Jonathan Chua

It seems that the recent speech by the Managing Director of MAS has triggered a strong response from the industry. I guess it is because he mentioned points that will have a significant impact to the industry like raising the entry criteria from the current 4 'O' levels to keep up with current education trends and removing commission based sales to fee based structure. Some opinions I heard include: - "Oh no, it is going to mean more exams and paperwork." - "It simply will not work! Customers will not pay a fee. They have been so used to receiving free advice." In my opinion, raising the entry criteria is only keeping up with the current education standards. Most of the population is at least a diploma holder. At least, it will make the industry seem a little more professional as this point is often poked fun at with comments like "If you only have 4 O levels and cannot find a job, just go and be an insurance or property agent."....

U.S. insurance consumers want their insurers to offer more personalized service and reward customer loyalty, according to Ernst & Young’s Global Consumer Insurance Survey 2012.The survey also finds that consumers of life/annuity and property/casualty policies are willing to buy multiple products from the same carrier if they are tailored to meet their individual needs, and that Millennials believe the strength and health of an insurer’s brand is more important than the price of the insurance product. Ernst & Young surveyed more than 24,000 consumers of insurance products in 23 countries across seven global regions, making this body of research one of the largest surveys of consumer attitudes about the insurance industry ever conducted. We designed this survey to be far-reaching, to touch across geographies and demographics, and as a way to help insurers contend with one of their biggest challenges: anticipating their customers’ needs and devising ways to serv...

Retirement plans may not strike a chord with young investors. However, it is never too early to start saving for retirement. By selecting the appropriate wealth management platforms, including those providing financial protection, one can get a head start in achieving one's wealth goals and securing a comfortable life during their golden years. Investment-linked insurance The relatively modest returns of low-risk products may not match the expectations of younger investors, who tend to prefer fast returns and are willing to bear higher risks in exchange for higher returns. We have observed more young people joining the investment fray in recent years, growing their wealth through monthly investments in stocks, funds and similar products. While it is good for young people to invest early within their means, they should not neglect their own protection needs. Should an unfortunate accident result in the loss of ability to work, this will derail all of one's financial plans, no...

New policies targeting older Singaporeans are hitting the market, but how much value do they add to your coverage? With one in five Singaporeans to be aged 65 and over come 2030, a new group of financial products designed to meet the needs of senior citizens has emerged in the insurance market in Singapore. Earlier this year, NTUC Income launched SilverCare, a personal accident plan aimed at seniors that provides benefits for caregiver training, home care, and home modification, apart from payouts of up to S$50,000 for permanent disability due to accidents, and coverage of hospitalisation expenses. Meanwhile, AIA Singapore offers Prime Assured, a personal accident plan for seniors that reimburses medical expenses and provides a daily accident hospital income benefit. The extras: Coverage for mobility aids if recommended by a physician and also an Alzheimer's or Parkinson's disease benefit of a lump sum payout of up to S$3,000. These policies are meant to addr...

Help ease your financial burden should you contract a serious illness Sometimes, an event happens that has the potential to alter your way of life. Every day, 28 people in Singapore are diagnosed with Cancer+. If you are struck by a critical illness, the medical treatment you require may not be covered in part or in full by your hospital expense plan, and any prescription medication that you may need could amount to a lot of money. You may also wish to seek pioneering or experimental medical treatment. What’s more, the combination of the illness, treatments and medications can often prevent one from being able to work or care for family, resulting in loss of income and unanticipated expenses such as childcare support. Critical illness plans usually offer larger, lump sum cash payments and it’s up to you how you spend the money. Basic critical illness plans in the market provide coverage for 30 common critical illnesses such as cancer, stroke, heart disease and kidney...