Sales jobs are directly or indirectly linked with targets. Reliance life follows it’s Japanese partner Nippon Life’s footstep by introducing fixed salary for insurance advisors to reduce attrition and to further improve customer services.
This strategy would be for insurance agent located in semi-urban and rural areas.
“Yes, we are in the process to introduce a fixed income system for insurance agents under our new format called career agent. The basic impulse is to provide a minimum fixed salary to agents in order to infuse a sense of security and professional commitment,” Reliance Life Insurance President and Executive Director Malay Ghosh said at the company’s off-site here. [source]
This fixed salary system has helped Nippon Life retain talent and reduce attrition rate and has also helped them with better customer experience.
In India insurance jobs are termed as sales jobs and this might just defeat the purpose. A person might just sell a policy for the sake of it. But on the other hand will also help in reducing miss selling of insurance policies which might have otherwise happened as an agent would have sold the policy which might have landed him the highest amount in commission.
What do you think about this? Will this help in reducing miss-selling? Comment and share your thoughts….