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Anonymous
What are the pros and cons of buying insurance from banks as opposed to regular insurance companies?
Saw that DBS aims to have in the next few years a million retail customers insured and invested as it looks to tap a more consolidated trove of customer data to ramp up its digital financial advisory tool. Wondering how the insurance DBS provides is different from a regular insurance company?
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Jiayee
11 Dec 2020
Salaryman at some company
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Tan Siak Lim
11 Dec 2020
CFP. Director, Financial Advisory Group at Financial Alliance
There is no difference. DBS doesn't manufacture insurance product. They are a distributor, currently for Manulife policies. So the product is the same, but the advisory process can be quite different. That, i shall not comment.
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Cheong Pei Lun
08 Dec 2020
Finanical Services Consultant (CFP,ChFC) at AIA Singapore
Pros: Banks manage your saving and credit cards, therefore buying insurance from banks may make ...
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It can be more convenient to purchase insurance from banks because of the number of branches they have. On the other hand, technology is disrupting this by making the whole process digital (e.g. MoneyOwl, PolicyPal).