Familiarity with developments in insurance regulation is a class act
Most parents lecture their children about the importance of a good education to land a job in this competitive age.
And the warning of the dire consequences of not turning up to class may hold true for hundreds of Hong Kong's insurance agents.
The government introduced training programmes for insurance agents three years ago requiring them to head back to the classroom every year to update their knowledge of the industry and its regulations.
If the agents have not done at least 45 hours' training by the end of this year, they will have their licences revoked.
White Collar heard that there would be about 1,700 agents, or 5 per cent of the city's total, who would miss the deadline to meet the minimum training standard which from next year requires them to log 10 hours in class every year.
Although jobs are on the line, Roddy Anderson, chairman of the Hong Kong Federation of Insurers (HKFI), agreed the training regulation was a good thing.
'This is a good move as the training helps upgrade standards of the agents. It is important as the agents are managing people's money.
'If we want people to be confident about their agents, to provide them proper training is a necessity,' Mr Anderson said in his podcast interview with White Collar.
'The HKFI plans to do a lot more to improve the image of the agents and to enhance the public's understanding of the important role of insurance. Insurance gives the necessary protection for society to cover various kinds of risks.'
Mr Anderson also talks about his latest achievement - last week, he spoke in Putonghua in an address to 140 guests during the Hong Kong and Cross-strait Insurance Business Conference.
'Everybody wants to learn Putonghua to be able to communicate in China, which is becoming one of the most dominant economic forces in the world. For the future, China is where people need to go to work or visit,' he added.
A Briton, Mr Anderson came to Hong Kong 13 years ago to work for Dah Sing Life Assurance. He says he will retire here.
To listen in on the interview, please visit the website at podcasting.scmp.com.
HUMAN FUTURES
Banks also rate training highly. US investment bank Merrill Lynch has pledged 400,000 yuan a year to set up scholarships for 40 students from Peking, Tsinghua, Shanghai Jiaotong and Fudan universities for outstanding academic achievement and leadership qualities.
'China is the most dynamic major economy in the world and a very important market for Merrill Lynch,' said John O'Sullivan, the chief administrative officer of Merrill Lynch Asia-Pacific Region. 'Through the scholarships, we hope to play a part in nurturing China's future business leaders.'
SCOURGES AFFECT MENU
The snake is back, but the chicken is out.
After an absence of two years, Hang Seng Bank this month relaunched its snake soup banquet. The bank has a tradition of inviting clients and media every autumn to enjoy snake soup - cuisine typically eaten at this time of year.
The outbreak of Sars in 2003 raised fears that snakes could have been a source of the disease and the bank took the reptilian dish off the menu.
But the bank moves with the times and White Collar found chicken was no longer an option for hungry banquet guests.
Why? Bird flu, of course.
CHEUNG TESTS HIS LIMITS
Hang Seng's head of corporate communications jumped with joy after he outran 24,000 of the nearly 38,000 marathoners from 120 countries at the New York City Marathon on November 6.
For Walter Cheung, it was his 12th marathon in four countries. His inspiration and motivation? Virgin head Sir Richard Branson.
'Besides being a successful businessman, [Sir Richard] also has been involved in a number of record-breaking attempts since 1985, such as crossing the Atlantic Ocean in the fastest time. This has inspired me to do more sport and to try to test one's limits,' Mr Cheung said.
