GENERAL insurance is a rapidly growing global industry which in Singapore alone generated $2.45 billion worth of business in 2007, according to the General Insurance Association of Singapore (GIA). But to the uninitiated, it is still a vaguely understood grouping of niche business lines.
In a bid to demystify the general insurance industry and attract young talent, the GIA started its Talent Outreach Project (TOP) in 2006. Its latest venture, launched in June with the support of the Monetary Authority of Singapore, is the Global Internship Programme (GIP).
This year's pilot batch of five interns went on an eight-week programme hosted by Allianz SE Reinsurance Branch Asia Pacific, Benfield Asia, Lloyd's Asia, including the Amlin, Ascot and Watkins syndicates, QBE Insurance (International) Limited and RSA Group.
Dr Michael Goodwin, QBE Insurance's CEO Asia Pacific, and chairman of the GIA's Regional Development Committee which organises the GIP, said: 'It provides an opportunity to stretch the intellectual capacity of interns and give them a sense of what general insurance is all about, including the varied careers of underwriters, claims specialists and risk managers.'
Attachments abroad are a key draw. The GIP posts interns to overseas offices for them to have a glimpse of the global insurance industry and to gain exposure to different local and corporate cultures. This year's interns were sent on stints in London, Dubai and Sydney.
The GIA aims to put 210 undergraduates through the GIP by 2012, scaling up participation in stages. Next year, for instance, an expanded 12-week programme hosted by 24 companies will be offered to at least 42 interns.
Second-year undergraduates of all disciplines from the local universities are eligible to apply, and applications for GIP 2009 close in January. Details for interested companies and students are available at www.gia.org.sg.
This article was first published in The Business Times on December 17, 2008.
