Life Insurance Industry Agent’s Attrition: A Game Changer for Insurance Business

Insurance industry of any country acts as the backbone of its financial risk management system. Although two-thirds of the insurance business in India is carried out through individual agents, recent trends show significant attrition among them. The central argument in this article revolves around i...

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Bibliographic Details
Published inGlobal business review Vol. 23; no. 2; pp. 426 - 439
Main Authors Roy, Neha Chhabra, Roy, N. G.
Format Journal Article
LanguageEnglish
Published New Delhi, India SAGE Publications 01.04.2022
SAGE PUBLICATIONS, INC
Subjects
Attrition
Business insurance
Insurance industry
Life insurance
Literature reviews
Risk management
India
factor analysis
Life insurance companies
mitigation framework
agents’ attrition
innovative conceptual framework
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Summary:Insurance industry of any country acts as the backbone of its financial risk management system. Although two-thirds of the insurance business in India is carried out through individual agents, recent trends show significant attrition among them. The central argument in this article revolves around identifying the drivers responsible for individual agent’s attrition in India. The methodology used for this factor identification was based on extensive literature review and further validation through a primary survey of the stakeholders in the insurance sector. A conceptual model is also proposed for mitigation of agent’s attrition.
ISSN:0972-1509
0973-0664
DOI:10.1177/0972150919861452