Insurance Agents Finally Spill the Tea on Their Commissions! | SPILL IT
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- Опубликовано: 11 июл 2024
- #insurance #insuranceagents #mdrt
Insurance agents always get a bad rep. 😰 Many of us have experienced being haggled at MRT stations and being cold-called at the worst timings. This week on Spill It, we’ve invited insurance agents Louis Chin and Augustine Seah to debunk that stereotype! And no, they are not here to sell you insurance, but to reveal their largest commission earnings, worst client stories, and how they feel about being ghosted by old “friends”. (P.S. If you have an insurance agent, go thank them for being patient with you!)
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About Spill It: Spill It invites 2 guests of a specific industry every week to shed light on their profession and what goes on behind the scenes.
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TIMESTAMPS:
0:00 : Intro
0:53 : Game Instructions
1:12 : What’s a secret about buying insurance that only insurance agents would know?
1:39 : Share with us some misconceptions people have about your profession.
2:21 : What is the most number of times you were rejected in a day?
2:49 : Share a client-from-hell story that you will never forget.
4:48 : What’s the highest commission you have ever earned from selling a policy?
5:34 : True or False: MDRT is outdated and gives you a fake sense of achievement.
6:15 : True or False: Good looking insurance agents earn more.
6:43 : What are some of the unspoken rules in the industry?
7:02 : What is the most expensive gift/token you have bought to lure potential clients to your booth?
7:58 : True or False: I have lost a bunch of friends because I tried to sell them insurance.
8:24 : What are some questions to ask your insurance agents to test if he or she knows their stuff?
8:55 : True or False: I have considered or actually bought insurance from a different company.
9:26 : What is one thing you've always wanted to tell difficult client?
10:55 : Outro
Disclaimer: The views, information or opinions expressed in this video are solely those of the individuals involved and do not necessarily represent those of You Got Watch.
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can we appreciate the way the editors wrote the fake message💀💀💀💀💀💀 “show me the badge”
Do athletes next. Wanna see how come local athletes have to suffer so much just to travel for competitions and how they manage their sports on top of their fulltime jobs.
Should invite team sports as they are more affected like Basketball, Netball, Rugby athletes. People like Leon Kwek has been quite vocal on this topic
I love how funny and honest Lucas is!!! I think I would trust him as my agent. Hahaha.
Dont trust us purely on the video! im pretty sure the people that you have worked with are trustworthy as well!
Insurance agents will force/lure you into upgrading your policy so that you get more coverage/benefits.
But when it's time claim, there will be many excuses that your case is not covered etc etc.
The process of underwriting helps stamp out such incidence from happening while it is not full proof, it will however, give the person who applies an advantage. if you declared all your medical condition at the point of application and the insurers well noted about this, there is no way they can refute a claim. You can check out this clause known as incontestability clause.
Also, for policy holders, they have an organisation in Singapore that will protect their rights to make sure the insurer do their job, and that's call FiDrec, this will prevent what you mentioned from happening.
Louis is damn funny LOL he is the male version of Clarissa in the SQ interview vid HAHAHAH
😅#truefan
I went to see Clarissa in the previous video, no doubt there're some similarities in the manner we exaggerated our expression, but i think i shame myself more la, my friends say i 不要脸
🤣
3:14's caption - I think it's what broke the camel's back not camera's back, HAHAHAHHAHAHAH
Thanks for the video, as someone considering the industry, it's very difficult to find information and insights on how the job is as a whole. Most of the forums or videos are mocking agents.
Hi Roger! good to know you are considering the industry, but i really have to advice you that the initial period are the toughest and that's where your perseverance and determination will push you through. All the best!
Just join augustine 😂
Waiting for Lemonade to disrupt the Insurance industry. so far no agents has ever done a claim less than 3 minutes
If we can democratise trading platform, insurance should be easy as well. Stock picks are much harder insurance
Cos agents are not the ones to decide if the claim can be approved or not. Plus, underwriters also have to refer to documents and relevant authorities to legetimise the claim before they can approve. All these takes time.
Do one on personal trainers! Curious to hear more inside stories from our industry. Happy to volunteer our peers/ourselves!
