Rilek1Corner

Tag: AIA

  • NUS Undergraduate Marissa Fuad A Rising Star With AIA

    NUS Undergraduate Marissa Fuad A Rising Star With AIA

    She is only 21, but the final-year business student at the National University of Singapore qualified for AIA’s rising star club in June.

    She also received the Top Sales award during her summer internship at AIA last year.

    Miss Marissa Fuad puts in about 20 hours a week during her school term and earns between $1,500 and $2,500 a month.

    During school holidays, she invests up to 50 hours a week and earns $4,500 to $5,000 a month.

    Miss Marissa got interested in financial planning in her first year of university, after attending a career talk by SP-Win, an authorised representative of AIA.

    “You learn about the impact you can have on people when you help them with their claims and savings,” she said.

    She found that she connected with people her age and was able to explain financial planning to them.

    “At the university level, most students do not know much about financial planning, but as someone in this line, you are the go-to person when people have questions,” she said.

    SACRIFICES

    Juggling her studies with her work came with some sacrifices.

    Miss Marissa said she did not have time to indulge in her favourite Korean dramas and Game of Thrones TV series.

    Last year, she gave up going to South Korea for an exchange programme as part of her undergraduate business course because it would take place at the same time as her internship programme at AIA.

    An AIA spokesman said that agents who are also undergraduates help in getting their peers to understand the importance of financial planning from a young age.

    She added: “Some (student consultants) have really excelled and even received commendations, recognitions and promotions to financial services manager (positions) even before they graduate.”

    While AIA declined to reveal specific figures, it confirmed that its number of agents who are still students is increasing.

    Ms Wong Sze Keed, chief agency officer of AIA Singapore, said: “The job flexibility, strong mentorship and the AIA brand are some key reasons they have cited for joining us.”

    At the university level, most students do not know much about financial planning, but as someone in this line, you are the go-to person when people have questions.

    – Miss Marissa Fuad

     

    Source: www.tnp.sg

  • Cancer Patient Thought Her Insurance Agent-Friend Had Her Fully Covered, She Was Wrong

    Cancer Patient Thought Her Insurance Agent-Friend Had Her Fully Covered, She Was Wrong

    Colon cancer patient Lily Ng, 62, had a rude shock when her insurer AIA Singapore offered to pay only a fraction – or $75,000 – of her hospitalisation claim of $320,000.

    AIA alleged that she failed to state her diabetic condition when she upgraded her AIA hospitalisation plan two years ago. All consumers have a duty to disclose information that will affect insurance terms.

    Madam Ng bought an AIA HealthShield Gold Max C plan – which covers hospitalisation in B1 wards in government hospitals on an as-charged basis – in 2000. Back then, she was not diabetic, but developed the condition about five years ago.

    Two years ago, her AIA agent and friend of 30 years recommended that she upgrade to an AIA HealthShield Gold Max A plan, together with a rider, to enjoy first-dollar coverage for future private hospitalisation bills. The upgrade was confirmed in January last year. The annual premium for the plan is $2,790.

    With that assurance, Madam Ng was warded at Mount Elizabeth Hospital in April this year when she was diagnosed with colon cancer, racking up $320,000 in hospitalisation bills. She was in and out of hospital between April and September.

    Amid the trauma of undergoing operations and cancer treatment, she had a double whammy when AIA informed her that it would reimburse her only $75,000 based on the terms of her previous C plan.

    AIA had rejected her claim under her upgraded A plan because it alleged that Madam Ng failed to disclose that she has diabetes when she completed her “Change Form” document to effect the upgrade.

    Madam Ng said: “I was very stressed and angry. I paid for the upgraded policy and did not get the coverage that I paid for. I was at a loss on how my bills would be settled. It is a huge sum.”

    The family complained to the insurer and then to the authorities.

    During the claims investigation process, AIA later learnt that the agent was the one who completed the form and provided false information which was not given by Madam Ng.

    She had been unable to check whether the information given by the agent on her behalf was correct as she is not literate in English.

    Madam Ng recalled that she had even asked her agent whether she needed to go for a medical test as part of the upgrade, but was told it was unnecessary.

    The agent had asked her to sign the “Change Form” document but failed to run through the document thoroughly with her, including obtaining her answers for three health-related questions.

    Instead, the agent had ticked “no” to each of them, indicating that Madam Ng had no medical issues.

    Last month, AIA approved Madam Ng’s claim of $320,000 on the grounds that the agent had not “adhered to AIA’s standards” and said that it has taken disciplinary action against her.

    When contacted, AIA said that protecting its customers’ interests is a top priority.

    AIA said: “We have a zero-tolerance policy with regard to misconduct by our AIA financial services consultants and expect them to adhere to the highest ethical and industry standards. We have carried out a review and taken the necessary disciplinary action for this isolated case.

    “AIA encourages policyholders to go through the necessary forms with their representatives to ensure that all information is accurate and complete. This will help to avoid any subsequent complications.”

    The insurer added that it will continue to enhance its internal procedures and forms where relevant, to ensure that policyholders’ interests are always safeguarded.

    It declined to give details on how the agent had been penalised.

     

    Source: www.straitstimes.com