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To help employees stay ahead of and tap on opportunities from digitalisation that is sweeping across the insurance industry, the Singapore Insurance Employees’ Union (SIEU) has inked a Memorandum of Understanding (MOU) with 23 unionised insurance companies to facilitate training initiatives for their employees. The MOU signing was witnessed by NTUC Secretary-General Ng Chee Meng this morning.
Under this MOU, SIEU and the 23 companies will prepare their employees in meeting current and future needs of the insurance industry. These 23 companies are also member companies of SNEF, which supported and worked with SIEU on this industry-wide effort. SIEU will kick-start collaborations with the respective insurers by either setting up Company Training Committees or embark on other forms of collaborations to support the transformation and workforce training plans of the respective companies.
The MOU signing comes on the back of a newly-launched Skills Framework for the Financial Services Industry which charts skills needed for finance professionals and financial institutions today to stay ahead, and an earlier report released this year by the Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance on the impact of wider integration of data analytics and automation on the local financial sector workforce.
Making transformation real for workers in the insurance industry
In this insurance industry-wide effort, SIEU will leverage its ground advantage to help workers understand how their jobs may evolve in tandem with digitalisation and technological advancements in the next three to five years. SIEU together with NTUC’s e2i (Employment and Employability Institute), NTUC LearningHub and key stakeholders will also rally workers to keep a positive mindset towards changes and mobilise them for training opportunities to ensure they stay relevant and resilient with the necessary skills in line with future growth of the industry.
Concurrently, SIEU will also work with the 23 insurers, building on each company’s existing training plans, to ensure that the design and delivery of their training programmes are rolled out with the interests of workers at heart.
The MOU also formalised collaborations that SIEU has already embarked on with some of the industry players, whereby initial successes could be scaled up for the rest of the industry. For example, SIEU partnered the Centre for Seniors to hold customised workshops for mature employees of companies, like Prudential, to help them maintain a positive mindset towards workplace changes. This is identified to be a key ingredient in preparing workers to take up training more readily in the areas of adaptive, technical and technology skills, which are in support of industry transformation.
SNEF Industrial Relations Panel Member and Senior Vice President and Head - People, Culture and Group Rewards, The Great Eastern Life Assurance Co Ltd Hong Siu Ming said, “The insurance sector is a key employer in the financial sector and contributor to Singapore's economy. To ensure the strength and resilience of the financial system, there has to be a continued focus on capability building. It is also no longer sustainable for employers to simply chase candidates with top dollars, as employees and job seekers lean towards more aspirational needs such as career mobility, meaningful work and the opportunity to learn and grow. The signing of the Insurance Industry Training MOU is a key milestone in the tripartite relationship which will lead to more meaningful jobs, better wages and greater business value.”
SIEU General Secretary Luke Hee said, “Industry and workplace transformation is happening fast and furious, and workers are often at the receiving end of this. It is not easy for workers to adapt even when they are willing to take the first step. This collective commitment is therefore a strong statement from our enlightened employers that they are sincere in transforming and not transfusing our workforce, with SIEU as a partner on this journey. Each company has its own unique plans and directions but SIEU remains committed to work with all companies and do our part to help workers in this industry evolve along with the changes, as we have been doing so over the last 64 years.”
“Amidst a rapidly changing workforce profile and with digital transformation sweeping the financial sector, it is crucial for the Labour Movement and employers in this sector to work even closer together to help workers stay ready, relevant and resilient. Although this sector is seeing strong growth and employment opportunities, the challenge is how to better equip our workers with the right mindset and skillsets to ride the waves of change, and capture new opportunities and new value in this sector,” said NTUC Assistant Secretary-General and Financial Sector Tripartite Committee (FSTC) Co-Chairperson Patrick Tay.
Ms Jacqueline Loh, Deputy Managing Director, MAS, and FSTC Co-Chairperson said, “This MOU signals the strong commitment of SIEU and the 23 insurance companies to prepare their staff for the changing job roles caused by technology. As the insurance sector reinvents itself, every company will need to prioritise development of its human capital, to ensure that both the institution and its people stay relevant and competitive. We hope to see more insurance companies coming on board this programme in the future.”
The MOU signed today is held in conjunction with the Labour Movement’s Financial Services Week, a series of events held in collaboration with tripartite partners to help financial sector professionals stay abreast of industry changes via bite-sized workshops, expert panel discussions and networking sessions. Running from 1 to 4 October 2019, workers can find out more about data analytics and robotic process automation through the workshops available. More information is available at https://event.e2i.com.sg/web/FSWeek19.
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