Posts Tagged ‘ Intermediary ’

STRETCHING THE BUSINESS-REACH GEOGRAPHICALLY – Building on BRICK-AND-MORTAR or Mobile-eCOMMERCE setup, which is more effective? Expanding business reach nationwide is not exactly easy nowadays. With underwriting agents and multi-tier agency models gone since the 1990s, widening the business network has become rather difficult. In the mid 1990s, most insurers worked tactically along simple analogy...
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Since the early 1990′s after the sun had dawn on the now defunct underwriting agency channel and their network of sub-agency, insurance companies had totally discontinued allowing the issuance of policy documents (other than cover notes) by agents. Moreover the Bank Negara then was very much against intermediaries issuing policy and settling claims on behalf of their principal(s)....
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The Guidelines in respect of Direct Motor Mandatory Rebate (click on the PDF for details of the Guidelines) can be quite confusing, having confused numerous insurers when it was first implemented on 1st July 2009. Now some critical issues were also raised recently in respect of subsection 4.1.1 (highlighted in yellow) - “Motor Business” - whether the...
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In recent days, My E.G. Commerce Sdn Bhd (including MyEG Services Berhad) and their insurance principals are consistently lambasted with complaints coming from other insurers. Most cited the blatant breach or disregard the existence of General Regulation 33 of the Motor Tariff, Guideline on Minimum Disclosure Requirements in the Sale of General Insurance Products and PIAM Members’ Circular...
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Your boss gave you a list containing “Referral or Referred” risks with specific instruction that your agents cannot accept them but to make referral to you. You would have to assess whether you have the authority to accept such referral otherwise your decision is whether you would want to escalate this to your boss...
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It has been more than 4 years since the guidelines were introduced on 1/1/2005 but it has hardly changed…… It has been more than 4 years since the guidelines were introduced on 1/1/2005 but it has hardly changed discounting the penalties and the recent more generous allocation of CPD hours for a half day...
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I read your blogs with written topics concerning the readiness of our agency force with interest. We can refresh with the following blog materials: How agents are preparing for mandatory motor rebate The growing pains of direct rebating Having been around the industry for quite awhile I find it absolute true that our agency...
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We have written in our previous post on June 22nd – The growing pains of direct premium rebating…... Looks like no one seems to notice the importance of doing away with Clause 5.3 of the Inter-company agreement on General Insurance Business (ICAGIB). PERWAKIM is looking at some other things (picketing is already over, what’s...
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Today the final blow was delivered where the word “members” of Clause 5.3 Inter-Company Agreement (ICA) was deleted after unanimously agreed upon.  This means agents and brokers cannot rebate where insurers are able to; signifying a divergence of focus between intermediaries and principals. The circular further mentioned that rebating is discretionary (for member companies)...
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The last time I wrote, the main issue is on PIAM trying to either delete clause 5.3 of the Inter-company agreement on General Insurance Business or to delete off the word “member” from the said clause. After much deliberation and checking out with the industry experts…..or so-called experts (nowadays, people always proclaim themselves as...
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