Yes personal trainer here as well! That would be interesting 🤔
I don’t understand how do they “chance” upon this job? There are always insurance company trying to recruit me to be their agent. >.
Back when i joined around 11 years ago, social media wasn't so popular yet, scouting for sponsors was quite a chore as we had to call up companies after companies and that was how i came across insurance company.
now i think it's a different era altogether, with technology and social media, it's easier for recruiters to call up people either through recruitment agencies or linkedin :)
I was rejected though...and subsequently, I didn't get any job offers for this field.
Must be I not handsome/pretty enough.
@@reallydead Have you seen a lot of "insurance agents" around? Does everybody look handsome/pretty to you?
Actually it's really not about the looks, but more towards whether you bear traits which the particular recruiter is looking out for. And also for your own self, why you want to be in this career. Some agencies are looking for people that can generate the sales numbers for them, while there are also some who are more looking for "agents of Life".
Does helping people, being an important person to the policyholders whom you will be taking care of in times of claims, be a matter to you? If given the opportunity to try out again, will you still look for this field?
You don’t understand that you are living in a different era from them?
10:30 sums up the issues faced by it dept 🤣
They should ask if they ever sold policies agents themselves don't believe in to their clients 🤔
ahh good qns! truth be told, not every insurance is applicable for everyone and anyone while some insurance dont applies to me, there are others whom find it beneficial! so it really depends on needs and the situation we are in there and then.
@@Louis-tx1qq Yea i found out my agent doesn't even buy hospitalisation until a few years after i bought mine from her. I wasn't too happy.
@@NN-br2xh hahaha nobody cares.
@@XducationAI then you comment for what sia
@@NN-br2xh your agent thank you for funding her latest Boy Chanel bag
One for call centre staffs. Customer care officer
Lol my insurance agent wasn't happy that i tried to reduce my payment plan from 25 years to 10 years. I found out it was cheaper overall for the same coverage too.
I can fully understand how the last lady feel. Just like her, I experience before the insurance agent left the industry but did not tell me anything, did not set up GIRO for me too. when payment missed and policy lapse, I was not even informed. very terrible. I also met insurance agent who sell me medical insurance but when need to claim for medical expenses, nothing could be claimed. I'm surprised this woman still buy insurance from this company. I terminated all my insurance immediately. Before you pay them they provide good service, after you pay them, they disappear, cannot be contacted or leave the industry also never inform their clients. The problem with this insurance industry is that it is the insurance agents who gives this industry a bad name.
Completely understand where you are coming from, and till date, this client that i mentioned earlier is still with me. i did told her that i feel like rebutting her after a couple of years later and we had a good laugh about it. You are right that insurance agents are the ones that "shames" the industry and that's why this industry is so highly regulated right now. with DPI now, im sure you are able to manage your own policies buying things that you need and will need. All the best ! :)
Everything has their timing. Million dollars insurance agent no longer exist. The past batch in early 1990 to 2000 made them very rich.. Then was property agent,...nowsaday all this industry no more so profitable as the past.. All market so stagnant and profit share with so many...if not, why the top tier move away and do other work.. Now everyone turn to hawker or food business. This is reality..
You should do one where you ask peeps why they left as agent 🤷🏻♂️ its not just about the numbers or laziness as they claimed
Reminds me of that movie glengarry Ross Glenn.......
One of the clients would frequently approach their salesman and invite them out to lunch and promised to buy lots of properties......they later found out the guy was stark raving mad and lonely and just like talking to salespeople.
Ghost you means not true friends? Damn how realistic are you. God knows how much pestering insurance agents does.
I think it’s a practice to call everyone in the contact tho.. especially at the start. Even if not close/close. The closer you are, prolly less pushy but more of informing if you need a plan, there’s someone to look for. That’s what I heard.
@@glenicechia3003 fair enough but deep down everyone knows their motive from the start. Donkey years classmate /army mate suddenly call u to catch up? Haha likely to initiate sales pitch rather than so called “financial planning”. Generally they tend to oversell u products u dont need as well. Next time ask ur agents to show what they have for a start to see if they preach what they are selling. Peace out.
