Cash and voucher incentives

Dear Mr. Tan

Singaporeans know that they need insurance to provide for their family
should the insured passed away.  There are many products in the market
provided by the various insurers which is good as it gives consumers a
wide variety of choice to select the best product for themselves.

Sad to say, because of the competitiveness among insurers, the
insurers resort to giving cash or voucher incentives to agents to help
them push their products.  These incentives are on top of their
commissions.  Example some insurer give as much as $3,000 cash should
they sell $x premiums worth of their products.

With MAS currently looking into FAIR for the Industry, these insurers
resort to giving incentives which may cause agents to be 'product
pushers'.

If a product is good and meets the insured needs, no matter whether
there is incentives or not, a competent agent will recommend to their
client.

On the other hand, insurers are undermining agents professionalism by
entising them to sell their products by giving these incentives.

Maybe it is time, this should be put to a stop.

Insurance Agent