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25 Jun 2012, 11.12PM

5 comments & replies |by Guest | Our Common Space

MAS will do injustice if it doesn't stand by the consumers and protect them Imagine the 160% of the premium paid for insurance has been robbed under their nose and NONE of the consumers knew about it until MAS exploded it in their face. How can the agents, their managers and the insurance companies be trusted? This disclosure is required by law and none of these rogues disclosed it to the consumers. I wonder how many more material information required to be disclosed is hidden from them?
i hope MAS will tighen up the rules and more important;y enforced them to bring some to justice and hang their heads at each end of Nicole highway bridge to shame them and to send a strong message to all parties that MAS means business and the consumers are protected.
Once MAS bans the commission and tighten up and enforce the rules of advisory process I am sure people will get better and proper advice and they will be adequately insured and their money will really work harder instead of languishing and rot in those high commission products that the rogues had been pushing.

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Guest

26 Jun 2012, 10.51AM

Those who "cheat", "LIE" and "covered up" will be reincarnated - "RETRIBUTION"

Guest

28 Jun 2012, 11.20AM

reincarnated as b.i.t.c.h.e.s

Guest

26 Jun 2012, 9.47AM

Ban the commission and remove the managerial layers and follow Australia and UK to make complying with the proper advisory process a must failing which is an offence. This should be the best practice and will benefit everyone, the consumers, the advisers and the company.
Currently the system benefits only the agents and the company and the consumers kenna robbed until naked. The regulator must eliminate this unfair system and put in place a fairer model where consumers get fair dealings in terms of protection at lower cost and better return for their money.
I look forward to the level playing field.

Guest

26 Jun 2012, 11.54AM

Why the need to change?
1.insurance agents are not doing the right thing.. they peddle products for commission and ignore the needs of their customers. Worse they peddle expensive and high commission products for themselves with the encouragement of the company resulting in under insurance.
2. the cost of insurance is too high due to high commission paid to 3 levels and high salary of the CEO and senior management.
3. the product are dubious, as good as scams , complicated with intent to con the consumers. They are not straight forward plain vanilla but deliberately designed to be complicated so the consumers need a middleman agent to confuse them .
4.the agents are still pushing products and and not helping consumers to plan their future.
5.. The agents 99% of them are not qualified and competent to advise on finance and insurance.
6.the managers are also not qualfied and they are there not because they have financial knowledge and skill to train the agents. They are there because they are also when as agents they earned a lot of commission through conning their clients and as manager they teach the agents duplication like they do in MLM so that the managers can earn high over riding commission.The more over riding the more they add cost to the products and all cost borne by consumers..
7.it is not 160% of the premium customers pay to the agents for rubbish service but higher than this.
That is why very often the projected value is so much different from the actual value of the policies, ie you the customers adsorb the increase in cost.

Dear customers...there are hundreds of other reasons why the need to change to fairer model.The aim is to protect you and give you fairer deal. You can be rest assured that you will be paying cost that is commensurate with advice given to you. Remember other countries are doing NOT for nothing...they too have similar problems...the problems of cheat, greed, dishonesty etc caused by commission. and poor advice or no advice. Humans are the same all over the world regardless of culture when it comes to money, right. Some insurance company CEOs try to tell you that because of cultural difference therefore their system cannot be used here. True? Not true...almost all the systems here are imported from these countries.
So it is also not just 3 countries but many countries will be changing their same system as ours .
Beleive me , you will get better deal than before. You will be protected as well from the rogues.

(Guru)

GuardianAngel

26 Jun 2012, 10.34AM

When locks are old and rusty, is time to change them, when a system is old and back dated, what will you do??? Flush it out??? Overhaul it or just change a New system???

Whoever is incharge, please decide and make the changes?