Monday, June 29, 2009

Are the insurance industry workforce a lowly paid lots?

Just last year I read an article posted on The Insurance Journal, a US -based magazine. This article was about the workforce that we found within the Financial (mainly relating to investment, banking, etc) industry and the Insurance industry; there are just two distinct groups - remarkably those in the financial circles certain have better educational grades and academic clout than the our group.....the insurance group! They were the cream of the best university could possibly produced and the they have had to consistently soak up pressure in their job, working to deliver the best....and of course making tonnes of money on their way up the career ladder. For the poor insurance group (you and I...don't forget), we would alway stick to our job, lie low, stay that we have lesser pressure....longer life was the only reason why we love our insurance job despite retiring poor! By using the word, "cream....." meaning they are truly the high achievers, not just in their academics but also in their pursue of personal wealth.... Before the subprime crisis, all aspiring graduates of the best university aimed towards getting into the best merchant or investment bankers workforce - their starting pay was horribly high. It was reported not just in US but all over the don't have to leave out Malaysia.

Sadly for us we just can't make it there within the ranks of achievers (creams of any nation) .....although on the contrary, these groups also cause the remarkable downfall of the Wall Street....and they were out of their job; their fat paying job! The insurance group however are still around not doubt in Malaysia holding the paddle trying to get the sampan to shore before retirement one day.

Whatever that is we belong to a group that the Insurance Journal deemed us as "drop-outs" - not fit and sharp enough for a pressure cooker job like high power finance. Anyway who cares..... we all know we are lowly paid lots....because our industry runs on a marginal underwriting profit, there is actually nothing much to make given the fact if any non-life company competes substantially in an opened markets.

Of course, because we are not genius enough, we throw away good practices...all in the name of roping in the $$ first...lose money, "belakang kira". Stupidly, stupidly......forward, we are still here, the industry is still here - 20 years today still same...not much of major changes unlike our high finance brothers and sisters; their industry changed by leaps and bounce.

Whatever that is, beat around the bush or otherwise, the fact is that the industry change so little is because we are not academically inclined enough during our student's says......we play marbles, catch spider, 'poteng sekolah' but thinking outside the box lah - "no-lah, day dreaming" only! Thus, that's the reason why we are not experimenting with new things years ago...... Never mind lah, poor also good, stupid also good.....we are still chugging along the way...... like the image, "WITH THE POLES BETWEEN THE LEGS" on a motorcycle that build for TWO!

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