To reduce attrition and improve customer service, Reliance Life, is introducing fixed salary for insurance advisors in semi-urban and rural areas. Company is introducing fixed income system for its insurance agents under its new format called ‘Career Agent’.
Company’s basic objective behind the fixed income system for insurance agents, is to provide a minimum fixed salary to agent in order to infuse a sense of security and professional commitment.
Company will give fix stipend to insurance agents for the first six months during their training tenure and help them pass the licensing examination, before they become the part of the company.
Company is planning to hire 5,500 career agents across 200 branches by the end of this financial year.
This move of Reliance Life has been prompted by its Japanese partner, Nippon Life’s strategy.
Nippon Life has all its insurance agents on pay-roll. This mechanism has helped the Japanese company to retain the talent pool and provide dedicated services to customers.
In India, insurance agents work on commission basis and have uncertain income level. Hence, industry is facing very high attrition rate.
Apart from recruiting Career Agents, company is also planning to hire 50,000 insurance sales advisors on commission basis in the next seven months. Company is eyeing to increase the number of insurance advisors to over 150,000 by the end of current financial year from around 120,000 now.
Company sells more than 60% of its insurance policies through its agents.
No comments:
Post a Comment