Page 12 - Life Insurance Today May 2016

on very prolonged and continuous studies, the identified
occupational stressors in insurance are identified mainly
relating to job security and pay & benefits (applicable
mainly to Private Sector - Ref. W.J Coetzer, S.Rothman,
2002 and considering the recent ) and stressors that could
lead to attrition include target pressure, work life balance,
job security.

Attrition (or erosion or gradual destruction in number -
whatever you call like) is a major hazard affecting all Indian
insurance companies, with private players suffering around
6-7 % attrition per month among agency managers (FICCI
& BCG, 2013).

Objectives - Here the author places issues while monitor poor performers and issues of non compliance
and take action whenever required.
discussing these stressors from practical standpoints that
- A Business Sales Manager / Marketing In charge or Head 4) Conducting morning administrative huddles and
of Mktg. Depts. needs to focus on the following three very following up with Agency Managers & lead agents on
important issues:- targets and call status
1) To understand the challenges being faced by the
5) Manage the Office / Branch and all related issues.
agents / advisors and employees with Marketing
Function in this Indian insurance sector - for both Life Main concerns of the business sales
& General Insurance Companies. managers & their associated challenges:

2) To make sense of if the reforms proposed by the IRDAI 1) Recruitment / Supervision of the Development
have / will have any impact in mitigating agents' / Officers / Agency Managers - The Business Sales
mktg. employee distress.
Manager usually has to individually interview
3) To provide solutions to the current distress plaguing candidates forwarded by the consultant agencies. On
agents / advisors / employees in Business Sales an average, an interview lasts for around 15-20
Managers. minutes and less than 5% of the candidates found
suitable for the position. Furthermore, there is not
Case study as observed in organizational much control over the quality of candidates forwarded
context: by consultancies. The other option available to the
Business Sales Manager is through internal referrals,
The concerned organization is a life insurance company which are hard to come by. The average Business Sales
that has been operating in India for around 10 years and Manager handles around 6/8 development officers /
has high levels of attrition. The concerned role is that of a agency managers, but in the event of high attrition,
Branch Sales Manager in South India (as available from an recruitment of new agency force supervisor and
on-line Report) who works in the Agency channel. His key advisors to place under them - all becomes a day to
responsibilities include- day affair.

1) Ensuring continued support to subordinates through 2) Recruitment of Advisors - Though the
going on sales and recruitment calls with fresh hires
and closing sales calls with experienced hires, Development Officer / Agency Manager's role is to

2) Ensuring team of agency managers meet their targets,
setting the goal sheet for respective agency managers,

3) Reviewing performance on a weekly/monthly basis,

Somebody who knows what they're doing, who has a good track record, they come across as very articulate, bright and looking for a
challenge - that's absolutely my kind of hire.

12 May 2016 Life Insurance Today