It needs to place more emphasis on a pure protection plan like a simple Term Assurance which is a more cost-effective way of addressing the protection needs of Singaporeans. The insurance adviser plays a critical role here. He or she is the first line of contact with the consumers and wields the greatest influence over what they purchase. He should sell what is appropriate to the protection needs of the customer and not maximise his or his company’s returns. He should always place the interests of his clients above his own. And it is the responsibility of every insurer to ensure that its advisers are properly trained and incentivised. This is especially important for customers from lower-income households where there are competing demands for limited income. Otherwise, getting adequate insurance protection will be relegated to a lower priority in a working adult’s life, hence exposing his dependants to risks of the breadwinner’s premature death. 15. The insurance industry should also find ways to reach out to more Singaporeans who are either uninsured or underinsured, and be prepared to go beyond the tied agency distribution model. I am pleased to note that over the years, the insurance industry has diversified its distribution channels to include banc assurance and direct sales. I urge the industry to do more, such as working with more employers and associations to offer group term insurance to cover the lives of their employees or their members.
13  See Arellano, M. (2018), “El acceso a los microdatos administrativos públicos: la nueva frontera de la investigación económica y social”, presentation at XVIII Aula de Verano Ortega y Gasset, UIMP, Santander, 20-21 Agosto 2018, http://www.cemfi.es/~arellano/arellanopresentacion-uimp-2018.pdf  9  In this respect, enlarging the number of available datasets, enabling access to the universe of observations and allowing for the merger of different databases are measures that would, for sure, deepen our understanding of the Spanish economy and help design better public policies. In this connection, the experience of the Nordic countries is a success story, and could be used to guide our efforts in the future. Let me conclude. Tax and transfer systems around the world face significant challenges to provide inclusive growth and fund the public policies that the population demands. Meetings such as this conference provide an excellent opportunity to enhance our understanding of these fascinating issues and to strengthen the links between central bankers and academics. Allow me to recall in this regard the figure of Sir James Mirrlees,  who  groundbreaking  has  recently  academic  passed  contributions  away. His  and  deep  involvement in public policy design provide an outstanding example of intellectual achievement and commitment to improving the society. He rightly gave his name to the influential Mirrlees review, which has become an essential guideline for policymakers involved in tax design.