Unethical conduct of insurance agent

Hi Mr. Tan,

Last week, I went to an insurance company to terminate my regular investment link policy. It was only purchased last December and I had considered carefully about the huge financial loss that I will incurr upon closing it. I had decided to close it despite incurring huge losses as I feel that this is in my best interest that I do not have any dealing with this company anymore.

I put up a request through my agent to reduce my monthly premium as I found the premium rather heavy for me as im currently funding my own part time studies. This delay has been dragged for more than 2 months and despite assurance from my agent,i did not receive any official writing from the company either. He told me that his admin dept was having some problems and will take some time to process my application. But I did remember filling up a form when I met him earlier to reduce the premium,he did not give me a copy either, I found it strange that he did not gave me a copy of the application form. I didn't probe much as i trusted him but..

My agent called me up shortly after I terminated my polices, he was agitated and said that I was rash in my decision and did not respect him by informing him beforehand. He wants me to reinstate my policies as my withdraw will affect his promotion and he still assure me that he had submitted my application. I told him that it was taking too long to process my reduction of premium and I do not wish to carry on any dealing with his company anymore. I was disappointed.

I called up the insurance company to check this morning and found out that there was no record of any pending application form from my account to reduce any premiums for the past 4 months. I also asked if there was any manpower shortage for the processing dept for the past few months, the Customer Service officer replied 'No'. He has been lying to me all these while, I thought that he is a responsible agent and is sincere in helping clients to plan for their future. I try to help him initally by introducing my friends to him, lucky they did not buy from him else I will feel guilty.

I paid a total of $X and only got back less than 10%. Can I get his company to compensate me as this is largely due to their agent manipulation. Can I claim for personal disappointment? I also withdraw my CPF OA investment account with this company as I was ready annoyed with them, I lose about $X in total for this account.

Who can I seek to redress my grievences and personal damages? I want to teach this agent a lesson, can I file a complaint against him?

I have written an email to them last night asking them to explain why my application was not processed and asked them for an compensation as this incident was largely due to their incompetence and insincerity. They replied by saying that they will look into this matter and give me a reply soon.

Hope you can give me your advice on this as this is causing much inconvenience and frustation to me

REPLY

I suggest that you write a complaint to the Insurance Department of the Monetary Authority of Singapore. They have a section that is responsible for market conduct, which includes the conduct of insurance agents. MAS will bring this matter officially to the insurance company. Your complaint is likely to be acted on promptly.