A large majority of the Crowd said that the compensation must affect the return of the policyholders of the paying company.
See a breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=269
See a breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=269
1 comment:
Everyone keeps harping on disruptive innovations such as Uber/Grab, AirBnB, Trivago, Redmart, etc, etc that are sending traditional businesses such as Comfortdelgro to the same graveyard as the Titanic.
But what we really need the most now which I've not heard people clamoring for, is a disruptive innovation that will do away with highly paid insurance agents.
Nowadays, information on insurance and all it's intricacies can all be found on the internet. And the number of policies available for each type is not that huge till consumers are unable to select the ones that suit them most.
Insurance companies should ramp up selling policies directly to consumers. Once one company does it, the rest will have no choice but to follow in order to retain market share. Great Eastern Life is in the best position to lead in this since they just lost 300 agents. By selling direct to consumers, the loss of these agents could turn out to be a blessing in disguise. In contrast, it's competitor's cost has gone up due to the huge bonus they had to pay to these agents.
Recently, after the govt spoke out about cashless payment, there has been a frenzy to find solutions. I hope the govt will also speak out about this insurance commission issue to spur insurance providers to abandon their old ways that's clearly no longer relevant going forward.
Post a Comment