Research On The Turnover Rate Problem Of Insurance Individual Agent

The individual insurance agents are the importance force in promoting thedevelopment of China’s insurance business. However, the problem of the turnover ofindividual insurance agents has existed for many years, and is becoming acuteincreasingly. Most of the insurance companies adopt the extensive marketing strategywhich is employing a large numbers of individual insurance agents to sell the insuranceproducts. The extensive management inevitably leads to the high turnover rate problem.The high turnover rate of individual insurance agents has caused a lot of negativeconsequences such as: The large growth of the generation of "orphan policies" whichdamage the interest of both the insured and the insured person, and reduce the rate ofinsurance company’s policy to continue; the increase of the company’s training costs; thegreat loss of public acceptance of insurance industry. These consequences are notconducive to the further development of the insurance industry.From the perspective of human resource management and with the author’s longyears business experience in Wuhan Ping An insurance company, the paper analyzes thestatistical data which is relate to the agent turnover in Wuhan Ping An company, studiesthe status quo and turnover features of individual insurance agents, and the influence tothe insurance companies, analyzes various reasons causing the high turnover rate of theindividual insurance agents. Depending on these studies, some solutions which aim at thehigh turnover rate of insurance agents are proposed: Selecting and cultivating the highcharacter, profession individual insurance agents; improving the system of the salary,training, and management; increasing the earning and benefit level of the agent; enhancingthe belonging and loyalty of agents to the insurance company; giving the insurance agentswith supports in social security and revenue. These solutions could solve the high turnoverrate of the insurance agent fundamentally. Only when the turnover rate is reduced, theinsurance company could work stably, and the insurance market could develop healthily.