A Personal Finance Blog for Malaysian: Buy INSURANCE online !!!

Saturday, October 7, 2017

Buy INSURANCE online !!!

Era of product-selling is ending soon.

More and more (financial) products are available online now at lower cost or price.
(Askchong: lower not necessary cheap)

Consumer can go direct, get lower price or with discount, for products like Motor (car) insurance, Travel insurance, Term Life etc.

Example:

Hong Leong Assurance's products available to public via online, without agents, supposedly cheaper as no commission to be paid to agent/agency.
https://www.hlatouch.my
(Askchong: this link is hidden under www.hla.com.my and no marketing to really show to the public)

U For Life provide simple Term life.
(www.uforlife.com.my)

Investment like unit trust can also be bought online, at lower sales charge e.g. fundsupermart.com and 'middle-man' like unit trust consultants will face the same challenge as insurance agents.

All these are part of the Bank Negara's big plan of market liberalization.

What can Adviser/Planner (licensed by Bank Negara and Securities Commissions of Malaysia) do in the coming new era?

Adviser/Planner will 'sell' their service to provide financial advisory, identify client's financial needs and match it with the right solutions.

No more product-selling.



#BNM