Insurance Agent to Bancassurance Specialist (Priority) - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Income and Jobs

Income and Jobs Discuss jobs, career options and of course salaries




Insurance Agent to Bancassurance Specialist (Priority)

Reply
 
Thread Tools
  #1 (permalink)  
Old 29-10-2015, 01:32 PM
Junior Member
 
Join Date: Oct 2015
Posts: 4
FactoryEffex is on a distinguished road
Default Insurance Agent to Bancassurance Specialist (Priority)

I don't know whether anyone here has a similar situation as me. Apparently, i searched is don't have.

Just a brief introduction.

I'm 31, Diploma Holder and a Senior Financial Consultant, reaching 7th year in one of the life insurers and get married next year. I basically, not the super powerful insurance agent around top 20% but at the same time very in my comfortable zone. I have never worked for anybody since ORD.

There is no career advancement for me beside promoting in title, still doing the same old stuff for the last 7 years. I thought recruiting and becoming a leader was my goal. I recruited and eventually I found out that I didn't really like this type of management. I do love meeting people and doing financial planning for them and I knew I want to specialized in insurance because I chose this career and not recruited by my leader.

I'm in a dilemma now. I didn't expect from a simple conversation barely 1 month ago till this stage.

Basically, I knew someone in the biggest local bank in Singapore and through him, i submitted my resume (which I don't even have before that conversation with him) and was referred for a role as Bancassurace Specialist in the priority banking and I met all the job requirements.

I have no intention of doing a career switch but deep down inside I know if I really want it must be before 35 else I will continue.

Bypassed the HR and I went for the interview halfheartedly with the first Business Manager (BM) but I still prepared myself for it. Then a week later, the 2nd BM called me up and said the first BM referred me to him and again went for the second interview.

So what happened was, the first BM checked everything and asked me ton of questions; awards, experience, client base, income and etc and my gut feel is I answered professionally but I did mentioned, I wasn't that keen in switching career.

The second BM wise, didn't even bother neither to check my CV nor asked anything about my experience but the whole interview was purely he doing the talking, selling me how great the bank is, the career advancement, shared with me how his co-workers progressed upwards, career rotation and blah blah. To the stage where he even suggested what I should be asking for my basic based on my experience. I am somewhat getting keen on the role as it quite fit to what I want to achieve.

Surprisingly, HR called the same day for my information for processing for background check. My friend told me I am almost 80% tio for this role and said if I really want, he will push the Business Director for me, which I declined as I want to win based on myself and not through referring. My gut feel is likelihood I got the role.

Now my fear is I have this feeling of banks will ask people to leave if don't perform, which is why I chose to be a self-employed at the first place. I am confident I will do well in this role but yet the feeling of no career security overwhelmed me and I have to give up my recurring income and my client base. If I fail and go back to insurance, building back that recurring income is not easy, I still remember my very first pay check with only $128. Yearly quota vs monthly quota. Freedom vs office hours (Not really freedom, when I work also odd hours and burning weekends). Commission based vs basic and commission based.

On the flip side, the welfare and benefits as a employee is also something I never tasted before. CPF contribution, annual leave, taxi card and etc. The most important thing is to me, its a step up in my career. I have the option for career rotation and etc. The very least, this role I skipped the mass market.

Would like to hear from people who did the switch for opinions. Just want to have more information before I receive the offer.

Reply With Quote
  #2 (permalink)  
Old 29-10-2015, 04:17 PM
Unregistered
Guest
 
Posts: n/a
Default

How much are you making a year now? How much is the bank offering you in terms of total annual package?

Very hard to advise if the most important information is missing.

In general bacnassurance specialist are hardcore sales job in banking. A minority can sometimes forge a new career in the proper banking sector, but my advice is do not join the bank with the expectation that they will be able to offer you a structure promotion into higher management. If it happens its a bonus.

Reply With Quote
  #3 (permalink)  
Old 30-10-2015, 09:29 AM
Unregistered
Guest
 
Posts: n/a
Default

I think likely the first BM declined to hire you and you were given a second chance with the next BM. You must be crazy to turn down this job instead of continuing as a door to door insurance agent! And especially since you are only a Dip holder!

If you have a "Bancassurance manager" job representing an insurance company, you basically rep the company to sell your products to the sales people in the banks so that they will in turn sell for you. A lot of drinking and relationship building in this role. As a "Bancassurance specalist" in a bank, you are probably the only 1 in the branch and you have to support all the sales people in SELLING (paperwork etc still done by themselves). Meaning that the PBs will call you for help to close cases and you probably get an overiding commission. Easy job if you manage your relationships properly.

Career advancement wise I think if you are successful you may be able to progress along the sales management track in the consumer bank, ie branch manager, director, etc.

In the banking industry everything is based on your friend's friend friend good graces so you should not have turned down your friend's offer to put in a good word for you. Anyway if you are asked to leave just go back to becoming an insurance agent. it's much easier than becoming a bancassurance specalist where there is only 1 per X sales staff in the entire branch.

Choose wisely.

Reply With Quote
  #4 (permalink)  
Old 03-11-2015, 01:10 PM
Junior Member
 
Join Date: Oct 2015
Posts: 4
FactoryEffex is on a distinguished road
Default

Quote:
Originally Posted by Unregistered View Post
How much are you making a year now? How much is the bank offering you in terms of total annual package?

Very hard to advise if the most important information is missing.

In general bacnassurance specialist are hardcore sales job in banking. A minority can sometimes forge a new career in the proper banking sector, but my advice is do not join the bank with the expectation that they will be able to offer you a structure promotion into higher management. If it happens its a bonus.

