Agent’s roles and perspectives of life insurance market in North-East India

Abstract

The study explores the roles and perspectives of life insurance agents as they are the dominant channel for distribution of policies. It uses qualitative primary data collected from 13 veteran agents and 4 managers of LIC in North-Eastern states using a semi-structured interview schedule. The main focus of the interview was to obtain extensive information regarding their experience as life insurance agents, with clients and with the company LIC itself. Assam has the most vibrant life insurance market, with better awareness and penetration across varying occupations and geographical areas. The agents prioritized building a good relationship with their customers, establishing a sense of trust with the company, and providing good after-sales services. Digitization has played a big role in catering to these responsibilities and has changed the work culture of insurance agents. There is stiff competition with the private sector, and the culture in each state affects spending and saving habits. Irregular income and mis-selling are the main causes of lapsation of policies.