Reliance Life Insurance targets small cities to hire salary-based agents

Reliance Life Insurance is aiming to hire over 5,000 insurance agents from small towns and rural areas and give them jobs as their career option

New Delhi: Private sector insurer Reliance Life Insurance will target small cities and rural areas to hire over 5,000 advisers on fixed-salary basis by the end of current fiscal, reports PTI.
"We are aiming to hire over 5,000 insurance agents from small towns and rural areas and give them jobs as their career option with a sense of security. The recruitment drive is targeted at Tier II and III cities," Reliance Life Insurance President and Executive Director Malay Ghosh told PTI.
"We believe that the fixed salary-cum-variable income will be a game-changer in the domestic insurance sector," he added.
In India, insurance agents work on commission basis and have uncertain income level. Hence, the industry is facing a very high attrition rate.
The Anil Ambani-led Reliance group company has identified some potential non-metro cities, small towns and rural areas across the country to hire sales agents on its pay-roll.
The company is betting on the fixed salary-based agents in order to check increasing attrition and provide committed customer service.
In the beginning, Reliance Life Insurance will be recruiting these career agents across 200 out of over 1,200 branches across India.
"We have already hired over 500 career agents and deputed them in about 100 branches across the country. Now, our aim is to hire around another 5,000 career agents by March 2013," Ghosh added.
The company is hiring 5,500 insurance advisors this fiscal under a new distribution channel, Career Agent, with a view to providing young people with career paths where successful agent could become supervisors in three years.
"The objective is to give a fixed stipend to insurance agents in the first six months during their training tenure and help them pass the licensing examination. This will help them take their jobs with greater commitment," Ghosh said.
When asked, whether this new distribution format will hit the exiting advisor workforce working on commission basis, Ghosh pointed out that the two distribution channels are positioned differently in terms of composition and execution.
"Rather both will complement each other and improve customer service."
With the passage of time, Reliance Life Insurance plans to take the salary-based advisor system to the next level with bigger numbers and proliferation.


SEBI chairman asks people to invest in capital market

According to UK Sinha, investment in mutual funds and equity market is important for the people in their long-term interest

Patna: UK Sinha, chairman of the Securities and Exchange Board of India (SEBI) has asked the people of Bihar to consider investment in the capital market in equity and mutual funds for better long-term returns, reports PTI.
Investment in mutual funds and equity market was important for the people in their long-term interest as the centre has launched a number of pension schemes where the investors can put in their money for safe and handsome returns over about 20 years after retirement, he told a seminar.
The mutual fund sector has only 0.42% share of Bihar's investment at Rs1,509 crores and only 24 offices, while the number of d-mat account holders in the state is quite low.
There was only one registered share broker, 1,000 terminals of share market in the entire state and only two companies located in it listed on the bourses, the SEBI Chairman said.
He said SEBI had framed rules for popularizing investments in mutual funds in the small towns and was giving an opportunity to the non-income tax payers in the equity market.
SEBI has also proposed steps for propagation of financial literacy among the people to motivate them to invest in equity and venture capital.



Sweena Jain

5 years ago

Small investors be cautious and dare not to enter capital market as there are more CHEATS than GENUIGN and regulator or Exchanges will never ever come for your help.Therefore be CAREFUL.

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