CONSIDERING A CAREER in the booming insurance industry? Well, be warned it is a job that demands the highest commitment.
Statistics show an extremely high annual staff turnover rate in the sector, touching 90 per cent in Hong Kong.
'It's not a business for everyone,' said Steve Pang, manager of the New Advisor Development Centre at Zurich Insurance Group (Hong Kong), one of Hong Kong's leading insurers. 'Starting out as an insurance agent is quite hard. You face a lot of rejection, which can be psychologically unhealthy.'
And the financial rewards are initially not appealing. Commission on sales determines income and, while some newcomers can earn up to $30,000 a month in a few months, many have to be satisfied with just a few thousand dollars.
'You have to accumulate clients for a stable income. The initiation period is tough, while the range of earnings can be vast,' Mr Pang said.
The industry's high turnover rate is one reason Zurich recently opened its innovative 'school' for aspiring insurance professionals, a first for Hong Kong.