The Challenges Faced by Life Insurers in Appointing and Retaining Individual Agents

Abstract

‘Individual Agency/Tied Agency’ is also known as the ‘In-house’ or ‘Proprietary’ channel as it is owned and controlled by a particular insurance company.
Individual agents are required to ensure deeper penetration of life insurance and thus have an important role in the healthy growth of the life insurance sector. Life
Insurance Agency is financially rewarding and at the same time emotionally and physically demanding. However, it is not considered to be a preferred profession.
For sustainable growth, the life insurers need to work hard, appoint more number of agents and retain them while enhancing their own productivity.