Insurance agents and advisers will have to learn how to navigate a more challenging life industry where competition is intense, consumers are becoming increasingly sophisticated and distribution facilities diversify with smart technology.
Across Asia, the landscape for agents is vastly different. Did you know there is an insurer with a million agents? China’s Ping An, newly crowned the world’s most valuable insurance brand, now has a network of 1.1 million insurance agents keen to tap on the large expanse of the mainland’s still uninsured population. In India, IRDAI has found that a large proportion of customers still depend on agents to fill up their proposal form when buying a policy.
Urgent need for self-improvement
Move south to Singapore, where the regulator has already allowed insurers to offer online products without advice and Malaysia, which has mandated insurers to offer pure protection products through direct channels without commissions. One view is that advice is on the decline with consumers becoming more open to online purchase, and agents will expand their role further in financial planning to add more specialised services for customers’ investment and protection needs.
The challenges and clientele agents and advisers face in these markets lie on different ends of the spectrum, but all face the same urgent need for self-improvement to keep up with the speed of change – be it equipping themselves with new sales tactics, methods of persuasion, or enhancing one’s knowledge of technology and online channels to reach the up and coming millennial generation.
Inspiring sales and leadership in a disrupted world
Asia Insurance Review is organising the inaugural International Training Summit for Life Agents and Financial Advisers from 11-12 July 2017 in Singapore, with the theme “Inspiring Sales & Leadership in a Disrupted World” to bring the best from around the world to arm agents, advisers and life office managers to do their job well and excel in their business, through a mix of presentations and hands-on workshops.
The Summit will also feature case studies and inspirational speakers shared by successful agents and managers from the region/world to draw lessons from their experience, with international training institutes present to showcase their courses. It will end off with a Gala Dinner to celebrate the 2nd Asia Trusted Life Agents and Advisers Awards 2017 – where attendees will get to meet the top agency forces and partners from around the region.