Browse By Repository


Agency management system in a Malaysia life insurance company


Phuah, Eng Ying (2016) Agency management system in a Malaysia life insurance company. Masters thesis, Asia e University.

[img]
Preview
Text
Agency Management System in a Malaysia Life Insurance Company.pdf

Download (1MB) | Preview
[img] Text
Phuah Eng Ying - Agency Management System in a Malaysia Life Insurance Company.pdf
Restricted to Repository staff only

Download (1MB)

Abstract

The life insurance industry is a stable, challenging, growth and fairly recession-proof industry; everyone needs insurance regardless of the health of the country’s economy. The evolution of the socio-economic landscape in Malaysia over the years has been instrumental in shaping the scope of business of insurance operators. Instead of just providing traditional financial protection products, they now also provide a broad range of financial planning options such as wealth creation. To stay competitive in the market, companies are aggressively developing and launching sophisticated and systematic information technology strategies, support - awareness campaigns and establishing close rapport with their local communities. The industry is not without challenges. The sales and distribution management is finding it very challenging to prioritize and drive the desired sales behaviours using existing processes and platforms. Meanwhile, managing and recruiting the sales force is one of the biggest challenges agency managers face due to generational shift and the trend towards e-commerce and development of more alternative distribution channels. This project paper focuses on an agency management which is proven effective in a Malaysian Life Insurance Company. In embracing the basic values of the company - Integrity, Customer centricity, Teamwork, Excellence and Sustainable value creation, XYZ Insurance Malaysia Berhad is committed to providing the Malaysian market with agents who are professional, passionate, well-equipped with technical skills that can support and fulfil Malaysian needs for appropriate and effective products and follow-up client services. The level of professionalism of agency manager and sales advisors can be enhanced and improve through a comprehensive agency management system. The system adopted by XYZ Insurance Malaysia Berhad is based on the Chartered Insurance Agency Manager (CIAM), an international educational achievement for managers in the life insurance and financial services industry. The agency management system is expected to spur the recruitment of new talents and train them to achieve the Malaysian government’s objective of reducing the protection gap in Malaysia in line with efforts to increase the penetration rate to seventy five (75) per cent by year 2020 (2014: 55.5%). This study has established that this system helps to develop mega agencies who use it to the advantage compared with agencies that refuse to adapt to the change.

Item Type: Thesis (Masters)
Subjects: H Social Sciences > HD Industries. Land use. Labor
H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Divisions: School of Management
Depositing User: Ms Nur Liyana Abd Halil
Date Deposited: 17 Aug 2017 02:33
Last Modified: 09 Nov 2017 09:25
URI: http://ur.aeu.edu.my/id/eprint/81

Actions (login required)

View Item View Item