A recent press report said that the insurance companies which do not have banks as their promoters are adopting a multi-channel distribution model rather than relying on agents and bank assurance. For these insurance companies hiring and training have become more crucial because the sales from bank assurance have declined.
According to the report some company officials said that the best way to improve the efficiency of the agency channel would be to free up agents’ commissions and reward them based on their sales volumes.
Further the report also stated that in Tata AIG life Insurance Company also offers need based training rather than only giving regular sales based training and for the senior advisors the company offers a programme for the basic financial planning.
Mr. Vijay Sinha, Senior Vice President, Marketing and Product Development said that the emphasis is on need based sales and there is a lot of emphasis on the idea that the company is a protection provider and not just a provider of savings product.
Mr.Narayanan, Chief Distribution Officer, Bajaj Allianz Life Insurance said that the company is investing in alternative channels such as web sales and telemarketing rather than focusing only on agent sales.
Further as per the report, Birla Sun Life insurance company gives a training that involves product and sales training, providing marketing support and adopting enhanced Customer relationship management tools.