Job Description
An insurance intermediary can either be an insurance agent or an insurance broker. An insurance agent is the agent of an insurance company who sells insurance products on behalf of that company. An insurance broker, on the contrary, represents a policyholder or a prospective policyholder and acts on behalf of the policyholder or prospective policyholder in fulfilling his insurance needs. A person shall not act both as an insurance agent and an insurance broker at the same time. The duties of insurance intermediaries include:
Advise the clients on insurance needs and place their insurances with insurers
Explore new markets and find new clients through referrals by clients and random visits
Advise on ways to reduce risks and hazards thereby lowering the premium payable
Keep records of the clients, the nature of the policies and the terms specified thereon, and suggest to clients to review or renew the policies whenever necessary or appropriate
Help clients settle claims with the insurers in case of mishaps
MPF intermediaries: sell MPF schemes; advise clients on constituent funds or underlying approved pooled investment funds of MPF schemes
Qualities and Qualifications
Insurance agents should be aged 18 or above; have completed Form 5 or possess 2 years’ relevant experience and have completed a course recognised by the Insurance Agents Registration Board and passed the Insurance Intermediaries Qualifying Examination conducted by the Vocational Training Council
People who wish to sell MPF schemes must pass the Mandatory Provident Fund Schemes Examination conducted by the Vocational Training Council or the MPF
Intermediaries Examination conducted by the Hong Kong Securities Institute and acquire the MPF Intermediaries Card
Pleasant, proactive and sincere
Mature, conscientious and honest
Hardworking
Have good social network
Have good communication skills
Like to deal with people
Have sufficient knowledge of the company’s products and have obtained relevant certificates
Insurance Agent
In general, an insurance agent can select either career path according to his own wish and aptitude. The career goal of Path A is to build up a sales team of his own; to recruit and train up new entrants as well as to participate in management work. Path B is more suitable for insurance agents who like to engage in direct sales and do not wish to spend time on supervising subordinates.
Promotion opportunities of both career paths are based on one’s performance, service quality and management performance, but not years of service. Remuneration depends primarily on one’s performance.
Mandatory Provident Fund Intermediary
Training Paths