I am posting suggestions for improvements through my blog. There are directed at various organisations, such as:
Starhub
Central Depository (CDP) or Singapore Exchange
Land Transport Authority
DBS
... and others
I hope that some employees of these organisations read my blog and will bring it up to their management. You can take it as your own suggestion. Let us together, reduce wastefulness, reduce cost and improve service.
I invite other readers to send their suggestions for improvements for posting in my blog. I also invite the respective organisations to send a reply to me for posting in my blog.
Saturday, May 10, 2008
Suggestions for Central Depository (CDP)
At present, the CDP sends 2 statements for each share transaction. They arrive a few days after the transaction and are usually ignored. It is perhaps cheaper for them to send the details by SMS or e-mail, and save on the cost of mailing and postage. The stockbroker also send their statements, which is another layer of duplication.
I hope that CDP and the stockbrokers can work together to reduce the wastage in reporting on the share transactions. Immediate notification can be done by SMS or email. The other details can be sent in a monthly statement.
I hope that CDP and the stockbrokers can work together to reduce the wastage in reporting on the share transactions. Immediate notification can be done by SMS or email. The other details can be sent in a monthly statement.
Wastefulness
Starhub sends a self -addressed pre-paid envelope to their customers, even for those who pay through GIRO. The envelope is hardly used. It goes into the waste bin. I hope that Starhub will reduce this wastefulness, and maybe reduce their charges for customers.
Different access numbers for hotlines
Whenever I call Starhub, I am asked for the language (2 options) and the type of service (3 options).
It will be helpful if Starhub can give 6 different access numbers, so that it will be directly straight to the 6 groups of hotline staff (and avoid making the customer waste time to listen and press button two times).
The specific number can be given to the customer according to their type of service and language preference.
It will be helpful if Starhub can give 6 different access numbers, so that it will be directly straight to the 6 groups of hotline staff (and avoid making the customer waste time to listen and press button two times).
The specific number can be given to the customer according to their type of service and language preference.
Collective Protest - update at 11 May
I received about 60 envelopes with 107 signatures this morning. Thank you for your support.
Most signature lists contain just 1 or 2 signatures. It will be helpful if you can round up your neighbours, work colleagues and friends and fill up the signature page (or several pages) before you mail them to me. This will save on the work of individual persons and reduce the number of envelopes and postages. It will also reduce my work.
Alternatively, you can scan the signature list and e-mail to kinlian@gmail.com
Most signature lists contain just 1 or 2 signatures. It will be helpful if you can round up your neighbours, work colleagues and friends and fill up the signature page (or several pages) before you mail them to me. This will save on the work of individual persons and reduce the number of envelopes and postages. It will also reduce my work.
Alternatively, you can scan the signature list and e-mail to kinlian@gmail.com
Earn a good yield on Medisave
Dear Mr. Tan,
Someone told me that you recommend paying premium for Shield out of pocket, instead of Medisave. You also said to pay the co-payment using cash, instead of claiming against Medisave. Why?
REPLY
If you have the cash, it sits in the bank earning less than 1% per annum. You can use it to pay the Shield premium and the co-payment (for hospitalisation).
If you do not touch your Medisave savings, it will earn interest at 4% plus 1% bonus, making a total of 5%. This is a good yield.
You will need your Medisave savings to pay for the insurance premium and hospital co-payments when you grow old. If you do not use it, the excess, above the cap, can be transferred into your retirement account to be paid out monthly.
The Medisave account is a good form of investment earning 5% without any risk.
Read this FAQ for more explanation:
http://www.tankinlian.com/faq/shield.html
Someone told me that you recommend paying premium for Shield out of pocket, instead of Medisave. You also said to pay the co-payment using cash, instead of claiming against Medisave. Why?
REPLY
If you have the cash, it sits in the bank earning less than 1% per annum. You can use it to pay the Shield premium and the co-payment (for hospitalisation).
If you do not touch your Medisave savings, it will earn interest at 4% plus 1% bonus, making a total of 5%. This is a good yield.
You will need your Medisave savings to pay for the insurance premium and hospital co-payments when you grow old. If you do not use it, the excess, above the cap, can be transferred into your retirement account to be paid out monthly.
The Medisave account is a good form of investment earning 5% without any risk.
