Jakarta, CNBC Indonesia – The emergence of protests by unit-linked customers of an insurance company on social media has made many people wonder about this investment-wrapped insurance product. Unit link is an insurance product that combines protection and investment.
Toufan Yamin, Investment Specialist at Sucor Asset Management, said problems like this can often arise due to several factors, such as differences in understanding of unit-linked issues, customer expectations, and mis-selling.
Mis-selling is a practice commonly practiced by agents by providing explanations that do not match the actual product details.
“I want to straighten out the understanding of this unit-linked insurance product. So this issue was raised again, the discussion is always the same. Indeed, there are customer expectations that may be too high and also actions. mis-selling from several unscrupulous agents, “said Toufan in the CNBC Indonesia Investime program, Tuesday (30/3/2021).
According to Toufan, the purpose of unit link is a product scheme that makes it easier for customers who want to invest with an element of protection.
“However, what should be noted is that if the unit-linked insurance product is a product, apart from the element of protection, there is an element of investment,” he continued.
However, said Toufan, the unit link inherent in investment has risks and returns. Usually this is not widely understood by customers.
“Most people buy it because they have been promised that they will definitely make a profit, already have protection and so on,” he added.
“Sometimes it’s too good to be true because if it’s a product like that one-stop once. While people forget what the risks are. So back again depending on the needs of each person. “
In addition, the reason why unit-linked insurance and investment results are not as much or even below ordinary investments, such as mutual funds, is due to differences in fees paid by customers.
“Regarding unit-linked, there is an element of protection. The money you pay, the investment performance, is deducted from premiums, commission fees for selling agents, then management fees,” he explained.
“Well, management fee can be double because they have funds in the linked unit. They can buy mutual funds and charge management fees again, so unit-linked costs tend to be more than the mutual funds themselves. “
Previously there were many problems in the country’s insurance industry and it has become a phenomenon. Finally, many customers protested via social media. The protest was sent to major insurance companies, namely AIA Financial and Prudential.
A forum was created on Facebook under the name “AIA Insurance Fraud Victim” and has attracted at least 3,600 members. Some experienced the same thing. Most recently, on March 13, 2021, a person named Maria Trihartati made an announcement.
AIA Insurance Management has spoken out about the complaints of company policyholders who have spread in the media, who claim to have lost a number of funds on social media.
Chief Marketing Officer of PT AIA Financial Lim Chet Ming said Maria Trihartati was a former AIA customer in Lampung and that her complaint had been processed. The decision was communicated to him on September 7, 2020.
“We are currently studying the data on the Facebook page and are continuing to carry out a checking process to validate the names in this forum and ensure that whoever is our registered customer has submitted a complaint through AIA’s official communication channel, namely Customer Care. Line, “he said.
The Chief Customer & Marketing Officer of Prudential Indonesia, Luskito Hambali said that the former customer who submitted a complaint in this matter had received a direct explanation from Prudential verbally and in writing regarding the benefits of the policy, and he had also had a face-to-face meeting with the Financial Services Authority ( OJK) and Prudential Indonesia in submitting their complaints.
“However, the former customer refused to accept an explanation regarding the benefits of the Policy,” he told CNBC Indonesia.
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