Insurance 101: How To Identify An Excellent Employer In The Insurance Sector?

Lenard Cheong from a leading insurance company explains on how the insurance industry of Malaysia promises plenty of new exciting career opportunities and describes the hallmarks of a good insurance organisation.
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Lenard Cheong
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All companies, insurance or otherwise, usually hire to either fill on a new vacancy or replace staff who have resigned. There are many insurance companies out there – life, general, life reinsurance, takaful, etc – for fresh graduates to choose from but the question is how do they know if they are making a sensible and informed choice when it comes to identifying and selecting the right employer?

Excellent employers usually display a specific set of qualities that differentiates them from others. Fresh graduates who wish to work in the insurance sector should keep a look out for these qualities.

Reputation in the market

This is important to ensure the stability of the organisation as the liability of insurance company is high. Just like a bank, you will only put your finances in a bank once you are assured of its reputation and stability. As a rule of thumb, insurance companies with a larger asset base and a larger policyholder base are likely to be more stable as they are better positioned to deal with a potentially higher number of claims.

Far-reaching products

Life insurance products should reach out to serve the different protection and/or investment needs of the public. The products should always be innovative as modern society's lifestyle – and thus, their protection/ investment needs – is always changing.

Happy employees

As the insurance industry is a service-oriented industry, the organisations have to demonstrate that they are focused on developing their employees. Good training and development not only enhances the work and life of the employees, it also translates to the way that they will serve their clients or do their jobs.

Progressive organisations not only keep their employees happy by developing them (and promoting employees with good track records and potential), but also implement employee engagement activities to boost motivation and morale as well as improve the overall well-being of employees.

Established Organisations

Another hallmark of a good company is that it should be established and has been around for a period of time. That is usually a sure indicator of stability and it shows that the company has solid backing for their operations. Good reputation also comes from the company being in service for a long time. After all, one will want to put their faith and confidence with a company that has a long-standing positive track record of delivering to all its stakeholders.

Did you know?

Channels of insurance distribution

Agency force
In Malaysia, this is the main channel of distribution for insurance products. Most insurance companies distribute their products through a trained agency force; agents are
independent entrepreneurs – not usuall employed by the insurance company – who commit to selling a particular insurance company's products. Often they group up under a leader to form an agency. They are assisted by the business development team of the insurance company by conducting training programmes, refresher courses, incentive programmes, as well as setting up agent recruitment events and product roadshows.

Bancassurance

The second channel is bancassurance, whereby the insurance companies sell some of their products through a partner bank. Life insurance companies usually form a working relationship with a bank to help distribute their products to the bank's customers. This is a channel of growing importance leveraging on the increasingly large number of Malaysians with bank accounts.

Group insurance

The third channel would be group insurance whereby insurance products are sold to companies. These are normally called Group Term Life and Group Personal Accident (PA), in which the company is covered for damages, or loss of their staff as per agreed in the policy term and conditions.

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