The number of insurance agents in Singapore has been increasing steadily over the years. According to the Monetary Authority of Singapore (MAS), there were 18,297 insurance agents registered in Singapore in 2018, 21,465 in 2019, 23,829 in 2020, 25,354 in 2021, and 26,388 in 2022.
The surge in the population of insurance agents in Singapore can be attributed to several key factors:
- Rising Demand for Insurance: Singapore’s increasing affluence has led to a higher demand for insurance products. People are more conscious of the need to safeguard their growing assets and are increasingly aware of the risks they face, driving up the demand for insurance coverage.
- Government Initiatives: The Singaporean government has implemented various initiatives aimed at promoting the insurance industry. These include the Financial Advisory Industry Review (FAIR) and the Financial Services and Markets Review (FSMR). These initiatives have enhanced competitiveness within the insurance sector and have enticed more individuals to consider careers as insurance agents.
- Aging Population: Singapore is experiencing an aging population, resulting in a heightened need for insurance products related to retirement planning and long-term care. As individuals plan for their future, insurance agents play a pivotal role in providing solutions to address these concerns.
The insurance industry in Singapore is poised for continued growth in the foreseeable future. This expansion will be driven by the aforementioned factors, as well as the increasing integration of technology into the insurance sector, which is streamlining processes and enhancing customer experiences.
It’s important to note that while the increasing number of insurance agents is indicative of industry growth, other critical metrics include the total value of insurance premiums underwritten and the number of active insurance policies. These comprehensive measures provide a more complete picture of the insurance industry’s size and vitality.
Being an insurance agent can be a rewarding career path, especially in Singapore where the insurance industry is robust and constantly growing. Before you decide to become an insurance agent, it’s important to research the industry to gain a better understanding of what the job entails. You can talk to insurance agents in your area or read industry publications to get a better idea of what to expect. In this essay, we will discuss the steps to becoming an insurance agent in Singapore.
Step 1: Meet the Eligibility Criteria
To become an insurance agent in Singapore, you must be at least 21 years old and have a minimum of 4 GCE ‘O’ Level passes, including English.
Minimum Requirements to be an insurance agent in Singapore
- Singaporean or Singapore Permanent Resident
- GCE ‘A’ Level certificate with three H2 passes and two H1 passes; • Or an International Baccalaureate (IB) diploma;
- Or a polytechnic diploma; or equivalent academic qualifications.
Learn more about the eligibility criteria for being an insurance agent
Step 2: Select an Insurance Company / Independent Financial Advisory to Represent
Once you have met the eligibility criteria, you will need to decide which insurance company you would like to represent. Do your research and compare the various insurance companies in Singapore to find one that aligns with your values and career goals.
Step 3: Complete the Pre-Contract Examination for Insurance Agents
To become a licensed insurance agent in Singapore, you must pass the Singapore Capital Markets and Financial Advisory Services (CMFAS) exam. You can register for the exam on the Singapore College of Insurance website.
Singapore Capital Markets and Financial Advisory Services (CMFAS) exams syllabus
- Module 5 (M5) – Rules & Regulations for Financial Advisory
- Module 9 (M9) – Life Insurance and Investment-Linked Policies
- Module 9a (M9A) – Life Insurance And Investment-Linked Policies II
- Health Insurance Module (HI)
Learn more about the CMFAS Exams
Step 4: Register with the Monetary Authority of Singapore (MAS)
After passing the CMFAS exams, you must register with the Monetary Authority of Singapore (MAS) to obtain your license. The agency you are contracted with will assist you with this.
Step 5: Complete the required training
To obtain your licenses, you will need to complete the necessary training. This includes a training course on basic insurance concepts and regulations, as well as a training course on product knowledge and sales techniques, the duration is dependent on the company.
Step 6: Complete the Insurance Agents’ Continuing Professional Development (CPD)
To maintain your license, you must complete the Insurance Agents’ Continuing Professional Development (CPD) requirements. The CPD program ensures that insurance agents are up-to-date on industry trends and regulations.
Step 7: Build Your Client Base
As a licensed insurance agent, it’s time to build your client base. You can start by leveraging your personal and professional networks, attending networking events, and marketing yourself on social media. Remember to always prioritize your client’s needs and provide excellent customer service.
In conclusion, becoming an insurance agent in Singapore requires meeting certain eligibility criteria, selecting an insurance company to represent, passing the CMFAS exams, registering with the MAS and completing the training. Building a successful career as an insurance agent takes time and patience. Don’t be discouraged by rejection and keep working hard to build your business. With dedication and hard work, being an insurance agent with the right agency in Singapore can be a fulfilling and lucrative career.
If you’re interested in learning more about this exciting opportunity, we’re here to assist you! You can schedule a call with us or simply drop by for a chat, and we’ll gladly answer any questions you may have. By getting a better grasp of what it takes to start a career in insurance, you’ll be able to determine whether it’s the perfect fit for you. We’re thrilled to talk to you and support you in taking the next steps in your career journey!