- If you’ve already been licensed by other non-life insurance firms, you’ll need to submit the following:
- Insurance Commission, BPI/MS Application Form for License, and Commission Crediting Form, both duly completed (handwritten)
- Copy of government-issued ID card (e.g., driver’s license, SSS, TIN, GSIS ID, etc.)
- If you haven’t been licensed by any non-life insurance firms yet, please submit the following information:
- Attend the BPI/MS Basic Non-Life Seminar, the Insurance Institute for Asia and the Pacific (IIAP), or any other non-life insurance company’s Basic Non-Life Seminar.
- Initial Financial Statement (FS) of newly-organized company with audited financial statement (AFS).
- Any Negative Database (NDB) findings should be cleared for all board members and the Soliciting Official (SO).
- Certificate of By-Laws and Articles of Incorporation Registration with the Securities and Exchange Commission (SEC)
- For a newly formed firm, an audited financial statement (AFS) or an initial financial statement (FS) is required.
- Numbers 1 to 7 in the first bullet represent the application requirements of the Soliciting Official.
- If you are a newly created corporation without a license from another non-life insurance company, you must provide the following information:
- Prior to his appointment as Soliciting Official, the appointed Soliciting Official shall have a valid individual agent license.
- If not, the Soliciting Official should go through the individual agent licensing process and wait a year before filing for a corporate agent license.
How can I become an insurance agent in the Philippines?
A brokerage firm must have a competent and approved soliciting official in order to be granted a license. An insurance agent, on the other hand, must be a Filipino national who has passed the IC’s qualifying examination.
Who is eligible for insurance agent?
Regulation 4 of the regulations (i.e. IRDA (licensing of Insurance Agents) /Regulations, 2000) states that a person wanting to get or renew a license to serve as an insurance agent or a composite insurance agent must have passed a 12th grade or equivalent examination held by the IRDA.
How do I apply for IC 38?
Every year, the Insurance Institute of India (III) organizes this test. The III was founded in 1955 with the goal of promoting the value of insurance and teaching people about it via adequate training and supervision. It is the only qualified insurance institute in the country, with 91 affiliated institutes including The Life Insurance Corporation of India and The General Life Insurance Corporation of India, to name a few. The institute has three levels of examination: Licentiate, Associateship, and Fellowship. To become an Insurance Agent, one must pass the IRDA IC38 exam, which is administered by the Insurance Regulatory and Development Authority, which is an independent entity responsible for endorsing and regulating insurance. According to Regulation 4 of the IRDA 2000, the minimum educational qualification for residents of urban areas is a 12th pass, whereas the minimum educational requirement for residents of rural areas is a 10th pass. The minimum age requirement is 18 years of age. You cannot sit for IC38 without first becoming an insurer, which requires 50 hours of IRDA training to be named a Life, General, or Health Insurance Agent, and 75 hours of training for first-timers.
What is IC 38 exam?
The IC 38 test is the first step in the process of becoming an IRDAI Agent/Insurance Advisor. This pre-employment qualification examination is conducted on behalf of IRDAI (Insurance Regulatory and Development Authority of India) by the Insurance Institute of India (III).
Exams are held on online platforms, and results are shown on displays immediately after the test paper is submitted. A total of 50 multiple choice questions must be solved in one hour. Passing the exam requires a score of 35%. (minimum 18 marks). Because there is no negative marking, no question should be left unanswered.
Can we sell insurance outside Philippines?
THE PHILIPPINES MANILA, Philippines According to Sun Life Financial executives, the overseas Filipino worker (OFW) sector is a very significant but difficult market to reach.
At a press conference on Thursday, June 27, Lourdes Lopa, Chief Marketing Officer of Sun Life Financial Philippines, claimed that regulatory restrictions are impeding a potentially lucrative market for OFWs.
“For the previous ten years, we’ve identified OFWs as a viable market. We’ve been looking for a means to contact them. “They’re the ones that really need it,” Lopa explained.
OFW remittances are a significant source of income for many Filipino households. In many circumstances, they are the family’s sole earner.
“OFWs are a group in desperate need of protection. Rizalina Mantaring, president and CEO of Sun Life Financial Philippines, stated, “That is something we are paying a lot of attention to.”
Regulatory barriers prevent local life insurance brokers like Sun Life Financial from tapping into the market, despite the fact that they are a market that may profit from the financial product.
