After passing the IIQE (Insurance Intermediary Qualifying Examination) in Hong Kong, students can start looking for jobs. What job options are there?
Bank Relationship Manager (RM) / General Banking Officer (GBO) / Personal Banking Officer / Assistant Relationship Manager (ARM)
Some sales positions in the bank, including Relationship Manager (RM) and their assistant – Assistant Relationship Manager (ARM), General Banking Officer (GBO), and Personal Banking Officer, will provide customers with financial services. This includes recommending insurance and other products for customers, negotiating contracts, arranging contracts, and providing advice on fees are all regulated activities. A relevant insurance license is necessary to carry out such activities, so you need to take the IIQE exam before applying for a license and putting it into service. The commission for insurance products is higher than other plans, therefore, if you are interested in these positions, it is definitely worth taking the IIQE.
Sales positions of insurance companies (e.g. Financial Planner)
The sales staff of insurance companies, such as financial planners, their main jobs are to sell the insurance products for insurance companies, including negotiating contracts, arranging contracts, providing advice on charges, etc. It is a regulated activity that requires a relevant insurance license to carry out such activities. Therefore, before starting a business, it is necessary to pass the relevant IIQE test paper combination before successfully applying for a license and conducting such business.
Sales positions of insurance agencies
It is the same for the insurance agencies as indirect agents of insurance companies. Agencies are responsible for selling and arranging insurance contracts for insurance companies. Therefore, agents need to pass the IIQE exam combination to meet the licensing conditions, so as to obtain a license to conduct sales business.
Sales positions in insurance brokerage companies
Sales positions in insurance brokerage companies, such as Independent Financial Advisors (IFA), are responsible for finding some financial plans, including insurance plans, that suit customers’ backgrounds and needs. Therefore, if you want to be competent for these positions, you must first take the IIQE exam before you can meet one of the requirements for licensing.
Insurance companies/ agents/ brokerage companies Non-sales positions
Although most of the non-sales positions in insurance intermediaries indicate that they do not need to run (sales), they will also indicate that the employees have to pass the IIQE first. This is because there are many insurance regulatory frameworks in the IIQE exam, for example, basic knowledge of products, explanation of terms in the insurance industry. If job seekers obtained some basic concepts before joining the job, they can save some training time in the future and start working as soon as possible. For example, customer service personnel will inevitably hear a lot of terms when communicating with customers, it will be more effective to answer the enquiries if they can understand. Another example is that when an administrative assistant receives various tasks, he will hear a lot of terms spoken by his colleagues. If he does not understand or misunderstand, a make mistake will propably be made.
Hong Kong Airport Authority Officer, Insurance
Some statutory bodies and large institutions often have insurance needs, such as the Airport Authority, which may face a lot of damage and compensation. Therefore, it is necessary to hire some specialists to deal with some insurance contract selection, renewal, and risk management. For insurance compliance, claims, and other positions, most of the times they will indicate that IIQE qualified candidates will be preferred. This is not regarding the need to sell insurance policies, but because equipped some basic knowledge of insurance will be of great help to perform these positions, such as reading policy documents without looking around for a lot of terms.
Medical Clinic / Clinic Insurance Clerk / Customer Service
Since medical institutions often have insured customers coming to the clinic, the insurance companies will require customers to cooperate in the issuance of written documents in the claiming process. Thus, some medical institutions will directly hire a clerk who specializes in answering customers’ insurance policies, claims, various forms, issuing documents, contacting insurance companies/ hospitals/ clinics/ doctors, etc. Similarly, having a certain insurance knowledge foundation is definitely beneficial to daily work, so passing the IIQE will be an advantage during job search.
Car Dealers / Travel Agencies Sales
Car dealers and travel agencies also recommend customers purchase related insurance when selling products/ services, such as auto insurance, travel insurance, etc. In addition to providing a full set of services to facilitate customers, the sales can also earn more extra money. Selling these insurance products will require passing the IIQE exam before applying for a license.
In fact, there are many different kinds of ways out. The above are just some of the common ones or the career paths that the editor finds quite interesting, as well as for your reference and understanding of the functions of the IIQE Insurance Intermediary Qualification Examination. If students are interested in knowing what papers they need to take, they can refer to which papers of IIQE should I take?
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