@@eugene4261 good tip! Will keep that in mind, thanks for sharing 👍
Of course. Ghost is just disrespectful
U know who ur true friends are when they try to sell u insurance.
HAHAHA SHOW ME YOUR BADGE!!!!
I am angry with my previous agent because she ghosted me and even lost the original documents that I handed her to apply for a policy. Then she went on making lies, "I asked my secretary to mail to you already" and for 3 months I didn't receive shit LOL. In Singapore, you telling me local mail need 3 months. Just be honest to me you lost it, then there's nothing I can do also. She later left the company and didn't inform, until I received a letter from the company saying that she left, and my policy is now under another agent. That's like last year April. I've been waiting for him to contact me though? Am I suppose to contact him instead? And no I'm not just going to ask a stupid question like "what's my password", but I should be receiving the policy bonus this year, that's all I care for, and I won't even ask him anything else or what lol. I just want to deal with a peaceful agent, and don't even need to buy me gifts or send me birthday cards tbh.
Louis is so funny.. great video btw :)
FOUR DOLLAR FIFTY CENT!!!
Wa friking hilarious sia louis HAHAHHA
augustine is like the cool cool guy with hot tatts
Next can u do one on used car dealers in Singapore ?
Do grab much better than forcing ppl to buy stuff they don’t need.
I like the 2 of them they are a natural at the camera, I like the second guy more the one wearing a gray suit
are you the hot pant with tight shirt guy?
thank you sir, please continue to support the other videos in You Got Watch!
interview gurkhas!!
Uniformed persons need permission and vetting for interviews. Need to ask SPF, unlikely to be granted for security reasons.
🤭
Is it right to mock the password uncle? Questionable ethics of an agent
snowflake
Maybe next topic interview insurance broker😉
Hey. Louis I oso ask my agent "What's my password"... Leh........
Anyone willing to elaborate on the distribution cost thing? And why is it the one thing to gauge the FA's own understanding?
Apart from this, I just want to say I really appreciate the boss challenge advice. I think it probably applies in general as well
So whats the distribution cost for? The agent told me it’s for cost related to insurance but never go into detail….
commission and marketing
Ten to fifteen thousand dollars for one policy for low to middle income people???????
Holy shyt,it's no wonder all these agents are dieing to sell something to me.....
Highest leh
If they call themselves "Financial Advisors" they should not sell anyone ILPs, because it can only mean 2 things. (1) They are unethical/immoral (2) They are so ignorant, that they think that ILPs are a good financial investment for their client.
may i know what’s wrong with ILPs?
@@only.rad.travels
Just an few articles for a read below. You want a summary? There 0 advantages of buying an ILP when compared to even just buying bonds as premiums are eaten up a huge amount by the premiums payable rather than actually growing wealth. You would think if there is a lack of liquidity that he returns will at least be decent, but it won't even beat a simple index investing.
www.singsaver.com.sg/blog/debunking-the-myth-of-investment-linked-policies-ilp
www.straitstimes.com/business/bt-money-hacks-podcast-reasons-to-avoid-ilps-or-investment-linked-insurance-policies
www.moneyowl.com.sg/articles/why-we-dont-advocate-ilps-the-problem-with-ilps/
blog.seedly.sg/regret-buying-investment-linked-policy-ilp/
@@only.rad.travels So..."financial advisors" should advise people to the best financials choices. But I can guarantee many of theses advisors wont even buy ILPs for themselves if they even a little savvy, at minimum robo-advisors will be used for the financial illiterate.
The only case for policies at very low returns I can think of is due to religious reasons where a fixed return is mandated due to avoidance of "gambling".
@@aznravenflame For every insurance product to be launched in SG, it has to be approved by MAS as this industry is heavily regulated Have you ever wonder why ILPs has been around for more than 20 years and MAS has not stopped it ? All insurance products have their strength and flaws in terms of benefits or coverage therefore you need to sit down and review it according to your needs.
I kena before. She offered 5 policies and I was quite virgin to it, so I simply said yes to all. Luckily my parents snapped me out of my blur sotong zone and my money get refunded fully as it is still within the 14 days
You hear them saying how much I earn only? If it about earning less then change job lo.
