Friday, March 19, 2010
Overseas orders for my books
I am starting to get overseas orders for my books. I suspect that they are Singaporeans who have migrated or work overseas. They bought the financial planning book, intelligence quiz and the shape quiz mini-pak.
FISCA website
Updated:
"FiSCA's website (Financial Services Consumer Association) has been updated to make it easier for you to find out what's happening in the financial world that relates to you, the consumer. The news, views & reviews section will include updates from writers that will help promote independent financial education. Members can also participate in the discussion to tap on the wisdom and experience of our members and volunteers.
Do pay the website a visit. You can follow FISCA on RSS, or why not just join FiSCA. Here's why you should join FiSCA."
"FiSCA's website (Financial Services Consumer Association) has been updated to make it easier for you to find out what's happening in the financial world that relates to you, the consumer. The news, views & reviews section will include updates from writers that will help promote independent financial education. Members can also participate in the discussion to tap on the wisdom and experience of our members and volunteers.
Do pay the website a visit. You can follow FISCA on RSS, or why not just join FiSCA. Here's why you should join FiSCA."
A responsive call center
The Straits Times published a reply from Singapore Airlines, promising to improve the responsiveness of their call center.
This problem is faced not only by Singapore Airlines but also by many large organisations in Singapore, i.e banks, telephone companies, airlines and government agencies. The key causes of the poor response are:
a) large volume of incoming calss
b) outsourcing of calls to third countries
c) mis-use of technology that frustrates the customers, e.g. automated voice response systems
d) poor method of handling the calls
A good example of a responsive call center is NTUC Income. I called 63 462663 (63 INCOME) a few days ago. The call was answered by a human voice on the 3rd ring. The staff recognized me, as my mobile phone was registered with them. They have a simple verification of caller.
I asked this question, "I have several policies with NTUC Income. Can you check if any of my policies are overdue and not paid?" This question, which required a search of life, general and health insurance policies (kept in different databases), was answered in 1 minute, "All your policies are paid up to date".
NTUC Income achieved the global award (#1) for innovation and customer service 4 years ago, when I was the CEO. It was achieved through the innovative use of low cost technology backed by a practical, common sense approach in providing customer service. I am happy to note that the high standard of customer service of the call center has persisted over the years.
Tan Kin Lian
Note: If you deal with an organisation with a bad call center, ask them to consult me at kinlian@gmail.com.
This problem is faced not only by Singapore Airlines but also by many large organisations in Singapore, i.e banks, telephone companies, airlines and government agencies. The key causes of the poor response are:
a) large volume of incoming calss
b) outsourcing of calls to third countries
c) mis-use of technology that frustrates the customers, e.g. automated voice response systems
d) poor method of handling the calls
A good example of a responsive call center is NTUC Income. I called 63 462663 (63 INCOME) a few days ago. The call was answered by a human voice on the 3rd ring. The staff recognized me, as my mobile phone was registered with them. They have a simple verification of caller.
I asked this question, "I have several policies with NTUC Income. Can you check if any of my policies are overdue and not paid?" This question, which required a search of life, general and health insurance policies (kept in different databases), was answered in 1 minute, "All your policies are paid up to date".
NTUC Income achieved the global award (#1) for innovation and customer service 4 years ago, when I was the CEO. It was achieved through the innovative use of low cost technology backed by a practical, common sense approach in providing customer service. I am happy to note that the high standard of customer service of the call center has persisted over the years.
Tan Kin Lian
Note: If you deal with an organisation with a bad call center, ask them to consult me at kinlian@gmail.com.
Decreasing term assurance for 25 years
Dear Mr. Tan,
My insurance adviser has given two proposals for me to increase my coverage:
a) critical illness protection for 35 years
b) whole life policy with critical illness rider
Which is better for me?
REPLY
For the term insurance policy, ask the adviser to give you the following options:
a) Level term for 25 years and 35 years.
b) Decreasing term (or mortgage protection) for the same period.
You can compare the rates with the benchmark rates quited in my book on financial planning. My benchmark rates are quite high, so you should be able to get a rate lower than the benchmark rate. You have to decide on the term insurance that suits your needs, by looking at the cost and coverage.
In my view, the most suitable is a decreasing term insurance policy for 25 years. I avoid critical illness policy or rider, as they are usually too expensive (i.e. poor value for money).
My insurance adviser has given two proposals for me to increase my coverage:
a) critical illness protection for 35 years
b) whole life policy with critical illness rider
Which is better for me?
