ATTRITION AMONG THE AGENCY FORCE OF THE LIFE INSURANCE INDUSTRY: AN EXPLORATORY STUDY

Kaustav Paul; Chhaya Gupta; Khushboo Singh; Deepak Sharma

Volume : IV, Issue : X, October - 2015

ATTRITION AMONG THE AGENCY FORCE OF THE LIFE INSURANCE INDUSTRY: AN EXPLORATORY STUDY

Kaustav Paul, Chhaya Gupta, Khushboo Singh, Deepak Sharma

Abstract :

Life insurance industry in India is experiencing a consistent decay of agency forcewhich is hampering the growth prospect of the industry and thus, the time calls for to frame a proper retention model. This article is the outcome of the exploratory study that was conducted to determine the factors behind the decay of the agency force. A market survey was conducted among 133 insurance agents in the Delhi-NCR from two leading insurance organizations in order to acquire insights about the turnover problem in the life insurance industry. The study yielded a five factors� model which depicted the Organizational Attributes that stimulate the turnover intentions among the sales force. The study also endeavored to construct a scale for measuring the Turnover Intention among the sales force and the attempt yielded a three factors� model. Reliability analysis through Croncbach�s alpha revealed high internal consistency for the model.