I asked a senior manager of a life insurance company in China about the commission rate payable to the agent for selling an endowment or whole life policy.
I was surprised to learn the answer! The commission rate is about half of the level paid in Singapore.
In spite of the rapid expansion of the market, the commission rates in Singapore remained at a high level. The public is paying too much for their life insurance policies.
It appears that competition in China has been more effective in getting insurance companies to provide better value to their customers.
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