In the last decade, the financial services industry in Singapore has revolutionized. As the society becomes more affluent and literate, consumers have higher demand and expectations of services. This is true to the younger generation who are more IT (Information Technology) savvy. Technological advancement, acting as a catalyst, has accelerated the changes in the financial services industry. According to our findings, we anticipate that there will be a more vigorous and drastic change in this industry in the future. We also decided to focus on two occupations, the insurance agent and the stockbroker, based on the Singapore context.
2 Insurance Agent.
Over the last decade, the nature and the requirements of work of insurance agents have undergone many transitions. These changes occur due to several factors such as demographic shifts, liberalization in the financial industry and the development of technology. The development of technology, as compared to all other factors, plays a significant role in the revolution of the insurance industry, changing the nature and work requirements of an insurance agent. .
Job scope and responsibilities.
An insurance agent must have the ability to source for their clients. It can be via the insurance companies or by the agents. In the past, clients were mainly drawn from the "warm" market such as family members, friends, neighbours and through recommendations. Unlike the past, there is now an increasing number of clients from the 'cold' market. As our society becomes more affluent and the people being more exposed to the benefits of insurance, setting up road shows is another approach that is widely used to obtain clients from the "cold" market today.
During the meeting, agents will have to explain every detail of the policies, without misleading. In the past, the agents used stationeries to explain and market different policies to their clients.