth rate (CAGR) of 6.2% from $6.0 billion in 2024, according to research by GlobalData Plc. https://hubs.la/Q02-6MPk0

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Apac HNW insurance demand tipped for double-digit growth. Insurers and brokers across the region expect double-digit growth in premiums from high-net-worth individuals over the next two to five years. https://lnkd.in/giczRg2V #insurance #apac #highnetworth

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