Indian Insurance companies are facing depleting middle and senior management. With the attrition rates of the young talent at an all-time low of 30% up to 70%. It needs to seriously reconsider how they communicate with, hire and retain every new Insurance Agent.
Most major Insurance Companies in India have a workforce, that is fast aging. Hence they are facing an impending talent crunch. Automation cannot provide a proper replacement for the qualitative judgment that is necessary for effective underwriting. As well as the personal approach that is essential to attract Indian Investors. This makes it vital for insurers to develop a performance-driven culture. Then they would be able to easily hire, develop, and retain the younger underwriting talent and Insurance Agents.
Insurance Agencies and Insurance brokers across the country are facing these challenges. And they are looking for a solution to recruiting and retaining young insurance agent!!
To improve the direction where the sales graph is heading towards. You need to market your company, the industry to reach out to and hire new Insurance Agent.
Employees are the organs of your business. Without an excellent insurance agent, how would you have the Financial agency that you’re striving to achieve? When you’re employing new talent, how can you ensure that you find the Financial Advisor who will work well with your company’s up and coming culture?
We have listed out a few suggestions for strategies you can make use of in employing. Let us take a look at those and select to implement the ones most suitable for your business model.
Hire and Retain insurance Agent
Tips to hire and retain: WealthBucket
Post the job openings on social media. Which is the place where young things spend a lot of their time? Yes, you are right, the LinkedIn, Twitter and Facebook.
Campus Placement from the Local Universities. If they have courses related to Commerce, etc. you can also offer a contract with them to provide internships. Most internees would quit after their requisite for 2 or 3 months. However, there will definitely be just a few who would prove to be quality revenue-generating agents.
Include your existing workforce in exploring and extracting new talent. Your existing agents are already approaching people. They must be meeting some persons who may or may not turn out to buy plans from them. But they may want to earn or support their incomes. When you actually get to meet them, you may be surprised by the fire in their bellies to make it big. This is one of the ways you will be able to hire your Insurance Agent.
Do you provide the right training to them? Is your newly hired Advisor prepared to sell insurance products? Some grooming session is essential before anyone is ready to face a client? They must be taught the sales pitch, value of a good presentation, even the voice modulations, and the language, etc. Regular sessions on such topics would enhance their sales skills. Thereby they will be able to sell more. It will result in increased earning for them and, hence, work satisfaction.
Provide them with a Mentor and a Guide. Let your young force accompany the more experienced ones when they converse with or hold meetings with their clients. This will teach them when and how of the sales. Of course, the mentor must be willing to teach the newbies. Look for those within your existing force. Someone with the most leadership aptitude will be able to lead the young ones towards goal achievement. And you may be surprised but some of the mentors also get reinvigorated in the company of passionate and driven youngsters.
Improve Renewal Commissions. All customers tend to start investing in one insurance plan. However, with the advancement in salaries and an increase in the number of family members, they tend to need more insurance. Whereas, the trend as per most Insurance Agents is that they leave communicating with the customer as soon as they extract the first premium installment from them. Because the commission on the first one-to-three premiums earns them the most commissions. And the later ones have a lower percentage. But, this is a worrying trend.
Last but most definitely not the least is the incentives. This is the most pulling thing for all working people. Money drives the world. They will get the same percentage of commission. Whether they are working for your agency or some other one. So what is different about working with your agency?? Show them some extra incentives. That goes beyond their regular commission. It may be as cheap as a memento, bag, watch, or phone, etc. It may go up to a trip or some other high-end product. Not only will this create a target for them to achieve. It will further bring out a healthy competitive spirit between the agents.
Conclusion
hiring and retaining: WealthBucket
Subsequent to the downturn since 2007-08 and stricter regulations to plug insurance scams. Insurance companies and brokers were faced with many people quitting to join other sectors. Besides, selling life insurance is not an easy and glamorous task. An effective Insurance Agent needs to understand products and each family’s needs. This kind of peoples skill can be quite difficult to find, nowadays.
Companies that can effectively hire, train and develop dedicated future staff and Insurance Agents will adapt themselves. Setting up for success in the future. Therefore the companies understand that they need to focus on retention, give attractive career opportunities and better compensation.
If you are looking for assistance in Insurance or other Investments, you must visit WealthBucket. The online site with the most variety of investment solutions.
We offer easy and reliable investments in Equity Mutual Funds, Debt Mutual Funds, Income Funds. Just to name a few.
Call now at +91 9999379929. Or mail for your queries at contact@wealthbucket.in.
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