LIC hires 60,000 agents in mass recruitment drive

Life Insurance Corporation of India (LIC), the country’s largest insurer, has issued licences to about 60,000 new agents. The insurer plans to hire about 2,00,000 agents this financial year. R R Dash, executive director, LIC, said the insurer’s recruitment drivehad seen good response. To encourage people to join LIC as agents, the company has also held marketing initiatives in railway stations here.

In 2012-13, about 100,000 agents had quit the company. However LIC Chairman S K Roy had told Business Standard this was a universal phenomena; it wasn’t unique to LIC. “But we have good systems and processes in place. This year, we are looking at leveraging information technology (IT) to arrest attrition. IT has huge potential in making this work easier, since our team size is 1.2 million. We will put solutions in place in about a quarter,” he had said. To ensure there are more agents in the life insurance industry, the Insurance Regulatory and Development Authority (Irda) has relaxed the pass percentage in the agents’ pre-recruitment examination from 50 per cent to 35 per cent.

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