Thursday, November 08, 2007

Insurance agent start a new business

Dear Mr Tan Kin Lian,

In 1990's, lot of Great Eastern agents left the insurance company. In 2004, my Income agent left for starting his Insurance business. This year, my Manulife agent also left for starting her own Insurance business.

Why these peoples left insurance company during his/her career and economic peak period? Are they suffered from lost of commission? What was actually happened?

REPLY

For the insurance agent who left to start a new business, they have made their calculation. They expect to earn more from the new business, which can compensate for the loss of renewal commission. Perhaps the renewal commission is quite small.
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1 comment:

Anonymous said...

Most probably they left to join the FA firms. The advantage of FAs is they have access to multi product platforms and therefore can address the needs of clients more efficiently and effectively.
As a tied agent you have only the company's products, good or bad,and you are forced to promote and sell and often to the disadvantage of their clients. One example, revosave from NTUC. Agents from NTUC are forced to sell otherwise they starve. To sell they cook up all kinds of "reasons" just
to get the clients to buy. Facts, truths and falsehood, all mixed together, are used to convince clients that they have this false needs.
Agents who are concerned for clients' needs will eventually join the FA firms.

November 08, 2007 9:41 PM

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