In my quest to secure a role as a financial analyst at Bridge International Academies in England, I meticulously followed the advice of over a dozen mentors, crafting and revising my CV through 350 iterations and persistently applying to various organizations.
The rigorous recruitment process encompassed a grueling 3-hour assessment evaluating proficiency in Microsoft Excel, featuring tests of quick thinking, communication, ethics, and logical reasoning. After successfully navigating three rounds of evaluations, the exhilaration of receiving the job offer was unparalleled.
My responsibilities included the regular submission of financial reports to over 20 investors, including influential figures such as Bill & Melinda Gates and Zuckerberg Chain. Originally, each report demanded five days for processing, but enhancements in our MS Excel model reduced the processing time to a mere three hours, promptly resulting in a salary increase.
Foreign companies operate with distinct norms, offering immediate salary increments upon achievement of results. During my tenure in England, I observed a manager who conducted weekly 15-minute one-on-one sessions with staff members, a practice that significantly bolstered work productivity, a lesson I took to heart.
In the realm of insurance, more than 50 approved insurance products are provided by all insurance companies, falling under the purview of the Financial Regulatory Commission.
MIG Insurance boasts an extensive customer base, with branches spanning 21 provinces and a robust insurance coverage that caters to citizens' diverse needs. Capitalizing on the quarantine period, we are diligently focused on enhancing our internal processes.
Insurance serves as a safeguard against financial risks; for instance, business interruption insurance ensures continuity of financial support even during restaurant closures. However, it's essential to understand that insurance doesn't eliminate risks altogether, which is why we are dedicated to sharing valuable content that imparts guidance on risk prevention.
A fascinating observation is that in more developed countries, the insurance sector outweighs the banking sector in size. For instance, insurance constitutes 40%-50% of the financial sector, while banking hovers at 20-30%, and the stock market typically makes up only 2%. In contrast, in Mongolia, banks dominate the financial landscape with a 95% share, leaving insurance at 2-3%.
Therefore, Mongolia presents ample opportunity for insurance sector expansion, contingent on the development of requisite legal regulations. Presently, due to an underdeveloped stock market, companies predominantly park their funds in deposits.
Our inclination leans toward "seeing is believing." Yet, purchasing insurance has shifted to an entirely online experience, and soon, claims and compensation will be conducted exclusively in an electronic format.
It's noteworthy that following the SARS-CoV epidemic in 2003, all global insurance companies removed the "global pandemic virus" risk from their contracts, resulting in minimal COVID-19-related insurance claims in 2020.
To combat fraudulent insurance claims involving fabricated accidents, MIG Insurance is actively exploring technological solutions. In this regard, we are in the process of developing a pioneering product tailored to COVID-19, which not only provides daily compensation but also facilitates the purchase of immunity-boosting products and medications.
Additionally, we are working on the implementation of "Telemedicine" services, which will establish a hotline for medical consultations during the COVID-19 pandemic.
Effective communication and a positive attitude are pivotal in both my professional and personal life. Encouraging and praising young talents fresh out of school motivates and enhances their productivity.
For individuals with 5 to 10 years of professional experience, adopting a leadership and mentoring approach can be a source of inspiration. However, it's crucial to strike the right balance between words of encouragement and applying pressure, as rigidity may lead to stagnation.
Monotony can be effectively combated by assigning individuals tasks that deviate from their routine responsibilities, yielding enthusiasm and vigor. For example, instructing an accountant in the art of financial analysis can lead to unprecedented growth.
From my mentors, I've gathered invaluable insights into effective communication and strategic planning, emphasizing the pivotal role of numbers in steering a company's activities. Proficiency in financial management, sound execution of plans, budgeting, KPI and performance assessment, and cost control are vital facets of successful leadership.
In the realm of technology, the integration of CallPro's CallPro Text service with our CRM and customer database system has revolutionized our processes. This innovative integration enables the categorization of users as per "good insurance category" and simplifies the preparation of documents with a single click on CallPro text. Previously, a call of this nature required 15 minutes of work, but now, it's completed within just one minute.
4 books recommended by Mr.Tuguldur:
Influence: The Psychology of Persuasion by Robert B. Cialdini
CFO: Architect of the Corporation's Future
The Real Man by Julian Ray
What Every BODY Is Saying by Joe Navarro
