Why is it so hard to just buy insurance in Singapore…
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Why is it so hard to just buy insurance in Singapore without an FA?
Recently graduated and decided to sort out my own insurance. Found a certain big insurer's website, went through the online flow.. thought I was being independent and efficient about it.
Except I got routed to a financial adviser anyway. Okay, fine. Then she insisted we set up a call. For a purchase I initiated *online*. Already a bit odd, but I went along with it.
Then came the line that I'm still thinking about weeks later.
"I'm MDRT... Million Dollar Round Table. I've sold $1 million in insurance policies. You know what that means? It means you can trust me."
I didn't say anything. But I wanted to ask: how does selling a lot of insurance make you *trustworthy*? That's a sales metric..? It tells me you're good at closing, not neccesarily that your advice is in my interest? By that logic, the most profitable insurance companies in the world would be the most trustworthy institutions on earth.
Anyway. I know this one interaction isn't representative in that not all FAs are like this, and plenty are genuinely good at what they do.
But the thing that frustrates me the most isn't the agent. It's that I tried to opt out. I went online specifically to avoid this.
And that's what I've been ruminating on, why is the entire distribution model built around human intermediaries, even when the customer is actively trying to go direct?
#local
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Recently graduated and decided to sort out my own insurance. Found a certain big insurer's website, went through the online flow.. thought I was being independent and efficient about it.
Except I got routed to a financial adviser anyway. Okay, fine. Then she insisted we set up a call. For a purchase I initiated *online*. Already a bit odd, but I went along with it.
Then came the line that I'm still thinking about weeks later.
"I'm MDRT... Million Dollar Round Table. I've sold $1 million in insurance policies. You know what that means? It means you can trust me."
I didn't say anything. But I wanted to ask: how does selling a lot of insurance make you *trustworthy*? That's a sales metric..? It tells me you're good at closing, not neccesarily that your advice is in my interest? By that logic, the most profitable insurance companies in the world would be the most trustworthy institutions on earth.
Anyway. I know this one interaction isn't representative in that not all FAs are like this, and plenty are genuinely good at what they do.
But the thing that frustrates me the most isn't the agent. It's that I tried to opt out. I went online specifically to avoid this.
And that's what I've been ruminating on, why is the entire distribution model built around human intermediaries, even when the customer is actively trying to go direct?
#local
source
| 1,000 mlx | |
| 1 | |
| 0 |