Training Insurance agents across the length and breath of India
With the opening up of the Indian insurance sector, many global companies entered the insurance market in India by forming Joint Ventures with Indian partners. These companies have since been recruiting, training and employing life insurance agents to market their insurance products. The agents are spread across the country.
The Insurance Regulatory and Development Authority (IRDA) in India mandates aspiring life insurance agents to undergo a 100 hour training before they qualify to become an agent. Conventionally, this training involved a typical classroom set-up. But today, the traditional methods of training are unable to meet the emerging needs.
To begin with, for most insurance agents, the job is an alternate source of income alongside their regular 9am â€“5 pm jobs. They find it difficult to spare 15 to 20 days of their time to attend eight-hour classroom sessions. Thus Insurance companies are finding it difficult to recruit agents.