I refer to the following letter sent to Straits Times forum by Ms. Jessie Loy:
Banks should not act like insurance agents
RECENTLY, my husband and I were looking to buy some insurance policies. As we had previous bad experiences buying through insurance agents who were keen on pushing only their own companies’ products, we thought of buying through banks instead.
Since most banks are now positioning themselves as one-stop centres offering a suite of financial products, we thought they would be independent. We were wrong.
We visited DBS Bank and it was aggressively pushing only Aviva’s products. We tried OCBC Bank and it was pushing Great Eastern’s products. We tried United Overseas Bank and Standard Chartered Bank as well and came out ruffled as their insurance consultants were pushing Prudential’s products. In other words, we had no choice.
Ms. Low and her husband definitely had the ...
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