Agents Leaving The Profession

LIAM and its 16 member companies are working together to strengthen the professionalism of its agency force and upskill them through continuous training and professional programs to accelerate growth in 2022.

In line with its efforts to raise the standard of its agency workforce, the study consists of an online survey of 5,000 respondents, 250 telephone interviews and some focus group sessions. The survey runs for several weeks from 24 January to 15 February.

The study aims to establish the reasons for agents leaving the profession, the relationship between product knowledge and the retention of agents and to establish whether demographics, working experience, support at work and training and development have influence on retention of agents. The study consists of an online survey of 5,000 respondents, 250 telephone interviews and some focus group sessions. The survey runs for several weeks from 24 January to 15 February.

LIAM is encouraged by the positive development in the number of agents recruited by the life insurance industry during the pandemic. As of 31 December 2021, the number of agents had increased to 88,068 agents from 82,042 agents in 2020.

The industry works very closely with the regulator, Bank Negara Malaysia (BNM) and other stakeholders including the Malaysian Insurance Institute (MII), Malaysian Financial Planning Council (MFPC) and National Association of Malaysian Life Insurance and Family Takaful Advisors (NAMLIFA) to review the programs for the development and up-skilling of agents.