Regulators and the industry must collaborate to work on sustainable growth, said Ms Lee Wai Yi, Director & Head of Supervisory Analytics Division, Insurance Department, Monetary Authority of Singapore (MAS), at the Life Insurance Conference recently.
Regulators do not profess to know everything. In fact, it is impossible in this day and age when issues can sometimes be very complex. Hence, it is important that regulators and the industry collaborate, said Ms Lee.
She added: “It is imperative that we leverage on diversity from the industry and hear from different parties. We can then join the dots strategically and make a decision.”
When collaboration is useful
She also shared the circumstances where collaboration between regulators and the industry will be useful.
Collaboration is useful:
• When dealing with issues of complexity, where multiple skillsets and perspectives prevent you from overlooking key elements of opportunities and challenges;
• In leveraging diversity: the diversity in the views sought during collaboration adds richness to the final outcome;
• In inviting buy-in and participation especially from the industry, to signal that the industry’s participation and views matter;
• When dealing with strategic issues: the bigger the issue is, the more essential collaboration becomes; and
• In solving long-term challenges or finding long-term solutions.
Asia Insurance Review is the media partner of the Life Insurance Conference 2016 organised by the Singapore Actuarial Society. The conference attracted close to 160 delegates and had the theme “Collaboration in the Insurance Industry – Collaborate or Stagnate”.