While agents are still the ‘go-to’
option for Singaporeans requiring insurance information and purchase, the
industry is constantly evolving and agents must prepare for the future. Being a
‘product-pusher’ and just answering questions will not cut it anymore. Agents
must market/brand themselves effectively to continue to stay relevant to the
consumer. These are some ways they could distinguish themselves:
- A Valued Agent-Customer Relationship
This was pointed out during the
interview with Person E; agents should be advisers, not just salespersons. With
so much information and noise in the cyber world, customers need someone
trusted and competent to ‘cut through the clutter’ and derive the important and
relevant information. Besides being an adviser, agents must also manage
customers’ emotions and preferences and their relationships with others in
their circle, such as their spouse, children, parents, in-laws, siblings,
grandchildren, etc. With a personal bond and sagely advice, agents can add
tremendous value to the relationship.
- Continuous Education and Credentials
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‘Agent Value’ Pyramid
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A common refrain from the qualitative
interviews with the industry movers and shakers was ‘Continuous Education’ and
‘Lifelong Learning’. In an ever-changing world, agents need to be on top of
their game by staying informed not just on work-related subjects, but also
beyond. It is no longer enough to know just products and competitors’
offerings; agents must be in touch with current world affairs, wills, trusts,
relevant legal issues, etc. to be able to engage effectively with clients at
all levels.
The tide of technological disruption is rising slowly but
surely. General insurance plans are already commonly bought online. Even though
take up is slower than expected for online purchase of ‘simpler’ life and term
insurance, this trend may also be on the rise. Next to go under the tide of
disruption will be agents who are ‘product-pushers’, these do not add much
value in terms of advice to the clients. Thus agents must ‘move up the value
pyramid shown in Figure 5b and provide greater levels of advice to clients.
They can do so by upgrading their education and industry
credentials to market themselves well and distinguish from the competition.
Having the mandatory industry entry-standard papers will no longer be insufficient.
Agents should attain international accreditations and designations such as
Associate Estate Planning Professional (AEPP®) conferred by the Society of Will
Writers & Estate Planning Practitioner (SWEPP. www.willwriters.com ),
United Kingdom and the Certified Financial Planner (CFP®) conferred by the
Financial Planning Standards Board (www.fpsb.org) from the United States of
America.
- Technologically-Savvy
Another critical change required is
the mindset change towards technology. Agents must not be afraid of new
technology and learn to embrace changes brought about by technological
advancements. They must use technology wisely to enhance their personal
productivity and also when engaging the customer. Technology has already
invaded nearly every stage of the business cycle and eventually it will be
impossible to do without. Agents must be ready by learning and adopting these
to their advantage.
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