Reliance Life Insurance Company (RLIC) said on Wednesday that it has hired around 200 women insurance advisors for its distribution channel and plans to scale up the recruitment in the next few months.
This was announced by the company while launching its 'Face-to-Face'
distribution channel is aimed at servicing customers whose agents have become inactive.
"Reliance Life Insurance has hired around 200 women employee advisors in seven cities during the pilot phase, and plans to scale up across the country in the next few months," the company said in a statement.
RLIC, part of Anil Ambani-led Reliance Group's financial services arm Reliance Capital, said 'Face-to-Face' distribution channel would service its orphan customers and provide post-sales service to policyholders.
Life insurance policies get 'orphaned' when the distributor discontinues his agency or his services are terminated by the insurer.
In such cases, the responsibility of servicing these policies is transferred to an active agent, who stands to earn commission on the renewal premiums.
The company said the new distribution channel would operate with life planning officers (LPOs) who would primarily be women employees, with housewives being one of the key target segments for recruitment.
It said that women would be trained to service orphan policies, develop a relationship and then cross-sell to existing customers and build their network through references.
The new sales format would focus on Tier I and Tier II cities and leverage the talent pool amongst on housewives in these locations to connect with the customers and support the company's existing distribution channels.
Apart from providing post-sales services, LPOs would also collect information related to current policies for data purification and family information and details of life events to enrich their database and help customers in reviving lapsed policies.
"The main goal of this distribution format is to target existing customers who are currently not connected to any advisor and distributor.
"We hope this sales-cum-service initiative will not only help retain our existing customers but also help us enhance relationship value through cross-sell and up-sell to them," Reliance Life Insurance executive director Malay Ghosh President said.
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