The APFinSA Awards showcase prestigious awards in the life insurance industry for top producers to be endorsed and recognised, 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 6,000 winners across the Asia Pacific region.

We are now into the qualification period for the exciting Asia Pacific Financial Services Awards 2023 to be held in Singapore. As most countries in the world are re-opening its borders, the 4th APFinSA Awards 2023 is set to welcome the coming together of all Asia Pacific countries on 23 May 2023 in Singapore!

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, Singapore, 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 2022. The application form must be properly filled, duly signed and sent to respective local national association that is a member of APFinSA. Closing date of submission is 28 February 2023.

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 (individual) 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
Corporate/Group Health Insurance
10% of first year premium
Long-term care (group) 10% of first year premium
Annuities (group) 10% of first year premium

Production Requirements

APFinSA Awards 2023 Premium Production Requirement For Membership (Premiums based on 2022 production)

Countries 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 2023)
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 2023. Delayed payment will be accepted up to the last day of March 2023 with an additional fee of SGD18. 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 SGD100 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, Singapore, 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.

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 usually have a report 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 endeavour 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.

The Organiser

Asia Pacific Financial Services Association (APFinSA)
Website:  www.apfinsa.org
Email:  awards@apfinsa.org

Supported by

Insurance & Financial Practitioners Association of Singapore (IFPAS)
Website:  www.ifpas.org.sg
Email:  admin@ifpas.org.sg

APFinSA Member Associations

Reach out to your local association to find out more about APFinSA Awards 2023. 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: 28 February 2023

Application Form will be available in APFinSA website www.apfinsa.org from 15 December 2022. 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 28 February 2023.

Download application form

Special Rates To Attend APLIC 2023

In conjunction with the 19th Asia Pacific Life Insurance Congress (APLIC 2023), all APFinSA Awards qualifiers of 2022 and 2023 receive a one-time 30% discount off the APLIC registration fee (30% off SGD 398 per ticket, valid until 28 February 2023).

Visit APLIC Website