Why enter the insurance industry?
First, let's talk about why we choose insurance. I wanted to buy insurance for my children at the beginning of last year, so I found a safe fellow villager. After contacting him, he asked us to transfer to Taiping. I never heard of Taiping Company at first, and thought it was Pacific Ocean. I didn't know the background and history of Taiping company until this fellow villager popularized science.
In the process of chatting with this fellow villager and then manager Peng of the personal insurance department of Taiping Life Heyuan Branch, I learned that Taiping had just entered the Heyuan market and asked casually if I could take a part-time job.
Because I have been thinking about transformation in recent years, I have encountered some bottlenecks in the workplace, and my wife's women's clothing store business is not as good as before. At the same time, I am very optimistic about the prospects of the insurance industry, because I have studied stocks and found that the target operating income and net profit growth rate of the insurance industry are very high, and I found that people around me have started to buy insurance in recent years. Manager Peng said that he can work part-time at present, and he can try it if he is interested.
I have been discussing with my wife whether to take a part-time job. My wife didn't agree at first, because the child was too young, only one year old at that time. Doing two jobs means spending too little time with your family. Later, after repeated communication and persuasion, my wife agreed to let me try.
At the same time, I looked up a lot of information about the insurance industry on the Internet, including the insurance density and depth in China and developed countries, the insurance formats in developed countries such as Britain and the United States (insurance sales in Britain and the United States are mainly insurance intermediaries), and China's promotion policies for the insurance industry in recent years. During the period, I also talked with the manager and general manager of Taiping Life Insurance Department several times. I was attracted by Taiping's three-high culture and decided to try a part-time job in Taiping first.
Incidentally, at that time, I also considered going to an insurance intermediary directly, because I believe that in the future, insurance sales will be mainly based on intermediaries (insurance brokers or independent agents). This is a trend, only a matter of time. It's just that there is only one insurance intermediary in Heyuan, Fan Hua, and some ideas about Fan Hua are really exclusive. Moreover, I think that in Heyuan, the vast majority of people can't accept the new thing of insurance intermediary at this stage, and the training of insurance intermediaries is much weaker than that of insurance companies. Considering all kinds of factors, consider trying to go to Taiping first.
I remember that Huang of Taiping Shanghai Branch left Taiping last June and went to work in an insurance supermarket (intermediary). Later, I learned that Huang had gone to Datong. Of course, this is another story.
Last July-10: Part-time job for 3 months.
From the end of July last year to the end of 10, I have been doing part-time insurance. After all, I don't know much about this industry or Taiping Life Insurance. After graduation, I have been engaged in technical management work in the power plant, and I have never done sales work, so I dare not quit my job in the power plant so easily.
During my spare time, I learned about the products of Taiping and other companies, and also learned about the insurance products in Hong Kong, including how to tell the truth and what the two-year incontestability clause of the new insurance law is.
At the same time continue to understand the insurance industry. During this period, I learned that after the per capita GDP of developed countries and regions exceeds 1 10,000 US dollars, the insurance industry will usher in explosive growth (Guangdong's per capita GDP exceeded 1 10,000 US dollars in 20 15 years), and I also learned that insurance assets in the United States account for 40% of its total financial assets, while those in Britain account for 38% and those in China account for less than 5%.
Because I am a part-time job and just entered this industry, I didn't make a bill in the early stage. At the end of July, Taiping was selling Xue Ping insurance, so I sent a WeChat voice directly to dozens of familiar and unfamiliar friends in Heyuan, telling them that I came to Taiping to do part-time insurance and could ask me to help my children buy Xue Ping insurance. In the end, only Qiu Ping bought it alone.
But strangely, I didn't feel a little frustrated and thought it was normal.
In September, a friend from Shenzhen, who had met once before (this friend is very important to me), asked me on WeChat if I could help him make an insurance plan, and then I have been chatting with him on WeChat about the advantages and disadvantages of the main products of various companies. At that time, Duobeibao of Xinhua just went on the market and liked this product very much. In addition, Jiayuguan Securities of AIA Hong Kong is also very good. This friend finally chose to configure part of Taiping's critical illness insurance first, and then configure one.
