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NTUC Income must not lose its social DNA even as it evolves
Income must demonstrate that its proposed corporatisation is not solely about the quest for more profits and more financial muscle, important though they are.
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While the tension between profits and NTUC Income’s social mission is expected and should not be overstated, how it aligns the values of its prospective corporate partners with the original co-op members will determine whether corporatisation will be a success.
ST PHOTO: NG SOR LUAN
Eugene K.B. Tan
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The proposed corporatisation of NTUC Income is a sign of the times - that the insurance sector is being disrupted by evolving customer preferences, technological change and new players in the industry.
While Income sees the move as necessary to strengthen its competitiveness and ensure its long-term growth, it must hold on to and reaffirm its social DNA even as it transitions from a cooperative to a company where profits will inevitably play a more prominent role.
