Insurers Time to change cumbersome nomination process for insurance policies
I recently completed my nominations for my endowment plans and a medical insurance policy, and was surprised at how cumbersome the process is.

First, I was required to use one nomination form per policy. I can understand it if the nominees or percentages allotted are different for each policy, but if they are all the same, one should be allowed to use one form for all policies to save paper.

Second, as this was done during phase two (heightened alert) when people were not allowed to gather in groups of more than two people, I travelled to my friend's home to get her to witness my forms. The next day, I got my neighbour to sign as the second witness.

I just received a reply from the insurance agent that my forms were not accepted as both the witnesses had to be present on the same day. If I, the policyholder, took the form that I signed to each of my witnesses for them to sign it, why is the form not accepted?

I checked with my friends, who said I should have just informed the witnesses to put the same date. So if this is how people can get around the process, why not change the process?

For each nomination form the insurance company rejected, it sent me a two-page letter, when it could all have been in one letter or, better still, the company could have informed me through its online portal.

The Central Provident Fund Board should be lauded for making the nomination process so easy: The witness receives an SMS to make him aware that the person is making a nomination, and has seven days to confirm it.

It is time insurance companies followed suit.

Benardine De Britto

Source: https://www.straitstimes.com/opinion/forum/forum-time-to-change-cumbersome-nomination-process-for-insurance-policies

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