Myths and Facts about Working in the Insurance Industry

Nov 17, 2017 by

Note: This is Part 2 of a series of blog posts about financial advising. Click here to read all articles in this category.

A career in the insurance industry is one of the most satisfying career options out there. You get to save lives and basically work and earn like a successful entrepreneur. This is why more and more people are making the switch to a career in this industry, and a lot of them are walking ambassadors as they spread the word about the benefits of working in this industry.

Unfortunately, there are still a lot of myths about working in the insurance industry. It’s unfortunate because this is what’s keeping people from even considering a career in insurance.

There’s really no problem if you did your homework by understanding the facts and really checking out this opportunity before you decide that it’s not for you. However, a lot of people don’t even consider it because of the myths, and they end up missing out on an opportunity of a lifetime.

Myths and Facts to Settle Things Once and for All

insurance industry
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Myths and facts about working in the insurance industry.

Here are some known myths and the corresponding facts:

  • Selling insurance is a corny job.

We’ve all seen insurance agents portrayed in Filipino movies. They’re usually casted as promdis with “carabao English” wearing an oversized long sleeved shirt and carrying a briefcase with them.

selling insurance
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It doesn’t have to be a corny job.

Nowadays, it can be considered as a prestigious career. The most successful agents are highly-educated, well-trained and exudes an air of confidence that’s often associated with the confidence shown by entrepreneurs, engineers, architects, bankers and other professionals.

It’s all about setting the right mindset before you get started on this career.

Besides, they’re not called insurance agents anymore. They’re called financial advisors. This is because they’re not just selling insurance. They’re selling different products that can help with financial building and protection.

  • It entails a lot of hard-selling.

Yes, it’s considered to be a sales job, but it’s more on educating rather than selling. Bulk of the job is on educating prospects on why they need to invest on insurance. It’s about establishing a relationship with prospects, knowing their needs, and presenting the right product to fit those needs. Once you’ve done that, the product will sell itself.

With more and more Filipinos understanding the need to protect themselves, there’s little to no hard-selling involved.

  • There are too many financial advisors already.

While it’s true that insurance is one of the hottest industries in finance that employs hundreds of thousands of Filipinos, there’s still room for hundreds of thousands more. Our population is growing older and Filipinos are generally more conscious with their wealth. This presents an opportunity for you as there’s a pressing need for more advisors to cater to this growing market.

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There’s still room for more.

In addition, a report by the Insurance Commission a couple of years ago pegged that only 32 percent of the population was insured. This means that majority of Filipinos, tens of millions of them, are still uninsured.

  • It’s a dead-end job.

The best leaders will make sure that their advisors get the best and most updated trainings. This ensures improvements that can help them climb the ladder.

Besides, you don’t need to get promoted in this industry to have a long and satisfying career. It’s all about loving the fact that you’re saving lives and it’s something that you’re doing regularly. It sure beats holding a high position at a job that you hate.

But if positions are important to you, you’ll be happy to know that your journey won’t get stuck at being a financial advisor. You can get promoted to Manager Candidate, Unit Manager, Sales Manager and then Branch Manager.

  • It’s an entry-level job.

While it’s true that it’s a good and rewarding entry-level job, it can also be a good option if you’re looking to switch careers. A lot of the successful financial advisors actually shifted from another career. A lot of them are mid-level and top-level managers who were able to skip a few rungs on the corporate ladder of financial advising.

Yes, if you’re qualified, you can become a manager.

  • It’s something that you do part time or “on the side”.

While it’s true that there are a lot of successful financial advisors that are only doing this part time (think doctors, lawyers, entrepreneurs, etc.), financial advising can be a full time career. In fact, it’s recommended that you treat it as such. As mentioned, it’s all about the mindset. Treat it as a full time career and you’ll be rewarded.

This is not to say that you’ll be slaving away for 8 to 10 hours a day like most employees in a full time career. One of the best things about being in this industry is you control your own time. With proper time management and updated skills, it can feel like a part time job that pays more than your old full time job.

  • It’s hard to get started.
insurance mentor
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Find a mentor to nurture you.

With the right guidance, you too can start saving lives soon. If you’re ready to get started or even if you have some questions before you do so, send an email to hellolipacareers@gmail.com.

All images courtesy of https://pixabay.com/.

 

 

 

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Jay Recinto

Co-Founder/Head Blogger at Hello Lipa
As a frustrated chef, Jay puts his Certificate in Culinary Arts from the International School for Culinary Arts & Hotel Management to good use by eating...a LOT. As the co-founder and head blogger for Hello Lipa, you'll often see Jay touring the city for the best places to dine in and the most fun events to attend. If not doing Hello Lipa duties, you'll see Jay either at a Starbucks or at the gym, if not doing hubby and daddy duties at the Recinto/Hello Lipa HQ.
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