June+10, 5438, I attended a full-time training course in Huizhou. I talked a lot with many students and some tutors about whether to do full-time insurance. I also talked a lot with some classmates when I went back to my hometown on National Day. I am very optimistic about the development prospects of the insurance industry. I also feel that Taiping Life has just entered the Heyuan market as an opportunity and feels that it is necessary to go all out to do insurance. I resigned with my wife's consent.
Four months full-time in Taiping
I worked full-time in Taiping for four months, focusing on annuity insurance in June last year (5438+065438+ 10), health insurance in June this year (5438+February last year), and health insurance in June (5438+065438+ 10). In the past four months, I have done a good job in performance and organizational development, and my team has grown to more than 20 people. Of course, this mainly depends on the support of the company. I also participated in quasi-manager training, manager promotion training, PTT training and so on.
Through these four months, I learned about the operation mode of insurance companies. Basically, I focused on product sales for two months, then added staff 1 month, and then went back and forth. Of course, sometimes we focus on product sales 1 month, and then we will increase the number of employees 1 month. At present, most insurance companies in China adopt the agent system, and there is no threshold. In fact, it is a typical direct selling system. A very important feature of the direct selling system is the continuous increase in the number of employees. The more people in the team, the higher the income of the team leader will naturally be.
I don't comment on the advantages and disadvantages of this system. I can only say that I don't like to take everyone with me as advertised by many major companies, because I don't think everyone is suitable for insurance. Seeing a set of data, in the insurance industry, the one-year retention rate is about 10%, and the three-year retention rate is between 3% and 5%.
Decided to transform the third party
In the meantime, something happened. My first client, a client friend in Shenzhen, called me and said that I am not so objective now. My circle of friends will only say that Taiping's products are the best and Taiping's service comes first. He asked me if Taiping's products were really that good! He also told me that he chose me because he thought I would compare and analyze the products of various companies. And I also feel that this client friend doesn't trust me as much as before.
I began to reflect. I think it is difficult for a single insurance company to find the most cost-effective product according to the needs of customers. I think this is also the reason why insurance sales in Britain and America are dominated by third parties. For consumers who already have the concept of insurance, only through brokers can they configure the products with the highest cost performance.
Insurance is very different from ordinary commodities, because whether to settle claims is entirely based on the terms of the insurance contract, and the China Insurance Regulatory Commission has very strict supervision over insurance companies. To say the least, even if an insurance company really goes bankrupt, other companies will take over. Therefore, for consumers, their insurance interests are protected by law, and it is stipulated in black and white in the contract that claims can be settled. If there is no such responsibility in the contract, even if the company is large, it will not pay.
When health insurance was mainly promoted in March, everyone said that the price of critical illness insurance 1 would increase in April, but I think it is impossible to increase the price, and the products will get better and better in the future. I think the price increase is used to mislead consumers. Even if the performance is good during this period, what will consumers think after April 1 when they find that there is no price increase? In addition, is the critical illness insurance promoted by the company really suitable for all consumers?
So, in late March, I decided to switch from an insurance agent to an insurance broker and go to Shenzhen for development, because Shenzhen in the Pearl River Delta has the most developed finance, and the insurance intermediary market in Shenzhen is much more developed than Heyuan. Brokers can truly be objective, neutral and professional, and can choose the most cost-effective products from the market from the customer's point of view according to the customer's needs. Only in this way can they go far in this industry.
By the way, not all brokers and independent brokers can be objective, neutral and professional. During the inspection, it was found that some brokers or independent agents were actually selling dog meat, and so were some insurance intermediaries.
At the same time, some agents try to configure products for customers according to their needs, but it is very difficult because the products of a single company are limited, and no company has the highest cost performance for any type of products in the market. These agents will be in pain at this time.
