| I joined the insurance
industry 30 years ago. At that time, insurance was not very popular and therefore people
considered those who worked in the industry as professional. However, with the advent of
more insurance companies emerging in the market and therefore more people joining the
industry, especially in "Personal Line" such as Life Insurance and Medical
Insurance, the social community have more realization for the insurance industry. In the
same event, it is inevitable that there are a few unprofessional "black sheep"
affecting the reputation of the entire industry and the confidence of the policy holders.
A lot of people cannot differentiate "Insurance Brokers" and "Insurance
Agents". In fact, "Insurance Agents" represent insurance company which is
responsible for the mistakes they made. The example being life insurance agents.
"Insurance Consultants" or "Insurance Brokers" represent policy
holders and they are responsible for the mistakes they made. According to the current
legislation. Agents have to register with The Hong Kong Federation of Insurers (HKFI) and
can only act as agent for a maximum of 4 insurance companies. Brokers have to apply to
become members of The Hong Kong Confederation of Insurance Brokers or The Professional
Insurance Brokers Association before they can commence business. When I started my career,
I worked for an insurance company and there was an unforgettable experience. A couple who
was a client came to our office claiming compensation for a Dumb Steel Ligher which
encountered an accident. Despite the fact that they were very desperate and I was totally
sympathetic, I was not able to assist them to claim because I was an employee of that
company and my superior explicitly expressed refusal to do so on the ground of company
interest. This incident triggered my determination of later on setting up an insurance
consultant company, with an aim to not only selecting the proper insurance plan for the
policy holder but also helping them to obtain reasonable compensation in the event they
encounter an unpleasant accident. |
