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Industry Focus

With the emergence of the insurance sector and new players in the insurance industry, the number of Life Insurers has increased to 14. According to recent research, out of the 240 million people who are insurable, only 70 million are insured. The number is likely to grow to 650 million by 2005. The premium component in GDP in India is less than 2% compared to an International average of 7.4%. All these figures reveal the opportunities available while the gross domestic savings is 23% of the GDP.

Manpower Need

The Insurers always seek an individual who meets the eligibility criteria of becoming an agent. Approximately 9.5 Lakh agents, now, cater 70 million who are insured. Considering that the number to be insured is growing to the range of 650 million in 2005, one could imagine the need for qualified agents.

Training Trends

Training has become an integral part of the insurance industry after the liberalisation of the sector. This is attributed to the mandatory clause by IRDA. Training has moved from in-house classroom training by insurers to outsourced classroom training and more recently to online training. This shows the maturity in the market in addressing the training needs.

Future Outlook

The growth prospects for an agent are unlimited. Most insurance companies form elite clubs and offer membership based on the performances. These clubs are commonly called the Silver Club, Gold Club, and Platinum Club based on level of achievement. It is a common Industry knowledge that many agents earn more than the top official in the company.


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