What exactly is insurance B2B or business-to-business? Simply says, it is about intermediaries (including customer servicing personnel) using a point-of-sales (PoS) online platform to transact insurance requirements for or on behalf of their customers with the insurer(s) (i.e., principal). The…
I somehow got (over the last three years or so) to the point that agents are not interested in just products or product packaging that insurance companies could provide to them to sell; there is no shortage in new products or packaging of products including services that are available in the market, and certainty not when agents are allowed to represent two principals….
The insurance agents are actually
MDRT Malaysia has over the years created various channels of improvement for the life agency force and financial advisors nationwide such as mentoring programme, development supporting programme for agents to soar for the MDRT recognition, MDRT Network Channel for MDRT members nationwide to communicate as well as share information and….
No doubt about this, in the FSA the refund provision was worded in a manner that policy premium refund is to be paid directly to the policy owner and never under any circumstances be paid or credited to the agent’s account.
We have also underlined the phrase, “….pay directly to a policy owner….” and if read together with the other phrase, “….such refund shall under no circumstances be paid or credited to any insurance agent.”, there is no doubt the FSA has intended to provide no flexibility at all for any possible interpretation…. including allowing the policy owner to sign a declaration to assign the policy refund to the agent…. with intention to strengthen policy owner protection.
Agents must not rely on their principal’s goodwill to help them with part of their tasks (agency obligations to their customers) in delivering devices to their customers. This was highlighted in the following members’circular issued by the Persatuan Insuran Am…