Woman claims insurance agent was ‘rude’ after learning she lives in rental flat
Recently, a woman in Singapore claimed that an insurance agent was “rude” to her after learning her family lives in a rental flat.
In a Threads post last Friday (17 July), the Original Poster (OP) explained that she and her husband are trying to get insurance for their first baby.
However, when the agent checked the OP’s profile and realised the family lives in a rental unit, she said they need to meet in person instead of through a video call.
The woman then questioned whether there is a stigma on living in rental flats, saying their housing situation has nothing to do with whether they want to get insurance for their baby.
Source: Threads
Agents claim meeting face-to-face falls under Fair Dealing Guidelines
A few financial advisors replied in the comments, saying the agent may just be following company protocol to comply with the Monetary Authority of Singapore’s (MAS) Fair Dealing Guidelines.
One said “vulnerable client guideline” requires them to meet face-to-face with clients who live in rental units, adding that it’s nothing against the OP or her housing type.
Source: Threads
Another financial advisor surmised that the agent is required by her company to meet the OP in person, in line with its own policy for consumer protection.
Source: Threads
One user also speculated that the agent may want to conduct proper checks to ensure that the OP is not on Additional Premium Support (APS).
APS is a government assistance scheme that provides low-income families with financial support if they are unable to afford their MediShield Life and/or CareShield Life premiums.
Source: Threads
Agents must ensure customers understand insurance products
The MAS Fair Dealing Guidelines do not explicitly mandate face-to-face meetings with prospective clients.
However, it urges financial institutions to ensure their representatives collect sufficient information about their customers to understand their financial needs and provide appropriate product recommendations.
When vulnerable customers are involved, companies are expected to put additional safeguards to ensure that clients clearly understand the implications of their purchase.
According to MAS, vulnerable clients are defined as individuals who meet at least two of the following three criteria:
- Aged 62 years or above.
- Not proficient in written or spoken English.
- Do not have at least a GCE N- or 0-level academic qualification.
Also read: Health insurance, utility, and accommodation prices in S’pore increased in Feb
Health insurance, utility, and accommodation prices in S’pore increased in Feb
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Featured image adapted from indypendenz on Canva. For illustration purposes only.
