ICICI Pru Life to augment agency network; ramp up online sales

ICICI Prudential Life Insurance is looking to engage 20,000-25,000 new agents this year.

Currently, its agency network is about 1.25 lakh strong, said Mr Tarun Chugh, Chief Distribution Officer.

After the IRDA upgraded the training model for agents, the company is investing more in its training programme. It currently has 700 trainers.

“The training programme for insurance agents has now become more meaningful and the quality of output is significantly enhanced. The new curriculum ensures that agents become more of financial advisors. They are now better equipped to understand customer needs and present relevant life insurance solutions,'' Mr Chugh said.

The agency channel currently accounts for 43 per cent of the company's sales, against almost 39 per cent from the bancassurance channel.

The company is also looking to increase the sale of online products, which is currently 1-1.5 per cent of total sales.

“The online channel holds a lot of potential for the life insurance industry. Currently, term plans account for bulk of the online sales as these are simple to understand products. Single premium plans too have gained a fair amount of traction. For the online channel to contribute substantially companies will have to simplify products. Today, we have successfully been able to offer most of our offline products to customers on the online platform,” Mr Chugh said.

The company is also equipping its agents with technology enabled tools to help them sell better. Special software and standardised videos about products loaded on tablets make it easier for customers to understand the products better and also prevent mis-selling.

priyan@thehindu.co.in