| Agent is a crucial foundation for life insurance company to keep an optimum operation and integrated development;it is also the key for insurance business and productivity.Their positive impact cannot be ignored on the communication of insurance supply and need,the popularization of insurance knowledge and the development of insurance industry.Agent brings most of the profits for life insurance companies,which makes those traditional companies rely more on them.The retention rate will highly influence the team morale and productivity.With the high pace of economic growth,the life insurance industry has entered a new phase.The low retention of agents reveals itself as a severe problem,which highly influences the stability of the sales team and the sustainable development of insurance industry.The competition between insurance companies is now basically the competition of talents in the wake of the open market and intense rivalry in insurance industry.The low retention brings about many bad influences on enterprise and industry image,trade secrets,company operating efficiency,supervision system and customer rights.Thus,the human resource management strategy and plan,covering recruitment,trainings,performance assessment,salary system,and organization develop and career path etc.,becomes an essential problem requiring prompt solutions to attract and retain talents.In the past decade,most of the researches have focused on the relationship between human resource strategy and work performance or ability,rather than the relationship between human resource management and retention rate.As a knowledge-intensive and booming industry,life insurance companies may face many problems with the loss of agents which will affect human resource cost and the agent’s performance.Life insurance company provides a stage for all agents.Therefore,how to retain the agents and attract more agents to devote themselves to the company and to keep a stable environment with more creative and efficient human resource strategy is now a challenge to human resource department.This paper takes C Life Insurance Company Sichuan Branch as an example,discussing individual properties and backgrounds,human resource strategy and its relationship with low retention rate.Based on the previous researches and related materials on the retention rate of C Life Insurance Company Sichuan Branch,this paper goes deeper on the negative impact that low retention rate brings about.Questionnaire is created to collect data.With a statistic analysis(reliability and efficiency analysis of the questionnaire,differentiation and correlation analysis of the research results),the factors that influence retention rate are detected.There are several aspects that may lead to a low retention,which are the low attention to agent recruitment,incomplete training and encouraging system and weak foundational management.In regard of how to retain agents,this paper also gives some suggestions and solutions from five different perspectives,which are emphasis of the retention elements,improvement of the training system,establishment of the encouraging system,the foundational management of agents,building company brands and insurance industry professional image. |
