Dear Mr. Tan
Singaporeans know that they need insurance to provide for their family
should the insured passed away. There are many products in the market
provided by the various insurers which is good as it gives consumers a
wide variety of choice to select the best product for themselves.
Sad to say, because of the competitiveness among insurers, the
insurers resort to giving cash or voucher incentives to agents to help
them push their products. These incentives are on top of their
commissions. Example some insurer give as much as $3,000 cash should
they sell $x premiums worth of their products.
With MAS currently looking into FAIR for the Industry, these insurers
resort to giving incentives which may cause agents to be 'product
pushers'.
If a product is good and meets the insured needs, no matter whether
there is incentives or not, a competent agent will recommend to their
client.
On the other hand, insurers are undermining agents professionalism by
entising them to sell their products by giving these incentives.
Maybe it is time, this should be put to a stop.
Insurance Agent
Singaporeans know that they need insurance to provide for their family
should the insured passed away. There are many products in the market
provided by the various insurers which is good as it gives consumers a
wide variety of choice to select the best product for themselves.
Sad to say, because of the competitiveness among insurers, the
insurers resort to giving cash or voucher incentives to agents to help
them push their products. These incentives are on top of their
commissions. Example some insurer give as much as $3,000 cash should
they sell $x premiums worth of their products.
With MAS currently looking into FAIR for the Industry, these insurers
resort to giving incentives which may cause agents to be 'product
pushers'.
If a product is good and meets the insured needs, no matter whether
there is incentives or not, a competent agent will recommend to their
client.
On the other hand, insurers are undermining agents professionalism by
entising them to sell their products by giving these incentives.
Maybe it is time, this should be put to a stop.
Insurance Agent
2 comments:
Would be good to know this Agent's name, the writer, a diamond among a sea of rogue insurance agents, mostly out to fleece their clients.
It is no surprise that insurance companies are either offering incentives to agents or customers, both are bad, to entice them to sell or buy more.
I wonder how MAS would feel about this.Is MAS any wiser after the revelation of shoddy and below standard uncovered by mystery shopping survey?.
The insurance companies are well known also the culprits that contributed to the under insurance of Singaporeans. MAS must not be naive to beleive that insurance companies are closing the gaps and are concerned about the state of the Singaporeans financial well beings. It is BS....to be rude I would like to raise my middle finger to all of them.They are not sincere; they are not interested.; they are only interested in their own interest.
These are BS of some of the CEOs.
ONe asked what would happen to the industry if it cannot ATTRACT people to join the indsutry in his defence of commission model.Attract who?
Another said more under insurance would happen if fee based is introduced.Since when the insurance companies are concerned about the consumers?
Another worried that her CARs(agents) are not properly trained and incompetent to drive on the moon with fee based landscape and terrain..
Yet another produced obsolete survey statistics to show that consumers are happy being conned and the agents are competent.
These are BS that they the CEOs are willing and daring and shameless to say and utter in their interest protect their earnings..
FAIR is concerned about cost, about under insurance and about poor advice being dispensed by the salesmen, conmen, the CONNsultants etc. Naturally the solution is nipped them in the bud at the root causes of the problems.
Solutions are to BAN the commission; remove the multilevel compensation structure; tigthen the advisory process and make it COMPULSORY for every salesman, adviser , consultant etc to meet the fair level standards as defined in section 27 of the FAA.Hefty fine, revocation of license and other befitting punishment should be meted out to the offenders , whehter agents or CEOs or anyone who breaches the section.
MAS must NOT betray the consumers .
The consumers require the protection against these rogues who gang up to fleece them; one to rob for the commission and the other for the high APIs to become #1.
Interview other agents and they will tell you the same story how they are being 'incentivised', pressured into pushing only high commission products.MAS must stop this practice and fine the CEO of the companies.
MAS, please do the right thing and reject the appeal of IFPAS, LIA and AFA on the ground that many agents will be weeded out. What is wrong with weeding out the unqualified incompetent and unethical agents? Does MAS want them to continue to be used by insurance companies to rob the consumers to make a living?
It is now or never.
Post a Comment