I think it goes without saying that the current framework and service standards in Singapore’s insurance industry is SORELY lacking when it comes to addressing consumer needs. That’s why many of us struggle and still don’t have adequate, nor the best plans, for our needs.
In fact, when MAS conducted their mystery shopping on the insurance industry in 2011 (you can read their results announcement here, and the breakdown of the methodology here), they came to a similar conclusion too. The results were frankly quite shocking, especially when you consider that:
- Most representatives obtained information on the shoppers’ personal particulars and employment, but less on other factors such as investment experience / financial objective / risk preferences / financial situation
- BB: Sounds to me like they just wanted to find out how much the consumer earns so they know how much they can sell -.-
- Most …