A project team in NUS Business School asked my views about the possibility of buying insurance online and the need for reinsurance. http://tankinlian.com/admin/file.aspx?id=621
No load life insurance is popular in some states of US. Singapore should have this model, so that people can buy directly. Why I say so? Because the insurance agents claim that their customers know what they want and the agents only sell them what they want. This means the customers are savvy and can buy online or directly, right? Why pay hefty commission to agents who do nothing but fill up forms and execute what the customers ask? It makes a lot of sense for customers to buy directly and save a lot of money.They can study and research the products before buying instead of letting the agents provide the product information and be charged high commission. The best benefit from online is there is no middleman to sway you and misinform you or misrepresent the product to you. We can truly say that we are buying based on informed decision. Of course we bear the responsibility and cannot blame anyone. With the insurance agents if we get only product information, eg by choosing option 3 or 4 we are NOT warned of forfeiture of our rights we are also bearing full responsibility. The agents never or don't tell you.Of course the agents also don't tell or disclose to you many things expecially those to your disadvantage. This is cheating, right? So online or buy direct has many benefits , especially you won't be conned by agents. No one to push us to buy or be forced to buy. No friends or relatives to harass you and eventaully turned out you kenna conned but paiseh to report them to police or MAS. I support online or direct purchase of life insurance and other insurance products.
Product advice or product information is most popular with product pushing insurance agents. They make the buyers look as if it is their choice and they don't need advice. This is a manipulation by the agents so that they can push the products that earn them the highest commission. Online buying of life insurance will therefore eliminate the agents and stop them from conning the public. Hope DirectAsia will start selling life insurance online, they can sell whole life and endowment products to the public.
When it comes to buying insurance, consumers continue to prefer brand over price as well as rely on personal interaction. Most of the time, they only use online channels to get a quick overview or comparison.
No load life insurance is popular in some states of US.
ReplyDeleteSingapore should have this model, so that people can buy directly. Why I say so? Because the insurance agents claim that their customers know what they want and the agents only sell them what they want. This means the customers are savvy and can buy online or directly, right? Why pay hefty commission to agents who do nothing but fill up forms and execute what the customers ask?
It makes a lot of sense for customers to buy directly and save a lot of money.They can study and research the products before buying instead of letting the agents provide the product information and be charged high commission.
The best benefit from online is there is no middleman to sway you and misinform you or misrepresent the product to you.
We can truly say that we are buying based on informed decision. Of course we bear the responsibility and cannot blame anyone.
With the insurance agents if we get only product information, eg by choosing option 3 or 4 we are NOT warned of forfeiture of our rights we are also bearing full responsibility. The agents never or don't tell you.Of course the agents also don't tell or disclose to you many things expecially those to your disadvantage. This is cheating, right? So online or buy direct has many benefits , especially you won't be conned by agents. No one to push us to buy or be forced to buy. No friends or relatives to harass you and eventaully turned out you kenna conned but paiseh to report them to police or MAS.
I support online or direct purchase of life insurance and other insurance products.
Concerned Customer
Product advice or product information is most popular with product pushing insurance agents. They make the buyers look as if it is their choice and they don't need advice. This is a manipulation by the agents so that they can push the products that earn them the highest commission. Online buying of life insurance will therefore eliminate the agents and stop them from conning the public.
ReplyDeleteHope DirectAsia will start selling life insurance online, they can sell whole life and endowment products to the public.
Many customers were led astray by insurance agents to buy wrong products that only benefit the agents. Online insurance will avoid this.
ReplyDeleteWhen it comes to buying insurance, consumers continue to prefer brand over price as well as rely on personal interaction. Most of the time, they only use online channels to get a quick overview or comparison.
ReplyDeleteRegards,
David from incomeprotectionquotes.co.za