Tuesday, October 13, 2009

Advice from an insurance CEO

I met many senior insurance managers at an Asean Insurance Conference in Vientiane, Laos.

One participant, who is a CEO, told me that he advised his friends and family members to buy Term insurance for the insurance cover. He advised them to avoid insurance products as investments, as they get a poor return.

He wished that it was possible for his company to sell better value products, but after providing for the high commission to the agents, this was not possible. He was not able to develop a new sales channel to replace the agents.
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2 comments:

zhummmeng said...

It is like hearing from the horse's mouth and yet many consumers don't heed the advice.
Wholelife , endowment and regular ILPs are rip off and condemn you to low protection and saving.

October 13, 2009 9:47 AM
wjsim said...

Agreed. The day when consumers are educated will be the end of the agency force.

Insurers are caught in dilemma. Either they bring in sales with high marketing and commissions, or lose them with quality value products that no one knows.

October 14, 2009 12:35 AM

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