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.
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 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.
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.