What It Is
GAIP is a tripartite partnership between the global insurance industry, regulators and policymakers, and academia to address the future development and needs of the insurance sector. Nanyang Technological University (NTU) is the main academic and talent development partner of GAIP.
It will empower the insurance industry and regional policymakers to address both existing and new protection gaps in the region. Climate risk and pandemic risks have been identified as the two initial focus areas of the GAIP.
The GAIP consists of three pillars to drive significant synergies. The three pillars are as follows:
Living Lab
Provide scale and a utility approach to collectively incubate innovative insurance solutions for key risks confronting the region (i.e. longstanding problem areas which need new approaches, technology and data such as longevity, health) as well as new and emerging risks (e.g. environmental liability and climate change risk, Industry 4.0 risks). The Living Lab seeks to tackle market-wide issues that cannot be dealt with by a single company, and will set the foundation for insurers to create innovative solutions to address key risks confronting the region.
Policy Think-Tank
Conduct independent research to support policy decisions in assessing, quantifying, and mitigating emerging risks in the insurance industry.
The Policy Think-Tank will be a first-of-a-kind platform for industry to engage and coordinate with regulators to generate neutral, practical research and advice on policy pertaining to key risks and issues in Asia (e.g. infrastructure, insurtech, retirement). It will also inject an active Asian voice and agenda, which is currently missing from key global insurance think tanks and bodies.
Talent Development
Grow a pipeline of skilled insurance talent with cutting edge skills in emerging areas like big data and artificial intelligence across the entire career pathway to meet the demands of the region’s growing insurance markets.
Founding Partners
Industry Partners
- AIA
- AIG
- Allianz
- Great Eastern Life
- Manulife
- Prudential
- Scor
- Swiss Re
- Willis Towers Watson
Supporting Partners
- China Re
- MSIG
- Nippon Life Asia Pacific
- NTUC Income
Affiliate Partners
Regulators
- Australia (Australian Prudential Regulation Authority)
- Brunei (Autoriti Monetari Brunei Darussalam)
- India (Insurance Regulatory and Development Authority)
- Japan (Financial Services Agency)
- Philippines (Insurance Commission)
- Singapore (Monetary Authority of Singapore)
- Sri Lanka (Insurance Regulatory Commission of Sri Lanka)
- Chinese Taipei (Financial Supervisory Commission)
- Thailand (Office of Insurance Commission)
- Vietnam (Ministry of Finance)
International Bodies
- Access to Insurance Initiative
- Insurance Development Forum
Industry Associations and Professional Bodies
- General Insurance Association of Singapore
- Life Insurance Association Singapore
- Singapore Actuarial Society
- Singapore Reinsurers’ Association
- Singapore College of Insurance
Academic Partners
Main Academic Partner
- National Technological University (NTU)
How to Apply
Interested parties can write to webmaster@mas.gov.sg for more information.
Related News
Refer to the latest Speech by DPM Heng on the official launch of the GAIP. You may also refer to the Infographic (759.5 KB) for more information.