REPLY
For the term insurance policy, ask the adviser to give you the following options:
a) Level term for 25 years and 35 years.
b) Decreasing term (or mortgage protection) for the same period.
You can compare the rates with the benchmark rates quited in my book on financial planning. My benchmark rates are quite high, so you should be able to get a rate lower than the benchmark rate. You have to decide on the term insurance that suits your needs, by looking at the cost and coverage.
In my view, the most suitable is a decreasing term insurance policy for 25 years. I avoid critical illness policy or rider, as they are usually too expensive (i.e. poor value for money).
Courtesy of a reply
If someone writes a personal e-mail to me, I will always give a reply. It can be a short reply like "ok" or "thank you" to acknowledge receiving an information that does not require any action (which is quite common).
If someone ask me my advice on a complicated matter, my usual reply is "let me think about it". I will give a more detailed reply in a few days time, unless I overlook it. In many cases, I will answer some of the questions immediately, and answer the rest later.
Some people are fair and considerate to me. They spend time to think about their issue and put it down in clear terms. I will try to help them as best as I can.
Other people are quite inconsiderate. They do not make the effort to write them their issue clearly to me and expect me to spend a lot of time to understand their question and find the answer. I usually give them a short reply, "Sorry, I cannot help you".
A few people send me materials to post in my blog quite regularly. They do not expect a reply from me for each e-mail. But I do send them a reply occasionally to acknowledge that I appreciate their contribution. They can also see my indirect reply, when their contribution appears in my blog.
I want to encourage people to give a reply. It is only courteous.
Tan Kin Lian
If someone ask me my advice on a complicated matter, my usual reply is "let me think about it". I will give a more detailed reply in a few days time, unless I overlook it. In many cases, I will answer some of the questions immediately, and answer the rest later.
Some people are fair and considerate to me. They spend time to think about their issue and put it down in clear terms. I will try to help them as best as I can.
Other people are quite inconsiderate. They do not make the effort to write them their issue clearly to me and expect me to spend a lot of time to understand their question and find the answer. I usually give them a short reply, "Sorry, I cannot help you".
A few people send me materials to post in my blog quite regularly. They do not expect a reply from me for each e-mail. But I do send them a reply occasionally to acknowledge that I appreciate their contribution. They can also see my indirect reply, when their contribution appears in my blog.
I want to encourage people to give a reply. It is only courteous.
Tan Kin Lian
Avoid tele-marketing call
I can recognize a telemarketing call within 10 seconds of receiving the call. My immedate answer is "I am not interested" and I put down the phone immediately. The telemarketer recognize a rejection and do not call back. If the telemarketer calls back (which never happens), I will lodge a complaint for harassment.
If someone wishes to market any product to me, they can send an e-mail to me. I can decide whether to read it or to delete it.
If someone wishes to market any product to me, they can send an e-mail to me. I can decide whether to read it or to delete it.
Suggestion to regulate all types of investments
The Monetary Authority of Singapore publishes an "alert list" in its website that identifies a long list of companies that operates investments that are not regulated by MAS. They even state that this is not an exhaustive list. This approach is not helpful to the general public.
A better approach is for Parliament to legislate the types of investments that should be regulated. I suggest the following definition, "any contract involving a return of money or delivery of future services, where the contract is advertised to the public through the media or a public talk, excluding contracts where the sum involved is less than $500".
For the avoidance of doubts, the following types of contracts required to be regulated (give a list of the types of transactions, including land banking, time sharing and many multi-level types of marketing scheme). The legislation can also identify the types of transactions that do not need to be regulated. The legislation can give the power to MAS to add or remove from the inclusion or exclusion list from time to time, with the right to appeal to the Minister.
I hope that some of our hardworking members of Parliament can bring up this suggestion to Parliament.
Please give your views on this approach and suggestions on the inclusion and exclusion list.
Tan Kin Lian
A better approach is for Parliament to legislate the types of investments that should be regulated. I suggest the following definition, "any contract involving a return of money or delivery of future services, where the contract is advertised to the public through the media or a public talk, excluding contracts where the sum involved is less than $500".
For the avoidance of doubts, the following types of contracts required to be regulated (give a list of the types of transactions, including land banking, time sharing and many multi-level types of marketing scheme). The legislation can also identify the types of transactions that do not need to be regulated. The legislation can give the power to MAS to add or remove from the inclusion or exclusion list from time to time, with the right to appeal to the Minister.
I hope that some of our hardworking members of Parliament can bring up this suggestion to Parliament.
Please give your views on this approach and suggestions on the inclusion and exclusion list.
Tan Kin Lian
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