35% of Insurance Agents Earn Above RM20,000 A Year
According to Deputy Finance Minister, Datuk Donald Lim Siang Chai, only 35% of insurance agents earn above RM20,000 per year.
This means the balance of 65% of insurance agents earn below the average wage of a Malaysians which is RM33,000 per year.
Source: The Star, 30 August 2012
To be come an insurance agent is very easy.
You just need to attached to some insurance company and take the insurance examination conducted by The Malaysian Insurance Institute.
However to be a successful insurance agents is never easy and need a greater of human, knowledge and sales skill. It involved a lot persistent, strong in mental and must be able to handle multiple sales objections.
If you can make it in the insurance industry, then the reward can be very rewarding. For example, for life insurance policy, you’ll earned the sales commission for few years as long the policy is renew.
When you reached certain level, you can recruit other people to be your sales partner. For every sales your sales partner generated, you’ll get a cut of the overriding commission.
Just like in any industries, the Pareto Principle or the 80/20 rule is applied. Pareto principle states that 20% of of people in the industry are top earner in sales commission vs 80% earn average(below) average sales commission.
It not uncommon to see successfully insurance agents that drove a Big cars and stay at prestigious address that everyone would envy.
The Malaysian insurance industry is still largely untapped as the average sum assured being less than RM50,000 per person.
This provide a huge opportunities for further growth. The lack of awareness and acceptance on the importance and benefits of an insurance policy has lead to a largely unsaturated market.
Do consider taking up a challenge to be an insurance agents by attending the Business Opportunity Preview. There are many Business Opportunity Preview that provided by the insurance companies and agency.
The Malaysian insurance industry is supervised and regulated by Bank Negara Malaysia through the Insurance Act 1996.
List of Licensed Insurance Companies & Takaful Operators in Malaysia:
Life Business Only
- AXA Affin Life Insurance Berhad
- Allianz Life Insurance Malaysia Berhad
- AmLife Insurance Berhad
- CIMB Aviva Assurance Berhad
- Great Eastern Life Assurance (Malaysia) Berhad
- Hong Leong Assurance Berhad
- Manulife Insurance Berhad
- Tokio Marine Life Insurance Malaysia Bhd
- Uni.Asia Life Assurance Berhad
Life and General Business
- American International Assurance Bhd
- Etiqa Insurance Berhad
- ING Insurance Berhad
- MCIS Zurich Insurance Berhad
- Prudential Assurance Malaysia Berhad
- Zurich Insurance Malaysia Berhad
General Business Only
- ACE Jerneh Insurance Berhad
- AXA Affin General Insurance Berhad
- Allianz General Insurance Company (Malaysia) Berhad
- AmG Insurance Berhad
- Berjaya Sompo Insurance Berhad
- Chartis Malaysia Insurance Berhad
- Danajamin Nasional Berhad
- Kurnia Insurans (Malaysia) Berhad
- Lonpac Insurance Berhad
- MSIG Insurance (Malaysia) Bhd
- MUI Continental Insurance Berhad
- Multi-Purpose Insurans Berhad
- Overseas Assurance Corporation (Malaysia) Berhad
- Pacific & Orient Insurance Co. Berhad
- Pacific Insurance Berhad, The
- Progressive Insurance Berhad
- QBE Insurance (Malaysia) Berhad
- RHB Insurance Berhad
- Tokio Marine Insurans (Malaysia) Berhad
- Tune Insurance Malaysia Berhad
- Uni.Asia General Insurance Berhad