Insurance Agent as a Career

In this economic downturn, there are many jobs gone, many people jobless, yet there are many people in Singapore shun away from job offer as insurance agent. It is ironic as demand from insurance companies are still there, they are recruiting.
Common reasons for people not to choose this job amongst others are:


■Because an insurance agent earns mainly from commission without basic salary.



■Because many people do not feel comfortable with direct selling, face to face persuasion.



Below are some facts and information about an insurance agent (also referred as Financial Service Consultant):


The Work
An FSC develops and manages relationships with retail/mass market clients. FSC will determine the clients’ risk profiles, understanding each unique individuals' needs, and provide recommendation on the most suitable financial products.


For Financial Service Consultant, extended hours are not uncommon, as they have to fit the potential clients' time for meetings. Some extra hours may also be needed to handle administrative matters, or conduct weekend sales road shows.

Requirements

Working as insurance agent is not as simple as selling insurance policies. Current array of insurance products are more and more complex as many of them also tied to investment instruments. A Financial Service Consultant typically requires a Degree, Diploma or other relevant professional qualifications e.g. the Certified Financial Planner (CFP).


As an FSC gains more experience, he can aspire to manage clients with larger sums to invest (e.g. by progressing to become a Unit Manager), specialize in a product (e.g. pension and retirement planning). Some may move laterally into a complementary area of work (e.g. product structuring, compliance) and yet others may consider launching their own businesses.


Other important skills:

• Possess strong communication and listening skills.

• Have the ability to network and establish relationships with clients .

• Possess persuasiveness, determination and tenacity.

• Possess self-motivation and organisational skills.

• Have high levels of numeracy.

• Be attentive to details.

• Have a target-driven mindset.

• Have confidence and the resilience to cope with setbacks and to survive difficult circumstance.