The insurance industry are divided into two general categories. First, is the Life Insurance and probably many people are well aware of it. The other category is known as General Insurance and probably not many people are aware of it.
First, let's take a look at being a Life Insurance Agent.
Not too long ago, whenever you mentioned that you're a life insurance agent, people would kept their distance. At least that's the senario in Malaysia. That was a time when life insurance began to take shape in Malaysia. Prior to that, life insurance agent was a 'never heard off' job.
How would one describe a life insurance agent back then? Naive, ill trained but overly motivated. Their persistence in follow up on a prospect caused much of an annoyance to the majority rather than allowing them to see the benefits of the coverage or the business opportunity. Often these naive insurance agents, when they speak, they're full of egos, offending and at times offensive when one raised objection. I've personally spoken to a few in the past and the impression they gave me is as though 'we live to plan, how to die to get most benefits from your insurance policy'.
Today, the landscape of the Life Insurance Agent profession had changed dramatically. A life insurance policy as a safety net against the unexpected, is well conveyed to the general public throughout the years and this has changed the way people look at a life insurance policy. It's perceived as a safety net, a necessity to provide 'for' to the family members to continue their lives rather than a financial burden.
This sector has certainly come a long way with many young people archieving their financial goal and its not too difficult to find a live example near you if you really look for it. The method and presentation to convey this needs was made now in a more professional and acceptable way.
Next, we take a look at being a General Insurance agent.
Generally, what it means by General Insurance? In plain English word, all other classes of insurance except life insurance are under this category. Because the coverage and development of general and life are independent, the study and governance is a totally different subject altogether.
Some of the commonly found classes in General Insurance are Motor (Auto in other countries), Cargo, Fire, Personal Accident, Liability and Workmen.
How to become a General Insurance agent? To become a general insurance agent, one need to register with PIAM (Persatuan Insuran Am Malaysia) and take an examination set by PIAM. Upon getting the certificate from PIAM, one can apply for two Principle Insurer company incorporated in Malaysia. Acceptance to be an agent will first have to be approved by the respective insurance company.
Principle Insurer is the Insurance brand name you can carry to do you insurance business. In Malaysia, insurance agents must abide by rules set by regulatory body like PIAM or LIAM. On of the common rule is that an agent must not be working in any of the insurance company to avoid conflict of interest. Anyone interested in this agency business can contact PIAM or LIAM for more information on what are the requirements.
Being an insurance agent, whether in Life or General, is a business one can start on part-time or work from home basis. It doesn't required large capital and business experience and its professionalism image is on the rise.
But bear in mind, this is not one work at home, making easy money job just for anyone even if your friend who is an agent is telling you that it is. It need strong self believe, very different mentality comparing than working a day job and lots of hard work to succeed.
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