Second-generation insurance agents: The perks and pain of following their parents’ path

SINGAPORE – When Ms Wivina Siah was 18, her father, an insurance agent, asked her to help with some administrative work for his clients.

“I remember being really annoyed and thought to myself, I will never go into this job.”

Her view changed dramatically a few years later during the Covid-19 pandemic. When her mother, a property agent, saw her income dry up as house viewings were not possible, her father’s passive income kept the family afloat.

“I saw another beauty of this job: security,” said the 27-year-old, who is now a senior financial consultant at Prudential.

For Mr Salim M. Amin, 63, who used to visit his father’s workplace at an insurance firm in his younger days, it was the warm energy and friendships he made there that inspired him to join the same industry.

“I began to understand how financial planning worked and how doing it right would help individuals and families meet their financial needs,” he said.

Mr Amin went on to set up his own independent life-insurance broker called Avallis Financial in 1997. When his daughter joined the business in 2016, he said his clients’ children naturally gravitated towards her, which helped expand her pool of potential clients.

“Many have also become family friends, meaning my daughter knows their children,” he said.

In Singapore, close to 9,500 people are employed in the life-insurance industry as at June 30. There is, however, no data on how many of them are second- or third-generation agents. Still, industry observers say there continues to be a steady number of new entrants following in their parents’ footsteps.

The perks

Having parents in the same profession comes with many perks, a number of second-generation insurance agents told The Straits Times.

For Ms Siah, having her father as her mentor means she can ask for any help any time, and this spares her from “a lot of trial and error”.

“If I face a complicated case, I can discuss it with him immediately, instead of booking mentoring sessions,” she said.

Her father’s encouragement also gives her more courage to approach friends about insurance – even when their reactions are sometimes less than welcoming.

Her father told her: “Either you reach your friends first, or another financial representative will – and you won’t know if they are good.”

For AIA financial services manager Chloe Ng, 24, her parents were her first teachers – not only in financial literacy, but also in soft skills that she now strives to emulate.

Growing up, Singlife Financial Advisers’ executive wealth manager Evelyn Quek, 36, said her insurance agent mother would describe different companies’ past policies and discuss them with her.

“We’d sit down and analyse why they (the policies) were structured in certain ways, and I would then try to improve on them,” she said, adding that these exercises helped build a strong foundation for her.

AIA financial services manager Jeremy Chua, 36, who joined the insurance sector after completing his stint in the Singapore Armed Forces, said the best advice he received from his father – who leads a team of agents – was to never let personal interest come before a client’s.

“My father has always emphasised that relationships are the heart of our work. Do things the right way,” he said.

The challenges

The perks, however, do come with some challenges. Second-generation agents often feel added pressure – both from themselves and those around them – to prove their capabilities.

Ms Ng, who took on the role of agency leader in July 2024, said some might assume that she got to where she is because of her parents. “I work even harder to dispel these assumptions,” she said.

Mr Chua felt the same pressure to show that “I’m here on my own merit, not just because of a family connection”.

Prudential financial consultant Shanelle Jiang, 27, said it can be hard to avoid comparisons with her mother, a 30-year veteran who has a strong track record in the industry.

“I try not to let it get to me as it was my choice to choose this career, and we all progress at our own pace,” she said.

Still, she will strive to make her mother proud.

There are, however, some things that second-generation agents cannot learn from their parents. As the market evolves, today’s agents must navigate new challenges on their own.

Ms Quek said many families were not insured in the past, so it was easier for her mother to close deals after meeting her clients.

But as clients have access to more information now and are generally more savvy, their expectations of financial advisers have become higher.

“Clients are looking for deeper insights, more personalised strategies, and genuine value beyond the basics,” she said.

Mr Amin shared a similar observation. There are many more insurance products in the market, so clients can be very selective and not depend on just one provider for all their needs.

He said this means insurance agents must have solid knowledge of a wide range of financial products, as it is no longer sufficient to have just soft skills and charisma.

Still, most second-generation agents appreciate their parents for building a strong foundation for them, while reminding themselves that they must work hard to carve out their own success.

“The established reputation and trust built by the first generation provide a strong foundation,” said Ms Quek.

“But meeting the expectations of a more informed and discerning client base requires us to adapt our approach, enhance our skills and bring fresh perspectives to the table,” she said.