Insurance Management Associate Program (IMAP)

Originally Posted by Unregistered

Bump, anyone applying for iMAP 2020???

Did you pass the first round interview with SCI?

Hi I'm a current IMAP with one of the Big3 of the industry. To those joining or currently interviewing. I highly do not recommend it. Only join if you have no other good offers. They make the programme sound prestige and nice promising a good future in your career. But it is a scam. Yes the starting pay maybe decent (3.5K) but honestly you are better off as a direct hire as in the 2 years you will be rotating around and ur pay will hardly increase and you probably won't be promoted after you complete. Oh and the ACII thing is kinda useless, i mean most of the people i know like directors are doing totally fine without it. So pleaae do not join if you have other higher offers out there.
So you will just be very underpaid when you finish with your ACII eventually after 2 years.

Originally Posted by Random12345

Hi I'm a current IMAP with one of the Big3 of the industry. To those joining or currently interviewing. I highly do not recommend it. Only join if you have no other good offers. They make the programme sound prestige and nice promising a good future in your career. But it is a scam. Yes the starting pay maybe decent (3.5K) but honestly you are better off as a direct hire as in the 2 years you will be rotating around and ur pay will hardly increase and you probably won't be promoted after you complete. Oh and the ACII thing is kinda useless, i mean most of the people i know like directors are doing totally fine without it. So pleaae do not join if you have other higher offers out there.
So you will just be very underpaid when you finish with your ACII eventually after 2 years.

damn, thank you for your insight into the iMAP program. They do make it sound it's bloody awesome and all.

Any iMAP seniors care to share about promotion / pay increment over the 2-3 years for this? The benefits don't sound so great for an MA program

Originally Posted by Random12345

Hi I'm a current IMAP with one of the Big3 of the industry. To those joining or currently interviewing. I highly do not recommend it. Only join if you have no other good offers. They make the programme sound prestige and nice promising a good future in your career. But it is a scam. Yes the starting pay maybe decent (3.5K) but honestly you are better off as a direct hire as in the 2 years you will be rotating around and ur pay will hardly increase and you probably won't be promoted after you complete. Oh and the ACII thing is kinda useless, i mean most of the people i know like directors are doing totally fine without it. So pleaae do not join if you have other higher offers out there.
So you will just be very underpaid when you finish with your ACII eventually after 2 years.

Are you in the company that starts with M?

Originally Posted by Random12345

Hi I'm a current IMAP with one of the Big3 of the industry. To those joining or currently interviewing. I highly do not recommend it. Only join if you have no other good offers. They make the programme sound prestige and nice promising a good future in your career. But it is a scam. Yes the starting pay maybe decent (3.5K) but honestly you are better off as a direct hire as in the 2 years you will be rotating around and ur pay will hardly increase and you probably won't be promoted after you complete. Oh and the ACII thing is kinda useless, i mean most of the people i know like directors are doing totally fine without it. So pleaae do not join if you have other higher offers out there.
So you will just be very underpaid when you finish with your ACII eventually after 2 years.

Beg to differ here. I'm one of those so called seniors/director level people. It's a good industry to be in. Some old timers are not ACII qualified as it is not regarded by MAS or the larger industry as the paper to have, but just a nice to have then. Now, ACII is the pathway to the future, much like having a degree. As with all other industries, junior level means learning the ropes, and get exposures. This is an industry where knowing your peers, underwriters, adjusters are so so important. That network will set you up in future.
Be patient.
As for pay, as you gain experience, the pay will come, anything in excess of SGD150k after 10-15 years are common...

Originally Posted by Unregistered

Beg to differ here. I'm one of those so called seniors/director level people. It's a good industry to be in. Some old timers are not ACII qualified as it is not regarded by MAS or the larger industry as the paper to have, but just a nice to have then. Now, ACII is the pathway to the future, much like having a degree. As with all other industries, junior level means learning the ropes, and get exposures. This is an industry where knowing your peers, underwriters, adjusters are so so important. That network will set you up in future.
Be patient.
As for pay, as you gain experience, the pay will come, anything in excess of SGD150k after 10-15 years are common...

I'm not denying that this is a good industry. But all I'm saying is if you come in as an IMAP. You are very under valued as an MA. I know of friends who are executives after 2 years (eg same as fresh hire grading). I also know of MAs who earn less than direct hires who just came in. I hate to break it the truth but as an IMAP myself I came in believing my future is bright and all will be well, but honestly with MAS sponsoring half your salary, companies take you in as a cheap hire. If you're lucky to find one company that really want to groom you as a true MA then congratulations (there are cases like this, promoted and significant salary increase after completion). I'm just saying this isn't the case for most other IMAPs i personally know.

If i had the choice again. I would rather be a direct hire as compared to a rotating IMAP. Yes i agree be patient 10 to 15 years you will reach it there 150K per annum no problem. But then again lets think of it logically ...10 to 15 years. Which industry will not give you 150K after 10 to 15 years (assuming you don't screw up and work diligently and move up the rank normally, promote once per 3 years which is relatively slow... you're already 5 ranks higher after 15 years and should be fetching 10K plus per month)

My point and conclusion here is just that: it is not worth it to be an IMAP thats all. Cause from my experience and what i observed. The fast track is a scam and i believe that's why many decided to join IMAP for a so called fast track future right? No insults to the industry, i highly reccomend all fresh grads to join the industry as a broker/underwriter or actuary it is a good career. Just probably not under the IMAP scheme. As for ACII yeah maybe it is getting more recognised but like the poster pointed out, its a relationship business. Your connection is your power not your cert.

Ps. For privacy sake I'm not gonna reveal which batch and big3 I'm in. Please understand that. Observations are from people i know cross batches including current to even the very first batch when it was not even called IMAP yet. This is my very opinion. But of course since its a forum everyone is dedicated to their own very honest opinions.

thanks for your honest reply. i have an offer and alr accepted it but im still looking out for other opportunities. i have a senior whose story is somewhat similar to yours. after 2 years he told me he had to start from the bottom at the dept with almost no pay increment lol. however,given this economic climate, i guess i have no choice. i aspired to work in a bank but i got rejected from everywhere.

Is the scenario that you have described from a company that disguised the IMAP as their graduate program?

insurance agent just say insurance agent lah.