Friday, December 14, 2007

Anti-insurance agent

Someone post comments in my blog a few times a day, attacking insurance agents. I stopped several of the postings, as they are rather rude and unfair to agents. I allowed some objective comments to pass through.

I wonder why this person is so much against insurance agents. The attacks seem to be focused on agents from NTUC Income.

Perhaps this person can send an e-mail to tell me the reason for your strong views?


Khiat Han Hwee Adrian said...

It is disappointing to see this blog becoming a platform for people to scold insurance agents and further tanish the profession.

If Insurance agents are to be blamed for the fact that Singaporeans are grossly under-insured, I dare to say that the situation will be worst if there are no insurance people out there.

For people outside this profession, you may not realise how difficult it is to convince people taking up an insurance plan or to save for their future. How many Singaporeans do you think will wake up in the morning and buy an Insurance plan?

All Sales people in the world tell people to spend money. Insurance agents are the only one telling people to save.

Do you know how tough it is to convince people to invest and get that 6-8%? Some simply wants to take up a endowment scheme with 4-5% returns. Nevertheless, its better than if they keep in bank for 1-2%.

Undoubtedly, the standard of advice given can be improved with stricter regulations, but Insurance agents shouldn't be bad-mouthed to extent as worthless and unscrupulous.

Many of them earns a modest income, they worked very hard and serve their clients with their heart. Of course there are black sheeps around. By having some financial planning knowledge will help protect against these black sheeps.

I hope Mr Tan, will protect the reputation of the Insurance Profession while imparting financial knowledge to the public.

Tan Kin Lian said...

I want to be objective. There are some insurance agents who act ethically in the interest of the customers (but perhaps too few).

There are other agents who offer bad products to the customers, for the sake of getting a high commission.

If the insurance industry is to serve the public well, it has to offer low cost products and educate the customers. Many industries have made the change. I hope that the insurance industry will do so as well.

I do not accept unfair attacks on insurance agents. There is one person (from the style of the language) that make countless postings attacking insurance agents. I have stopped most of the postings, but this person continued unrelentlessly.

Priyadi said...

"All Sales people in the world tell people to spend money. Insurance agents are the only one telling people to save."

you got to be kidding!!!

all salespeople tell people to spend money, including insurance agents. except that insurance agents don't really tell us how much their products cost.

everybody can use this selling technique that insurance companies use. it is quite possible to package a so called 'investment linked product' (only that the product is not insurance). you can go tell prospective customers how much they will earn in a few years, not how much they will spend. you can even raise the price significantly and people will still flock to your product. and best of all: you don't have to reveal the price.

i wonder why the other industries haven't catched up with 'the insurance companies' way of selling', but this is probably a good thing.

Anonymous said...

Maybe what he meant is customer saves for the agent and the company.The agent gets the commission and the company gets the business. Because of this the customer is under insured, as a large part of his premium goes to feed the agent and the company. The premium could have been used to buy adequate coverage for the client but instead it goes into the various pockets.The excuse of agents when they sell whole life or endowment is "the client wants it, mah".Blame it on the client.I wonder who is the adviser here.
Endowment is easier to sell and a favourite with agents. It is a no brainer because most clients know or they think they know what is endowment but this is the not the reason. The real reason is high commission and the agent feels "safe" because no need to stick out neck to explain and take risk of being blamed if the investment goes awry.
The adviser must be for the client and not for himself or herself.All the sales people in the world are the same.If they sell to benefit every one in the loop, the salesman the company and the customers, it is fantastic but unfortunately in insurance there is a conspiracy between the salesman and the company to clean up the customers.Look at the promotions.Company gets the business , the agents get HIGHER than before commission..the poor client left carrying the "baby" for the next 20 years.

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