China Life Singapore to hire more than 500 consultants in next five years

Move opens new distribution channel for insurer which normally sells its products through banks and financial firms

Singapore

CHINA Life Insurance (Singapore), which normally sells its insurance products through banks and financial companies, now plans to hire more than 500 consultants in Singapore over the next five years to provide a more dedicated service to its clients.

The company launched a project called Agency Channel on Monday, which is intended to serve as a bridge between Singapore and China in bringing insurtech solutions to the market.

China Life Singapore, a unit of Beijing-based insurer China Life, said it will develop a competitive compensation structure that leads to multiple options in career progression for its consultants.

All consultants will need to pass the relevant exams by the Singapore College of Insurance and undergo a 90-day in-house training programme to ensure that their skills meet the company's expectations.

The move by the company comes as Singapore's labour market is going through a rough period. Total employment experienced the largest quarterly contraction on record in Q2, according to preliminary data released by the Ministry of Manpower on July 29. Retrenchments also doubled to 6,700, compared with 3,220 in Q1.

China Life Singapore's head of agency department Jerome Png said its new consultants will provide the company's clients with a new experience.

"We continue to improve on the best practices of our industry peers to create an even greater value for both our consultants and clients. Our digital transformation projects in the next few years will elevate the customer experience journey; and when complemented by our agents' personal human touch, will strike the perfect balance."

Chief executive Lin Xiangyang said that through the Agency Channel, the company is aiming to form a highly-efficient management team and top-notch sales team, provide a high-value product range and create a high-tech service system. The consultants will serve high net-worth clients.

The company said it is leveraging technology, such as digitisation of processes, to optimise insurance business practices to improve its overall service standards.

China Life Singapore added that its insurance plans - including protection, endowment, investment-linked insurance and hybrid plans - are highly customisable to offer value-added financial solutions to customers to fulfil their risk protection, retirement, wealth management and legacy planning needs.