From the beginning of April, I began to inspect several major life insurance intermediaries in several life insurance industries in Shenzhen, including Mingya, Lee Wing-tat, Datong and Fan Hua. Objectively speaking, these insurance intermediaries are excellent companies, which have the feelings and professionalism of Mingya, the concentration of Lee Wing-tat and the high output of MDRT, the innovation of Chase and the financial control platform of Fan Hua.
For the agent system and the broker system (or independent agent system), both have their own advantages, and for those with weak insurance concept, agents have more advantages; For consumers with strong insurance concepts, brokers have an advantage. And I also respect the choice of my friends in the same trade, just as I am not suitable to be an agent, and some friends are not necessarily suitable to be brokers.
Independent financial advisor (insurance+investment)
During the inspection, I came into contact with the popular independent financial advisers in developed countries such as the United States. Independent financial consultants are independent of insurance companies and fund companies, and do all-round financial planning and wealth management for customers according to their needs. More than 50% of the wealth management market in the United States is completed by independent financial consultants.
My intuition tells me that this is the development trend of wealth management industry in the future, because of insurance, funds, trusts and so on. They are all very professional things, and consumers prefer someone around them to help them with all-round asset allocation, and from the perspective of all-round asset allocation, it will be more objective, not limited to insurance or funds.
Moreover, doing all-round asset allocation is my hobby, and I can also give play to my own advantages. Friends who are familiar with me know that I started to set foot in Bitcoin on 20 1 1 and I am also mobilizing people around me to buy it. 20 14-20 16 three years after the bear market in digital currency, I was on 20 16.
In my third-party financial planning group, the stocks recommended to customers a month ago have now risen by more than ten points. Of course, for the average person, I would still recommend a fixed investment index fund. I don't want to prove myself, but I want to say that all-round wealth management can really give play to my advantages.
During this period, I learned how many people started to set up independent wealth management companies in Shanghai in the past two years. He was the head of Ping An in Shanghai in the early days, and later participated in the preparations for the resumption of trading of Taiping Life Insurance, and served as the general manager of Taiping Life Insurance for a long time. From peace to peace, follow Dr. He. Ethan, a veteran of Guangzhou AIA, and others initiated the establishment of An Ying Fortune in Guangzhou, which is also an independent wealth management. I think the transformation of these industries also represents the development trend of the industry.
Third-party insurance platform I finally chose Mingya, the first insurance brokerage company in the domestic life insurance industry, largely because of Mingya's feelings and pattern, and also highly agreed with Mingya's brother Liu Yafei's philosophy. In July, I was lucky enough to listen to a brother's sharing. A brother said that no matter who you deal with, you should consider the problem from the other side's point of view and don't impose your own ideas on the other side. I agree very much!
The third-party investment platform is still under investigation, and friends who have the same idea and are determined to join this industry are very welcome to inspect, discuss and communicate together.
The above are the reasons why I entered this industry, the course and feelings of entering this industry for one year, and some views on the development trend of insurance and even wealth management industry, hoping to help some newcomers and friends who intend to enter this industry.
Postscript:
In addition, as of June 24th, 11,1(from July 5th), No.2 stock (from July 3rd1day) rose by 50%, and No.3 stock intervened in September, 10 stock. Of course, I am opposed to recommending stocks, mainly to promote the concept of value investment, explore investment ideas and improve investment ability.
Through two years' exploration, my passive customer acquisition system has become more and more mature, and I reached the special member of Mingya Summit on 20 19 (there are only more than 20 people in China). As for how I explored the passive customer acquisition system in the past two years, you can click on this article:
How did I go from selling for nothing to selling for nothing? mp.weixin.qq.com
Deng Chumin: Bachelor of Southeast University, Master of Business Administration (MBA) of Sun Yat-sen University, founder of Shan Zhi Wealth Management Center, senior partner and senior sales manager of Mingya Insurance Brokerage Company, special member of Mingya Summit (only over 20 people in China), COT member (MDRT for 5 times in 2065438+09), professional investor, good at community operation, personal brand, resource integration and assets.