Manulife Singapore supports key recommendations of the FAIR committee and continues to put customers first
Manulife Singapore shares its comments on the proposed FAIR recommendations.
- (1888PressRelease) January 18, 2013 - Singapore - 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.
Concerning the major pillars of FAIR, Manulife Singapore would like to note:
Qualifications & Dedicated Service
Manulife Singapore already has policies in place to ensure that its Financial Planners are full time and dedicated professionals. We are proud that our 1,000 Financial Planners have strong technical and soft skill competencies and we will continue to provide comprehensive training and raise the bar in terms of these qualifications. Manulife Singapore aims to have the most professional Financial Planners in Singapore.
Quality Advice
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.
Aligning Remuneration with Service
Manulife supports the move to align Financial Planners' remuneration with customers' interest. We 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.
Product Distribution
The Internet is an exciting channel of distribution for self-directed clients who know what and how much insurance to buy and where and when to invest. The company believes that such portals should display as much information as possible, and not focus solely on price comparisons. This will help customers make better and more informed decisions. Most Singaporeans value advice from a trusted professional, in making long-term decisions about their financial and lifestyle futures.
We believe that each life insurance company should be free to choose which channels it employs to distribute its products to customers.
Ms Annette King said, "Manulife Singapore is committed in providing the best client experience from professional advice and meaningful product solutions to various interactions with us throughout the clients' relationship with Manulife. In our view, the most important aspect of the FAIR recommendations is to benefit customers. Putting customers first resonates with our Customer PRIDE values which consist of Professionalism, Real value to customer, Integrity, Demonstrated financial strength, and Employer of choice."
About Manulife Financial
Manulife Financial is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Clients look to Manulife for strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We also provide asset management services to institutional customers. Funds under management by Manulife Financial and its subsidiaries were C$515 billion (US$523 billion) as at September 30, 2012. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK.
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