An Interesting Experience with a Malaysian Insurance Company

A few years ago, my parents and I went to the office of a Malaysian insurance company for a renewal.

Let’s start with why we went in the first place. It started when I asked my mum a few nights earlier about insurance. She then went to check the insurance policies and found out that they had expired. The thing is, this insurance company did not even bother to send renewal reminders. I mean, what sort of business are they running? Not bothering to send renewal reminders to customers translate into people forgetting to renew their insurance which translates into no money going into the company’s bank account.

In our insurance policies also, there were some mistakes. Under the beneficiary section, there was some random dude listed there. Somebody that we don’t even know. My mum had in fact called the insurance company a long time ago and they said “yeah yeah, we’ll change it right away.” At the office, we found out, the random fellow’s name is still there. So, what happens then if something happened to one of us (i.e my parents and I) ? Who’ll be getting the payout?

Okay, one insurance done, another to go. This is my dad’s insurance. His is due in 1 month but since we’re already there, might as well renew it straight away. Guess what happens next? Their computer can’t recall the client’s data. Which means, he can’t renew the insurance. What was their excuse? Well, blame the IT department of course. The fellow then asked us to come back in two weeks time to try again. I mean, come on, people are trying to give you money in advance, and you inconvenience them?

Okay, all that out of the way, another thing to go. My dad wanted to take an insurance for our house. We read the brochure and there was something that we didn’t understand. So, naturally, who do we ask? The fellow on the other side of the counter of course. His response?

“Saya pun tak faham yang tu”
“I also don’t understand that part”

What the?

If the person who’s selling the products don’t even understand what they’re selling, then who do we go to?

I then asked,

“Jadi, macam mana?”
“Now, what?”

He then took a freakin’ thick green book full of legal jargons and showed us the page explaining our queries. Perfect!

Luckily, in the end, we did understand.

So, why are we still with that company? Mainly because, they are one of the best.

Hmmm… If they are amongst the best, I wonder how it is with companies at the other end of the spectrum.

We muslims, argue that we need to “Berhijrah” from bad to good, from haram to halal, but we’re not providing a good alternative to the status quo. In the end, yang rugi, kita juga.

Anyway, to all unit trust consultants, insurance agents, investment advisers, financial planners, and etc., please equip yourself with a heck lot of knowledge, and please give good and valid advice to your clients, especially if you’re getting payments for it. Why? Mainly because the products that you’re selling and your advice has the potential to change people’s lives forever.


Disclaimer: This article is not a specific nor general advice on managing or investing your money. This article does not constitute a recommendation nor does it take into account your investment objectives, financial situation nor particular needs.

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