Prudential agents of change
It is not uncommon to have your first contact with an insurance company through an insurance agent. The nature of work of an insurance agent is somewhat similar to any other job of a salesman, because indeed, they are selling something to you — most of the time, face to face.
Unfortunately, the ‘salesman’ label has consistently received an unfavourable perception either verbally or in written form, linking them to the likes of being ‘pushy’ or ‘annoying’. Some companies have even gone to the extent of pasting unfriendly “No Salesmen Allowed” notices on their front doors. Sadly, insurance agents are not spared from being stereotyped in a similar way.
Over the years, regulatory and monitoring bodies such as Bank Negara Malaysia and the Life Insurance Association of Malaysia (LIAM) have done much to uphold the integrity and enhance the professionalism of insurance agents. Insurance companies have also been doing their bit to improve public perception of their most conventional form of distribution channel.
Technology is playing a big part in driving efficiency and productivity in today’s insurance business.
Life insurance agents have come a long way since 20 or 30 years ago, according to Bill Lisle, chief executive officer of Prudential Assurance Malaysia Berhad. “Changing lifestyles of society and demands for better products and services have transformed the way agents deal with their work and customers. Unlike their predecessors, agents these days are no longer just selling policies for basic protection. Instead, they have earned the privilege of planning for the financial well-being of all of us. These ‘wealth planners’ — as what we call our agents in Prudential — are the new breed, the agents of change,” he says.
New Breed
Planning for someone’s financial future is no easy task, which is why the role of a wealth planner goes beyond closing a sale. While the financial rewards are certainly an attraction to the business, there is a greater objective to becoming a wealth planner.
This new generation of insurance agents are far more advanced and better equipped than what they used to be in the old days. The evolution has come about because there was a bigger need to educate the public on their future while meeting the challenges of the highly competitive environment.
IT Savvy
Technology has played a huge part in driving greater efficiency and productivity in the insurance business. It has enabled wealth planners to take on more clients at any one time. High speed laptops are now linked directly to insurance companies via the Internet, making the tasks of obtaining quotes and processing applications and service requests a lot faster and easier.
From the insurance company’s perspective, developing the right software to keep their agents productive and taking advantage of new technology are important initiatives in their quest to stay ahead of the game.
Prudential’s PRUway point-of-sales system, which was launched recently, makes it possible for wealth planners to conduct financial analysis for their clients, perform sales presentations and all the necessary transactions electronically and instantaneously anytime, anywhere.
“This truly integrated system will transform the way our wealth planners do business. It will also contribute to higher productivity levels by providing them with mobility, more freedom and flexibility,” Lisle says.
Ang Thiam Huat is among the many wealth planners who are already capitalising on the latest technology to keep efficiency at optimum levels.
“I have a BlackBerry smartphone which allows me to stay connected and work while on the move. Now with PRUway, my clients can sign their proposals on an e-pad and immediately, the forms are transmitted online to the company’s back-end office for processing. It is so convenient and best of all, totally paperless. This will certainly give me an edge over the competition, especially when speed is everything in this day and age,” he says.
A Wealth of Knowledge
Apart from being technology savvy, the role of wealth planners today also requires them to be skilful and knowledgeable. In this aspect, Prudential’s PRUbusiness academy equips wealth planners with the right skills and understanding of a comprehensive suite of financial solutions, so that they are able to make the right recommendations based on their clients’ needs, rather than the conventional way of product pushing.
Continuing professional development is crucial for any wealth planner, as it is their ticket to remain competitive in the current dynamics and fast changing environment.
The professional status of insurance agents today has indeed emerged from its predecessor ‘salesman’ image. Bound by industry standards and strict guidelines, this new breed of agents, or wealth planners, are more likely to be called upon by eager clients, rather than face the bitter prospect of the unfriendly notice on an office door.
Article by Prudential Assurance Malaysia Berhad
