AFA organised the annual CEO Forum on 15 October 2019 at The Singapore Recreation Club. It was well attended with 29 CEOs of LFA firms.
Master of Ceremony, Mr. Salim M Amin thanked all attendees for taking their precision time by being present at the forum.
AFA President, Mr. J. Para gave his opening speech and shared that the LFA channel performed well, taking 22% of the market share in sales production in the first half of 2019. Mr. Para also noted that AFA have arranged for Rep members to have a cost effective professional indemnity insurance. He concluded his speech by encouraging members to allay any concerns that they have during the forum. This will allow AFA to discuss these issues with the authority.
Project leader for PSG updated the floor by explaining the purpose of having a digitize submission of policies to the insurers by using one platform. It is now in the final stage of negotiation with MAS for funding approval. Five insurers have indicated that they are keen to work with AFA on this project.
Great American Insurance Company was invited to present their claims philosophy focusing on the procedures and claim experience. This was well received by the audience.
Mr. Vincent Teo from Fullerton Heath Group presented in the Silver Care Program for our members who are above 50 years old for low cost medical program.
Finally, the floor was open to members who wish to bring up any issues and challenges they face in their practice. Some topics that were brought up were:
- Cyber security and hygiene
- Challenges faced on PDPA
- Social medial activities by FARs
- Termination of Terms of Business between Insurer and FA firms
The forum concluded with our President thanking everyone for attending and contributing to the success of Forum.
Synopsis by Dr. Ben Fok