Etiqa Insurance Singapore appoints Ong Eng Siew Raymond as its new Chief Executive Officer, with effect from 16 October 2020. He will report to Kamaludin Ahmad, Chief Executive Officer of Maybank Ageas Holdings Bhd, the holding company of Etiqa Singapore.
Ong is a Singaporean with more than 27 years’ experience in the financial services and insurance industry, having held a broad range of senior management roles during his career with experience in actuarial, product development, risk management, and strategic finance.
He is currently the Group Chief Risk Officer of the Great Eastern Life Assurance Co Limited, where he is in charge of all aspects of risk management and compliance for the Group, including financial, operational and technology risk management, as well as regulatory compliance and market conduct.
Ong had held previous roles in the group where he was Chief Financial Officer for Great Eastern Life Assurance Malaysia (“GELM”), the largest life insurance company in Malaysia, and Chief Actuary for Great Eastern Life Assurance (China) Co Ltd (“GELC”), based out of Chongqing, China. Ong, a qualified actuary, started his career with the Monetary Authority of Singapore.
Ong will succeed interim CEO Yip Kim Chee, who took over the baton from former CEO Sue Chi Kong from 31 July 2020. Sue is retired after 14 years with Etiqa group, of which 7 was with the Singapore entity, and 38 years in the financial services and insurance industry.
Kamaludin said, "I am delighted to welcome Raymond into his new position. The Board was unanimous in endorsing his appointment. Raymond’s deep experience in the regional and local insurance market and track record of strategic leadership will be an invaluable addition to the business as we further scale and bolster our capabilities. We look forward to seeing him further drive Etiqa’s commitment to creating Fast & Easy experiences for our customers. I am confident that under his leadership Etiqa Singapore will continue to realise its full potential.”
“I am truly honoured to become CEO of Etiqa Singapore. The past and present management have laid a solid foundation and propelled Etiqa to its current position in the industry, with fascinating speed and growth. I will be guided by Etiqa’s promise to Humanise Insurance and look forward to delivering innovative and customer-first product propositions and services to the market as we strive towards the best outcomes for our customers, partners and stakeholders,” says Ong.
Led by a largely-Singaporean senior management team, Etiqa Singapore was rated ‘A’ by Fitch Ratings in April 2020 for its financial strength and stable outlook, rating the group’s business profile as ‘Favourable’, and capitalisation as ‘Very Strong’. Staying true to its commitment to place people over policies, the local insurer pledged its support for healthcare personnel in August, amid Phase Two of the city state’s reopening, offering complimentary COVID-19 Diagnosis Benefit of up to S$52,000 and Personal Accident cover for all staff working in the local healthcare sector.