Insurance Agent/Financial Consultant

Insurance Agents advise clients on insurance plans based on their needs, financial situation and life expectations.

Insurance Agent/Financial Consultant Job Description

Carry out a financial needs analysis to review clients' needs. This information forms the foundation for providing personalised financial advice.

Advise on insurance solutions that are aligned with clients' needs, financial goals and risk profile.

Build strong relationships and provide excellent client service to maintain the existing client base.

Support sales campaigns and roadshows to facilitate new business development and branding.

Manage client's policy renewal and claim status by providing support and guidance to clients through the claims process and advocating for fair compensation.

Note

Since 2012, the government has initiated FAIR to improve Financial Advisory Industry standards. Financial Consultants must meet CPD training hours to stay updated with industry and regulatory changes.

What you should know about Insurance Agent/Financial Consultant jobs in Singapore

Nature of Work

As an Insurance Agent/Financial Consultant, you guide clients, assess their needs and recommend suitable products/strategies.

Key Advice

Be ready to align with your clients' schedules! This may mean working outside of office hours and weekends.

Entry Requirements

Entry Requirements
Minimally a GCE 'A' Level certificate.

You will need to pass several exams by the Singapore College of Insurance (SCI) to be a licensed insurance agent or financial consultant.

Customer service skills will help when clients ask questions. Be ready to explain complex concepts and provide buying advice.
Possible Pathway

Possible Pathway

Skills you need to pursue an Insurance Agent/Financial Consultant career in Singapore

Hard Skills

Knowledge of Financial Interests and Solutions

Profound knowledge of financial products and risk management strategies.

Analytical Skills and Data Interpretation

Master data interpretation for informed decisions and client insights.

Regulatory Compliance and Legal Knowledge

Understanding financial regulations ensures compliance and ethical financial advice.

Soft Skills

Customer Orientation

Prioritising client satisfaction and understanding their needs is key to building trust.

Leadership

Being able to lead a team, make strategic decisions, and guide junior colleagues is crucial.

Communication

Clear communication is vital for explaining complex financial concepts to clients.

Frequently asked questions (FAQs)

What happens to Insurance Agent/Financial Consultant's income during the period of time when there are few or no clients?

Many Insurance Agents actually work more than one job. During the months when there are few clients, they would have an alternative source of income. This is acceptable since insurance work operates based on gaining commissions. However, the two jobs should not cause a conflict of interest.
Since Insurance Agents/Financial Consultants have to meet and find clients, will they be busy all the time?

Insurance Agent/Financial Consultant's working hours are less than the typical 9-5 jobs - it is very flexible. The schedule is heavily dependent on the clients.
How do Financial Consultants handle client complaints or claims?

The Financial Consultants have to stay professional, ethical, and transparent. They need to prioritise the client's best interests and work towards finding a fair and satisfactory resolution.
Are Insurance Agent/Financial Consultant roles commission-based or salary-based?

It can be both depending on the arrangement with the employer. Some Financial Consultants work on a commission-only basis, where they receive a percentage of the products or services they sell. Others may receive a combination of salary and commission, with a base salary and additional commissions based on their performance.
How do Financial Consultants build and maintain client relationships?

There are many ways Financial Consultants can build and maintain client relationships. For example, Financial Consultants keep regular and effective communication with clients by informing them about market trends, investment strategies, and changes in financial regulations.