Friday, May 8, 2009

Social or Commercial???

I have serveral hundreds of Shield Plan policyholders over my 6 years in the industry as I believe in ensuring all my client are covered in this aspect. I noted a marked change in underwriting for this particular insurer and my best guess is either they are losing big money or they are aiming to earn big money.

Meow Meow......
I'm very disappointed with the change in underwriting style towards being as "猫" as possible. They are now no different from any other insurers, in fact more "猫" than some. In short, they only want the 100% perfectly healthy people.

Are you slightly less than perfect?
If you are slightly less than perfect, you may not be able to get a Shield Plan from them.
When I say "less than perfect", Its perhaps
* you did a simple scope because you have a bad stomachache as long as 3 years ago or
* you were unfortunately sent to hospital by passer-by when you feel dizzy in MRT station, probably due to stress or lack of sleep the night before or
* you went physiotheraphy voluntary for a back strain even when the doctor did not require it
* You have a snoring problem which you went seek treatment voluntarily

* Standard wordings in their letters
In the event that you do not have all of the above report(s) readily available for submission, we regret that we might not be able to proceed on with your application. Please note that should you wish to undergo any of the above test(s), or obtain the above report(s) from the hospital(s) and/or clinic(s), the cost of the test(s) and the cost of the medical report(s) will not be borne by XXXX.

* You will need go get a medical reports at your own cost to prove that your flaw is minor.
* With the hundreds you spent for the medical reports or medical examination, they will most probably tell you that they exclude you for that minor flaw.
* If you are not able to give them a medical report, they will not even continue underwrite this case

They had make the process very difficult by insisting clients to go to the Medical Records Department of the hospital and pay $85 to $100 for an old report before they are willing to underwrite their case again.

I understand that strict underwriting is crucial but the insistent on obtaining medical reports and going for medical check-ups at their own cost before they are willing to underwrite disappoints me.

In the past, if this insurer feel that they have problem in this area, they may offer to exclude this condition in which policyholder can choose to accept or not. When policyholder went medical checks years down the road and proved to be okay, they can appeal to remove that special term.
Social or Commercial???
* Commercial driven sense wise, they should do it because they must make profit for stakeholders.
* Social driven wise, I hope this insurer will not deprived Singaporeans of getting a medical insurance, not because they are not healthy but because they couldn't find the medical report of all sort of minor problems that they truthfully declared.

1 comment:

Anonymous said...

Finally you are beginning to see the effects of having this type of foreign born barracudas in your midst. Earlier you were still defending them, now they are showing their true colours.