A survey of issues in Agency Termination of LIC
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.
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