2026-09-25 · Source: Insurance Journal
Summary in 3 Points • Singapore's financial institutions will train over 80,000 employees in AI skills by 2028 to mitigate job disruption. • A group of 23 banks, insurers, and asset managers has already begun training staff in AI-related roles. • The finance sector, accounting for 14% of Singapore's economy, employs around 200,000 professionals. --- Singapore's major financial institutions have committed to training over 80,000 local employees in AI skills by 2028. This initiative involves 23 banks, insurers, and asset managers, with many already participating in recognised training programmes. The focus is on adapting to job changes and redesigning roles, particularly for leaders and wealth managers, as AI becomes more prevalent in the sector. The finance industry, which constitutes about 14% of Singapore's economy, faces challenges as AI technologies are increasingly integrated into operations. Concerns have been raised regarding job displacement, prompting calls for comprehensive support for workers as their roles evolve. Singapore's Prime Minister has also advocated for international oversight of AI systems to ensure they remain under human control, highlighting the need for a balanced approach to harnessing AI's potential while safeguarding employment. For the London Insurance Market, the growing emphasis on AI training aligns with the needs of the underwriting sector, where Lloyd's of London is exploring innovative solutions to enhance efficiency and service delivery.
For the London Insurance Market, the growing emphasis on AI training aligns with the needs of the underwriting sector, where Lloyd's of London is exploring innovative solutions to enhance efficiency and service delivery.