The 18th Singapore Agency Managers' Conference (SAMC) yesterday was graced by a large number of directors and agency leaders from various companies. Organised by the Financial Services Managers Association (FSMA) with the theme "Leadership in the Digital Age", speakers addressed the evolving trends in technology and how best to utilise it. Asia Insurance Review and Asia Advisers Network were the official media partners and here are some of the take-home messages from speakers at the conference.
In his message, Andy Law, SAMC Chairman, highlighted how living in a world where technology is advancing by the day, digitalisation has changed the habits of consumers. Majority of consumers are equipped with smartphones, and the internet becomes their domain. If they are resourceful enough, the information you give them will be scrutinised online for its performance, quality and price. However, his take-home message is not to see technology as a threat, but as a friend.
Fintech at its Best
In line with SAMC Chairman’s message, the keynote speaker, Odd Haavik, Chief Distribution Officer at Prudential Assurance Company Singapore, said the digital world adds tools to aid agents and advisers. With Chat-bots and E-claims in place, servicing clients becomes an easy thing. Agents and advisers get their inquiries answered quicker on Chat-bots as they no longer wait on the call with hotline centres. As for claims, what used to take 3 days to complete now only takes 3 seconds online with E-claims services. The efficiency and convenience of such technological systems in place spare everyone their time from wasting.
He advised that new clients acquired are getting younger, but existing clients are getting older. Agents and advisers have to get their foot in both worlds, and that includes riding in tandem with upcoming technology trends.
Hash-tagging a Generation #Millennials
Building on technology trends, Li Guangtong, a Financial Services Director since 2010, demonstrated through his presentation the trends and habits of current day millennials. Like clockwork, Li quickly engaged the attendees with music, videos and social media- like his weekly routine with his team. He said his method of engaging with the millennials is through music.
Music + Emotions = Long term Memory
To create a lasting impression on someone, Li advises using music to resonate with the individual. The science behind this method plays on the psychological effect that memories/ emotions/ nostalgia are linked and woven into our neural network in our brain. Which is why, sometimes an old song can trigger flashbacks or even a lost memory.
Another of his formula on building a successful team? Making videos, posting it on social media and tagging everyone in it. Millennials in his team love it and they get to share with their friends online how much fun and effort they are putting into their careers which works better than the old way of asking agents to refer and share with their friends.
Other than coaching his team on using social media platforms. He shared how he motivates his advisers who are far from their targets by searching old posts on social media. If the post was about reaching a goal, Li would revive the post (even if it was months ago) by commenting on it to remind them of their declarations and dreams. This sends a notification to the person. And high chances are, social media is the first thing they check every waking morning.
Engagement in the Digital Age
With digitalisation a hot topic, Mario Singh, founder of brokerage Fullerton Markets, shared 7 tips on how to build a Multi-million dollar company in the digital age.
His first illustration caught our attention - the velocity of wealth increases with the type of industry.
The time taken to become a billionaire shortens drastically once it’s an online platform. From 26 years for Warren Buffett to 5 years for Bill Gates, just 1 year for Facebook founder Mark Zuckerberg, and just less than 1 year for founder of cryptocurrency exchange Binance, Changpeng Zhao (AKA “CZ”). The message was clear: Go Digital.
Among Mario’s other tips were also to magnify yourself and capture people’s attention by applying his 3M rules: Media, Materials and “Manja”.
Media: Brand yourself and your company on the biggest media platforms like News and Radio channels. And don’t limit yourself to English medium, foreign media giants would translate your content anyway.
Materials: Share your knowledge, write a column in a publishing firm, or write a book. Publish whatever you know.
Manja: Let the people see the fun side of you, too. Share a quirky photo of yourself on social media, or brand the company in a good hobby (Fullerton Markets sponsored a Rugby Team that had a good number of elite players. These players wore their logo on their attires during tournaments.)
Take it from a Champion
For those working on building a champion agency, take it from Tan Lay Seong, winner of Insurance Agency Leader of the Year at the 3rd Asia Trusted Life Agents & Advisers Awards organised by Asia Advisers Network & Asia Insurance Review.
Tan shared that retaining talent is a key factor. One of the ways he does this is for his organisation to always be gunning for the top spot, with the most number of qualifiers for any awards and incentive trips, and to keep breaking company and industry records. Advisers like to be part of a winning team and will be motivated to join the elites of the group.
He also rewards his team with his group’s own overseas trips as a form of motivation and encouragement. Rather than just basing it on production, he uses a points system which also takes into account their commitment to their training, the participation in group activities and their professionalism.
He added that it’s important to give the team hope, encouragement and motivation. To always cheer them up and keep their dreams alive. Talent leave the company only when they do not see any hope or dreams left.
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Singapore Agency Managers' Conference:Leadership in the digital age
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