Insurance Banana Skins 2019: A Singapore observation
With the pace of change at an unprecedented level, insurance industry players are constantly being challenged on the status quo. The ability to manage and embed these changes throughout the organisation is crucial.
Singapore shares the same Top 3 risks as Global and Asia-Pacific: Cyber risk, Technology and Change management
“Change – is the one main theme that cuts across a number of the Banana Skins topping this year’s list. As the velocity and complexity of change increase, proper execution and change management have to become core competencies. Ultimately, the success of navigating through changes hinges on people. It is the people who drive the change – therefore building a culture with people at the forefront embracing change is becoming a differentiator”
Singapore’s Banana Skins Index score – which implies the industry’s level of anxiety in responding to risks – is above the global average.
The country showed an improvement in the Preparedness Index – which reflects how prepared the industry is in handling the risks identified – from below the global average in the 2017 survey to above it in 2019.
When compared to other global financial centres such as Germany, Hong Kong, Japan, the USA and the UK, Singapore scored the highest Banana Skins Index, and ranked second in the Preparedness Index.
When compared to other Asia territories, Singapore ranked fourth in the Banana Skins Index, and ranked third in the Preparedness Index.
(ranked #4, moved up 4 spots from 2017)
(ranked #10, moved up 4 spots from 2017)