ICCSC releases papers on best practices and guidelines for insurance firms

This is to help elevate standards of culture and conduct in the industry.

The Insurance Culture and Conduct Steering Committee (ICCSC) has released two papers providing best practice guidelines and recommended initiatives for stakeholders within the insurance ecosystem to elevate the culture and conduct standards of insurance companies, intermediaries, employees, and the insurance ecosystem.

The first paper is on Human Resources Culture and Conduct Best Practices – Promoting Ethical Culture and Conduct Across the Employee Life Cycle. It promotes ethical culture and conduct across the employee lifecycle. The paper tackles the culture and best practices during hiring, enterprise training, as well as consequence management and even during exit management.

The second one is titled Corporate Governance Culture and Conduct Best Practices – Promoting Ethical Culture and Conduct Through Corporate Governance and Systems. It tackles topics such as leadership, developing capability and capacity to support and embed correct culture and conduct, and performance management.

Summing up, these papers focus on three things namely, people, performances, and processes in the insurance industry.

“The papers are developed based on extensive research carried out on best practices observed internationally, and inputs from senior practitioners within the industry. We hope that these papers will provide timely and practical guidance to the insurance companies in Singapore to apply and elevate their standards of culture and conduct over time, to maintain public trust and confidence in the insurers,” said Dr. Khoo Kah Siang, Chairperson of the ICCSC.

The ICCSC was formed in 2019 by the combined might of The Monetary Authority of Singapore (MAS), the General Insurance Association of Singapore (GIA), the Life Insurance Association (LIA) and the Singapore Reinsurers’ Association (SRA) to foster sound culture and strengthen standards of conduct amongst insurers in Singapore.

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