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.

Licensed Insurance Companies

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

  1. AXA Affin Life Insurance Berhad
  2. Allianz Life Insurance Malaysia Berhad
  3. AmLife Insurance Berhad
  4. CIMB Aviva Assurance Berhad
  5. Great Eastern Life Assurance (Malaysia) Berhad
  6. Hong Leong Assurance Berhad
  7. Manulife Insurance Berhad
  8. Tokio Marine Life Insurance Malaysia Bhd
  9. Uni.Asia Life Assurance Berhad

Life and General Business

  1. American International Assurance Bhd
  2. Etiqa Insurance Berhad
  3. ING Insurance Berhad
  4. MCIS Zurich Insurance Berhad
  5. Prudential Assurance Malaysia Berhad
  6. Zurich Insurance Malaysia Berhad

General Business Only

  1. ACE Jerneh Insurance Berhad
  2. AXA Affin General Insurance Berhad
  3. Allianz General Insurance Company (Malaysia) Berhad
  4. AmG Insurance Berhad
  5. Berjaya Sompo Insurance Berhad
  6. Chartis Malaysia Insurance Berhad
  7. Danajamin Nasional Berhad
  8. Kurnia Insurans (Malaysia) Berhad
  9. Lonpac Insurance Berhad
  10. MSIG Insurance (Malaysia) Bhd
  11. MUI Continental Insurance Berhad
  12. Multi-Purpose Insurans Berhad
  13. Overseas Assurance Corporation (Malaysia) Berhad
  14. Pacific & Orient Insurance Co. Berhad
  15. Pacific Insurance Berhad, The
  16. Progressive Insurance Berhad
  17. QBE Insurance (Malaysia) Berhad
  18. RHB Insurance Berhad
  19. Tokio Marine Insurans (Malaysia) Berhad
  20. Tune Insurance Malaysia Berhad
  21. Uni.Asia General Insurance Berhad

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