Fair dealing

Conducting our Business Responsibly

Safeguard long-term stakeholder value through embedding responsible business practices and strong governance

Our Century-long Commitment to our Customers

For more than a century, Great Eastern has built strong relationships with our customers on the foundation of fair dealing. We are dedicated to safeguarding and enhancing our customers’ financial journeys through our honest and open interactions with them. We are committed to continuously strengthening our fair dealing practices to safeguard the interests of our customers and help them Reach for Great.

Our Management Approach

The trust and loyalty we have with our customers are built on our commitment to honesty and ethical behaviour.

The information provided to customers is concise, pertinent and up-to-date.

Our financial representatives have the knowledge and tools to provide  all-holistic financial strategies to their customers.
An impartial, efficient and quick resolution process is in place to handle consumer complaints.
Our policies and practices are designed to achieve ideal fair dealing outcomes.

Fair dealing standards are reviewed annually to ensure that the fair business practices are up-to-date. A bi-annual meeting is held with the Group Fair Dealing Committee to monitor both the achievement of fair dealing outcomes and the progress of action plans in place to improve the performance of these outcomes.

Our Commitment to Action

Vigilant Governance with Robust Monitoring

We uphold strong governance through our comprehensive fair dealing monitoring programme, which encompasses both quantitative and qualitative indicators. The programme measures the potential risks that we may be exposed to and monitor our performance against the fair dealing outcomes set by the Monetary Authority of Singapore (MAS). These metrics, which cover everything from complaint handling to product design, are also meticulously monitored by senior management to ensure accountability and ongoing performance evaluation.

Pledge for Prompt and Personalised Care

Customer centricity is central to our mission, driving us to deliver satisfying and seamless experiences that increase customer loyalty and strengthen the reputation of our brand. Our comprehensive range of products and solutions have been meticulously designed to meet the nuanced financial planning needs of our customers. Through our Customer Service Touchpoints, we actively seek customer feedback and have established a robust complaint resolution process to resolve complaints within 14 working days of receipt. In cases requiring extensive investigation, we ensure timely interim responses. Our corporate standards prioritise customer needs and promote transparent communication in our customer service.

Comprehensive Training for Financial Representatives

We believe in the value of lifelong learning and provide comprehensive training to help our financial representatives grow. This training provides them with the knowledge and skills they need to provide fair and transparent solutions while also advancing their careers. Training is done both in-person and via digital mediums to allow self-paced learning at time and pace that suits the financial representatives. Furthermore, our training is based on our company values to instil a culture of ethical behaviour and customer-centric service. The annual Professional Conduct and Culture module, as well as specialised ethics training for agency leaders, reflect our commitment to professional integrity. Our training is in accordance with the Institute of Banking and Finance’s (IBF) Skills and Competency. This commitment to educational excellence was recognised when we received the Education Insurance Initiative of the Year at the Insurance Asia Awards 2023, highlighting our promise to our customers and their trust in us.

As a testament to our efforts, 22 of our agency leaders are winners of 2023 Million Dollar Round Table (MDRT) Culture of Excellence Award. This award honours the best in leadership practices and reiterates our focus on developing leaders who achieve impressive metrics and strive for continual improvement.