Sunday, October 24, 2010

A fair deal

I met a successful life insurance agent in Indonesia. He is experienced in selling health insurance and single premium products. He explained to me about how he is able to convince his clients about the value of his product.

I asked him if he would sell a whole life or investment linked product where 50% of the accumulated premium is taken away from the consumer. The policy pays a high commission to the agent. He considered this matter and replied "no". He felt that it would not be fair to give a poor deal to the consumer. He was quite surprised that this type of product is being sold in Singapore.
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2 comments:

Lye Khuen Way said...

Not too surprised but sure am sad to have confirmation that we are not so "superior" after all !
The price for economic developement seem to be the erossion of moral/spiritual values here in Singapore , at least.

October 24, 2010 10:19 PM
yujuan said...

No surprise, the authorities here
prefer to promote the financial services and close a blind eye to integrity. MAS allowing the S$ to
appreciate may suggest to have given up the manufacturing industries in preference to the services sector, and this include the insurance and banking sectors.
Never trust anybody related to finance, especially last Saturday's report on the profile of gamblers at the two casinos.
In the day these people would be canvassing for your money, and when night falls, they go gambling, perhaps staying overnight
only to head straight for their offices when morning comes.
A third world country like Indonesia seems to have more integrity.

October 25, 2010 1:32 PM

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