Salary.sg Forums - Reply to Topic
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Income and Jobs > Insurance Agent to Bancassurance Specialist (Priority)

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




Salary.sg Forums

Thread: Insurance Agent to Bancassurance Specialist (Priority) Reply to Thread
Your Username: Click here to log in
Human Verification To prove you are a human and not a computer program that spams, please check the box below and answer any further questions if prompted.

Title:
  
Message:
Post Icons
You may choose an icon for your message from the following list:
 

Additional Options
Miscellaneous Options

Topic Review (Newest First)
30-05-2020 12:43 AM
Unregistered
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?
15-10-2018 07:16 PM
mrbrightside88 hi bro, same situation. pls pm me or can i pm u for more details? EXACT SAME dilemma
06-09-2016 05:35 PM
Unregistered hi, how was the job? did you take it up? am in the same dilemma as you right now
03-11-2015 01:46 PM
FactoryEffex
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.
03-11-2015 01:10 PM
FactoryEffex
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.
30-10-2015 09:29 AM
Unregistered 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.
29-10-2015 04:17 PM
Unregistered 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.
29-10-2015 01:32 PM
FactoryEffex
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.

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




All times are GMT +8. The time now is 09:36 AM.


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