ICCSC launches plan to boost insurance trust in Singapore

Trust indicator scores for general insurers were between 73 and 76.

The Insurance Culture and Conduct Steering Committee (ICCSC) in Singapore launched a new action plan aimed at enhancing trust in the insurance industry. 

Based on findings from the 2024 Insurance Trust Indicator Study (ITIS), the action plan, developed by ICCSC’s General and Life Insurance sub-committees, targets consumer awareness, insurance literacy, and improvements in claims experiences.

The ITIS report, conducted between February and April, surveyed over 3,000 consumers and 500 employees, identifying that trust levels remain mostly in the moderate to strong range. 

Trust indicator scores for general insurers were between 73 and 76 across consumers and business segments, whilst life insurers achieved a moderate score of 70 amongst consumers, marking a slight improvement from last year.

The General Insurance sub-committee will prioritise consumer education on policies and better claims support. 

Meanwhile, the Life Insurance sub-committee will work on improving the standards and practices among intermediaries, setting a benchmark for quality advisory services, and enhancing communications with consumers, particularly around claims and policy updates. 

ICCSC chair Khoo Kah Siang noted that the plan reflects a long-term approach to bolstering industry standards across the ecosystem.

The committee will update and expand initiatives over time to address evolving industry needs and maintain consumer trust.