Read this FAQ for more explanation:
http://www.tankinlian.com/faq/shield.html
Term and critical illness
Dear Tan Kin Lian,
Beside accidental, natural death and Total Permanent Disability, does Term Life Insurance cover the 36 critical Illness?Example: If someone purchase Term Life Insurance and unfortunately he die because of kidney failure (one of the 36 critical Illnesses).
REPLY
Term insurance pays on death for all causes, including death from all the critical illnesses (i.e. natural death).
A critical illness policy pays immediately on the covered critical illness (i.e. does not need to wait until death occurs). Hence, the critical illness pays earlier. The money can be used to treat the critical illness. The premium for cricial illness is higher than for term insurance, usually by about 50%.
If you are covered under a medical insurance policy, which can take care of the treatment of critical illness, you can buy a term insurance to cover death (instead of a critical illness policy).
Beside accidental, natural death and Total Permanent Disability, does Term Life Insurance cover the 36 critical Illness?Example: If someone purchase Term Life Insurance and unfortunately he die because of kidney failure (one of the 36 critical Illnesses).
REPLY
Term insurance pays on death for all causes, including death from all the critical illnesses (i.e. natural death).
A critical illness policy pays immediately on the covered critical illness (i.e. does not need to wait until death occurs). Hence, the critical illness pays earlier. The money can be used to treat the critical illness. The premium for cricial illness is higher than for term insurance, usually by about 50%.
If you are covered under a medical insurance policy, which can take care of the treatment of critical illness, you can buy a term insurance to cover death (instead of a critical illness policy).
Buy Term Insurance directly
Hi Mr Tan,
I would like to buy Term Insurance but am not sure if it can only be bought when tied to a living policy. Can you please advise if I can buy a Term Insurance by itself and if so, where?
REPLY
You can call the insurance companies shown on the attached FAQ:
http://www.tankinlian.com/faq/termd.html
Some of them may try to distract you to buy their whole life, critical illness or other products. You must insist on the Term insurance.
Here are some benchmark rates for you to consdier:
http://www.tankinlian.com/faq/benchmark.html
Let me know when you have made the final decision. All the best.
I would like to buy Term Insurance but am not sure if it can only be bought when tied to a living policy. Can you please advise if I can buy a Term Insurance by itself and if so, where?
REPLY
You can call the insurance companies shown on the attached FAQ:
http://www.tankinlian.com/faq/termd.html
Some of them may try to distract you to buy their whole life, critical illness or other products. You must insist on the Term insurance.
Here are some benchmark rates for you to consdier:
http://www.tankinlian.com/faq/benchmark.html
Let me know when you have made the final decision. All the best.
Register a Google account
It is easy to register a Google account to post comments in this blog. You only need to register it the first time. You will be asked to give your id and password when you wish to post a comment. This is not required for subsequent comments. You can ask the browser to remember your id and password, so that login is automatic.
With a Google account, you can create an Gmail account and even your own blog.
With a Google account, you can create an Gmail account and even your own blog.
Posting in this blog
Someone made a posting in Online Citizen that this blog contains one sided views. I hope that it can contain a balance of views.
I welcome anyone with a different view to send it to me. I shall post their view, so long as it is expressed fairly. I will not post any personal attack or slanderous comments. I expect the person to be identified to me, but I will use a pseudonym (if they prefer).
I will give the right of reply to any person who feel that any posting in this blog give an unfair, incomplete or wrong presentation of their product or organisation.
If am willing to feature your product in this blog, if you can provide the answers to a few key questions that I ask. This will allow me to make an objective analysis.
I hope that my blog will attract a large number of people who find the views posted here to be useful and educational.
I welcome anyone with a different view to send it to me. I shall post their view, so long as it is expressed fairly. I will not post any personal attack or slanderous comments. I expect the person to be identified to me, but I will use a pseudonym (if they prefer).
I will give the right of reply to any person who feel that any posting in this blog give an unfair, incomplete or wrong presentation of their product or organisation.
If am willing to feature your product in this blog, if you can provide the answers to a few key questions that I ask. This will allow me to make an objective analysis.
I hope that my blog will attract a large number of people who find the views posted here to be useful and educational.
Jakarta 11-14 May
I will be in Jakarta for the next four days. I hope that the flood has subsided and I can get into Jakarta from the airport. There wil be less postings in my blog.
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