The SFA InsurTech Sub-Committee is formed to promote the adoption of technology and new digital business models as well as foster collaboration between start-ups, ecosystem participants, Insurance Industry and regulators. Represent the interests and be the voice of InsurTech ecosystem in Singapore and help represent the SG InsurTech outside of Singapore.
Promote the adoption of inclusive and unbiased standards and frameworks when developing InsurTech solutions and advocate fair collaboration between InsurTech’s and Financial Initiations.
To foster the development and growth of broad InsurTech ecosystem in Singapore by working collaboratively with various stakeholders in the Industry in 4 key areas of focus:
1. Engagement with Regulators
2. Engagement with the Industry
3. Nurture the Development of Insurtech companies and ecosystem
4. Talent Development
Key Areas of Focus
ENGAGEMENT WITH REGULATORS
a) Represent the InsurTech community in Singapore and engage with regulators in a constructive discussion regarding current and future state regulation, market structure and practices of Insurance Industry and the role of InsurTech.
b) Be the independent voice and bridge between the InsurTech ecosystem and the regulators.
ENGAGEMENT WITH THE INDUSTRY
a) Organise events to promote InsurTech innovation, solutions, companies and latest thinking and collaboration between InsurTech’s, Financial Services and the broader ecosystem.
b) Support InsurTech ecosystem by providing market insights, opinion on current and future market and industry development.
c) Foster the mutual understanding of needs and key challenges faced by the Insurance Industry and the capabilities of InsurTech.
NURTURE THE DEVELOPMENT OF INSURTECH COMPANIES AND ECOSYSTEM
a) Work with other associations in Singapore and elsewhere to broaden the application of InsurTech and growth of broad InsurTech ecosystem.
b) Facilitate the development of the partnerships, collaboration and growth of InsurTech ventures.
c) Support the development of the ecosystem through collaboration with other associations and provide a platform for collaboration and building connections through formal and informal events and activities
a) Work with tertiary institutions in Singapore to promote the concept of InsurTech.
b) Facilitate the adoption of international expertise in Singapore through the exchange of knowledge (and attracting capabilities and talent).
c) Facilitate connecting industry experts to advise and mentor InsurTech companies.
InsurTech Sub-Committee 2020
Chief Transformation and Digital Officer, AXA
Executive Committee Member, Singapore FinTech Association
Chia Hock Lai
President, Singapore FinTech Association
Head of Products, Symbo Insurance
Senior Advisor, pinbox Solutions, Singapore
Founder, The Digital insurer
CEO, eBaoTech Corporation
Head of Business Technology, AON