Since my agent said got NO such offer on ungrade, should i go the AIA office to double confirm?

Yes you can go to the office or call AIA up to double confirm

Sure you can.

Since you're making a trip to an AIA branch office, might as well take the time to do your upgrade with the CS rep too.

If you would like, lifebalance and I are both based in Petaling Jaya, Plaza 33.

Yeah... Agreed... AIA service level sucks to max.
Poor response time, stupid excuses, rude & never appreciate customer.
This is for corporate level customers.

O... err, actually corporate level customers also usually is handled by agents as well...

I also do corporate employee benefit programs.

Perhaps you want to relate your case to me? I'm happy to assist you as best I can.

Probably you can explain a little on your issue?

Seriously insurance industry needs to be revamp. With technology and human resource, I don't understand why claims are made so difficult.

It's sends out a sinister message that it tries to wear out the will of customer to claim by having him go through red tapes and checks. By doing so, they can profit from it.

Evil and dirty industry to the core.

The industry need a body like mavcomn where people pay rm1 to keep complaints and disputes in check. Sue and penalize the evil and dirty tactics of the business.

The only thing that is easy to understand is the death payout. (die get paid)
All the others are endless fine prints.

Scums.

Anybody sued and and won case against insurance company before?

googled and found this...

page 2 got 1 case, more cases inside perhaps

This post has been edited by MUM: Jul 27 2019, 03:06 PM


Attached File(s)
 insurance_cases.pdf ( 378.59k ) Number of downloads: 52

Err... Mind giving an example for this?
Yes, it is quite difficult to get through to the hotlines. That's why it is better to go through agents.

From LIAM statistics, over 80% of unpaid claims were due to incomplete documents.
Basically stuff like
-hospital receipts
-itemized billing
-medical report
-death certs
-birth certs
-marriage certs

... You know, stuff like that.

Thanks for your quick help.

The more sinister scheme is to keep collecting premiums from clients who don't make claims, and maintain lifelong policies with relatively high premiums.

If you are such healthy and loyal clients who consistently pay for the "savings" or "investment" policies, check the surrender values and other payout after you keep paying for more than 10 years. Yes, indeed technology is forcing the insurance companies to be more transparent. Therefore, through their online portals, you can login and monitor your compensations. However, when you raise the questions on the expected returns, you will be slapped with reality, not quite the fairy tales given when you signed up. When you proceed with contacting the 'customer service' (not client service?!) for clarifications, you will be sent on a wild goose chase through red tapes, some old story.

Agents are reps of insurances company who has no authority on claims. Their jobs are to CONvince you to sign up. Be skeptical when an agent says he/she is your friend, and check annually after 10 years if they are still there for you.

to those that ever wonder, why the surrender value is little after 10 yrs in relation to the total sum paid?......
think of the risks and cost for your coverage that had been given out to you for those past 10 yrs?
if you had things happens on to you, anytime during the last 10 yrs....how much would you have claimed from the insurance company?
compared that claimed value to how much have you paid in total during these 10 yrs or if you are "LUCKY" in just 3 yrs of premium paid?

Insurance is a bit like gambling.
You're betting a little money now because you think the odds are good that you'll need a larger payout in the future.

But there's one huge difference between gambling and insurance:
Gamblers seek risk in an attempt to get more money; when you buy insurance, your goal is to reduce risk so you don't lose more money.

In fact, gambling casinos and insurance companies make use of the same statistical laws, especially the Law of Large Numbers, which says that the more you have of something, the more likely the characteristics of that something will tend toward average. The more people who gamble at the tables, for instance, the better the casino can predict its earnings. And the more people in an insurance fund, the more accurately the insurance company can predict its losses (and its profits).

Insurance is a Good Thing
Most of the time, using insurance to spread risk is a good thing....
thus to those that only compare about the end total results of the money spend on the insurance premium VS the total money one would get back after 10 yrs....then Insurance is not for them.....they should go for investment growth vehicle things NOT a risk spreading or risk managing vehicle like insurance

different vehicles will provides different results...get to know them, go learn them, then CONvince one own self that you needed which of them and use them wisely and with commitment.
boarding a bus without knowing where it will go, then complaint that the bus is not going to the place you wanted is NOT wise.

i agreed with this..."Agents are reps of insurances company who has no authority on claims."
they will only assist you in the claiming process, try to make the process easier and more convenient for the policy holder or the beneficiaries....(especially needed are during the course of health recovery or during the period of mourning of the lost of someone or the during the confusion state of minds of the dependents after the lost of bread providers).
hopefully/maybe if the agent are nice and wise, would provides a policies review for there may have some important life changes in a policy holders, be it marriage, having children, new policies changes/upgrades news.....after a period of time.

some excerpt are taken from....https://www.getrichslowly.org/insurance-basics-how-insurance-works/

This post has been edited by MUM: Jul 30 2019, 09:53 AM

Let’s say you are a merchant, with goods for trading on a large ship.
Let’s say you have a total of rm100 of goods on that ship.

