Page 11 - Life Insurance Today May 2016

THINKING ABOUT &
HAVING EMPATHY FOR
THE INDIAN INSURANCE
AGENTS

Marketing forces being deployed
for saling insurance products

1. Introduction: savings. Furthermore, regulatory changes have lowered
premiums making the industry unattractive to the agents
Indian life insurance industry has seen two stages of / workforce. Unit Linked Insurance Plans (ULIP) were the
growth, since liberalization in FY 2001. Insurance item of focus and obviously as the key revenue drivers for
penetration as a percentage of GDP grew by 75% in FY private insurance players until FY 2010, until the IRDA
2008 as compared to FY 2003, where, there has been a instituted regulatory changes that caused private players
24% fall in the FY 2013 as compared to FY 2008 (Ref. FICCI to move to traditional plans driving premiums down (Ref.
& BCG, 2013). Even Life Insurance which was initially KPMG, 2013).
hailed as a sunshine sector is now witnessing doldrums
due to quite a lot of underlying factors. This challenging market generates occupational distress,
which eventually affects the effectiveness and efficiency
Our country witnessed a 23% decline in economic growth of the insurance companies. At this back drop, firstly, we
in the last 5 years, which has caused a radical shift in the need to explore the challenges a marketing manager faces
public mindset to physical assets as opposed to financial in mitigating Business Sales Employee distresses in an
insurance company in India, today.
About the author
2. Occupational Distress - its meaning &
Anabil Bhattacharya as observed:
B.M.E. (Hons.), F.I.I.I.
C.M. & Faculty Member Occupational distress is considered to be a product of
N.C.I.L., Narendrapur environmental demands and individual capabilities. Based
Kolkata

We tax air passengers like cigarettes and alcohol - we impose sin taxes on travellers.

Life Insurance Today May 2016 11