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`Training for insurance agents must'

Our Bureau

MUMBAI, Dec. 14

IN an open market situation, training of insurance agents is necessary to hone their skills to the needs of the industry, according to Mr N. Rangachary, Chairman, Insurance Regulatory Development Authority (IRDA).

``Today, 60-70 per cent of life insurance business in the US is sold through personal contacts. Therefore, a modern touch to the insurance agents' training is essential especially in a situation like India's,'' Mr Rangachary said at a workshop on `Insura nce industry training' organised by Zee Interactive Learning Systems Ltd and Limra International.

The main bedrock of insurance business was the employment of personal agents who carried the business forward, according to Mr. Rangachary.

Currently, the quality of service rendered by agents was not up to expectation. ``Agents themselves are not sure of what they were selling to their clients,'' Mr Rangachary said. The essential approach would be to tie down an agent to an insurer and trai n him or her, he said.

Training of agents also imposed responsibility as well as liability on them to carry on the business. Further, their training should be updated periodically.

According to Mr. Rangachary, an institution imparting training to insurance agents should have the necessary infrastructure. To enable the start-up process, the Insurance Institute of India had brought out publications currently in English.