- AIA Singapore and SUSS launch first Insurance Minor in Singapore.
- Programme aims to boost talent pool for insurance industry.
- New Minor in Insurance Fundamentals starts January 2025.
Singapore’s insurance sector gets a boost with a new educational programme, revealed in the newly signed MoU.
New Insurance Minor Programme Launched
AIA Singapore and Singapore University of Social Sciences (SUSS) have teamed up.
They created Singapore’s first Minor in Insurance Fundamentals.
It was revealed in a newly signed Memorandum of Understanding (MoU).
The programme starts in January 2025.
Students can sign up from September 2024.
According to AIA Singapore, this new programme aims to help the insurance industry grow.
Who Can Join?
The programme is open to different groups:
- Full-time SUSS students
- Part-time SUSS students
- Working adults
- People in Continuing Education and Training (CET) for financial services
Working adults and CET learners who finish the programme will get a Certificate in Insurance Fundamentals.
Full-time students can also work at AIA in Singapore while studying.
This is part of the SkillsFuture Work-Study Degree programme.
What Will Students Learn?
The programme teaches important skills for the insurance industry.
Students will learn about:
| Subject | What It Covers |
|---|---|
| Contract and Agency Law | Rules about agreements and working for others |
| Customer Relationship Management | How to work well with customers |
| Financial Markets | Understanding how money moves around |
Why This Programme Matters
Singapore’s life insurance market is growing fast.
It’s expected to reach US$58.83 billion by 2028.
But there aren’t enough skilled workers in the financial services sector.
This programme aims to fix that problem.
Ms Aileen Tan, Chief Human Resources Officer of AIA SG, said, “Despite the rise in online platforms and digital touchpoints, we continue to see a growing demand among customers for personalised advice and guidance from financial consultants.”
More Than Just Classes
The programme offers more than just classroom learning.
Second-year full-time SUSS students can do a six-week internship at AIA.
This gives students real work experience.
AIA also plans to train about 100 employees in artificial intelligence (AI) skills.
They will work with the university for this training.
What This Means for Singapore
This programme could help Singapore in many ways:
- More skilled workers for the insurance industry
- Better financial services for customers
- New ideas and products in insurance
Professor Tan Tai Yong, President of SUSS, remarked, “This initiative is not just about academic advancement; it’s about nurturing future leaders who will elevate the financial services sector and make a meaningful impact on society.”
This shows the programme aims to do more than just teach.
It wants to create leaders who can improve Singapore’s financial sector.
Looking Ahead
The new Minor in Insurance Fundamentals is a big step for Singapore’s insurance industry.
It shows that companies and universities are working together to solve problems.
Ms Tan from AIA added, “As a leading life insurer and employer of choice, we recognise the important role we play in shaping the future of insurance in Singapore.”
This programme could inspire other companies and schools to create similar courses.
It might lead to more programmes that help different industries in Singapore.
The new insurance programme at Singapore University of Social Sciences could change how SG trains workers for its growing financial sector.
