The Life Insurance Association of Malaysia (LIAM) together with its 16 member companies are working together to further enhance and strengthen the professionalism of its agency force and upskill them through continuous training and professional programmes to accelerate growth in 2022.
The insurance industry is conducting a “Study on Turnover of Agents” targeting 5,000 respondents to establish the reasons for agents leaving the profession, the relationship between product knowledge and the retention of agents and to establish whether demographics, working experience, support at work and training and development have influence on the agents’ retention.
“The “Study on Turnover of Agents” is aimed to reach out to these agents who have left the business to enable us to better understand and validate the reasons behind their departure. The findings of the study, will help the industry formulate further best practices and focus on key areas where LIAM and other stakeholders in the industry can assist in improving the recruiting and retention of quality and productive agents,” said Loh Guat Lan, LIAM President.
“The industry works very closely with the regulator, Bank Negara Malaysia (BNM) and other stakeholders including the Malaysian Insurance Institute (MII), Malaysian Financial Planning Council (MFPC) and National Association of Malaysian Life Insurance and Family Takaful Advisors (NAMLIFA) to review the programmes for the development and up skilling of agents through new programmes and programmes which are in demand by the industry. This would further enhance the productivity of the industry,” said Mark O’Dell, LIAM CEO.
LIAM has commissioned Inspire Group Asia to conduct the study, which consists of an online survey to 5,000 respondents, 250 telephone interviews and some focus group sessions. The survey which will run for several weeks from 24/01/2022 to 15/02/2022 is also offering incentives to lucky participants. For the online survey, 20 lucky participants will stand a chance to win RM100 Touch ‘n Go eWallet credits and for the telephone interview, 100 lucky participants will stand a chance to win RM50 Touch ‘n Go eWallet credits.