I mean our expressions were exaggerated for the camera while recollecting some funny stories. if it's was a dull straightface kind of videos, it would not have created the comical effect.
Of course i still love my job no manner how little or much it pays :)
These agents, like many Life agents, don't even know one of the fundamentals from the Law of Agency. They keep saying "my client" when their customers are not their clients.
As an agent, your client is your Principal, which in this case is your Insurer. The law of agency also states an agent cannot simultaneously represent both the buyer and seller. This is why property agents clearly only represent one party, namely either the buyer or seller.
Therefore, the insured party is the insurance agent's CUSTOMER, not client. Customers who say "my agent this or my agent that" also get it wrong. They are not YOUR agents; they are the Insurer's agents.
This is just one example of the lack of knowledge in basic principles of their own industry.
I have always been referring my company's customers as the simple term "Policyholders", am I wrong as well?
My ex classmate called me recently and told me to buy ILP. Saying the risk is lower as compared to buying stocks and the gain is higher as well. She showed me a pyramid which says protection is most important but she want me to buy ILP…
Okay it highly depends on what products. Some ILPs do come with protection such as critical illness coverage or life protection. One such product you can see will be AIA Pro lifetime protector (PLP). Yes I am an insurance agent.
you all very honest... really respect increased.. feel like can trust u all
Ehh so what’s the total distribution cost for ah? Why nv answer? Hehehehe
i'm pretty sure, majority of the insurance person out there, having survived in the industry for some time are definitely honest people trying to make an honest living :)
in every trade, there're definitely some bad eggs just that in the insurance industry it gets "amplified"
whats the last part hard work perseverance, and dont be a what?
If you know, you know 😉
As long as agents are paid a commission, there will always be a conflict of interest. A person close to me was sold an ILP from the agent in white, make what you will of this fact
Hay quá
Omgggg can someone explain why the longest policy term is not good?
It's not "not good"
Depending on the plans that you are buying. What we meant was, if you can choose, go for shorter payment plans and not stretch the payment term for longer period because longer payment actually erodes the value of the plan. But certain types of plans like your hospital insurance dont have "limited payment" period. so it's not really applicable in every case. we didnt had enough time to explain the technical part of things. just check back with your agent im sure he/she will be able to explain it to you :)
@@Louis-tx1qq does it apply to like 25 years endowment savings?
Longest premium payment term might not as good but really depends on the product . Policy term should be as long as u need it.
@@iPlayerzxz depends on your purpose of buying that endowment and the age you start. If you are 25 and you plan on working fir the next 25 years, why not? If you are 45, are you going to work for another 25 years? Btw, the premium amount matters too. It should be reviewed and calculated, not just a guess work from your monthly income.
@@iPlayerzxz as per mentioned by the replies below, really depends on your situation so it's not fair for me to comment based on just one sentence :)
I am an insurance agent of 10 years and still counting. This is an awesome video hahaha. All the best to Augustine and Lewis for your career.
thank you and you too!
WhErE iS yOuR bAdGe
So what is the Total Distribution Cost for? :p
The Total Distribution Cost To-Date is the sum of each year’s expected distribution-related costs, without interest. Such costs include cash payments in the form of commission, costs of benefits and services paid to the distribution channel.
Are we just ignoring the fact that the guy in blue is outrightly bad-mouthing his clients? I hope people that he is servicing are really watching this to see his true colour.
SHOW ME UR BADGGEEEEE
How many insurance agents actually treat their clients like true friends? So hypocritical to talk about "true friends" with such disdain, as if you are any better.
Came here for the comments, 😂😂 funny people no wonder some agents ghosted u 😂😂😂 Singaporeans = "i know it all" ,no wonder my agent only sold to foreigners.
That's because all the hot good looking people moved to twitch and only fans......
Why spend all day trying to beg and sweet talk and naggle people when u can sit online do nothing and make hundreds of dollars a night
8:38 aka commission they earned from you
Both liars..
I concur
Why leh? I prev insurance agent and i vouch for whatever they say esp the longest premium term and distribution cost.
Lollll why