Deputy Prime Minister and Minister for Finance, Lawrence Wong, highlighted the importance of transition, technology, and talent in the insurance industry at the Global Insurance Forum in Singapore to meet major trends and game changing technologies
DEPUTY Prime Minister and Minister for Finance, Lawrence Wong, addressed the 2023 Global Insurance Forum (GIF) on 7th November 2023, emphasizing the critical role of the insurance industry in navigating the evolving global landscape. The event, held in Singapore, marked a return to in-person gatherings after three years of virtual formats.
Wong highlighted significant shifts in the global economy and risk landscape, emphasizing the transition from benign globalization to a new era of great power competition. He pointed out geopolitical tensions, ongoing conflicts, and changing attitudes towards free trade, affecting global supply chains.
Against this backdrop, Wong underscored two major trends: climate change and the transition to net-zero, as well as the adoption of game-changing technologies like artificial intelligence. He emphasized the insurance industry’s expertise in understanding, mitigating, and financing risks, positioning it as a crucial partner for businesses and policymakers.
Wong discussed three key themes to accelerate the value of insurance: Transition, Technology, and Talent. He emphasized the urgency of addressing the climate crisis, particularly in Asia, where half of global greenhouse gas emissions originate. The insurance industry was identified as a powerful enabler for financing the transition to net-zero.
In terms of technology, Wong focused on the potential of artificial intelligence, especially Generative AI, acknowledging its current limitations but foreseeing its transformative impact in the future. He emphasized the need for a governance framework to ensure responsible AI use and announced MAS’s support for initiatives like Project MindForge.
Regarding talent development, Wong stressed the importance of attracting and cultivating Asia-savvy talent in the insurance industry. He called for a systematic approach to address this talent gap, with efforts to engage younger generations and showcase the diverse career prospects within the insurance sector.
Wong concluded by emphasizing the critical role of trust in building a reliable and trusted hub for finance and insurance in Singapore. He expressed confidence in the insurance industry’s ability to manage complex risks and support the global economy.
