NTUC Income CEO

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Tan Kin Lian, NTUC Income's CEO, is arguably the most high profile CEO in the insurance industry in Singapore. Besides keeping a blog, he has routinely written in to the newspapers to provide his alternative perspective on reports regarding insurance. He has written in to Straits Times again today on the issue of "Income agents quitting over insurer's direct sales strategy".

However, I always tend to take his replies with an extra large pinch of salt. Since his letters are usually very much advertising pieces, trumpeting how good Income's products are. Whenever I read his replies, it is expected that he is not going to letup the chance for free advertising. What a good way to save money for the company!

My main grouse is car insurance... Using IDACs to ensure claims are not elevated and saying that margins in the sector are thin, cars end up being repaired with salvaged parts, etc and the insurance companies reporting good profits. Singaporeans pay amongst the highest price in the world for their cars and treat their cars as sacred. What blasphemy to use salvaged parts for repairs when one made good their insurance premiums. Furthermore, car prices had been dropping SIGNIFICANTLY over the recent few years but insurance had been truly sticky downwards. Good, square deals? How about premiums that better reflect the drops in value of cars? Give me some more incentives to consider getting a car...

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