Insure lives, ensure success

An insurance agent''s ul
14 October 2003

Arun Agarwal 14 October 2003

Chennai: The insurance industry today is undergoing dramatic changes due to the development of new innovations that are strengthening existing customer relationships as well as seeking new relationships.

Privatisation has opened the barriers that once segmented the industry and prevented new companies from entering the market — offering new products or opening new lines of business. Such movements have increasingly demanded better technology tools to acquire new customers, retain existing customers, improve customer services, reduce operating expenses and manage information… particularly at the point of sale.

With the liberalisation of the Indian insurance sector that threw open doors to many insurance companies to set up their bases in India, the imminent challenge is the management of a huge number of insurance agents and policyholders.

Stringent processes such as interviews, selection criteria, recruitment of insurance agents, training and certification processes are posing new challenges, especially considering the complexity of Indian topography and population density.

Recruitment process Under the regulation of Insurance Agents Regulatory Act 2000, any person desirous of obtaining an agent''s licence shall have to pass the pre-recruitment examination in life or general insurance business conducted by an examination body duly recognised by the Insurance Regulatory and Development Authority (IRDA).