Reliance Life Insurance today announced the launch of Career Agency, a new distribution channel aimed at enhancing the company’s reach and footprints across the country. The insurer will hire 3,000 career agents in the next three months, under this channel.
The new sales format offers a fixed stipend structure to prospective advisors, looking at insurance as a long-term professional career, during the training period.
Malay Ghosh, President and Executive Director, Reliance Life Insurance said that the main aim of Career Agency distribution format is to support new recruits during the learning phase so that they can concentrate on training and learning the ropes rather than being under the pressure of generating business.
Under the new distribution channel, Reliance Life Insurance will hire 5,500 career agents across 220 branches by the end of 2012-13. The company has already recruited around 2,500 career agents and deputed them in over 150 branches across the country.
In the career agency distribution model, the recruits called ‘sales trainees’ will be given a fixed stipend for the first six months, which is also the training period. Once the advisor completes this training period and passes the licensing exam, he/she becomes a ‘career agent’ and moves to a variable commission-based pay-out structure.
