China Life Insurance (Singapore) will soon be able to serve individual customers directly as it aims to hire at least 500 consultants in the next five years.
The insurer, which currently sells its products through financial companies and banks, will recruit these consultants in various entry-and senior-level positions from Oct 1. This will take place through its Agency Channel project, which it launched on Monday. China Life Singapore has more than 60 employees in corporate roles.
Chief executive Lin Xiangyang told The Straits Times that the insurer aims to amass 30,000 to 50,000 customers in the next five years through the initiative. He noted that there is still a high demand for insurance, especially health and retirement planning products, despite the economic downturn, and that the insurer launched the Agency Channel to better meet customer needs.
"We have absolute faith in Singapore's economic prospects and believe that the local economy will restart and emerge strong within the next one to two years. Therefore, the Agency Channel is a pre-emptive five-year plan in anticipation of the projected robust demand for insurance during the subsequent economic rebound," said Mr Lin.
He added that the insurer will hire consultants from various backgrounds, including those considering a mid-career switch, fresh graduates and "elite talent" within the financial services industry.
All consultants will need to pass the relevant exams offered by the Singapore College of Insurance and will also go through a 90-day in-house training programme. "Outstanding consultants will be given a well-established platform to receive guidance in management and other related skills," said China Life Singapore.
It added that its insurance plans - including protection plans, endowments, investment-linked insurance plans and hybrid plans - are "highly customisable to offer value-added financial solutions to customers" to meet their risk protection, retirement, wealth management and legacy planning needs.
Through the Agency Channel project, China Life Singapore also aims to connect China to Singapore's insurance market, create insurance technology solutions and nurture talent in the industry.
Head of agency department Jerome Png said: "Our digital transformation projects in the next few years will help elevate the customer experience journey, which will dovetail nicely with our consultants' natural human touch, achieving a nice balance."
