facebookWhat are the pros and cons of buying insurance from banks as opposed to regular insurance companies? - Seedly
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Anonymous

Asked on 08 Dec 2020

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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Answers (3)

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).

1

Question Poster

21 Dec 2020

Thank You!

Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about

Post

Tan Siak Lim

Tan Siak Lim

Level 5. Genius

Answered on 11 Dec 2020

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.

1

Question Poster

21 Dec 2020

Ahh so they are simply a distributor... Thanks for this siak lim!

Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about

Post

Pros: Banks manage your saving and credit cards, therefore buying insurance from banks may make ...

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