We MUST recognise that when we get into situations where our personal benefits (mostly financial) stand in opposition to our moral standards, we are able to "bend" reality, see the world in terms compatible with our selfish interest, and become dishonest.
Dan Ariely, author of Predictably Irrational
When you are desparate to be #1 you would bend till the point that clients' interest is compromised. You create products that are dubious and complicated but use the greedy agents and those agents who would doing anything for money to push them to their friends and policyholders. And agents will defend them until black becomes white.Isn't is what is happening now.
ReplyDeleteCPFLife is one product in point.
Anon639, Care to explain how "greedy agents" will push CPF Life onto "their friends and policyholders"? Thank you.
ReplyDeleteYou've lost me. CPF Life is a government scheme, not a commercial product for agents to push. What's your point?
ReplyDeleteWhat I was saying was that agents will turn a good product into a bad product. Do you agree that CPFlife is the best annuity in the market now?
ReplyDeleteWell, what I meant was there are insurance agents trying desperately trying to pick out the faults of CPFLife that they resort to lies to make CPFLIFE look so bad.
Example; there are agents picking on the INcome Plan which forfeits the capital sum upon death before drawdown age and early death of the annuitant without refund.But this is one of the four plans.
They up play this 'weakness' of The Income Plan and give impression that the others are the same.Overall the plans are good.
This is waht I call stooping to anything to sell without regard to consumers' interest.
Anyway, by 2013 they have nothing to say. Insurance agents are really salesmen you mustn't trust.They say anything and there is no right or wrong but the right one is one that makes money for them.
To: Anonymous 12:08AM
ReplyDeleteThanks for your clarification. Now I get your point.
We all act in self interest. Thats what keeps us alive and safe.
ReplyDeleteThat self interest warps all of our reality. The whole point of paying commissions or bonuses is to motivate that self interest in certain individuals. The top commission earners also tend to be hard working charismatic and attractive. Unfortunately they are not always honest and ethical.
Not every person is financially motivated - for some it is the desire to be needed or loved. For many it is the desire to be significant or have status (Many Singaporeans i've interviewed seem to place a good job title over financial reward. Everyone is a vice president in Asian Banking operations.