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Why New Syllabus for Life Insurance Exam
In order to professionalize agents so that they can better understand the customer’s needs Insurance Regulatory and Development Authority (IRDA) is introducing new syllabus and examination pattern for the training of the agents from first October 2011.
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New syllabus will include chapters such as “fact find” tool to help understand customer’s financial goals and facilitate need-based selling and chapter on other financial products so that they can properly understand what they are selling. According to insurers new syllabus is very hands-on and interesting as compared to present syllabus which is very theoretical.
As per insurers this change in syllabus is beneficial but it will in near term impact the recruitment of the agents and with this insurers cost for training of agents will also increase because new syllabus will increase the training hours to 70 hours which is longer time then mandated 50 hours which will increase the cost of insurers.
Agency channel is the back bone of insurance companies as they heavily depend on agency channel and with this new syllabus recruitment of agents will slow down.
Number of individual agents in life insurance industry has dropped since regulation on Unit-Linked Insurance Plan (ULIPs) came in September2010 which slashed the commission from 15% to 5-6%. Number of individual agents has fallen from 29.78 lakh in 2009-10 to 26.47 lakh in 2010-11