Life insurance companies have yet to see the entry of the younger generation in a big way. This was highlighted by N S Kannan, executive director, ICICI Prudential Life Insurance, while launching an insurance product for cancer.
He observed that though people in the age group of 20-30 were gradually warming up to become insurance agents, majority of agents were still above 30 years.
The state-owned Life Insurance Corporation of India, the largest insurance company as well as the largest insurance employer, has about 10 lakh agents. At present, there are about 15 life insurance companies.
ICICI Prudential Life Insurance, one of the major players in the private insurance companies, added about 20,000 new agents in 2005-06 to increase its agency base to 70,000. Kannan claimed that all the 70,000 agents of the company were active.
According to estimates of the insurance industry, around 15 per cent of agents are inactive.
The agency force has garnered 65 per cent of the premium income amounting to Rs 1,430 crore for a total Rs 15,170 crore sum assured from April-December 2005. The remaining 35 per cent was through tie-up with the banks.
On how many agents the company plans to recruit during the current financial year, Kannan said it would be significant while declining to give any numbers.
