Discussion On Incentive And Restraint Mechanism Of Personal Life Insurance Agents In China

With the sustained development of national economy,people's living standards are constantly improving,insurance awareness is gradually enhanced;meanwhile,china insurance regulatory commission issued several favorable policies,such as “the new country ten”,the development of the insurance industry will usher in a new era.According to the data,2015,premium income of the whole life insurance companies is 1585.91 billion RMB,an increase of 24.97%;at the end of 2015,the national insurance density is 1766.49 RMB per person,an increase of 19.44%;the national insurance depth is 3.59%,an increase of 0.41 percentage points.As the main channel of the life insurance companies,the positive role of the individual agent team in the development of the life insurance industry can't be ignored.However,in the course of the development of the team,there are still many problems,such as,difficult to increase staff,high turnover rate,poor stability,low quality,serious short-term behavior and so on.This paper analyzes the causes of the problems of the individual agent team by using incentive theory and game theory,finding that it's necessary to further improve the incentive and restraint mechanism;the following discussion is the current situation of incentive and restraint mechanism,now,there are 4 incentive mechanisms,such as salary,training,promotion and emotion,and the restraint mechanism of the 3 level supervision.In order to solve the existing problems of the incentive and restraint mechanism,based on the analysis of the status and trends of the incentive and restraint mechanism in developed countries,the author concludes four experiences,that is,to improve the salary incentive mechanism,optimize the team training system,strengthen the supervision and management of the team and the multi agent model.Finally,in order to promote the sustainable development of the insurance industry,the author gives some suggest to improve the incentive and restraint mechanism of personal life insurance agents in china,such as,creating a good career space,improving the training system,reforming the current commission system,implementing contract reform,improving the supervision and management.