AIA Singapore and Singapore University of Social Sciences (SUSS) have introduced the nation’s first Minor in Insurance Fundamentals, marking the first collaboration between a Singapore university and an insurer to develop a joint training programme.
The programme will start in January 2025, with registrations opening in September 2024 and is available to SUSS full-time and part-time undergraduates, as well as working adults.
The curriculum is designed to provide students with a robust understanding of core insurance concepts and equip them with essential knowledge and skills for careers in insurance and related fields. Courses will cover topics such as contract and agency law, customer relationship management, and financial markets.
The participants will receive a Certificate in Insurance Fundamentals upon completing the programme.
Aileen Tan, Chief Human Resources Officer of AIA Singapore, commented, “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. This demand, coupled with Singapore’s shifting demographic, signals the need for a direct and formal pathway for professional development in insurance, which is currently lacking.”
Professor Tan Tai Yong, President of SUSS, added, “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.”
As part of the AIA-SUSS partnership, a six-week internship with AIA will be available to all full-time SUSS undergraduates in their second year of studies.
Full-time students in their third year who are pursuing the Minor in Insurance Fundamentals and meet the prerequisites will have the opportunity to work at AIA Singapore while continuing their education under the SkillsFuture Work-Study Degree (WSDeg), the insurer said.
According to Statista, Singapore’s life insurance market is projected to grow at a CAGR of 6.41% from 2024 to 2028, reaching a market volume of US$58.83bn by 2028. However, this growth is challenged by persistent talent shortages, AIA said.
The partnership forms part of a newly signed Memorandum of Understanding (MoU) between the two parties, which aims to expand the pool of future-ready talent for the insurance industry.
