Online life insurance: jury still out on impact of MAS move
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THE jury is still out on how much of an impact there will be with Singapore's regulator moving to allow the full suite of life products to be sold online and without advice.
But if last week's announcement by Ravi Menon, managing director of the Monetary Authority of Singapore (MAS) at the FinTech Festival, is any indication of the future direction the regulator is keen on heading towards, insurance incumbents here need to take heed even if they whole-heartedly believe that the rise of the digital distribution channel is mission impossible.
Resting on their laurels will not be advisable and this is particularly so for those with a business model centred on an agency force or on financial advisers - those who are also the biggest players in town.
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