compareFIRST and Direct Purchase Insurance

[w1rbelw1nd]

Just a heads up. On channel 5 930pm there will be a program (common cents) that will talk about comparefirst.

 

[lzydata]

"Overall weighted new business premiums for the first half of the year ended June 30 grew by 3 per cent from the corresponding period a year earlier to S$1.35 billion, the Life Insurance Association Singapore (LIA) said yesterday. New sales of weighted annual premium products rose 3 per cent to S$964.9 million, while those for weighted single premium products grew 2 per cent to S$387.8 million.

DPIs, which are commission-free life insurance policies that offer basic protection, fetched about S$200,000 in weighted new premiums with the sale of 193 policies, the bulk of which comprised of term life policies."

- http://www.todayonline.com/business/new-premiums-3-first-half-lia

Seems like quite a weak start for DPIs.

 

[preston_99]

Two very different experience with two DPI companies.

AXA
Rang them up and was directed to a DPI specialist who asked me some details, assisted with pre-filling a form for me and sending me the form and further instructions by email on how to dispatch the application to them. Only qualm is no envelope provided for me to physically mail it to them.

AIA
Rang up the number stated on their website for DPI enquiries (which is really just the general AIA hotline). They did not know what a DPI was and said they would get the team in charge to contact me. Several days later, an agent messaged me and told me he was assigned to my enquiry. I messaged him and asked him very specifically if he could help with DPI. He replied yes. I gave him some details to generate a quote. Several days later, he contacted me stating that he had checked around and noone could assist with DPIs. He said that I would have to go to the AIA counters to ask for more information.

Most unhappy with AIA.

 

[FP_IFA]

"Overall weighted new business premiums for the first half of the year ended June 30 grew by 3 per cent from the corresponding period a year earlier to S$1.35 billion, the Life Insurance Association Singapore (LIA) said yesterday. New sales of weighted annual premium products rose 3 per cent to S$964.9 million, while those for weighted single premium products grew 2 per cent to S$387.8 million.

DPIs, which are commission-free life insurance policies that offer basic protection, fetched about S$200,000 in weighted new premiums with the sale of 193 policies, the bulk of which comprised of term life policies."

- http://www.todayonline.com/business/new-premiums-3-first-half-lia

Seems like quite a weak start for DPIs.

193 policies after 3 months? Takeup rate is slow. Probably AXA is the main beneficiary in this since their term quote is the lowest but I am sure they aren't thrilled with this too.

 

[FP_IFA]

Two very different experience with two DPI companies.

AXA
Rang them up and was directed to a DPI specialist who asked me some details, assisted with pre-filling a form for me and sending me the form and further instructions by email on how to dispatch the application to them. Only qualm is no envelope provided for me to physically mail it to them.

AIA
Rang up the number stated on their website for DPI enquiries (which is really just the general AIA hotline). They did not know what a DPI was and said they would get the team in charge to contact me. Several days later, an agent messaged me and told me he was assigned to my enquiry. I messaged him and asked him very specifically if he could help with DPI. He replied yes. I gave him some details to generate a quote. Several days later, he contacted me stating that he had checked around and noone could assist with DPIs. He said that I would have to go to the AIA counters to ask for more information.

Most unhappy with AIA.

AIA don't intend to compete in this arena. They didn't want to waste resources on this. You should stick with AXA if you going down this channel.

 

[w1rbelw1nd]

Two very different experience with two DPI companies.

AXA
Rang them up and was directed to a DPI specialist who asked me some details, assisted with pre-filling a form for me and sending me the form and further instructions by email on how to dispatch the application to them. Only qualm is no envelope provided for me to physically mail it to them.

AIA
Rang up the number stated on their website for DPI enquiries (which is really just the general AIA hotline). They did not know what a DPI was and said they would get the team in charge to contact me. Several days later, an agent messaged me and told me he was assigned to my enquiry. I messaged him and asked him very specifically if he could help with DPI. He replied yes. I gave him some details to generate a quote. Several days later, he contacted me stating that he had checked around and noone could assist with DPIs. He said that I would have to go to the AIA counters to ask for more information.

Most unhappy with AIA.

Some of these insurance company are forced to put a DPI in place, so no surprises that they don't devote resources for it. Just want to do it half-f**ked lol.

Hopefully AXA get enough customers to reward them for their efforts....

 

[badsector]

I'm on AXA term protector now. if switch to DPI
is 5 years renewable term plan a better deal since it allows to extend beyond age 65?

 

[lzydata]

I'm on AXA term protector now. if switch to DPI
is 5 years renewable term plan a better deal since it allows to extend beyond age 65?

Er, try to see for yourself? http://comparefirst.sg

5-year renewable term products are cheaper than the other option in there, 20 year term, because to renew after 5 years the premium would go up by more.

 

[Shion]

clearlysurely also can do comparison