13 Jul '12, 2am

Hot news: Consumer satisfaction high despite being mis-sold! (Part 4)

Hot news: Consumer satisfaction high despite being mis-sold! (Part 4) by Wilfred Ling on July 13, 2012 Insurance consumer’s satisfaction is high – according to another consumer survey of 800 individuals conducted by LIA: 72 per cent are “Very Satisfied” and “Satisfied” with the life insurance industry as a whole. 69 per cent of Life Insurance Users rely on only one trusted agent. 92 per cent of Life Insurance Users who went through a full/partial fact-find in the past 3 years say they benefited from the process. This appears to contradict the mystery shopper survey conducted by MAS from October 2011 to December 2011, in which it was found that consumers were recommended mostly unsuitable products. Specifically, only 28% of cases recommended suitable products. 30% were found to be clearly unsuitable and the remaining 40% ‘may be suitable’. Note: ‘may be suitable’ can also m...

Full article: http://thefinance.sg/2012/07/13/hot-news-consumer-satisfa...

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