Expect higher standards of culture and conduct from Singapore’s insurance industry
- Written by Reporters
Consumer interests and business resilience central themes in first set of guidelines published by the Insurance Culture and Conduct Steering Committee (ICCSC)
SINGAPORE - Media OutReach - 22 March 2022 - The Insurance Culture and Conduct Steering Committee (ICCSC) today released its first two papers providing best practice guidelines and recommended initiatives for stakeholders within the insurance ecosystem to elevate the culture and conduct standards of insurance companies, intermediaries (e.g. Financial Advisory Firms), employees, and the insurance ecosystem. The two Papers[1] are:- Human Resources Culture and Conduct Best Practices – Promoting Ethical Culture and Conduct Across the Employee Life Cycle: Outlining best practices in Hiring, Enterprise Training, Consequence Management, and Exit Management
- Corporate Governance Culture and Conduct Best Practices – Promoting Ethical Culture and Conduct Through Corporate Governance and Systems: Putting forth recommendations on the role of Leadership, Governance & Systems, Capability & Capacity, and Performance Management & Remuneration
- People: From the leadership team to employees and Financial Adviser (FA) Representatives – every individual has a critical role to play in creating a strong culture of good conduct for the benefit of insurance customers. The best practice guidelines and recommendations put forth clear roles and responsibilities of the respective parties in promoting the right culture and conduct in the organisation.
- Performance: Assessment criteria – whether for hiring, reward, or recognition – can be enhanced to include financial and non-financial measures. The performance of the management team, employees, FA representatives and partners in the ecosystem can be raised by having the right training programs and consequence management framework.
- Processes: Recommended enhancements to the governance and ways of working to establish and enforce more robust practices to promote good conduct and the right culture within organisations and the insurance eco-system at large.
[1]Refer to appendix for infographics with key takeaways for the two Papers. Papers are available for download at: https://www.lia.org.sg/industry-guidelines/industry-practices/
[2] Joint media release: New Industry Steering Committee to Elevate Culture and Conduct Standards for Insurance Industry (Dec 12, 2019). Information available at:https://www.sgpc.gov.sg/sgpcmedia/media_releases/mas/press_release/P-20191212-1/attachment/Joint%20Media%20Release%20-%20New%20Industry%20Steering%20Committee%20to%20Elevate%20Culture%20and%20Conduct%20Standards%20for%20Insurance%20Industry.pdf
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Source https://www.media-outreach.com/news/singapore/2022/03/22/126268/