According to the Deloitte survey, the top three priorities for insurers today is to manage channel costs, improve channel productivity and retain channels
Insurers are investing heavily in agency channel recruitment and training. However, the percentage of active agents is low. This has led to high expenses with regard to agency channel management. According to Deloitte’s Life Insurance Channel Management Benchmarking Study-2011 (which included seven participants from the life insurance industry) 88% of individual agency sales are from top 25% agents, which indicates high dependence on a few best performers and the need to improve agent’s productivity across layers.
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