For life insurance agency manager or life insurance adviser, getting a general insurance certification and partner is part and parcel of expanding your career path and improving your range of products and sources of passive income.
Why are so many general insurance advisers stay in this career much longer than life career agents?
Passive income from passive commission.
General insurance products are designed to last, and the commission brackets are designed to give income to the agent as long as the product is renewed.
This gives a great incentive for the general agent to stay, give great service to his clients and receive stable income monthly.
Life insurance commission halved from first year commission to 2nd year, and go to pathetic single digital commission level after 2nd year. General insurance commission usually maintains the same level as the first year commission year after year.
A typical motor insurance may stay with the motorist for 10 years. A personal account stays for decades.
Group policies and business packages stay with the companies for years and decades.
Stable, passive commission year after year after year.
How to become a certified general insurance agent in Singapore?
There are many life insurance advisers who want to get a general insurance license to provide a wider range of products to your clients. An agent will seem to be less completed if his clients called him and ask for help with his motor insurance or corporate public liability coverage and the life agent has to sheepishly confess he is unable to handle it personally.
The good news is, getting to be a professional General Insurance agent is not difficult.
Who can be a general insurance agent? How do you become a certified agent?
All you need is:-
- be at least 18 years of age,
- be a Singapore citizen/PR or a foreigner with a valid Work Permit
- possess at least 3 GCE “O” Level credit passes.
- You must possess the following professional qualifications:
- Basic Insurance Concept and Principles (BCP)
- Personal General Insurance (PGI)
- Commercial General Insurance (CGI)
How long does it take to become an insurance agent?
The 3 certificates BCP, PGI and CGI are simple exams that are taken with Singapore College of Insurance (SCCI). You can choose to take them on your own or arrange with a General Insurance broker or insurer to take these exams.
You can finish these examinations within a few weeks. Each examination will provide a certification on the spot when you finished the paper with passing grades.
How much does a general insurance agent make in Singapore?
A general insurance agent’s commission may not seem as high as a life insurance consultant of an average of 40% and can reach a high of 60% for some products, but the good news is General Insurance product commission are perpetual.
Most general insurance products range from 10% to 25% but the good news is the commission level stays the same even for the 2nd, 3rd, 4th or N-th years. This makes general insurance a very attractive stable passive income for the long term.
How much do commercial general insurance agents make?
It is not uncommon for senior General insurance advisor to have 6 figures annual income just from old and recurring general insurance commission. This is amazing considering that life insurance commission usually only last 4 to 6 years.
Is it hard to sell general insurance?
Do you know Singaporeans who have cars and is compulsory to buy motor insurance yearly? Do you know Singaporeans who travel and need travel insurance? Do you know friends and families who own small businesses such as food and beverage cafe, restaurants, retail shops, trading companies, online businesses? Would you have friends who live in HDB, condos or landed properties?
General insurance needs exist in our daily lives and is more prevalent than life insurance, hence the name “general” insurance.
is it tough to sell something that everyone uses every day? It is a lot easier than most people think.
Life Agency Manager, You need a General Insurance partner!
If you are an agency manager of life insurance, you definitely should get a GI insurance partner where we can provide simple and complicated general insurance quotes for your established client base as well as for clients of agents under your agency.
Your new agents may have friends or family that request for quotation of complicated corporate or general insurance and it would seem unprofessional if you are unable to clinch this business for your agents. Do speak to us on how we can partner together.
Do contact us via firstname.lastname@example.org or WhatsApp : +65 8163 1130 for if you are a financial advisor who is determined to strengthen your career path in this industry. We provide a comprehensive range of general insurance products for your business!