This post is solely for the purpose of recruiting you. If you’re not interested, that’s okay, do share this with anyone you think that could benefit from the info. I will explain how to start and how to ensure your longevity in the business.
Why sell insurance?
- insurance is about hedging certain risks in life
- everyone will need some form of insurance, and they’ll want advice from someone trustworthy and knowledgeable
- you can be that someone
How to start?
- minimum SPM
- pass a few insurance exams set by MII and MTA
- attend a few days of training by the insurance company
- and then, you’ll get your agent code
Does this mean I can already sell?
- yes, once you complete all the relevant product trainings (not difficult)
Will the training equip me with all the info I need?
- all the information is there, but to be realistic, you can’t retain all the information just from the training alone.
- you might understand and even memorize the concepts modularly, but the tricky part is communicating this as advice to the clients. Which ones to suggest? Why is X a better option than Y?
- Not to worry, that’s why there are agency leaders and senior agents to guide you and answer questions
Where do I find clients?
- usually people start with family, friends, acquaintances, cold calls
- you should also use online platforms like FB, Instagram, TikTok, Twitter
How do I keep finding clients?
- if you do a good job, then you’ll get referrals
How do I do a good job?
- advising the clients appropriately
- don’t misrepresent
- handle all enquiries / claims promptly
- having a nice personality. It doesn’t mean you have to be a social butterfly, but just be, normal, you know
How much money can I make?
- commissions range from 5%-35% depending on the product, and this isn’t forever. Most products have a commission cap of up to 6 years, and some products are perpetual (as long as you’re an agent).
- you can make anywhere between 0 to millions per year.
- you can also consider enrolling in the financing program. It’s an allowance scheme for new agents of up to RM 9,000 per month, so you get the allowance + commissions for the products you sell. The title and mechanics of this scheme changes from time to time. currently it’s called Elite
Can I do this part time?
- yes
- but, you should have the mindset of converting to a full-timer within 1-2 years
- this isn’t a rule, but if you remain a part-timer for a prolonged period, there’s a higher risk of losing focus and dropping out
What are the costs involved?
- one-off: about RM 100 per exam paper, and usually people take 2-3 licenses, so budget around RM 300
- once every 5 years: buying or upgrading an iPad, approx. RM 1,500
- recurring: travel expenses and meals to meet clients (pre-pandemic)
- recurring: TIME. this is no joke. you reap what you sow. if you can’t be disciplined and put in the hours to learn, prospect and service clients, then you can’t expect your output to be high
Cheers. - wan