I’ve just came back from a Business Camp in Jb which lasted from 2nd Jan 2009 to 4th Jan 2009. The whole 3 days was quite fun and enjoyable, and the food was actually to my liking. The Business Camps conclude my lessons for the holidays as part of an Entrepreneur Internship Program by the Advisors Alliance, part of Great Eastern.
Throughout the whole month of December, as well as the Business Camp, I have learnt many things, especially on the insurance sector, and it has really opened my eyes. Sad to say, people still have a misconception of the insurance sector, and thinks that insurance agents are dubious people out to just get your commission, and they’ll lie and keep things from you just to sell you insurance. Well, the fact is the government is regulating the insurance sector through MAS, and before we actually are eligible to become a representative of an Insurance company, we have to go through a series of tests to get some licenses. There are also things that we have to do before we can actually sell a product, and we have to sell something based on the customer needs.
Having learnt so many things about the insurance sector, I have seen how insurance is actually an important component of financial planning, and how insurance is actually very much a necessity. In a nutshell, insurance is like a transfer of risk from a policy holder to the insurance company. You pay a sum of money, so that in the future when something happens, we have money to tide things through. To be more precise, I have seen how Whole Life policies actually settle plenty of problems when one dies prematurely.
Insurance is also something that should be constantly relooked from time to time as part of financial planning, especially when one goes from different stages of life from a person to a husband to a father. The money needs grow, and hence the sum insured should increase as the person takes on more responsibilities etc.
In short, Insurance is very interesting and I’ll learn more about it for the sake of my personal financial planning.
Back to the camp, it as all fun and enjoyable as we watched videos, created a compilation of videos, as well as analyse case studies. We also had an Amazing Race in the vicinity. We also listened to those people in the business as they share their stories, especially how parents object to their son going into the industry. I must say that it is probably still a concern for the current generation. But these people are the success stories, and they really worked hard to be where they are. Imagine earning 1000 a day. But you must really really work very hard. There’s always a catch to things. There is no such thing as easy lunch. Only after you have worked hard in the initial years, you’ll then be able to enjoy the income and lifestyle. I’ll most probably not end up as a full time insurance agent. Personally I don’t think I’ll be as determined as them in working full time, and I have an interest in what I am studying now too. I’ll probably do it part time just to get some additional pocket money.
There’s also lessons to learn on perseverance and entrepreneurship, which is beneficial as it is not only confined to the insurance sector.
I’ve enjoyed myself for the past few days. Time to take my last week of holidays and go back to school.