Life insurance industry is one of the most important industries in Malaysia as it provides Malaysian financial freedom and peace of mind in case of their family bread winner unable to continue to support their family due to unexpected circumstances such as accident, illness or succeed death.
Currently, there are 14 life insurance companies in Malaysia with nearly 77,736 agents (2017), and it is estimated that every year, there are 8,000 to 9,000 people registered themselves to be an insurance agent, be it part time or full time.
Besides individual agents, Malaysia commercial banks also selling life insurance policies through their bancassurance channels. It is in line with the government’s vision of having minimum 75% of Malaysian are covered by 2030.
Hence, it is important that every new agents joining this industry are fully aware of this industry in term of products features, claimable clause, investment return and so on so that they could provide excellent customer services to their potential policyholders.
The average attrition rate of Malaysian life insurance agents in the first three years is estimated at 65%-70%. That mean, out of 10 new agents joined each year, there will be around 6 to 7 agents will leave this industry within the first 3 years, due to many reasons such as unable to generate sufficient income to support their family, unable to cope with business stress and pressures, lack of commitment, conflict with peers and lack of customers’ base.
All these happened is due to the fact that one does not have a proper, systematic and effective programme for them to get understand the industry, business model canvas and potential challenges lie ahead of them before they officially embark on the journey, so that they could prepare themselves mentally, emotionally, financially, psychologically and spiritually.
With that in mind, Life Insurance Agents Success Manual was written aimed at reducing the attrition rate of this industry so that life insurance companies could maximize their investment return and yield benefits from their recruitment campaigns. This success manual also will be the basis guidelines for new agents to perform their duty as a professional life insurance agent.
This success manual provides potential and upcoming life insurance agents a comprehensive and total understanding of life insurance industry. It has 14 chapters and among topics covered are self-mastery analysis, research and development of life insurance industry, business model canvas, critical success habits, agency building, insurepreneurial skills and ultimate goals of a life insurance agent.
Through this success manual book, participants will be equipped with a general knowledge about life insurance industry so that they could prepare themselves with the necessary knowledge, skills, habits and attitude in managing the business later.
Hence, potential agents or agents would understand clearly the overall climate of life insurance industry, what are the basis knowledge, skills and habits they should have in order to succeed in this industry. On top of that, they will be given a clear signal on what are their gaps in term of knowledge, mindset, skills set and tool set, so that they could pre-equipped themselves to minimize hiccups when officially embark on this journey.
The following are the topics covered in this success manual.
1. Why life insurance business?
2. Are you making the right decision?
3. Self-Mastery Analysis
4. Business partners
5. Critical Success habits
6. Business model canvas
7. 1st three years as agent
8. Overcome success terror barriers
9. Agency Building
10. Meetings & Activities
11. From ordinary to extraordinary
12. The ethics of life insurance business
13. Essential entrepreneurship skills
14. Ultimate goals as life insurance agent
We strongly encourage life insurance agents, potential life insurance agents, policy holders, agency leaders, life insurance company staff, agency Clerk and whoever wish to understand life insurance industry and its business prospect to buy and read this success manual.
This success manual book will be available in the market by the end of 2021 or early 2022. Currently, those 14 topics covered in the success manual will be delivered through physical training or zoom training so that participants could understand directly from the author himself on the meaning of each of the topic.
Interested parties are welcomed to contact Richmind Consulting and Mentoring Sdn. Bhd for further information.