Hi Mr Tan,
The said insurance company, published in full page in 4 languages in the national newspapers (on 29 May), including TODAY paper today (31 May). It pays tribute to the great founding father, the late Dr Goh who inspired the setting up of the first insurance co-operative - 40 years ago.
Dr Goh was the Chairman for the first ten years. He leads a frugal life and does not waste money and resources. I am sure that if Dr Goh is still alive, he will not approve such wasteful and unnecessary spending of policyholders' money. There are other frugal and economical ways of paying tribute to the late Dr Goh
It said that it celebrates it 40th birthday as a co-operative.
How sad that all the efforts started by the late Dr Goh in pioneering the co-operative movement has been eroded by the new management team. It is no longer a simple co-operative, but a 'commercialised co-operative' with many benefits taken away
We need leaders like you to highlight through the forum, the wasteful spending of policyholders money in such unnecessary publication of the tribute to the late Dr Goh.
CK
My comment
Dr. Goh Keng Swee's contribution to the welfare of 2 million families in Singapore who has benefitted from NTUC Income is immense and immeasurable. The money spent on recognising this contribution is small and, although it comes from the policyholder's funds, is worth spending. Many young people may not be aware about the part that Dr. Goh has made in this important aspect of the lives of Singaporeans. It is just as important as the building of the economy to create jobs for Singaporeans, which was well covered in the media.
I hope that NTUC Income will recognise the value of frugality that Dr. Goh has lived his life, and money should be spent wisely so that the policyholders can continue to enjoy a good return on their savings.
Tan Kin Lian
This is another 3 legged opportunity to show how indebted the current FT is and without Dr. Goh's foresight and frugality how would the present FT benefit from having high salary and the agents high commission.
ReplyDeleteNot his money , mah. Long live Dr. Goh adulation is more important to show how his loyal pyscophancy.
You will notice that the 'word' cooperative was used instead of the fad words social enterprise.This is to show respect to the founding father otherwise Dr. Goh will turn in his grave.
On second thought the use of the words social enterprise was to cater to the new fad Y-Gen to resonate with new style products, the feel good, the kind of living on fresh air fancifool illusionary products that have been rolled out lately.Y-Gen will get high with the purchase of these new products. Low protection or miserable returns don't matter but the stylo milo and the feel good association must have.
Dr. Goh will turn and roll in his grave and soon his service may come alive.
"There are other frugal and economical ways of paying tribute to the late Dr Goh "
ReplyDelete- Other frugal and economical ways of paying tribute do not give as much limelight to the present CEO
- "cheaper, better, faster" applies only to workers.
Now, no need to cut bonus. The annual bonus is so low, so easy to meet even in the worse of times, cut afterward nothing left and this is even easier and thereafter to depend on special bonus which can suka suka declare, afteralll not guaranteed , right?
ReplyDeleteDr. Goh , why you have to leave us policyholders..we are helpless, hopeless and left to the mercy of the company that was once your fovourite baby.Our bonus, right under our big NOSES , being splurged on ho chi ming, gold caost to beijing to fill page ads and facade sprucing.Your facade alos no more , torn down to look like 7 star hotel with all craps charters, mission impossible to mission hanging all over the walls but we all know that the commission looms above all and it is our bonus.. Save us.
Yes, the said co-operative is no more a "co-operative". I wonder how much of the bonuses robbed from the policy-holders last year were channelled into the "re-branding" exercise & the unnecessary,and extravagrant "you scratch my back & I scratch your back" above- mentioned advertisements. Such wasteful expenditures should be exposed and condemned!
ReplyDeleteThe ministers we now have in S'pore are completely opposite to Dr Goh. Current ministers demand to be paid multi-million dollars every year......they spend freely on mega projects that don't benefit ordinary S'poreans.
ReplyDeleteThe new CEO is an opportunist and will not leave any opportunity to bask in the limelight at policyholders expense. Furthermore, by advertising in colour with the press he is using policyholders money to buy goodwill with the press so the next time he hands out a hundred dollars, the press photographers will be snapping the pictures and the press will be publishing it front page to give him the necessary publicity in return for even more paid full page full colour advertisements.
ReplyDeleteTimes & attitudes have changed and are no longer like 20-30 years ago. The fundamental change is in peoples' morals, character and integrity --- they have all deteriorated over the decades.
ReplyDeleteTherefore do not have any moral or integrity expectation from any organisation whether commercial, not-for-profit, or charity. This goes for individuals too.
As for insurance company, even more don't expect any morals, irrespective if they call themselves co-operative or social enterprise. It is all about business, profits, high salaries and big bonuses for the staff. Their obligation to you is purely contractual, on commercial terms and wrapped in legalities.
This social enterprise is legally justified to give you 1.3% bonus, instead of the 2.2% given by other insurance companies. It is all stated in the BI, which you had happily accepted and signed with your eyes big big. And after 25-30 yrs of paying your premiums, the company is also legally justified to pay you ZERO terminal/maturity bonus instead of the nice 300%-350% as printed in the BI, if say there's a recession going on. Becoz clearly stated Not-guaranteed.
So end of the day, moral of the story is to ramp up your learning curve in critical thinking, increase your scepticism, and learn to control your emotions.
The insurance companies are milking the looser MAS regulations for all its worth.
ReplyDeleteOne example is the recent MAS loosening to allow 16-year-olds (with no income) to sign onto insurance polcies. Ins agents would station at MRT stations and con teenage students to sign onto ins policies, then bill the parents. The worse thing is some of these students belong to poor families receiving state assistance, and yet the insurance company bills them for $3000/year.
I think we need stronger insurance regulation. One great example is the regulations we imposed on structured products: to make customers take an exam on the financial product that they are purchasing.
ReplyDeleteMaking insurance customers take an exam on the product (before approving their insurance purchase) that they are buying will make sure customers reallly understand the product. It will also force agents/ consultants to do a better job educating their customers. It will also force insurance companies to do a better job in recruiting better qualified agents/ tiered managers.
Sure, the insurance lobby will complain that it makes their job difficult, reduce their productivity. BUT LET US BE CLEAR: We should not be making it easing for insurance companies to cheat cuustomers. We do not need insurance companies to increase productivity in cheating customers. But what we really need is for customers to be selecting the right product that takes care of their financial future.
Insurance agents are SPEAR & SHIELD conmen and women.
ReplyDeleteIt is time an investigation is called to probe the activities of insurance agents and RMs for malpractices before another collapse. It is not a noble job as we are made to believe but conjobs by insurance agents out to make quick bucks and get rich quick. The victims are ordinary man in the sttreet who are dummy, gullible and easy meat.Financail propducts are complex and not as easy as regulator thinks. You cannot have salesmen peddling them but honest and financially competent advisers to help with decisision making.How many insurance agents are quaified? 99.9% of them are not qualified but salesmen and conmen peddling for commission. They are no different from magic stone conmen or the snake oil salesmen or the koyok men or the shield and spear conmen.
MAS must act and clean up
As a tribute to the late Dr Goh,
ReplyDeleteperhaps the money could have been
put to better use by starting a
bursary fund in the name of the
late Dr Goh - for all the brillant
but needy children of Singapore.
Who knows by such act, we may discover a few hidden gems in the
making of the late Dr Goh
This will be a more meaningful tribute to remember the deeds of this great pioneering leader
TKK , wait long long.. The splurge on the ads is for personal agenda and nothing else so that he can earn the praise from the perpetrator of 'cheaper better faster'.Do they have marketing value? Do the ads add value to policyholders? On the contrary policyholders kenna cut some more.
ReplyDelete