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.

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.
New: Gift this subscriber-only story to your friends and family

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.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.