The APFinSA Awards showcase prestigious awards in the life insurance industry for top producers to be endorsed and recognized, not only in their respective countries but in the entire Asia Pacific region. Since its inaugural APFinSA Awards in 2020, Asia Pacific Financial Services Association has recognized and celebrated the success of 8,000 winners across the Asia Pacific region.
We are now into the qualification period for the exciting Asia Pacific Financial Services Awards 2024. The 5th APFinSA Awards 2024 is set to welcome the coming together of all Asia Pacific countries on 2 and 3 July 2024 in Hong Kong!
APFinSA Awards 2024! Enrol today! Be among the best of the top financial advisor in whole of Asia Pacific!
My Favourite Advisor (MFA) – Be the top most favourite advisor in Asia Pacific!
The Awarding Body
The Asia Pacific Financial Services Association (APFinSA) is the largest financial services council in Asia Pacific, represented by nine member associations from Australia, Hong Kong, India, Macau, Malaysia, Philippines, Hongkong, Taiwan and Thailand. Established in 1991, APFinSA serves as the pre-eminent cross-border association to address the critical needs and opportunities of the financial advisory profession in the region. APFinSA is also the organizer of the biennial Asia Pacific Life Insurance Congress (APLIC).
Award Categories
| Award Categories | Requirements | Application Fee |
|---|---|---|
| APFinSA Award | (FYP Credits as per table) | SGD 288 |
| APFinSA Excellence Award | 2 x FYP Credits | SGD 288 |
| APFinSA Star Award | 5 x FYP Credits | SGD 388 |
| APFinSA Pinnacle Award | 10 x FYP Credits | SGD 388 |
| APFinSA Leadership Award – Gold | 3 Awardees | SGD 388 |
| APFinSA Leadership Award – Diamond | 5 Awardees | SGD 388 |
| APFinSA Leadership Award – Platinum | 10 Awardees | SGD 388 |
Eligibility
1. Qualification
Any licensed financial practitioner who is able to deliver the required First Year Premium Credits may apply for the respective awards.
2. APFinSA Award Status
An award when conferred shall be valid for one year only. Fresh applications based on attained eligible premiums, shall be submitted for each of the subsequent years.
3. APFinSA Excellence Award
An individual shall be conferred an APFinSA Excellence Award upon meeting 2 times the respective First Year Premium (FYP) Credits..
4. APFinSA Star Award
An individual shall be conferred an APFinSA Star Award upon meeting 5 times the respective First Year Premium (FYP) Credits.
5. APFinSA Pinnacle Award
An individual shall be conferred an APFinSA Pinnacle Award upon meeting 10 times the respective First Year Premium (FYP) Credits.
6. APFinSA Leadership Awards
An individual qualifies for an APFinSA Leadership Award in the following categories:
▪ “APFinSA Leadership Award – Gold” if he/she has 3 awardees in his/her team.
▪ “APFinSA Leadership Award – Diamond” if he/she has 5 awardees in his/her team.
▪ “APFinSA Leadership Award – Platinum” if he/she has 10 awardees in his/her team.
7. Hall of Fame
An individual shall be admitted into the Hall of Fame when he/she qualified for the award for a minimum of 8 years (need not be consecutive years).
Verifications
1. Verifying Production Credits
First year premium production must be verified and endorsed by the financial organization you represent and also by the local association which must be a member of APFinSA.
2. Application Forms
The Application Form will be available on APFinSA website (www.apfinsa.org) from 15 December 2023. The application form must be properly filled, duly signed and sent to respective local national association who is a member of APFinSA. Closing date of submission is 28 February 2024.
