Year 2009-2010 - Sunny Path of Tomorrow’s Insurance Intermediaries

Feature 專 題 探 討 Shortly after the outbreak of the financial tsunami in late 2008 the insuring public suddenly lost confidence on insurance products. To resume public confidence our regulator brought up the issue of setting up a Policyholders Protection Fund to minimize financial loss of policyholders of insolvent insurance companies. This is just part of the play. In fact insurance intermediaries also have a vital role to play in regaining confidence of the insuring public. This is the time for insurers and insurance intermediaries to demonstrate their concerns and care of the insuring public. Meeting clients’ expectation is the primary role of insurance intermediaries. Only through proactive discussion and detailed analysis to identify the needs of clients can insurance intermediaries offer tailor- made solutions to satisfy the protection needs of clients and recommend risk control and management measures or investment plans to their clients. This is where professionalism comes in. The interest of clients overrides personal reward of insurance intermediaries. In dealing with clients who have misconceptions about insurance it is the duty of insurance intermediaries to educate them and to change their incorrect mindset. In this respect insurance intermediaries should not regard themselves as salesmen rather they are acting in the capacity of professional advisers. By adopting that attitude, their social status will then be gradually promoted and recognized by the public. Being a middleman between client and insurance company, insurance intermediary needs to relay all factual and comprehensive information of the clients to insurance company for better risk assessment. A partnership relationship between an insurance intermediary and insurer can only be established through trust and integrity. Underwriters do not mind lowering the premium so long as the risk is properly managed and the interest insured is adequately covered. There is often a “give and take” situation to achieve a harmony relationship. Once the selling process is professionally conducted there will be less or even no dispute on under-insurance when a claim occurs, complaints made against insurance intermediaries for misrepresentation and misconduct will be reduced. A simplified presentation without clear explanation Sunny Path of Tomorrow’s Insurance Intermediaries Yearbook 2009 年刊 & Prospect 2010 展望 22