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Working as a part-time insurance agent in Singapore

One of the best things about the insurance industry is that it’s flexible – you can explore it on a part-time basis if you want to. Part-time insurance jobs are great for students who want to get a feel for the industry before they graduate. Even if you don’t have any prior experience in insurance or financial knowledge, insurance companies will usually favour a willingness to learn and diligence. You’ll also need to be extroverted and open to meeting new people.

A career in insurance will be dynamic, fast-paced, and challenging at times, but also rewarding and insightful. So if you’re looking for an exciting and rewarding career, the insurance industry might be the perfect fit for you.

1. What is an insurance agent?

If you want to make money as an insurance agent without having to put in any hours aside from your own, it’s important you find some sort of flexible schedule that allows you to work and still meet your other responsibilities. That’s where flexible part-time jobs and job sharing come into play: If you share your weekend with someone else—including yourself—you’ll have less free time and your income will go down even more.

If you are interested in doing this at all, just get familiar with the ins and outs of working for an insurance agency here. As for whether public speaking or marketing is right for you and what skillsets would be useful in the job market, check out this article on the subject.

2. What are the responsibilities of an insurance agent?

Many responsibilities come along with being an insurance agent. If you decide to work part-time, you have to have a clear idea of what type of job you want and need in your life.

One way to do this is by looking into the characteristics of insurance agents in Singapore. Here are some examples:

  1. They are responsible for all aspects of their client’s personal and business affairs, and must deal with these aspects daily.
  2. They must be able to deal with the complexities and procedures of insurance, including meeting with customers, understanding the ins and outs of coverages, and dealing with companies when necessary
  3. While they may not necessarily be in charge of everything that happens behind the scenes – such as how agents’ direct sales work – they are in charge of it from beginning to end
  4. They need to understand their product very well so that they can recommend appropriate coverages for their clients
  5. They need to be able to communicate effectively both verbally and in writing because clients will vary in terms of what they want to be covered or not covered when it comes time to purchase
  6. They must attend agreed-upon routine meetings to ensure organization and productivity in their jobs. These meetings can be negotiated beforehand to fit the individual’s schedule appropriately and can help promote teamwork and collaboration and can also reduce the potential for miscommunication and misunderstanding.
  7. They are required to fulfill 40 CPD (Continuing Professional Development) hours per year to maintain and enhance their expertise.
  8. Sometimes, they are required to achieve a minimum commission of 20k (about 60k premiums to hit a year), to keep their licenses. This requirement may vary and depends on the agencies that they are working for.

3. What are the skills required to be an insurance agent?

If you have been thinking about becoming a part-time insurance agent, here are some tips to let you get started.

Whether you’re interested in this part-time job or not, there are certain skills that you need to develop to be a successful insurance agent.

  1. Be able to write and read policies.
  2. Be a good listener and be able to make customers feel comfortable with their insurance needs.
  3. Have experience with the industry and know what is likely to happen in the future in the market for insurance products and services.
  4. Know how insurance works; how it affects the insured, how it affects its customers, how the company works, etcetera; and also be able to understand trends in the industry as well as policy changes that occur over time.
  5. Know how insurance rates change from year to year: from catastrophic events (house fires or medical emergencies), to property damage (theft/robbery), injury cases (car accidents), etcetera so that you can effectively sell your client’s plans that best suit their needs at a given time.
  6. Must study and pass mandatory MCQ examinations which will require time to study and attend training, this is because the exams are pretty tricky. However, the majority of insurance companies are likely to support their employees by providing training and also sponsoring these examinations. These examinations include:
    Module 5 – Rules & Regulations for Financial Advisory
    Module 9 – Life Insurance And Investment-Linked Policies
    Module 9a – Life Insurance And Investment-Linked Policies II
    Health Insurance Module

    The examination process can be finished in a few weeks if the candidate is motivated.
  7. Must complete and pass in-house training and competency test. After the mandatory examinations are passed and the candidate has obtained their Representative Number from the Monetary Authority of Singapore, they will then be able to start their insurance practice.

4. What are the benefits of working as a part-time insurance agent?

Working as a part-time insurance agent is one of the greatest ways to make money. Here are some benefits of working as a part-time insurance agent:

  1. You can work when you want. Part-time insurance agents are allowed to work anytime they want, without having to stop their normal jobs. This means that you can work whenever you have the time available and not have to worry about taking time off of work.
  2. You can earn a living while training for a career. When working as a part-time insurance agent, you’ll be taking on an additional skill that will help you get a job in the future. This will give you valuable experience and skills which will make it easier for you to get hired in your future career path.
  3. You can earn extra money on the side since you don’t need to take on full-time jobs to make your living as a part-time insurance agent. This means that if something happens and it’s not financially feasible for you to get back into your full-time job, then it’s possible that this unexpected event could turn out to be valuable training material for your future career path!
  4. There aren’t as many regulations surrounding part-time insurance agents as there are with full-time agents, so it’s easier for them to start their own businesses and put down roots in their field of expertise (insurance). This means that there is less competition and more opportunity for each individual agent to start his or her own business or gain more experience in one specific area of the field without getting distracted by lots of other competing interests!
  5. Having part-time jobs makes it easier for parents or elderly relatives who may be unable or unwilling to work because they don’t have enough time left at the end of the day—or simply because they’re too busy with other things—to still contribute financially towards their household budget while also keeping themselves employed at night or weekends when they’re able!

5. What are the challenges of being a part-time insurance agent?

Being a part-time agent is not an easy task. It is not the same as being a full-time agent or a part-time employee. It is a challenging but rewarding job for many insurance agents and their families.

First off, it’s important to be able to work long hours without being stressed out or burnt out. It is also essential that you can focus on the customer experience and provide them with personalized service. You need to be able to work under tight deadlines and be able to adapt when necessary – which can be quite challenging in today’s fast-paced world of technology and globalization.

The biggest challenge with working part-time can be keeping your family’s expenses in check while still providing you with a good income because there are more costs associated with working as an insurance agent than with other types of jobs like doctors, lawyers, or accountants. For example, it costs money to hold insurance policies in your name, making sure they are insured properly, pay your taxes, and ensure that all the required paperwork is filed in time. Most agencies have full-time staff who do all this for free, so if you want to make sure you have enough money left over every month for yourself and your family then you will need to work as an insurance agent part-time.

6. How can I further my career

Working as a part-time insurance agent may not be for everyone. But there are many ways you can do it and still earn a good income.

For one, you need to have a driving license and work in the insurance industry or related categories. If you’re not an expert in these areas, some firms hire part-time agents from other fields such as banking, finance, accounting, etc. This is also a great way to build up your network and brand yourself without having to head out of the country on weekends.

You can also go full-time if you don’t mind working on weekends or holidays. However, this is quite dependent upon your family situation and budget (which will vary depending on how much you earn). So it depends on what you want in life – whether it’s working part-time or full-time but with a more flexible schedule. Plus, some people find that they love their job but don’t think they will stick with it for long due to their family situation (for example if it’s for a family business) or because of their personal reasons (if working part-time means less commitment than other opportunities). As said above, any other job is fine as long as you have your own reasons why you want to do it.

The entire process of becoming an agent can take as little as a few weeks. That’s where we come in!

If insurance sounds like your thing, InsuranceJobs.sg is here to help. Don’t hesitate to contact us and start your journey today.

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