Page 40 - Insurance Times JUNE 2022

Conclusion major part of their workflow because they help guide every
aspect of their research. They dictate how the assessment
Systematic reviews provide a robust, rigorous method of
is performed and the engagement approach with various
collecting and synthesizing data. In the risk management
stakeholders in terms of their transparency in
process, credibility is paramount, and a systematic
communication.
review is a great way to analyse data systematically and
thoroughly.
References
Many of risk assessment clients use systematic reviews as a Various Sources

Q. How has been your company's performance in the IT and actuarial, are enrolled in various professional certi-
current year and your business target for 2022-23? fication courses. Based on the training need assessment
As a player in the market, the market condition has a huge carried out by the HR Team, we also sign up various train-
ers to bridge the gap for both soft and hard skills. Most im-
impact on the company. We are currently witnessing an eco-
portantly a lot of emphasis is given to creating a profes-
nomic slowdown in Nepal. Government spending remains
sional, meritocratic, a highly positive working environment
very low, remittance has reported degrowth and banks are
where everyone grows, learns, and contributes to meet the
now unable to lend due to a liquidity crunch. This has had
company objective.
an impact on the life insurance industry where the industry
as a whole has currently reported a degrowth of about 8%
In the case of agents, our strategy is to develop professional
in the first premium collection for the first 8 months of the
agents who are 100% devoted to the life insurance business.
current fiscal year. We have however come to the last quar-
We provide extensive training to our agents on various sales
ter of the Nepali fiscal year and almost 50% of total busi-
ness is booked in the last quarter by the industry. Despite techniques, compliance, and other aspects related to busi-
the current slowdown, Jyoti Life is targeting to close the year ness. We also aim to create a healthy number of Agency
with a growth of 20-25% in the first premium and 35% in Managers with the right mix of sales, business, and techni-
Gross Premium. cal skills who can lead their large agency teamsmost pro-
fessionally. These individuals require key leadership skills
also and are therefore provided Train the Trainers (TOT)
Q. Continuous professional development of Employ-
courses. We also expect our agents to be digitally smart and
ees and Agency force is of utmost importance for the
well equipped. We have therefore provided an extensive list
growth of the company. What are your efforts in this
of features in our mobile app where agents can track their
regard?
business, status of renewal, team business status, create
The growth of a company is directly linked to the growth in
proposals to send to prospective clients, share animated
capabilities of individual staff and agents in life insurance.
videos related to a product, etc.
We at JyotiLife have always kept HR and Agency Management
a top priority. This has become even more crucial due to the
Q. Any other development you would like to share?
scarcity of proper resources both in employee's and agent's
Despite being a new company, JyotiLife has established it-
space. For employees, we are constantly providing in-house
self as a fundamentally strong and financially sound com-
training to ensure that our team members have adequate
pany. We completed our IPO only last year and have already
background and knowledge with regard to various regula-
paid out a dividend of 10% bonus shares to its sharehold-
tory requirements and changes. Also, since we are constantly
ers within 3 years of business operation, the highest among
improvising, evolving, and optimizing, our team members
new companies to date. With unique product offerings, pro-
need to cope with these changes, hence video calls are used
fessional and ethical work culture, a dedicated team, strong
extensively for this purpose. We also have a corporate
brand value, sustainable and long-term approach to every-
trainer who provided various training related to communi-
thing, the company plans to deliver value to all its stake-
cations, professional development, positivity, etc. New re-
holders in the days to come too.
cruits go through an induction program and then are pro-
vided on-the-job training. Technical team members such as Interviewed and edited by: Ms. Nishu Bhagat
40 The Insurance Times, June 2022