Conclusion


Insurance is a service required in any developed economy. It goes hand in hand with economic expansion and the rise in living standard. Many practitioners are optimistic about the prospects of the insurance industry. In recent years, insurance has gradually been accepted in Hong Kong and the public has also realized the importance of insurance. In addition, the implementation of the MPF Schemes has also brought about a huge market for the insurance industry. Therefore, the insurance industry needs more financial planning professionals to assess the demands of clients and to advise on portfolios of insurance, including mandatory provident fund, life insurance, medical insurance, employees’ benefits insurance, general insurance, or even fidelity insurance and partnership insurance.


To be a successful insurance practitioner, you must be diligent, persevering and keen on learning. You must also set your targets and be clear of your directions. Since the insurance industry has become more professional, academic qualifications acquire greater importance. Therefore, insurance practitioners should pursue continuous learning to improve and enrich themselves. They should also acquaint themselves with other investment methods or even foreign taxation systems in order to offer service to those clients with a foreign right of abode.


Good performance is highly demanded from insurance intermediaries and MPF intermediaries and they must meet the monthly target set by their companies.


Although many people think that the insurance industry has good prospects, anyone who wants to join the field must pay attention to the following three points: firstly, he should not aim at making a quick buck; secondly, he should know how to cope with rejection by other people; and thirdly, he should be prepared to work long hours because he may have to meet his clients at night or during holidays.


After 1997, with the strengthening of contacts between the Mainland and Hong Kong, the development of the Mainland’s insurance market will become highly dependent on Hong Kong for professional knowledge and skills. It is also expected that the Mainland economy will experience a rapid growth in the next few decades and this will create a colossal demand for insurance. The insurance industry of Hong Kong, underpinned by Hong Kong’s geographical advantage, should be able to tap the Mainland market. Many insurance companies are now looking forward eagerly to entering the Mainland market. Therefore, there will be ample development opportunities for Hong Kong’s insurance practitioners.


In the past few years, the public has gradually accepted investment-linked insurance products and employee benefit plans. With the implementation of the Occupational Retirement Schemes Ordinance and the launch of the MPF Schemes, there is a demand in the insurance industry for well-trained staff to manage a great number of newly established retirement schemes and to deal with investment matters of provident funds. To cope with the expansion in business, the insurance industry is in need of front-line staff engaging in marketing, staff providing logistical support as well as supporting services in finance, investment, accounting, administration and computer technology.


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