Eligible Products & Credits
| Products (Individual) | Premium Credit |
|---|---|
| Individual Life Insurance | 100% of first year premium |
| Individual Annuities | 100% of first year premium |
| Individual Critical Illness | 100% of first year premium |
| Individual Disability Income | 100% of first year premium |
| Accidental Death and Dismemberment (Individual) | 100% of first year premium |
| Regular Pay Variable Unit Linked Products | 100% of first year premium |
| Long-Term Care (Individual) | 100% of first year premium |
| Endowment Plans/Products (For 5 Years to pay and up) |
100% of first year premium |
| Individual Health Insurance | 100% of first year premium |
| Financial Planning Fees | 100% of first year premium |
| Products (Group) | Premium Credit |
|---|---|
| Premium Deposit Fund | 10% of first year premium |
| Top Up | 10% of first year premium |
| Single Premium (Whole Life and Investment) | 10% of first year premium |
| Mutual Funds/Asset Management Accounts | 10% of first year premium |
| Accidental Death and Dismemberment (Group) | 10% of first year premium |
| Critical Illness (Group) | 10% of first year premium |
| Temporary and Permanent Disability Income (Group) | 10% of first year premium |
| Group Life Insurance | 10% of first year premium |
| Corporate/Group Health Insurance | 10% of first year premium |
| Long-Term Care (Group) | 10% of first year premium |
Production Requirements
APFinSA Awards 2024 Qualification for Membership (Premiums based on 2023 production)
| Countries/Regions | First Year Premium (in local currency) |
|---|---|
| Australia (Australian Dollar) | 120,000 |
| Hong Kong (Hong Kong (Dollar) | 670,000 |
| India (Indian Rupee) | 18,000,000 |
| Macau (Macanese Pataca) | 390,000 |
| Malaysia (Malaysian Ringgit) | 250,000 |
| Philippines (Philippine Peso) | 1,400,000 |
| Singapore (singapore Dollar) | 110,000 |
| Taiwan (New Taiwan Dollar) | 1,800,000 |
| Thailand (Thai Baht) | 1,300,000 |
| Brunei (Bruneian Dollar) | 95,000 |
| Cambodia (Cambodian Riel) | 160,000,000 |
| Indonesia (Indonesian Rupiah) | 300,000,000 |
| Japan (Japanese Yen) | 16,000,000 |
| New Zealand (New Zealand Dollar) | 140,000 |
| P.R. China (Chinese Yuan) | 325,000 |
| Sri Lanka (Sri Lanka Rupee) | 2,700,000 |
| Vietnam (Vietnamese Dong) | 360,000,000 |
Membership & Requirements
1. Professional Association Membership Requirement
Applicants for APFinSA Award must be a member of the local association who is a member of APFinSA
2. Registration Fee (for the year 2024)
Registration fee is SGD 288 for APFinSA Award and Excellence Award, and SGD 388 for the other awards, which should be paid directly to APFinSA Member Association via telegraphic or wire transfer on or before 15 March 2024. Delayed payment will be accepted up to the last day of March 2024 with an additional admin fee of SGD 30. The fee is inclusive of the Award/Certificate and a recognition ceremony.
3. Fee for Hall of Fame Members
Hall of Fame awardees will pay a reduced annual fee of SGD 188 every year to maintain their status (ie. it is SGD 100 lower than normal fees).
Definition of Terms
1. Good Standing
A licensed financial practitioner should not engage or commit unprofessional practices such as twisting, knocking, forgery, concealment, misappropriation of premiums, misrepresentation, delay in premium remittances, or any violation of the Code of Ethics of their company and their governing Insurance Regulator.
2. First Year Premium Credits (FYPC)
For the purpose of APFinSA Awards qualifiers, First Year Premium Credits refers to the Eligible Premium Credits found under Eligible Products and Credits.
3. 13TH Month Persistency Rate of 80%
In addition to meeting first year premium requirement, you must also attain a minimum of 80% persistency and be of good standing during the qualifying period.
FAQs
1. Who is APFinSA?
The Asia Pacific Financial Services Association (APFinSA) is the largest financial services council in Asia Pacific, represented by nine member associations from Australia, Hong Kong, India, Macau, Malaysia, Philippines, Hong Kong, Taiwan and Thailand. Established in 1991, APFinSA serves as the cross-border association to address the critical needs and opportunities of the financial advisory profession in the region.
2. What is the APFinSA Awards?
The APFinSA Awards recognizes licensed financial practitioners in the region for their achievements. The Asia-Pacific region is constantly showing signs of growing affluence, it is therefore time for us to have our very own awards.
3. Can the Agency Leader’s Personal productions be used for the Agency Leader Award?
An Agency Leader’s main role is to recruit, train and develop agents. An Agency Leader may apply for the APFinSA Award using his/her own personal production. However, his qualification will not be counted for the Agency Leader’s category.
