Taking cue from its Japanese partner Nippon Life's strategy, India's Reliance Life Insurance is introducing fixed salary for insurance advisors to reduce attrition & to further improve customer services.
Salary Based Insurance Agent..!
The Mr. Anil Ambani lead Reliance group firm is launching the salary based insurance agent drive in semi-urban and rural areas.
Mr. Malay Ghosh, President & Executive Director, Reliance Life Insurance said, "We are in the process to introduce a fixed income system for insurance agents under our new format called career agent. The basic impulse is to provide a minimum fixed salary to agents in order to infuse a sense of security & professional commitment".
The Reliance Life Insurance plans to hire 5,500 career agents across 200 branches by the end this financial year (2012-13).
Mr. Malay Ghosh also said, "We have already started recruiting career sales agents & deputing them in about 100 branches pan India. We will give a fixed stipend to insurance agents for the first six months during their training tenure & help them pass the licensing examination, before they become part of the company"
Nippon Life Insurance, 26% partner in Reliance Life Insurance, has all its insurance agents on its pay-roll. This fixed salary mechanism has helped the Japanese firm retain the talent pool and provide dedicated services to customers.
In India, insurance agents work on commission basis & have uncertain income level. Hence, the Insurance industry is facing a very high attrition rate.
"We are trying to plug those gaps through our new programme & provide training to young people with career paths. We will recruit new people on the back of fixed salary-cum-variable incentives to enable them connected with the company for a longer period of time.We believe that the fixed salary-based mechanism will be a game-changer in the domestic insurance sector," Ghosh added.
50,000 Insurance Sales Advisors..!
Apart from recruiting career agents, Reliance Life Insurance plans to hire about 50,000 insurance sales advisors on commission basis in the next 7 to 8 months. The main objective is to expand reach and business and increase market share.
The company is eyeing to increase the number of insurance advisors to over 1,50,000 by the end of the current financial (2012-13) ear from about 1,20,000 now. More than 60% of the company's insurance policy is sold through agents.
The company has over Rs. 1,86,000 crore in AUM (assets under management) and its large chunk is driven by agents working on commission basis.
The company recorded its first full year net profit at Rs. 373 crore in the 2011-12 fiscal. It had sold above 10 lakh policies during the year, garnering a total premium of Rs. 5,498 crore.
Customer Service
Call us at our 24 x 7 Call Center number -3033 8181 OR our Toll Free Number 1800 300 08181
Email: rlife.customerservice@relianceada.com OR
Write to at - Registered Office:
H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai, Maharashtra - 400710.
Corporate Office: 9th floor/10th floor, Building No. 2,
R-Tech Park, Nirlon Compound, Next to Hub Mall, Behind I- Flex building,
Goregaon, (East), Mumbai-400 063.
Fax No: 022- 30002222
Branches located in Chennai
* Reliance Life Insurance Co.Ltd, No.6 , 6th floor, Haddows Road, Nungambakkam, Chennai, Tamil Nadu - 600 006, Ph: 044-3027 7270
* Reliance Life Insurance Co.Ltd , New No.114, Mena Kampala Arcade, 4th floor, B Wing,, Sir Theyagarayah Road,, T-Nagar, Chennai, Tamil Nadu-600017 044-3918 3705, 044-3918 3706
* Reliance Life Insurance Co.Ltd. Old No.8, First floor, Gandhi Road , West Tambaram, Tamil Nadu - 600 045, 044 - 3251 2192 / 044 - 3251 2190
* Reliance Life Insurance Co.Ltd, 44, 1st floor, 1st Main Road,, Gandhi Nagar, Adyar,, Chennai, Tamil Nadu-600 020, 044 - 3910 3324, 044 - 3910 3317
* Reliance Life Insurance Co.Ltd, Old No.27, New No.70, 2nd floor, Narth Mada Station, Mylapore, Chennai, Tamil Nadu-600 004, 044 - 3255 7154
Branches located in Coimbatore
* Reliance Life Insurance Co.Ltd, No.965, 2nd floor, Above Sony world, Avinashi road, Lakshmi Mills Post, Pappanickenpalayam, Coimbatore, Tamil Nadu-641 037, 0422-3322317
* Reliance Life Insurance Co.Ltd, New No 578, Old No 780, Mettupalayam Road, RS Puram Post, Coimbatore, Tamil Nadu-641 002,0422 - 3215 804
PTI
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