After working in the insurance industry for 30 years and witnessing rampant exploitation of consumers, Lee Faulkner’s conscience couldn’t take it anymore. He finally quit.
He explains why in a letter published in the South China Morning Post yesterday. You can read the full letter here:
These are a few of Lee Faulkner’s best quotes:
“The insurance industry worldwide limps from one mis-selling scandal to another because it looks after its own interests first and consumers’ second. It preys on customer ignorance and designs policies that are incredibly difficult for most people to understand.”
“Most Hong Kong-based regional players are now focusing on plying their trade in markets with poor consumer knowledge, weak regulatory structures and inadequate enforcement agencies, all similar to the ways the tobacco industry operates.
First-year policyholder lapse rates (proportion of policyholders who cancel policies in the first year) are a good indication of how well insurers really look after their clients’ best interest – lapse rates in these new markets are nothing short of horrifying.”