Sunday, April 29, 2007

Pay a fixed fee to a broker

It is better to pay a fixed fee to an insurance broker, so that they can find the best deal for you. The fixed fee is agreed between you and the broker.

Under this arrangement, the broker is obliged to return back any commission that they get from the principal. Quite often, the saving in getting the best deal is more than the fee that you have to pay.
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6 comments:

Anonymous said...

Hi Mr Tan,

do u have any contacts of such said insurance brokers? thx!

April 30, 2007 2:01 AM
Victor Foo said...

Yes. NTUC Income Business Centre. I am pleased with the services from these advisers.

April 30, 2007 7:50 AM
Anonymous said...

hmm i must have interpreted the post wrongly. By best deal i assumed that it would b a third-party who sources the best insurance packages from various local insurance companies for ur particular need.

April 30, 2007 9:36 AM
Victor Foo said...

I know of many insurance brokers in Singapore, but I guess the best insurance brokers is " yourself " instead.

In fact, I do know of several local insurance brokers that do not include NTUC Income Insurance in their list - or hesitate to introduce insurance policies under NTUC Income Insurance instead.

April 30, 2007 10:22 AM
Tan Kin Lian said...

The fixed fee arrangement is quite established in some overseas markets.

Some brokers wanted to introduce it in Singapore, but they are not able to get consumers to pay the fee. Not yet.

I am checking if any of the brokers are now practicing this idea.

It will be a matter of time, before it takes off.

April 30, 2007 11:52 AM
Victor Foo said...

I doubt the fixed fee arrangement - notwithstanding consumers paying the fee, can be easily establish in Singapore.

However, I am hoping that the General Insurance Association of Singapore, Life Insurance Association of Singapore and the Singapore Reinsurers' Association could jointly come forward, and offering similar services to the consumers instead.

This service should " free-of-charge " or next to be " free-of-charge " instead.

They can consider it as their " value-added " services for their existing members (be it GIA, LIA, SRA, SIBA)and the local consumers instead.

My two cents.

April 30, 2007 12:14 PM

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