How to become a Life Insurance Agent

Document Sample
How to become a Life Insurance Agent Powered By Docstoc
					       How to become a Life Insurance Agent?
       Career paths/success stories of few Marketing Executives
       Training Courses offered for Marketing Executives
             Foundation Course
             MOSC (Marketing Orientation Study Course)
             MMS (Management Marketing Series)
       Success Stories (of few Marketing Executives)
       Professional Qualifications
             Actuarial Science
             Chartered Insurance
             Life Insurance Management
             Please click here for training schedule for Marketing Personnel

How to become a Life Insurance Agent?

Dynamic young men and women of minimum 20 years of age holding National Identity Cards, havin
Matriculation certificate and capable to accept the challenges, can be appointed as Sales Representa
They have to complete pre-determined performance standards. The candidates can approach the Zo
Offices or the Area Offices/Agency Offices spread over the nooks and corner of the country for select

Career Paths/Success Stories of few Marketing Executives

A Sales Representative having two years’ association and having fulfilled the laid down promotion cr
elevated as Sales Officer. He has to pass in-house courses.

The Sales Officers completing the laid down promotion criteria of Sales Manager are upgraded as Sa
Managers.

The field channel is paid basic commission and additional bonuses for quality and consistency. All the
channels are provided group insurance facility and the Sales Officers and Sales managers are allowe
medical facility and on completion of pre-determined parameters, seating & allied facilities which inc
office, office furniture etc.

Training Courses Offered for Marketing Executives

State Life Insurance Corporation of Pakistan provides adequate training to its marketing executives t
the ‘Field Manpower Development’ (FMD) Department. There are four Regional Academies, one each
respective region, 26 FMD Centers, one in each zonal office to impart training, seminars and refreshe
courses to different levels of our marketing force. FMD department offers three courses exclusively f
marketing executives. These courses have been adopted from LIMRA (Life Insurance Marketing and
Association of USA). They are:

   i.   Foundation Course
  ii.   MOSC (Marketing Orientation Study Course)
 iii.   MMS (Management Marketing Series)

Following types of seminars are regularly conducted in different zones as per requirement of the zon
topics are as under:

       Time Management
       How to build up team
       How to improve persistency
       How to improve Renewal Persistency
       Recruitment and to get result
       Policyholder Service
       Leadership + Motivation
      And many others


Foundation Course (FC)

The Foundation Course is basic requirement in Insurance Ordinance – 2000 in Pakistan. According to
Ordinance, every field workers should be fully trained about the insurance products and should be ab
assess needs of customers. According to the Ordinance, Agents operating in Life Insurance shall be r
to complete a ‘Foundation Course’ of three months duration. The Foundation course contains followin
phases:

      Phase - I 17 days Classroom Training
      Phase -II 70 days On Job Training (Practical Field training under the supervision of Area Mana
       Sector Head)
      Phase-III 02 days Revision
               01 day Final Test

Every agent must complete Foundation Course for registration in the State Life.

Management Orientation Study Course (MOSC)

This course contains 17 units: Its duration now in 2006 is changed from 15 to 10 days. Following top
covered under this course:

      Planning and Management
      Recruiting
      Selection
      Training
      Supervision

This course together with FC is an essential requirement for promotion of Sales Representative to Sa
Officer.

Marketing Management Series (MMS)

This course comprises of 5 Modules, each module contains 5 units and total 25 units are included in
course. The normal duration of this course now changed from 25 to15 days, This course is conducted
continuously for 15 days. Following Subjects are included in this course:

      Recruiting for result
      Selection for Success
      Penetrating your Market
      Improving Performance
      Planning for Productivity

This course together with FC and MOSC is an essential requirement for promotion from Sales Manag
Manager and above.

Success stories of few Marketing Executives

Career in life insurance sales is very promising and has chances of elevation to the highest positions
history is full of people who joined life insurance as Sales Representatives and reached the position o
Executive Director. M/s Mubarik A.Malik, M.Hafeez Malik, Mian A.Qadir, Akram Hussain and many oth
joined life insurance as Sales Representative and retired as Executive Director/ Sr. Executive of the
Corporation.

There are number of others who joined life insurance and achieved laurels, distictions and positions
prestige during the past 50 years. Mr. Riaz Akhtar, Sr.Area Manager, is one of those stalwarts who h
consistently doing marvelous business and has been a Crorepati Area Manager consecutively for nea
decades.

The profession provides ample opportunities for the educated young people who accept the challeng
keep on climbing the ladder of success and have an opportunity to the highest positions available in
Corporation.

Professional Qualification

Actuarial Science

Actuarial science deals with risk management. A qualified professional in Actuarial science is called a
Actuary. The Actuary is a business professional who uses mathematical skills to define, analyze and
financial and social problems. In dealing with such problems, actuaries create and manage programs
reduce the adverse financial impact of the expected and unexpected events like illnesses, accidents,
unemployment, loss of property or premature death.

At the principal Office of State Life there is a separate division looking after all actuarial matters. Fro
time State Life also inducts bright young students in its Actuarial Training Scheme, which provides a
opportunity to acquire actuarial qualifications while engaged in practical actuarial work as an employ
State Life.

State Life’s Actuarial Training Scheme

State Life has a program for recruiting freshly qualified intermediate (pre-engineering) and A-level c
as ‘Actuarial Trainees’. Based upon its requirements and vacancies available, State Life invites applic
advertising in all the leading daily news papers of the country. The criteria and procedure for selectio
mentioned in the advertisement, which is strictly followed. Based upon the progress of the actuarial
they are promoted to higher grades.

The Society of Actuaries USA and Institute of Actuaries, UK, both conduct examinations in Pakistan t
their representatives. For examinations of both the professional bodies, the student has to put in per
efforts to pass the examinations through self-study.

Process of registration for the examinations of both the professional bodies is simple and every stude
register on his own. Admission to the UK Institute as a Student member is not automatic and the ca
needs to apply for the membership of the institute. Both these bodies offer discounts to the students
developing countries. You may write to these bodies in order to obtain discounts.

Details about the syllabus, registration, examination structure, examination fees, discounts, etc is gi
Catalog, which can be obtained free of cost by writing directly to the respective professional bodies a
following address or visiting their website:

Institute of Actuaries
Staple Inn Hall
High Holborn
London WCIV7QJ, UK
http://www.actuaries.org.uk/

Society of Actuaries
475 N. Martingale Road
Suite 800
Schaumburg, IL 60173-2226, U S A
http://www.soa.org/

Chartered Insurance

Different qualifications offered by the Chartered Insurance Institute (CII), London, UK are valuable a
accepted globally in insurance market. State Life also recognizes these qualifications and encourages
employees to pursue them. The CII offers following qualifications on earning prescribed number of c

•   Certificate CII
•   Diploma CII
•   Associate CII
•   Fellow CII

For further details, please log on to the website of the CII:www.cii.co.uk

Life Management

Life Office Management Association (LOMA), USA offers different qualifications for management of lif
health insurance. Most cardinal of these is Fellow, Life Management Institute (FLMI). State Life enco
employees for pursuing these qualifications. For further details about different qualifications offered
please log on to their website: www.loma.org

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:1
posted:9/20/2012
language:English
pages:4