FINANCIAL advisers contracted to sell products from a specific insurance company or financial institution – or so-called tied agents – can now tap into a product-agnostic shared services hub to establish their own firms.
New Opportunities for Tied Agents
This comes as home-grown financial services company Singlife on Thursday (Jan 2) officially launched its Propel with Singlife platform.
The platform allows advisers to sell products from any provider, without the obligation to sell Singlife products.
It also provides financial advisory firms with an integrated digital and administrative solution, offering scalable middle and back-office support.
Addressing Challenges
Singlife said that it found in a survey of 102 tied agents from May to June 2024 that while many aspire to become entrepreneurs, they face significant challenges in making the transition.
These challenges include a lack of robust back and middle-office support from their current employers, which they consider critical to their operations, as well as inefficient software systems for processing functions.
Propel with Singlife addresses these issues with an all-in-one platform for tasks such as an electronic financial needs analysis, client onboarding and commission tracking.
It also offers support from a team of nearly 100 professionals with extensive experience in financial services.
Growing Insurance Demand
Since its incorporation in September 2023, Propel with Singlife has onboarded over 230 advisers from seven financial advisory firms.
It expects to cross the 1,000 advisers mark in the coming months, with a target of surpassing 3,000 advisers and 20 financial advisory firms by 2029.
Singlife, meanwhile, expects to naturally capture a share of business generated by the new financial advisory firms that Propel with Singlife serves, and foresees the business to contribute to growing its overall sales.
The growing demand for insurance presents financial advisers with opportunities to narrow protection gaps.
The Life Insurance Association of Singapore, or LIA Singapore, reported S$4.3 billion in weighted new business premiums for the first three quarters of 2024, a 23.5 per cent increase compared with the previous year.
Singlife forecasts that financial advisers will become Singapore’s main distribution channel, driven by consumer preference for options, with annual growth expected at 13 per cent over the next few years.
Conclusion
In conclusion, the launch of Propel with Singlife presents a new opportunity for tied agents to establish their own firms and operate independently, while still benefiting from the support of a product-agnostic shared services hub.
Frequently Asked Questions
Q: What is Propel with Singlife?
A: Propel with Singlife is a product-agnostic shared services hub that allows financial advisers to sell products from any provider, without the obligation to sell Singlife products.
Q: What are the benefits of Propel with Singlife?
A: The benefits of Propel with Singlife include the ability to operate independently, access to a product-agnostic platform, and support from a team of nearly 100 professionals with extensive experience in financial services.
Q: How many advisers has Propel with Singlife onboarded so far?
A: Propel with Singlife has onboarded over 230 advisers from seven financial advisory firms since its incorporation in September 2023.
