I Am Thinking of Becoming an Insurance Agent, Advice?

[Question]

Firstly i dont live in the US(I actually live in Singapore) so the insurance industry will probably be somewhat different, but i would like to hear comments all the same.

One of the big insurance companies here wants to recruit me. I will be under a manager who will be responsible for my training, etc after i obtain my license. Ive been told to expect to make LOTS of calls everyday trying to setup appointments and spending a lot of time travelling for these appointments.

At this point some people have commented that this was a pyramid scheme of some kind...i wont make any real money out of selling insurance, i will only make money if i become a manager and my guys sell insurance. No clue on how accurate this is. Comments?

Basically i want to know what its like for this job. What can i expect, etc? I dont want to trust the guy recruiting me too much, because recruiters always emphasize the good points over the bad(and in our meeting, he did focuse on how much i could potentially earn). I want to hear reality.

 

[Benefits Man]

It might be a good gig. I would just make sure you read your non-compete and understand it's consequences completely.

 

[Question]

It might be a good gig. I would just make sure you read your non-compete and understand it's consequences completely.

Read my what?

 

[Benefits Man]

Typically, when a company hires you and puts a lot of support behind you they make you sign a contract called a non-compete. Usually it basically just says if you quit you can't work for any competitor or take any clients with you for a certain period of time (usually 6 months to 1 year). If you ever wanted to go out on your own you might be trapped.

 

[Question]

How does one go out on their own? Out of curiosity.

 

[scagnt83]

With all due respect to the good opinions of the members of this site...

You need to talk to some agents who are in Singapore. Laws, products, customs, business practices, commission structures, etc. are all different in other countries. Especially in Asia.
Speak to agents who work for that company, who work for the competitors, and who work in different areas of the insurance industry. This will be your most valuable advice.

 

[johndale]

You can ask directly to a company there in Singapore or research online first regarding the rules and regulations of Insurance because it varies in different countries.

 

[xosephchu]

Generally, insurance agents especially those who are new and do not have natural market need to put in a lot of efforts to build clientele at the inception of their insurance business.

This is a rejection business, many prospects you meet will say no to you. You need to have mental strengths to go through the challenges. Besides you must like to meet and talk to people. You need to have a big dream to help you see beyond hurdles.

Many factors come into play to decide your income potentials such as your competence, efforts, market etc.

Whether or not you should join the manager is dependent how you can get along with him at personal level, your ability to adapt yourself to the culture of his group of agents, his success stories and people he built in the past.

Best regards

 

[Question]

I cant seem to find a singapore forum that deals with insurance related stuff though. Thats why im asking here.

 

[mccloud55]

Hello,
I'm new to the forum. I was an agent with Farmers Ins. in California many years ago. Now I would like to explore the possibilities of becoming an independent agent, and would appreciate any advice on where to begin? I understand the testing process here in CA. and have researched a few online schools. Any advice is appreciated!