You have probably heard the term “fintech” quite often. But what about “insurtech”?
It refers to the insurance industry bracing the wave of technological changes, something the newly-elected President of the Singapore Insurance Employees’ Union (SIEU) Christine Lim and her team are preparing its members for.
The 45-year-old union leader who was elected to the SIEU post in January this year is also concerned about the need to better represent the industry’s professionals, managers and executives (PMEs). The union has 9,000 members.
NTUC This Week: Tell us about your union journey in SIEU.
Christine Lim: I was more of an accidental president. We were grooming and preparing someone else over the years but suddenly she decided not to continue when election came in January this year. I saw it as an opportunity to serve and so I stepped forward after discussing with some of the team members in SIEU. I have been serving as a branch chair and exco member since the early 2000s. From 2012 to 2016 I was the second assistant treasurer.
Q: The insurance industry is changing. How is SIEU and its members dealing with that?
A: With new entrants like insurtech companies, changes come fast and furious. Mergers and acquisitions will continue. The new technology wave will replace many jobs or see them off-shored. The challenge for us as a union is to embrace this and help our members transit. Not everyone may make it but we want to help as many as possible and for those who have issues, we will try our best to mitigate the pain. But we cannot do all these without the legitimacy to represent. This brings me to the internal challenges. We need to move the scope of our Collective Agreements upwards to cover professionals, managers and executives (PMEs). I hope some of the management can be forerunners and see the value in doing this.
Q: What about lifelong learning and training as a way of life to cope with changes?
A: We have a de facto training institute called the Singapore College of Insurance. Specific insurance development courses are offered through or by them. We have also linked companies with NTUC’s e2i (Employment and Employability Institute) to work on training programmes to help improve the overall standing of the industry. In doing so, we also hope to improve our image, that we are not just made up of sales agents or advisers.
Q: What are some of the common concerns and grievances that members raise with you?
A: There isn't a most common one but increasingly with a more diverse workforce, people get curious over how they are paid. Is it at a fair rate? Where pay increases and bonuses are tied to, how is my performance being appraised? Is it a fair deal? And without legitimacy to represent them, the limited scope for PMEs today doesn't allow us to speak collectively on these issues.
Q: What is your message to all your union members in this fast changing job environment?
A: To all SIEU union members, I would say, let's go back to basics. The union is only as effective as our collective participation. Step up and step forward and together, we can make a greater difference.
Source: NTUC This Week
