It's one up for the girls
Women opting for life insurance as a career are doing better than their male counterparts
Looking to make that extra buck? Then becoming an insurance agent can be as lucrative as a full-time job, particularly if you are of the fairer sex!
Though after the entry-load ban in September 2010, the life insurance industry has witnessed the exit of a large number of agents, coupled with a tremendous slowdown in their premium collections, the number of women agents coming in has seen a considerable rise. Experts say, on an average, the number of women agents joining the industry has risen by 30-35% for any given private company.
Being a part of the agency force in the life insurance business is a lucrative option for many women. The option of working part-time in the agency force gives them the flexibility of time. An official from LIC said, "This profession is best suited for house wives who can utilise their time with enough flexibility. A person can get good income, if she has good contacts, as that is the crux of this business."
The industry feels that going ahead, the insurance sector will have a larger number of women agents, with a good persistency rate. With an increasing number of women stepping into the industry, their conversion ratio and the level of productivity has also gone up substantially. The players in this sector find them loyal, hardworking and serious. "A lot of women are entering this field.
Women life agents are also 40% more productive than their male counterparts. The chances of women converting a lead (prospect client) into sales (selling the policy to the lead) are higher than men," says Akshay Mehrotra, chief marketing officer, Policybazzar.com.
Insurance companies are planning to come up with some customised products for women, who would relate better to female agents who would sell those products to them. Industry opined that women agents are doing a good job in selling some plans like child and other long term protection plans.
"Women as a percentage of our tied agents are about 30% whereas among our top agents also about 45% are women," said a spokesperson from Kotak Life Insurance.
This trend reveals that more people now wish to make a career in insurance. This is good for the companies as agent stickiness translates into lower training costs and also ensures that customers are well serviced by the same agents for a longer haul. Women agents encompass mainly housewives, teachers and retirees from armed forces.
Experts in the industry say that not only do female agents have better productivity but also their persistency rate is higher. So, the problems arising from orphan policies will also reduce. Women agents constitute a good number of housewives and retirees from different professions.
"Most of the women who enter into life insurance industry as agents are housewives. At times the agency will be licensed in the name of the husbands and they do it on behalf of their wives. But those who are seriously into this profession are successful and more determined than men. Women who are into teaching profession also take up this profession as a part time job," says K Sahay, chief executive officer, Star Union Dai-Ichi Life insurance.
Women opting for life insurance as a career are doing better than their male counterparts
Looking to make that extra buck? Then becoming an insurance agent can be as lucrative as a full-time job, particularly if you are of the fairer sex!
Though after the entry-load ban in September 2010, the life insurance industry has witnessed the exit of a large number of agents, coupled with a tremendous slowdown in their premium collections, the number of women agents coming in has seen a considerable rise. Experts say, on an average, the number of women agents joining the industry has risen by 30-35% for any given private company.
Being a part of the agency force in the life insurance business is a lucrative option for many women. The option of working part-time in the agency force gives them the flexibility of time. An official from LIC said, "This profession is best suited for house wives who can utilise their time with enough flexibility. A person can get good income, if she has good contacts, as that is the crux of this business."
The industry feels that going ahead, the insurance sector will have a larger number of women agents, with a good persistency rate. With an increasing number of women stepping into the industry, their conversion ratio and the level of productivity has also gone up substantially. The players in this sector find them loyal, hardworking and serious. "A lot of women are entering this field.
Women life agents are also 40% more productive than their male counterparts. The chances of women converting a lead (prospect client) into sales (selling the policy to the lead) are higher than men," says Akshay Mehrotra, chief marketing officer, Policybazzar.com.
Insurance companies are planning to come up with some customised products for women, who would relate better to female agents who would sell those products to them. Industry opined that women agents are doing a good job in selling some plans like child and other long term protection plans.
"Women as a percentage of our tied agents are about 30% whereas among our top agents also about 45% are women," said a spokesperson from Kotak Life Insurance.
This trend reveals that more people now wish to make a career in insurance. This is good for the companies as agent stickiness translates into lower training costs and also ensures that customers are well serviced by the same agents for a longer haul. Women agents encompass mainly housewives, teachers and retirees from armed forces.
Experts in the industry say that not only do female agents have better productivity but also their persistency rate is higher. So, the problems arising from orphan policies will also reduce. Women agents constitute a good number of housewives and retirees from different professions.
"Most of the women who enter into life insurance industry as agents are housewives. At times the agency will be licensed in the name of the husbands and they do it on behalf of their wives. But those who are seriously into this profession are successful and more determined than men. Women who are into teaching profession also take up this profession as a part time job," says K Sahay, chief executive officer, Star Union Dai-Ichi Life insurance.
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