Insurance Management Associate Program (IMAP)
Hi all, anyone heard or have been in this program? would appreciate if I could receive some inputs on the career path, starting salary and benefits.
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1. I applied to the insurnace company for some corporate position (intern) but I dont rmb applying for the management program. 2. the position is full time, but im lookin for internship. 3. I am an undergraduate, n yet he is more interested whether i have diploma or A'lvl and whether im above 21. 4. All of the above information (except age, but being year3 undergrad, how young can i be?) could be found on my resume, which means he did not bother to look at my resume or dun even have my resume. These inusrance company agency like to use fanciful titles to lure undergrad in. so be very careful. |
Re: IMAP
Hi,
If you are talking about IMAP organised by Singapore College of Insurance then it is not a progam under an insurance agent facade. Read into the details. It is sort of an education path (ACII) for u to pursue a career (and also open you into the insurance industry) in General Insurance (Broking,claims, underwriting, loss adjuster, reinsurance). As in the general insurance/reinsurance, ACII( Associate Chartered Insurance Institute from UK) is a well recognised professional insurance cert in the insurance industry akin to ACCA to accountants and/or auditors. When you enrol for the program, they will source for an insurance company/Broking firm/loss adjusting/reinsurance company to employ you as the "scholar" if you pass the interviews and requirements. Then the company will sponsor your education and pay you a monthly stipend depending on your working experience and you will be bonded to the company for 2 to 3 years. Not too sure about the arrangement now, but previously the arrangement for the study phase (first year) is half day work and half day study. If you are interested in joining the insurance industry, you can give it a try (apply for the program). Even if you in the end do not want to enrol into the program, you may somehow still acquire some introduction into general insurance/reinsurance industry. The ppl there will explain to you during interview. |
Thanks for the replies. Has anyone enrolled in this program before?
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Anyone knows how long it takes from the 1st interview to be called up for the second? I'm done with the first interview of the IMAP program with sci. Waiting for 2nd with the firm.
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iMAP 2015
Hi,
Anyone applied for this programme this year? Is there a minimum requirement for class of honours? |
iMAP 2017
Hi, has anyone applied or received interview invitations this year? Any offer yet?
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iMAP 2020
Bump, anyone applying for iMAP 2020???
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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. |
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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
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Be patient. As for pay, as you gain experience, the pay will come, anything in excess of SGD150k after 10-15 years are common... |
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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.
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Is the scenario that you have described from a company that disguised the IMAP as their graduate program?
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insurance agent just say insurance agent lah.
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I joined an Insurance MAP at the largest insurance company in Singapore.
IMO, it sucks and if I had another higher paying job offer, I wouldn't join. 1. They force you to organise events, do saikang. 2. You get **** rotations and don't get the dept you want after you "finish" the rotations. During your rotations, you get saikang since nobody wants to teach you as you're only there for 6 mths and not likely to come back to their dept. 3. Favouritism. Only one of your fellow MA will get to go overseas, get 50% increment eg. 4. Exams are hard for me because I have 0 interest in studying/memorising life insurance underwriting/claims, and no time (because of the events). Anyway, it's also not a useful cert to begin with. Surprisingly, alot of NTU 1st class honours joins the IMAP. I'm a 2nd lower but have good internship experience/OA level results. I have left the industry luckily and am now working in our financial regulator with a much higher pay. Soon, will be enrolling in US for a masters with scholarship. |
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Oh, and we might even be from the same cohort. You disgust me. |
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Well, I was the first MA who left the company. So there's not much data on how easy to leave (maybe not so easy since they are still there).
I took the general insurance exams while working so I could have more options, and joined an MNC doing broking. But even so, in the financial regulator, I imagine it's not completely out of the industry. My job scope still includes (but is not limited to) insurance regulation. It's not like I became a management consultant or something. Maybe a few years later can change to a more different dept in my new company. |
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Insurance agents are usually part of an agency and their jobs are to generate sales. There are however many other jobs just like any other company in an insurer or insurance company. Just like any products that get sold, there are people making them even if said products are intangible. All these products need people to come up with; from the Product Management team to the Actuaries/Pricing/Capital Management teams to the Legal, Claims, Underwriting, Policy Servicing, New Business, Distribution Ops teams, Project Management, IT teams etc. Then, there is also the day-to-day running of a company that the HR, training, Finance, logistics teams etc have to deal with. Apart from Insurance company as an industry, there are also reinsurance firms which cover insurers from potential financial/cash flow issues by covering part of the losses (in the form of payouts to customers) via arrangements called reinsurance treaties. Essentially, reinsurance is insurance for insurance companies. That is what companies like Swiss Re, Munich Re, RGA, Lloyds, etc deal with. So, there is actually a lot more to insurance careers than just insurance agents. |
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Other Opinions of iMAP
Are there any other seniors out there in the IMAPs that have had positive experiences? Also, after the programme, what kind of roles and pay raises did you guys get? Is it true that you might be given fresh grad roles?
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bump, curious to know if there are positive prospects out of this program as well.
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For my program, some ended up as assistant manager if they got a role that they rotated before, others are called "analyst". Pay raise depends on your performance. Must be competitive and the best out of the cohort. If not, normal increment can be $100+ to almost a $1,000 |
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Imap so bad
To those interested in the program, take it as if you wanna explore an (unique) industry
This is neither your MA program in banks nor the Grad programs in civil service. I was part of the program in one of the (then) big3 brokers. Pros: Some overseas exposure when sent to London w your batchmates, awesome fun with bunch of same age folks roaming Central London/UK. Cons: Salary was pegged at 3.2k (sucked balls, had to drive grab to make up for the income gap) No performance bonus Rotation meant you don't have a home dept/boss to fight for your promotion/increment during appraisal Colleagues are not the smartest nor the brightest (not good for professional growth if you aren't young, no one to look up to in office) Post grad certification (many peers fail miserably - xia suay - but it was quite easy for me, aced it and they will give you some paper with your name on it. Mehhhh) Full of (incapable) ang mohs who talk more than they pang sai Bond of $xxxxx Only 2-3 people I know from the program stayed on in the industry. The rest left on the dot when their bonds are up or be like me break the bond to jump out of the program, company and industry all together. That being said with covid infecting this economy, I guess the industry will get a bumper intake of quality people from imap. Cheers |
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If not u will probably die of hunger with such economic outlook. Many of my pretty friends are opening their pussy to survive. |
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