4. Are there any other requirements for award applicants?
All awardees must be members of the respective National Associations who are members of APFinSA. To be eligible to apply, the management or representative of the life insurance company must endorse the application form and there should not be any unethical conduct, otherwise APFinSA reserves the right to disqualify the application.
5. How is the policy persistency rate measured?
In general, life insurance companies generate a report of their own life practitioners’ persistency rate at the end of the year or on 31 December. It will be a 13-month persistency rate (meaning life insurance premium has been collected for at least 13 months from the first day of the policy date).
6. How to measure the life insurance premium and the credit equivalent to qualify the award?
Life insurance plans with premium term of 5 years and above, 100% of the premium is counted. Policies with premiums term of 4 years and below, 10% multiply by premium term (eg. 3 years premium term. 10% x 3 years = 30%). All unit-linked policy will be counted the same as like a typical whole life policy.
7. If a Financial Practitioner earns fees from other financial institutions, how will this be counted as credit?
The fee is counted equal to the annual insurance premium. But there must be endorsement from the company or financial institution that pays the fee. A letter must be enclosed to confirm the fee payment.
8. What documents will be used to apply for these qualifications?
The respective National Associations will request a list of those who are already eligible for awards from the Insurers. You may also download an Application Form from APFinSA website, fill it up accordingly, and have it endorsed by your company’s official.
9. To whom may I submit my application?
You may submit your application via your respective National Association who is a member of APFinSA. If you belong to a country who is not an APFinSA Member, you may submit your application directly to APFinSA. Further information such as Membership Fees and Qualifications can be found on our website, www.apfinsa.org.
10. Why should I apply through the local National Association?
The local National Association is the voice of Financial Practitioners and also serves as the liaison with APFinSA.
11. What are the benefits for the awardees?
Every Awardee will be given a Plaque and a Certificate of Award and be invited to attend the awards presentation event where there will be a guest speaker (likely to be in English) with refreshments. As much as possible, we will endeavor to present all the awards on stage.
12. Do you have a Hall of Fame qualification? (Life membership)
Anyone who qualified for a total of 8 times (need not to be consecutive) will be admitted as a Hall of Fame member and will enjoy special membership rate.
MFA Contest
Join the ultimate MFA Contest – My Favourite Adviser!
The MFA is organized to honor APFinSA Awardee who is the most popular among his/her peers and clients.
- All APFinSA Awardees are automatically qualified for My Favourite Adviser (MFA) Contest.
- There must be a minimum of 50 qualified APFinSA Awardees registered from each country/region in order to be eligible to enter the MFA Contest.
- Awardees will share the voting link to their clients, relatives and friends to encourage them to vote online.
- The top 10 MFAs from each country/region will be eligible to qualify for the Top My Favourite Adviser in Asia Pacific contest.
- The results of the Top 10 MFAs will be announced and accorded special recognition during the awards ceremony in Hong Kong on 2 July 2024.
APFinSA Day & Awards Presentation Ceremony 2024
Day 1: July 1
• Registration
Day 2: July 2
• Workshops
• Grand Opening
• Sharing by Keynote Speakers
• Award Ceremony
Day 3: July 3
• Conference
The Event
The APFinSA Day Conference & Awards Ceremony 2024 will be a 2.5-day event, with the noble goal to recognize the top producers in Asia Pacific; fellowship and sharing of success formulas among financial practitioners. All participants, awardees, non-awardees (financial advisers), associations, CEOs, Agency Leaders and peers are welcome to attend this conference.
Price: SGD $268
The Organiser
Asia Pacific Financial Services Association (APFinSA)
Website: www.apfinsa.org
Email: awards@apfinsa.org
Host Region
The Life Underwriters Association of Hong Kong (LUAHK)
Website: www.luahk.org
Email: admin@luahk.org
APFinSA Member Associations
Reach out to your local association to find out more about APFinSA Awards 2024. Should an APFinSA member association not be available in your country, you can contact APFinSA at awards@apfinsa.org for further details.
Application Form
Closing Date of Submission: 29 February 2024
All application forms must be properly filled, submitted together with the verified production credits, endorsed by respective local national association (APFinSA Member) along with proof of payment by 29 February 2024. Please contact your local national association.
