If you are representing as an Insurance Agent for any Life Insurance Company in India you may be aware of the recent decision taken by. The decision taken by Insurance Regulatory & Development Authority is as follows:
"In a first of its kind measure, Insurance Regulatory & Development Authority has decided to penalize agents if the insurance policies are not renewed. The move, aimed at curtailing wrong selling, will entail commissions being retracted from agents & credited to the policyholders account. & such not renewed owner to be treated as Single Premium Policy".
Presently what happens the Insurance Companies recruit the sales team, called as Unit Manager or Development Officers or Sales Managers to recruit & support the insurance agent & in the process they are getting handsome rewards in the form of incentives in addition to their salaries. To earn extra incentives these sales force recruit as lots of as more insurance agents without looking to their merit. I have found that every such sales personnel recruits 100 new agents every year but out of that only 10 to 12 remain in the Industry as regular agents. No three can stop this practice as it is not written on somebody face that whether they will work as agent regularly or quit after some initial sales. Insurance companies are also promoting this practice to increase their sales quantum.
Being full-time Insurance Agent for ICICI Prudential Life Insurance Company, I personally welcome this decision. This will bring more transparency in the Insurance Industry.
0 comments:
Post a Comment