One of the questions we’re often asked is whether a person can be a part-time insurance agent in Singapore. One of the best things about the insurance industry here in Singapore is that it’s flexible – you can explore it on a part-time basis if you want to, especially for mid-career switchers or new mothers. Part-time insurance jobs are also 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 favor a willingness to learn and diligence, and a suitable role for someone that is extroverted and open to meeting new people. Working part-time as an insurance agent can provide an opportunity to test the waters and determine if the career is a good fit. It can give you a chance to gain experience, learn about the industry, and see if you enjoy the work before committing to it full-time.
This can further provide a supplemental source of income while you explore the industry and gain the necessary experience. This can be especially beneficial for those who may be transitioning from another career or have financial commitments that require them to maintain a steady income. Furthermore, working part-time as an insurance agent provides an opportunity to build a client base and establish relationships with clients. This can be especially valuable when transitioning to a full-time role, as an individual will already have an established client base. This is a much lower-risk, flexible, and rewarding way to test the waters and gain experience in the industry.
Do note that 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, even if you are just planning to do it on a part-time basis.
1. What is the role of an insurance agent in Singapore?
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 or financial advisory here.
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:
- They are responsible for all aspects of their client’s personal and business affairs and must deal with these aspects daily.
- 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
- 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
- They need to understand their product very well so that they can recommend appropriate coverages for their clients
- 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
- 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.
- They are required to fulfill 40 CPD (Continuing Professional Development) hours per year to maintain and enhance their expertise.
- 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.
- Be able to write and read policies.
- Be a good listener and be able to make customers feel comfortable with their insurance needs.
- Have experience with the industry and know what is likely to happen in the future in the market for insurance products and services.
- 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.
- 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.
- 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.
- 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:
- 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.
- 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.
- 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!
- 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!
- 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 insurance 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.
5. How to sell insurance as a part-time insurance agent
As a part-time insurance agent, where time is limited, there are several ways you can look for clients:
- Referrals: Reach out to friends, family, and acquaintances and ask if they or anyone they know might be interested in purchasing insurance. Personal recommendations can be a powerful way to generate leads.
- Networking: Attend industry events and conferences, join professional organizations, and connect with other professionals in related fields in your spare time. Building relationships with people who can refer clients to you can be a great way to expand your network.
- Online marketing: Use social media platforms like LinkedIn, Facebook, and Instagram to promote your services and reach potential clients that doesn’t take up too much of your time. You can also create a website or blog to showcase your expertise and offer helpful tips and advice.
- Advertisements: Place ads in local newspapers, online classifieds, or community bulletin boards. You can also consider advertising on social media platforms or Google Ads.
Remember to always comply with the regulations and guidelines set by your insurance company and the regulatory authorities.
7. Making the Leap from being a Part-Time Insurance Agent to a Full-Time role
Deciding when to transition from a part-time insurance agent role to becoming a full-time insurance agent requires careful consideration and evaluation. Here are some factors to help you make an informed decision:
- Assess your performance: Evaluate your performance as a part-time insurance agent. Look at key metrics such as sales volume, customer satisfaction, and overall success in meeting your goals. If you consistently achieve strong results and feel confident in your abilities, it may be an indication that transitioning to a full-time role could be a viable option.
- Evaluate income stability: Consider the stability of your income as a part-time agent. Assess whether your earnings from your part-time role provide sufficient financial stability and support your desired lifestyle. Compare this with the potential income you could earn as a full-time agent. Determine if the transition would enable you to earn a more stable and sustainable income.
- Assess market demand and potential: Research the market demand for insurance products and services in your area. Evaluate the growth potential and future prospects of the industry. If there is a strong market demand and potential for growth, it may be an opportune time to transition to a full-time role and capitalize on the expanding market.
- Consider time commitment and flexibility: Reflect on the time commitment required as a full-time insurance agent. Assess if you have the necessary availability and flexibility to dedicate more time and effort to the role. Consider your personal circumstances, such as family commitments or other obligations, and ensure that you can manage the increased workload of a full-time position.
- Seek mentorship and guidance: Consult with experienced insurance agents or industry professionals who have made a similar transition. Seek their advice and learn from their experiences. They can provide insights into the challenges and benefits of becoming a full-time agent, helping you make an informed decision.
The decision to transition from a part-time to a full-time insurance agent role depends on your individual circumstances, goals, and assessment of the market. By carefully evaluating these factors and seeking guidance, you can make a decision that aligns with your career aspirations and sets you up for success in the insurance industry.
8. 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. If you are unable to meet the requirements of being a financial advisor, you can still work in the industry in part by being an agency introducer or helping your network sell their endowment policies at a higher return compared to surrendering their plans, whilst in the mean time earning a handsome referral fee.
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.
To become an insurance agent in Singapore, you are required to comply with the regulatory requirements set by the Monetary Authority of Singapore (MAS) and the regulations of your insurance company. You must first pass the relevant exams and obtain a license from the MAS. You are also required to meet certain qualifications, such as a minimum age requirement and minimum educational qualifications.
As a part-time insurance agent, you will need to balance your work commitments with your other responsibilities. It is important to manage your time effectively to ensure that you can meet the needs of your clients while fulfilling your other obligations and be more proactive in seeking out new clients and building your client base, as you will have less time to devote to these activities than a full-time insurance agent. Ultimately, whether you can sell insurance part-time in Singapore depends on your individual circumstances and your ability to meet the regulatory requirements while balancing your work commitments. Do note that 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.