A survey of issues in Agency Termination of LIC

  • Bhushan D. Bhat Development Officer, LIC of India
Keywords: Agency Termination, LIC

Abstract

Agency termination is a loss to any insurance company and to development officers and the agents. The issue of loss in present competition has not come to the surface very gravely. However, the attention is necessary. The researcher has taken the data of branch of a large size of LIC of India in Pune under Western Zone. The present average rate for last three years of termination of the branch is around 11%. It is attempted to find out the reasons for the termination. DOs and the branch manager are interviewed thoroughly with good amount of interaction. The researcher could find out in all 29 reasons for termination of agents which are classified into unavoidable and avoidable. Out of 29, there are 21 reasons which are either related to personality and attitude or other aspects. The researcher has given suggestions to overcome the avoidable reasons to DOs very prescriptively. Implementation of these suggestions can improve the termination situation which can contribute in a small way to the business of the branch.

References

References :
[1] Narayan,H.(2006), “Indina Insurance –A Profile”,(1st ed.), Jaico Publishing House, Mumbai
[2] Weigelt,O.(2001), Absatz Per Internet noch kaur messbar, in: Versicherungswirtschaft, pp 369.
[3] Sudhir Chandra Das and Anuj Agrawal, 2012, “Employee Satisfaction of Insurance Agents : Empirical Evidences”, Review of Management, Vol.2, No.3/4, December 2012, pp. 32-45, ISSN :2231-0487.
[4] Victor H. Vroom, “Work and Motivation”, 1st Edition, ISBN-13: 978-0787900304.
[5] KANO, http://www.kanomodel.com/about-the-kano-model/
[6] Dale Carnegie, “How to Make Friends and Influence People”(First Published in 1937), E-book Cornerstone Publishing, 2005.
[7] Norman Peale, “Success is Never Ending Failure is Never Final”, Published by RHUS, 1st Feb 1990.
[8] Hertzberg two factor theory, https://en.wikipedia.org/wiki/Two-factor_theory
Published
2018-06-27
Section
Articles