Insurance agents are the catalyst for financial protection. Buying a promise of protection is a difficult decision if you are lacking of knowledge on the right approach towards insurance planning.
With almost two decades of experience in the wealth management and financial planning industry, Mr Christopher Tan, the CEO of DIY Insurance understands the difficulties and obstacles faced by people.
In June 2014, Christopher who holds a Master of Business Administration Degree from the University of Warwick and is a certified financial planner, has decided to launch Singapore’s first life insurance comparison web portal.
DIY Insurance provides an alternative avenue to offer consumers insurance products supported by their self-service web portal.
DIY Insurance got its start in 2014
Christopher Tan believes that commission scheme will create a conflict of interest as advisers were inclined to recommend products that stood to increase their commissions.
He was one of the top insurance advisers with a large UK insurer for 3 years before he decided to step out from the company and start his first business, Providend that is the first fee-only financial advisory firm in Singapore.
To leverage transparency for a better customer experience, he started DIY Insurance, a platform where allowing individuals to self-plan on their insurance package in 2014.
What is unique about DIY Insurance?
‘Honouring People Is The Key To Our Success’, said Christopher.
As a registered fund management company with MAS since 2003, DIY Insurance provides professional advisory services on a wide range of products, from protection, savings to retirement income at zero cost.
Making decisions in life is always difficult but with DIY Insurance, those financial decisions become easier to make. With DIY Insurance, even if the client is not comfortable with a self-service on the purchase of insurance, a financial planner can also be provided to assist in developing the most suitable plan for their financial needs.
In addition to this, the client is entitled to enjoy 50% commission rebates from the insurer of the policy. This is because the provision of a financial planner from DIY insurance does not incur extra service charge and they are remunerated on a fixed salary, rather than a commissions structure.
The Disruption of Insurance
Financial products and the accompanying services are crucial to most of us to help manage the known and unknown risks in our lives. Sometimes, there is the odd feeling that the financial planner might not have completely served the needs and interest of the client. DIY Insurance tackles this uncertainty head on with self-service insurance.
As a purchaser of financial product, all we really want is an unbiased opinion, accurate facts and some really good advice. This is where DIY Insurance disrupts the industry.
Potential for expansion
Technology is integral to disruption. It changing the way consumer engages and interacts with insurer.Now that insurance product can shopped through online web portals, it provides for quick and easy comparisons.
Christopher Tan is strongly believes in empowering people to take a more active approach in making own right decision on insurance purchases. Contrary to popular belief, it does not limit the business’ growth and still imbues a duty of care for the lives of people they serve, by giving them the most honest, independent and competent financial advice.
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