Research On Retention Management Of Insurance Agent In M Life Insurance Company

In 1992,AS the first foreign insurance company to enter China since the founding of the People’s Republic of China,AIA introduced the insurance agent system into the Chinese insurance market,ushering in a new era.Its achievements greatly touched the domestic insurance companies at that time,and then various insurance companies followed suit.Since then,China’s insurance industry has entered the golden period of rapid development.As of the end of 2020,Chinese insurance agent team has expanded to more than 9 million,and the annual insurance premiums of the insurance industry have reached 4.5257 billion yuan.The insurance agent system has laid the foundation for the great development and prosperity of Chinese insurance industry.At the same time,the problems of high attrition rate and low retention rate of insurance agents have become increasingly apparent.According to the survey data of the LIMRA,the one-year retention rate of Chinese insurance agents in 2018 was 31%,and the three-year retention rate was 11%.The massive loss of insurance agents has became the main reason hindering the healthy,stability and sustainable development of insurance companies,and has also become the most difficult and urgent problem for insurance companies.Taking M Life insurance Company as the research object,this paper reviewed and summarized relevant literature in the early stage,broke through the limitation of single perspective,and comprehensively considered the drawbacks and loopholes in agent management of insurance companies by using the methods of management,psychology and socioIogy.Based on principal-agent theory,human capital theory,incentive theory and organizational commitment theory,combined with data and materials such as the floating number of insurance agents,compensation and welfare,and human resource management system of M Life Insurance Company in recent years,through on-site interview and questionnaire analysis,the loss of insurance personal agents is studied.It is concluded that the reasons influencing the retention rate of insurance agents include:corporate system factors such as recruitment,training,salary and assessment;corporate culture factors such as working environment and interpersonal relationship provided by the company;career planning and psychological needs that help agents establish.In order to help M Life Insurance Company get rid of the dilemma of losing agents and effectively improve the retention rate of agents,this paper puts forward the following three suggestions based on the problems.One is to improve the talent training system,release the rigid restrictions on academic qualifications,and adopt multidimensional evaluation system to evaluate the quality of applicants;Enrich training content and strengthen staff quality.Second,establish and improve the incentive mechanism,extend the duty basic salary period of new employees,set up a reasonable salary distribution mechanism,improve the optimization of performance appraisal indicators,and strengthen the spiritual motivation of employees.Third,improve the cohesiveness of corporate culture.Change the traditional management mode,provide a "people-oriented" working environment for agents,guide insurance agents to reasonably design work and life planning,build team spirit,and improve organizational collaboration ability.It is hoped that the research on the retention of insurance agents in M Life Insurance Company can provide suggestions for managers at all levels of insurance companies to take effective prevention and solution measures,and provide some reference for the formulation of human resource management and other systems.