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.
2.1 Introduction.
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. .
2.2 Nature.
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.
Stockbroker When I thought about different economic career I thought that the most interesting one would be a stockbroker. ... For individuals stockbrokers act as dealer or investment managers. ... Stockbrokers also work for large firms. ... Typically stockbrokers make pretty good money. ... Think about if you made a bad decision for someone and the loss like their life savings, how are you going to feel? ...
Stockbrokers Stockbrokers Stockbrokers are the good and bad people in the economy today. ... Stockbrokers also open new accounts for new customers. ... The average amount of hours a stockbroker works is 50+ hours. ... This is the day and life of a stockbroker. The pros and cons of being a stockbroker. ...
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The insurance industry in general has been challenged in business growth this year. ... Other affected areas include the communication services. ... Another area affected by the attacks would include swings in stocks and stock options. ... The majority of the layoffs were in the travel industry; however, the insurance industry has also seen its share of layoffs. ... Lloyd's of London, the nation's largest insurance company with over 400 main agents and 500 subagents, has substantial involvement in the attacks. ...
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This should have been a good idea...however, I believe that it has only made things less affordable. ... Initially, the insurance policies were made to help in emergency situations for people who had a broken a leg, or had to have major surgery and could not afford the price of high-technology treatment. ... Now people are paying for insurance that they seldom use, but feel better because the business has made them believe that they cannot and will not live without medical insurance. Another bad result of medical insurance is that it has turned the entire field of medicine in to a financial pl...
The internet, as well as networked technologies, has significantly impacted the way businesses, governments, global enterprises and regular individuals operate on a daily basis. ... This has resulted in the need for cyber insurance. The need has been so extensive that cyber insurance is currently one of the fastest growing segments in the insurance industry. ... The major problem that falls under the topic of cyber risk is the question of how to solve the problem at hand based on the complex structure of the threat. As stated before, as the use of technology and the internet continue to increa...
The Army began using Agent Orange as a way of eliminating that problem. ... Some 15,000 veterans filed reports of Agent Orange related illnesses. ... The government began paying for hospital treatment and insurance. Agent Orange also affected Vietnam soldiers in yet another way. ... Agent Orange has been a nightmare for the former soldiers of what was a terrible and meaningless war....
