Decoding the Pains of a General Insurance Intermediary in Singapore

[This article was generated by ChatGPT and has been edited by the Surer team for clarity, readability and context.]

Being a general insurance intermediary in Singapore is not for the faint-hearted. It’s a career filled with opportunities, but let’s be honest – it comes with its fair share of headaches too.

Between keeping up with ever-changing regulations, convincing clients who “need to think about it,” and juggling multiple insurers’ products, it sometimes feels like you need a PhD in patience.

The Compliance Conundrum

Regulations are meant to protect clients, but for intermediaries, they sometimes feel like a never-ending obstacle course.

The General Insurance Association (GIA) and the Monetary Authority of Singapore (MAS) frequently update compliance requirements, meaning intermediaries must constantly refresh their knowledge.

A 2023 survey found that 72% of insurance professionals in Singapore feel burdened by compliance paperwork. That’s a lot of time spent checking boxes instead of closing deals.

Overcoming It

To tackle compliance challenges, intermediaries can leverage digital tools that streamline documentation and compliance tracking.

Platforms like Insurtech solutions offer automated updates and reminders to help stay on top of regulatory changes without feeling overwhelmed.

The Customer Education Marathon

Let’s face it – most clients would rather binge-watch Netflix than read about insurance.

Getting them to understand why they need a specific policy (and why the cheapest option isn’t always best) is a daily struggle.

A 2022 industry report revealed that 60% of customers in Singapore do not fully understand their insurance coverage. That means intermediaries spend a significant chunk of time demystifying policies while competing with short attention spans.

Overcoming It

Simplifying complex policies using bite-sized content, infographics, and relatable analogies can make a world of difference.

Hosting webinars or short video explainers can also help clients grasp important concepts quickly.

The Multi-Tasking Mayhem

Between handling claims, processing renewals, managing client relationships, and staying updated on new products, intermediaries often feel like they’re spinning a dozen plates at once.

And let’s not forget the constant follow-ups—because clients have a magical ability to “forget” their premium due dates.

Overcoming It

Using CRM tools and automated reminders can ease the burden of follow-ups and client management.

Prioritising high-value tasks with proper time management techniques, like batching similar tasks together, can also improve efficiency.

Despite these challenges, intermediaries remain the backbone of the industry, guiding clients through complex insurance decisions. The job may be tough, but with the right tools, support, and a sense of humor, it’s all part of the adventure!