“Regulations make it tough for OFWs to work. To be able to sign the insurance policy, they must be in the Philippines. We can’t sell to them when they’re abroad, and most jurisdictions have the same restriction: you can only sell goods that has been approved and sold by a licensed individual in that jurisdiction,” Mantaring explained.
“We’re hoping that technological advancements can help to change that. “Whether you can conduct business online or on video is still a hazy issue right now,” Lopa remarked.
Using technology to overcome the obstacles of doing business in another country has flaws as well.
“Analyzing the client is quite challenging. You won’t notice certain features if you aren’t dealing with someone face to face. For example, you can’t observe the person’s health issues, skin color, movement patterns, and so on. “There are some things they won’t tell you about that you’ll notice only when you see them in person,” Mantaring explained.
“As a regulator, I’d want to make certain they get the correct bundle. It’s difficult when the meeting isn’t face-to-face,” she remarked.
It’s also tough to capture the OFW market during their visits to the Philippines, because the OFW’s time is already limited.
What is the number 1 insurance company in the Philippines?
THE PHILIPPINES MANILA, Philippines Sun Life of Canada (Philippines) Inc. was named the top insurance brand in the Campaign Asia-Pacific research for the eighth year in a row “The Philippines’ Top 100 Brands.”
NielsenIQ, a global provider of information and insights, conducted the study in early 2021. Alcohol, apparel and accessories, automotive, beverage, consumer electronics, courier services, financial services, food, home appliances, household and personal care, media and telecommunications, restaurants, retail, sports, and transport, travel and leisure were among the 15 major brand categories in which participants were asked to name the best brand that came to mind. The phrase “The brand they trust the most or that has the best reputation in its category is defined as “best.”
Sun Life was the lone life insurance firm in the Top 100, coming in at number 67.
“It was unprecedented just a few years ago for a life insurance firm to be included in a list of top brands. Sun Life Philippines CEO and country head Benedict Sison remarked, “We are pleased to put our industry to the forefront, especially at a time when Filipinos might actually benefit from the goods and services we offer.”
“We appreciate our clients’ decision to make Sun Life their financial partner. Gaining their trust, especially in these uncertain times, is the most important accomplishment we can aspire for.”
Sun Life, now in its 126th year, is the Philippines’ leading life insurance company, with a total premiums lead in 2020.
Why do insurance agents quit?
The majority of agents leave because they are unable to make enough money to sustain themselves and their families. The only way to fix this is to learn how to generate more and better leads, as well as how to follow up on them. People use the internet to conduct fact-checking missions. They are unconcerned with who answers their questions as long as they receive responses.
How much commission does an insurance agent make in the Philippines?
“Attending our seminars teaches people that insurance is a worthwhile profession. It has the potential to make salespeople billionaires,” adds De Rosas.
The insurance sector has evolved over time, from selling only traditional insurance products to offering policies with investing elements, according to the firm executive. Investment-linked insurance products are considerably easier to sell, he claims, because potential clients are more interested in investing rather than just buying insurance.
Investment-linked insurance gives the insured coverage while also giving him the possibility to profit from various portfolio assets.
According to De Rosas, the most effective Pru Life agents can earn up to P2 million every year. More people can do the same if they join Pru Life and sell insurance aggressively enough, he adds.
“Insurance commissions typically vary from 30 to 40 percent of the first year’s premiums. “Our top agents can make up to P2 million every year,” says De Rosas.
How do insurance agents earn commission?
The commission that an Insurance Agent receives from the company is known as Insurance Agent Commission. It varies from policy to policy, and the Insurance Agent Commission is depending on the insurance’s length. As a result, the longer the time, the higher the commission.
The first Agent commission will be determined by the policy’s terms and kind (Endowment, Money back, etc). We have provided information on the commission that an insurance agent receives in this article. The type of policy that is offered on the insurer’s website also influences the Insurance Agent Commission.
The maximum commission an Insurance Agent can earn in the first year is approximately 25% for 15 years or more, and after that, the commission is reduced to approximately 5%.
For Endowment Natured Policies with a term of 15 years or more, there is a first-year commission of 25% and a bonus commission of 10% on the first-year premium. If the Agent is eligible for a bonus, he or she will be paid 35%. Otherwise, the maximum Commission due on the First Year Premium will be 25%. Moreover, the sale of life insurance results in many commission payments for a single sale.