MAS urges life insurers to stem consumer ire by raising service quality

Singapore

LAST year, close to half of the complaints received by the Monetary Authority of Singapore (MAS) against life insurers were related to service standards, prompting the regulator to urge insurers to raise service quality to meet consumers' expectations.

Chua Kim Leng, assistant managing director of the banking and insurance division at MAS, made the point at the Life Insurance Association Singapore's annual luncheon on Wednesday, adding that the association should regularly review its code of practice "to ensure it remains relevant and helps raise standards".