Official statistics of Vietnam Insurance Association show that as of the end of 2017, the number of life insurers across the market amounted to more than 620,000 people, up more than 20 percent from 2016.
The agent recruitment has been carried out consecutively by insurers to meet the demand for office and branch network expansion in order to exploit huge market potential and offset the number of agents that fluctuates regularly.
Due to various factors, agents and consultants of insurers are difficult to have stability. Besides people who quit job because they are unable to stay with it or just consider this as a temporary job, the competition for agents among insurers is also a never ending story.
Though it is not as exciting as previous years, the fact that insurance consultants of this company is pulled to other ones because of better policy wellfare packages, etc. still takes place daily in the market.
“The trend of agents, consultants shifting to places having higher remuneration than the previous companies still continue. Even, some companies offer special preferential policy to take the whole agent in some areas of other companies”, said representative of an insurer.
Of course, in the flow of agents, consultants to places of higher remuneration, there still have agents and consultants who are committed to the work with the view that “wherever you work, you need to be customer-oriented and perseverance”. This is a valuable source of each insurer and the recruitment and training of such committed agents and consultants is also the final target of current insurers.
However, as Vietnam life insurance market is still “young”, and due to various reasons, the development and retention of such people is a difficult issue for the management of each insurance company. Therefore, along with the methods to attract agents, basically, insurers have started to accelerate the training strategy to develop this team following their own standards.
Reportedly, in 2018 development strategy, along with the continuous diversification of distribution channels via banking channel, business channel and online channel to approach different customers, generali will continue expanding GenCasa office network and focusing on building professional consultants namely GenA. This is the new generation of insurance consultants who are carefully selected, professionally trained and closely managed during their operation process to attain the highest results both in quality and quantity.
Choosing and training professionally for the new generation of agents to attach longer to the profession is not just the strategy of generali Vietnam, some other insurers such as AIA or Manulife are also strengthening this strategy.
“This is not the pilot model. This model is an important background for us to complete the recruitment and training of a really professional team of insurance consultants who master all technology applications and work full-time. The only issue is time when all the aforementioned factors have ripen”, said CEO of an insurer.
