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Old 19-09-2015, 11:20 PM
newbi3 newbi3 is offline
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Quote:
Originally Posted by emptydialogue View Post
Would you say that since i'm purely selling insurance, going to FI would be better due to recur commission? I'm curious about the +- of Bancassurance vs insurance agencies too. To be honest i ruled out being an insurance agent due to my own stereotypes :P

Thanks for your comments!
Frankly speaking, it is no difference between a Bancasurrance and Insurance Agent. Just that you are working under a bank. It sounds glamorous to be working in the bank, but people in the industry knows that it is the same.

UOB is selling Prudential products.

DBS is Aviva, and I think they are changing to Manulife. So, it is no difference.

OCBC is Great Eastern Products.

Working in banks, you have to be stationed in the branch during normal working hours. And you will meet your clients after your normal working hours in the branch office. Which gives you little flexibility. Of course, being stationed in the branch, means there are going to be walk in customers. But, not all walk in customers are going to bring you sales.

As for FI, you have more flexibility with your time as you do not have to stay in the "office". Of course, there still will be road shows for you to do.

Lets say, (EXAMPLE), you sell a whole term life policy, and the commission is 40%-50%. A person bought a policy, paying monthly premium of $600, your monthly commission for the next 2-3 years will be ~$300 per month (just 1 policy). And the recurrent commission is for 2 - 3 years. Of course, the % of the commission will decrease in the following year. E.g. 1st year, 50%, 2nd year 30%, 3rd year 15%, etc. [They will have quota to hit as well, if you have basic pay].

This is what I know from FI, their recurrent commission varies with the product you sell.

As for Banks, they do not have recurrent commission. For their commission structure pay out, I'm not sure. 1 thing is for sure, if you do not hit a certain target, you will just receive your basic pay. No commission at all.

Last edited by newbi3; 19-09-2015 at 11:23 PM.
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