Sorry for the late response, went for a short holiday. The HR is meeting me soon to talk about the package, so I not sure whether they will meet my min. I prefer not to talk about salary as I consider is purely for the role and career advancement and I believe I am capable to earn back in the future.
Reply With Quote
  #5 (permalink)  
Old 03-11-2015, 01:46 PM
Junior Member
 
Join Date: Oct 2015
Posts: 4
FactoryEffex is on a distinguished road
Default

Quote:
Originally Posted by Unregistered View Post
I think likely the first BM declined to hire you and you were given a second chance with the next BM. You must be crazy to turn down this job instead of continuing as a door to door insurance agent! And especially since you are only a Dip holder!

If you have a "Bancassurance manager" job representing an insurance company, you basically rep the company to sell your products to the sales people in the banks so that they will in turn sell for you. A lot of drinking and relationship building in this role. As a "Bancassurance specalist" in a bank, you are probably the only 1 in the branch and you have to support all the sales people in SELLING (paperwork etc still done by themselves). Meaning that the PBs will call you for help to close cases and you probably get an overiding commission. Easy job if you manage your relationships properly.

Career advancement wise I think if you are successful you may be able to progress along the sales management track in the consumer bank, ie branch manager, director, etc.

In the banking industry everything is based on your friend's friend friend good graces so you should not have turned down your friend's offer to put in a good word for you. Anyway if you are asked to leave just go back to becoming an insurance agent. it's much easier than becoming a bancassurance specalist where there is only 1 per X sales staff in the entire branch.

Choose wisely.
Thanks for your response, both BM under the same team, there will be a chance for rotation between them.
Reply With Quote
  #6 (permalink)  
Old 06-09-2016, 05:35 PM
Unregistered
Guest
 
Posts: n/a
Default

hi, how was the job? did you take it up? am in the same dilemma as you right now
Reply With Quote

  #7 (permalink)  
Old 15-10-2018, 07:16 PM
Junior Member
 
Join Date: Oct 2018
Posts: 1
mrbrightside88 is on a distinguished road
Default

hi bro, same situation. pls pm me or can i pm u for more details? EXACT SAME dilemma
Reply With Quote
  #8 (permalink)  
Old 30-05-2020, 12:43 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by FactoryEffex View Post
Thanks for your response, both BM under the same team, there will be a chance for rotation between them.
I’m in such a dilemma. It’s been 5 years, how did it turn out?
Reply With Quote
Reply

Bookmarks

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Is it possible to be both a real estate agent and a insurance agent at the same time? undecided2012 Income and Jobs 13 30-06-2021 10:29 PM
Banking industry: Bancassurance vs Personal Banking Assoc emptydialogue Income and Jobs 19 16-12-2016 03:07 AM
queries for recruit agent kairi9q Income and Jobs 0 14-09-2015 03:55 PM
Patent Agent Salary in Singapore Bellez Income and Jobs 3 23-09-2014 09:15 AM
Research specialist / Senior research specialist @ Duke-NUS? ympk Income and Jobs 0 18-12-2013 11:40 AM

» 30 Recent Threads
MAS for Mid Career Professionals ( 1 2 3... Last Page)
1,773 Replies, 1,030,204 Views
ST Electronics ( 1 2 3... Last Page)
3,732 Replies, 1,527,622 Views
NUS (National University of... ( 1 2 3... Last Page)
315 Replies, 314,942 Views
HTX (Home Team Science and... ( 1 2 3... Last Page)
681 Replies, 342,560 Views
ITE Polytechnic Scheme ( 1 2 3... Last Page)
302 Replies, 362,123 Views
Roles in accenture singapore ( 1 2 3... Last Page)
7,262 Replies, 2,290,871 Views
Civil Service Performance Bonus ( 1 2 3... Last Page)
5,289 Replies, 4,702,006 Views
Local bank BO pay
0 Replies, 22 Views
Aon Centre for Innovation and...
9 Replies, 6,020 Views
Lawyer Salary ( 1 2 3... Last Page)
20,968 Replies, 10,281,178 Views
UOB Management Associate Program ( 1 2 3... Last Page)
1,386 Replies, 768,637 Views
Career as Teacher ( 1 2 3... Last Page)
10,569 Replies, 6,552,044 Views
GovTech ( 1 2 3... Last Page)
5,061 Replies, 2,135,112 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
15,045 Replies, 4,937,336 Views
CSA (Cyber Security Agency) ( 1 2 3... Last Page)
904 Replies, 500,192 Views
IMDA (under MCI) ( 1 2 3... Last Page)
1,254 Replies, 605,282 Views
Compare civil service salary ( 1 2 3... Last Page)
16,314 Replies, 12,396,742 Views
Standard Chartered International... ( 1 2 3... Last Page)
476 Replies, 262,738 Views
DSTA (under Mindef) ( 1 2 3... Last Page)
1,435 Replies, 1,362,639 Views
Ex-MOE Teachers ( 1 2 3... Last Page)
403 Replies, 485,831 Views
Engineer Pay ( 1 2 3... Last Page)
664 Replies, 454,320 Views
Cybersecurity/Info security career ( 1 2 3... Last Page)
501 Replies, 264,178 Views
LTA (Land Transport Authority) ( 1 2 3... Last Page)
651 Replies, 376,765 Views
OCBC Graduate Talent Programme... ( 1 2 3... Last Page)
1,165 Replies, 640,824 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
6,100 Replies, 3,713,748 Views
DBS ACE Programme ( 1 2 3... Last Page)
119 Replies, 76,926 Views
How is life as a doctor in... ( 1 2 3... Last Page)
7,233 Replies, 3,376,078 Views
Work culture in IHiS ( 1 2 3... Last Page)
717 Replies, 535,446 Views
SIA AO grades ( 1 2 3... Last Page)
127 Replies, 101,702 Views
JP Morgan ( 1 2 3... Last Page)
198 Replies, 171,144 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 11:44 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2