An insurance agent is more than just an agent!

Before I joined Asia Advisers Network (AAN) 2 years ago, I had the usual stereotype perception of insurance agents and advisers that most consumers have. But throughout my work, as AAN continues to shine the spotlight on the good that these agents have done, I have been more exposed to what they do and I can say that there is a difference between who you have as your agent.

Case in point: I just recently found out on 8 July that I don’t have a Critical Illness (CI) plan because I thought that I had bought one years ago when I bought my plans with Agent A.

How did I found out about it? No, it was not because Agent A was following up with me or to update me on the new definitions. I found out only after looking through the hard copy documents of the policies that I have bought so far and then asking Agent A if I had any CI plan that perhaps I have misunderstood from the policies that I have bought.

So it was quite an FML moment as I have been seeing the news of the updated definitions in the CI plan shared from the many agents/advisers that I follow on social media.

So I got Agent A to give me a quote and at the same time, I also approached Agent B, because a consumer should always have options right? And these are the comparisons I got:

Agent A: Churned out 2 proposals within 1 day and assumed the sum assured was what I wanted. He didn’t ask what my current salary was even though I have changed jobs since I knew him 7 years ago. Not a big issue here.

He gave me the 2 proposals in an image via Whatsapp and then he stopped there. So then I had to go back to him with my many questions. What does the plan cover? What is the difference between the 2 plans? Is there a surrender value and what is the surrender value? Will the plan end once there is a claim or continue?

And then he said, “Let me send you the bi”. I don’t know what did ‘bi’ meant but reckon it’s the T&C and replied ok. And he sent me a 64pages document. I read halfway and went back to ask him on the illness that the plan covered. And he told me “page 39”.

I like reading, but who has the time to go and read through 64 pages? The thing that irked me? He spelt my name as ‘Glady’ in the 64 pages document when he sent to me. Yes, I’m one of those annoying customers that dislike it when people misspell her name.

The whole communication was via Whatsapp messages.

However, I also got to admit though that Agent A has been responsive to my messages/ queries whenever I have them in the past 7 years and helped me in my claims thus far. Perhaps his replies to me were causal and short since we are friends? Perhaps his focus now is more on growing his team?

Agent B: Gave me 1 proposal within 1.5 days. He sent the proposal via email and started by thanking me for waiting for his recommendations. He asked for my annual income before and in the email, he gave me a range of the sum assured so that I can have different options. The information given was in bite-size format with a simple flow chart of how the plan works and why he was recommending the plan. I went back to Agent B with some of my many questions and he suggested to arrange a Zoom call so that he can better understand what I wanted and need.

Summary: There is nothing wrong with what either agent have done so far and I know that I am not an easy customer. But my point in writing and sharing all these is that, in today’s day and age, where the consumer has so many options (Robo-advisers, getting a plan online etc), an agent/adviser should provide more.

The product is always more or less the same for all the companies, and what sets an agent apart from the rest, is the service and value that he/she can add to the clients.

And that there are still agents out there that genuinely care for the end consumer.

I haven’t made any decisions yet and am still considering the options. And for those of you out there that haven’t gotten your CI plan, or still thinking about it, go contact your agent or find one before the new definitions kick in on 26 August 2020!

This article is also on Asia Adviser Network here.

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