MEDIA RELEASE
For Immediate Release

Great Eastern is the first and only insurer
to be an Accredited Assessment Service Provider
for Relationship Management
Its pioneer batch of 12 life planners is also the first in the
industry to receive the certification of competency under the FICS framework from the Institute of Banking and Finance.

Singapore, 24 July 2008: Great Eastern is pleased to announce that it is the first life insurer in Singapore to be awarded the status of Accredited Assessment Service Provider for Relationship Management by the Institute of Banking and Finance (IBF) under the Financial Industry Competency Standards (FICS) framework.

Great Eastern has also successfully completed the FICS Assessment for the pioneer batch of 12 life planners. These life planners are the first insurance agents in Singapore to receive the certification of competency under the FICS framework. They underwent a rigorous and stringent certification assessment process including written tests and one-to-one interviews with the Assessors, and have been certified competent to perform their role in relationship management. They have been recognised for their commitment to adhere to the standards of professional competency and industry ethics. Attaining this certification is a demonstration of their dedication to a career as a personal financial adviser.

IBF introduced the FICS to raise the professional bar of the financial workforce and training providers in Singapore. A comprehensive quality assurance programme with a certification and accreditation system, FICS is a structured competency-based framework developed by the financial services industry to help enhance the training and development capabilities of financial institutions. It is governed by IBF and has the strong support of the Monetary Authority of Singapore (MAS) and the Singapore Workforce Development Agency.

Mr Heng Swee Keat, Managing Director of MAS and Chairman of IBF, who officiated at the FICS Awards Ceremony held today at Great Eastern’s Centre for Excellence, presented the FICS Accredited Assessment Service Provider award for Relationship Management and Underwriting to the Company’s Centre for Excellence and its New Business Underwriting department respectively.

Great Eastern’s Chairman Mrs Fang Ai Lian, who then presented FICS certificates to the 12 life planners, said, “Great Eastern is honoured to receive the FICS certification award from the IBF for this pioneer batch of advisors. This is proof of our commitment to continuously improve on our business practice standards to ensure that our customers’ needs are met. Our emphasis on business excellence, operational efficiency and quality service will remain one of our top priorities. “

Ms Euleen Goh, Chairperson of FICS Steering Committee said, “Great Eastern has now joined an elite group of financial institutions which are committed to continuous skill training for its people. It has leveraged on FICS for the training needs of roles requiring specialised skill sets to meet the dynamic and challenging demands of the insurance industry, thereby ensuring that its staff attain a standard that is recognised by the industry.”

Great Eastern has been granted the Accredited Assessment Service Provider status for both these two job families: Relationship Management and Underwriting for its capability to assess its life planners and underwriting staff for certification under the FICS framework.

In September 2006, Great Eastern was the first life insurer in Singapore to receive the FICS accreditation status for another job family: Claims Handling. It was able to perform competency assessment on its Claim Officers, and 11 of its Claims Officers were successfully certified by IBF.

In October 2007, Great Eastern’s Managing Director for Singapore, Mr Tan Hak Leh, was awarded the Financial Industry Certified Professional title, the highest certification under the FICS framework in recognition of his professional competence and his commitment to excellence. Mr Tan was the only certificate award recipient in the life insurance sector. There were only 10 other individuals from banks, asset management and general insurance companies who were accorded this professional certification.

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Great Eastern Celebrates its Centennial

Thank you for 100 years of support.
We remain dedicated to making life great with financial security, good health and meaningful relationships.

Founded on 26 August 1908 by a Canadian, AH Fair, Great Eastern Life Assurance Co Ltd has the distinction of being the oldest and most established life insurance company in Singapore and Malaysia.

In November 1999, Great Eastern Holdings Ltd was incorporated and became the holding company of Great Eastern Life. Overseas Assurance Corporation Ltd, incorporated in 1920 as the first composite insurer in Singapore, merged with Great Eastern Holdings in December 2000.

Today, Great Eastern is the largest insurance group and the market leader in Singapore and Malaysia, with $46 billion in assets and 3 million policyholders, with two successful distribution channels - the tied agency force and bancassurance. The Company also operates in China, Indonesia and Brunei, with representative offices in Beijing, Hanoi and Ho Chi Minh City. It will be starting operations in Vietnam in September 2008.

Great Eastern is a subsidiary of OCBC Bank, Singapore’s longest established bank with assets of $180 billion and a network of over 460 branches and representative offices in 15 countries and territories. Great Eastern’s subsidiary, Lion Global Investors Ltd, is one of the largest asset management companies in Southeast Asia.

Website: www.lifeisgreat.com.sg

The Institute of Banking and Finance (IBF)

IBF was established in November 1974 to upgrade the expertise in the banking and finance industry in Singapore. Its present charter has been broadened to include non-bank sectors of the financial community. Apart from FICS, IBF also administers part of the Capital Markets and Financial Advisory Services (CMFAS) examination series on behalf of the Monetary Authority of Singapore (MAS). It is also the national accreditation and certification agency for financial competency under the Financial Industry Competency Standards (FICS) framework.

Financial Industry Competency Standards (FICS)

The Financial Industry Competency Standards (FICS) were developed by IBF and jointly supported by Singapore Workforce Development Agency (WDA) and Monetary Authority of Singapore (MAS). They are aligned with the structure and requirements of the Singapore Workforce Skills Qualifications (WSQ) system and recognised as the basis for WSQ awards for the financial services industry. Financial services practitioners who have obtained the FICS Statements of Attainment (SOAs) for all the relevant competencies of a job role can be awarded the WSQ Qualification for that job role. On the other hand, FICS Certification being a recognition of professional achievement is only awarded to practitioners who meet the professional experience requirements in addition to obtaining the SOAs.

Financial Institutions operate within global markets, where change and competitive pressures are constant. Today, more people than ever are entering the financial services industry. The pace of change in the financial services industry necessitates continuous learning and development for individuals to seize the opportunities brought about by new products, new processes and new standards. Given the diversity of jobs available in the financial services industry, FICS provides the framework and roadmap for practitioners to understand the scope, breadth, depth and career paths available.

The Financial Industry Competency Standards (FICS) provides financial practitioners with a defined roadmap to guide them towards professional recognition and certification. It also allows individuals the mobility to navigate various segments within the financial services industry.

FICS Accredited Programmes provide first rate, job-specific training that are benchmarked to industry requirements, demonstrating the knowledge, skills and expertise that are critical to individuals' performance in their respective jobs.

Attainment of the FICS certification is a recognised mark of professional achievement. It also represents the certified individuals' agreement to adhere to the standards of professional competency, industry ethics and a commitment to a career in their chosen field.

The rigorous certification assessment process distinguishes those who
•	Meet the competency benchmark; and
•	Possess practical knowledge and skills to handle the work challenges faced in their jobs.

It also provides clarity on job requirements for senior positions so individuals can focus on the key skills required for career advancement and progression.

For more information, please contact:

Margaret Lim
AVP (Corporate Communications)
Great Eastern Life Assurance Co Ltd
Tel: 6248 2103
E-mail: margaretlim@lifeisgreat.com.sg

OR

Charmaine Lim
Assistant Corporate Communications Manager
Great Eastern Life Assurance Co Ltd
Tel: 6248 2547
E-mail: charmainelzy@lifeisgreat.com.sg