IT IS not a word typically associated with the insurance world, but "fashionable" is exactly what homegrown insurance cooperative NTUC Income would like to become.
This is according to its new chief executive, Mr Tan Suee Chieh, who took over from former CEO Tan Kin Lian, early last year.
Using new-fangled technology like online webchats and Voice over Internet Protocol, NTUC Income distinguishes itself from its competitors, Mr Tan, 49, told my paper in a recent interview.
"Such features make us accessible to our customers 24 hours a day, seven days a week," he said.
NTUC Income is also the only insurer here that has eight branches islandwide to facilitate what Mr Tan calls the "customer experience".
In July, it was recognised for its customer service by global contact-centre industry body, contactcenterworld.com
But the company has not neglected its fundamental financial principles, especially in the wake of the recent troubles faced by American insurance company AIG and their repercussions for Singapore's AIA.
"It has reinforced my conviction that the things we do to professionalise Income are the right ones," he said.
He added: "What's important is putting good risk management in place, better business models to predict such instances and strengthening our team in terms of expertise."
Earlier this year, Income's former CEO had publicly scorned Income's intention to change the bonus structure for a certain group of life policies.
But Mr Tan stood by his decision to do so, saying that the issue had been "extensively discussed" and was deemed sustainable, according to a media report.
Trained as an actuary, the father of two young children used to helm Prudential Assurance here.
His "passion for understanding others" then led him on a two-year sabbatical to New York, where he pursued a master's degree in organisational psychology.
Now, as leader of one of Singapore's top three insurers, Mr Tan plans to take the company to the top.
"We want to provide insurance that is affordable, accessible and sustainable for ordinary people."
Meanwhile, Mr Tan is striving to further change the work culture at Income and attract new talent.
"I want to make it fashionable for graduates to join us, because it is an exciting place to work, and a meritocracy with an overriding social purpose."
