Study of Performance of Individual Agents of LIC of India

  • Kasthuri R Head, PG and Research Department of Commerce, Sri Vidya Mandir Arts & Science College, Uthangarai
  • Ramesh A Assistant Professor Department of commerce, Sri Vidya Mandir Arts & Science College, Uthangarai
Keywords: Marketing channels, Segments, Insurance Service, Performance, New

Abstract

Marketing channels are the arteries in a marketing network that deliver the goods and services to the end user for consumption on time from the Points of Production (POP). The major challenge faced by a business organization is marketing of the product or service produced. It is the proven practice that the
insurance is sold and not bought. The marketing intermediaries such as agents, brokers, and corporate agents who help the insurance companies to fulfill their objectives to reach out to various segments are the marketing channels in insurance sector. In spite of the entry of private sector and multinational insurance companies in this segment and challenges in the form of technology, competition, and changes in the delivery of insurance service etc., the individual agents are going to be pillars of marketing activities for life insurers. The public sector giant, LIC of India with its 2048 branch offices and 1293816 Active Agents as on 31st March 2011 is the dominant player in the life insurance segment. This article is an attempt to study the performance of individual agents LIC of India in relation to new business, business in force and commission. The study revealed that there is consistent growth in the business procured by the LIC Agent

Published
2016-10-30