 "Over 36 lakh insurance agents terminated in last 4 years")
The life insurance industry has seen a net reduction of 7-8 lakh agents in the last four years, said V Manickam, secretary general of Life Insurance Council.
This, said Manickam, is due to the fact that there are over 35 lakh agents who have been terminated from service as against an addition of over 26 lakh in the last four years.
Speaking on the sidelines of an event organised by Asia Insurance Post, Manickam said that companies need to augment their agency force with 15-20% growth every year in number of agents.
To increase number of agents in the industry, Insurance Regulatory and Development Authority has reduced the pass percentage in agent recruitment examination from 50% to 35%.
The Life Insurance Council, among other initiatives, is planning a project to bring out a Customer Satisfaction Index to gauge customer feedback related to insurance policy and service areas.
The council is looking to bring out this index with the help of an external agency in the next six months.
This, said Manickam, is due to the fact that there are over 35 lakh agents who have been terminated from service as against an addition of over 26 lakh in the last four years.
Speaking on the sidelines of an event organised by Asia Insurance Post, Manickam said that companies need to augment their agency force with 15-20% growth every year in number of agents.
Also Read
"It is also needed that agents need handholding for atleast the initial three to five years," said Manickam.
To increase number of agents in the industry, Insurance Regulatory and Development Authority has reduced the pass percentage in agent recruitment examination from 50% to 35%.
The Life Insurance Council, among other initiatives, is planning a project to bring out a Customer Satisfaction Index to gauge customer feedback related to insurance policy and service areas.
The council is looking to bring out this index with the help of an external agency in the next six months.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%