Tan Kin Lian's Blog: Look after the best interest of policyholders

Monday, December 03, 2007

Look after the best interest of policyholders

Dear Mr Tan,

I agree with the comments by Ah Pek (posted under "Are you paying too much for your insurance"). I am an insurance adviser with Income for many years.

The new management encouraged us to sell Revosave, and give higher commission to us. I feel quite bad about selling this new product, as it does not give an attractive return to the policyholder. It is also packaged to be quite confusing. This is against the cooperative principles that you taught to us.

I wish to go back to the old days when I can feel proud that Income products are designed to be best for policyholders. I cannot give my name, and I like to wish you all the best in your blog.

REPLY

Please continue to serve the best interest of your policyholders. Look after them well, and they will trust you. Wish you all the best.

11 comments:

Anonymous said...: Luckily, we still have such advisors in NTUC income, but if the management doesn't change style, either these good advisors will leave or Income will have to close.
Dear Mr. Tan, if you have power, please use it to influence the new management, THANKS; December 04, 2007 8:48 AM
Anonymous said...: For that reason I did not sell Ideal plan in its earlier version when the initial monthly payments were used up to pay for distribution costs leaving the PH with little for investment. Two years ago also recommended against annuity as the interest was low and therefore PH get poor return. As a result kena kick out of Income.

My friend recently asked me to sell my investment in his daughters fund to buy his Indian fund. I politely declined as he did not take my interest into account i.e. am a retiree. Incidentally he is very successful in his insurance career.; December 04, 2007 9:02 AM
Anonymous said...: This comment has been removed by a blog administrator.; December 04, 2007 1:44 PM
Anonymous said...: My many years as a FC has led me to see all kind of agents. The good , the bad and the ugly. The worse are those disguised as some goody goody ones. They are unethical, cunning,ruthless when it comes to squeezing the policyholders, often the ones who trust them most.When you hear them, the agents, making the sales presentation you will shiver in your pants.You are afraid to hear. They are so daring to say anything and promise anything so long they can close the sales. They come in both genders. But they are the high achievers who achieved at their clients' expense. The company loves them. The company doesn't care how they bring in the business; it is only interested in the sales.This commission as reward is a bad system. It has created a lot of monsters out of them. The good ones will turn bad and greedy; the bad ones become even more ruthless.
This is my observation and we are sticking around because of our customers who entrusted us with their finances.; December 04, 2007 8:42 PM
Anonymous said...: I am also a struggling Income advisor, because I don't sell things that I can't convince myself to buy.

But really, investing through the Ideal Plan is really worthwhile than investing through most unit trusts offer by the banks.; December 04, 2007 11:05 PM
Anonymous said...: There are still some ethical FCs in NTUC. They will struggle because they think of their clients' interest and they don't dare to recommend products that are not good, like revosave and annuity. The majority, especially the top producers, are unscrupulous. They will do anything to squeeze their customers to achieve their own goals. They use unethical methods; mis-selling, misrepresentation to earn commission.That is nothing to be proud when you get awards and in your heart you know you have done something wrong against your clients who trust you.
i am so afraid for them. One day they will get sued and that is retribution.
We long for those days when Mr. Tan was CEO; December 05, 2007 11:18 AM
Anonymous said...: So what, you get MDRT, COT or TOT , if you achieve them at the expense of your customers.I know how these top producers sell. It is too shocking to say here.Hope they will not get into trouble one day. They are not fit to be in this business, those men and women, especially women. What they do and say, you can "pend san" and shy to hear.; December 05, 2007 10:20 PM
Unknown said...: ha ha that's lots of office talk in here. Quickly sush it out! You guys don't have to bring it out into the open, lah! Ntuc still has many gd points abt it..Stay relevant as sales is your ricebowl, it helps to pay yr bills!; December 06, 2007 11:04 PM
Anonymous said...: Yes, but don't break your customers' rice bowl or don't rob them to pay your bills. The problem is , they are not relevant and using obsolete methods harm the customers. The rest of the world is moving ahead with the changes, ie. advisory, they are still stuck in the old groove.There is a need for cleansing to level the playing field.; December 07, 2007 9:11 AM
Unknown said...: changes,what chanches? don't dream..it won't ever happen in this cost increasing nation of ours, everyone is thinking abt profits..thats e main bottom line!; December 08, 2007 10:12 AM
Unknown said...: The Singapore market is jus too small for e changes that you want to see as compared to other large european states..unless e mindset of every working person is radically intune to saving & thats where insurance as a tool comes into play & the said changes will occur in time..; December 08, 2007 11:37 PM