Manulife Singapore gives thumbs up to insurance body's new pointers

Here's what Manulife has to say on the issue.

According to a release, Manulife Singapore has announced that it supports the key recommendations of the FAIR Committee. The Company has welcomed the committee’s approach to engage and consider feedback from insurance industry and financial advice associations and customers.

The firm already has policies in place to ensure that its Financial Planners are full time and dedicated professionals. It asserts that its 1,000 Financial Planners have strong technical and soft skill competencies and they will continue to provide comprehensive training and raise the bar in terms of these qualifications.

Manulife has focused on enhancing its Financial Planners’ competencies and quality of advice. Our efforts have been validated independently. In the Customer Satisfaction Index of Singapore, conducted by Singapore Management University 2011, Manulife Financial Planners were voted to be the most trusted financial planners. In addition, clients were most satisfied with the sales experience they had with a Manulife Financial Planner.

“Customer satisfaction is our key differentiator and something Manulife Singapore works hard at delivering. Quality advice underscores our goal of achieving No.1 Client
Experience in the financial services industry by 2016. We already have measures in place for quality advice and have incorporated them into the remuneration for Manulife Financial Planners,” said Ms Annette King, President & CEO, Manulife Singapore.

It further said that it supports the move to align Financial Planners’ remuneration with customers’ interest. They believe that this will foster greater commitment and a better service from Financial Planners to the benefit of their clients' long term financial needs.

Manulife believes that the Balanced Score Card and KPIs will encourage quality advice. In the long run, this will foster a “putting customers first” mentality, which is in line with Manulife’s No. 1 Client Experience strategy.