Along your route, you are exposed to several risks:
Extreme weather
Pirates
Goods imploding

With that in mind, right before your ship sets sail Mr JIUHWEI comes along and makes you this offer:
Hey bro, for rm2, I will insure you against your potential losses, to the total amount of your goods.
Should you encounter losses through no fault of your own doing, I will reimburse you the total value of your goods on your ship.

Will you sign my the contract with me?

On your next trip, would you look for me to continue buying into my terms?

You might have a good and fruitful trip though. But the rate in this simple illustration is still 2%.
Do you think this is worth paying?

————————————————

Now take a look back at your policy (I assume you have one despite paying it very reluctantly).
What is your rate? Is it higher or lower than 2%?

Every year, insurance companies pay in the billions in compensations.
Must be some very shitty red tape they have, don’t you think?


This post has been edited by JIUHWEI: Jul 30 2019, 10:46 PM

What is the ratio of Premium collected : Compensation?

I wish I could see hands raised by people going through shitty red tapes.

Nevertheless Mr. JIUHWEI, not all insurance policies are bad. I am just saying we should take the signing up of insurance policies seriuosly and not be overly trusting. After servicing the insurance policies years, we should check if the insurance company is honouring the terms as per your agent 'promised' you. Why the disparity? Agent, insurance company. In many instances, agents may not be found after you have signed up.

Frankly, I do not know the ratio of Premiums vs Compensation.
However, what is obvious is that the Premiums collected > Compensation paid out, every year.
You can see this in the share performance of every insurer. It's not that insurance companies are not regulated, it's just that insurance, as pointed out by MUM, is based off of the law of large numbers.

I would like to help you see that there are no "bad" insurance policies. What works for you, may or may not be a good fit for your neighbor despite, presumably, very similar lifestyles.
Why leh?
Well, frankly you have your order or priorities, objectives, and your neighbor has his/hers.
That's really...that.

If the insurance company is not honoring the policy contract terms, you may file a suit against the respective company.
I think that is quite clear to everyone.
I mean... the agent can sell you an orange and call it an apple. Has this happened to you personally?
With the new Balance Score Card system in place, such agents are being flushed out of the system.
I guess this info should help you feel more confident when dealing with your agent.

Yes, the turnover rate for insurance agents is quite high to say the least. It is a tough career as we are solely living off our commissions. Yes, many agents don't get to pass the first 2 years. And in many instances, the first 2 years is when we exhaust our natural market, namely our friends and family.
Now why do you think that is?

On the flip side, there are career agents like myself and many others here who obviously make a living off our commissions.
Quite obviously a stark difference from the above.
Now why do you think that is?

For agents to survive, you must provide top notch service, clients can see if you go the extra mile to achieve that.

Selling insurance is a service business, what makes people go to a no-name steamboat restaurant vs hai di lao? The service of course, the food tastes similar to each other honestly.

That's a good model, but for the 20th century.

Moving forward, the insurance industry is trying to be as transparent as possible, and to empower the customers by knowledge, accessibility, and more control over their coverage.

So it is a given that we need to give good service, especially to the gen x and those who are less mobile-savvy.
What is the game changer, in part, is this forum for example.
We want people to know exactly what their objectives are, what recommendations we can give, and the "why" has to make sense to both the customer and the agent in order for anything meaningful to be done.

Maybe we need to move past price, and focus on what we actually want, and how we want what we want to work for our specific objective(s).

Why don't lodge a complaint. I want to lodge a complaint to an insurance agent or company also. Anybody know how or procedure lodge complaint about insurance??? To BNM or any legal party?

while waiting for responses,
i google and found this

how to lodge a complaint against insurance company in malaysia?
https://www.google.com/search?q=how+to+lodg...sclient=gws-wiz

you could also check the website of your insurance company for details....if the details is not there,..contact their Customer service?

This post has been edited by MUM: Sep 2 2022, 09:22 PM


Attached thumbnail(s)