LIAM urges former life insurance agents to respond to survey on “Turnover of Agents” and stand a chance to win Touch & Go e-wallet credits
Kuala Lumpur, 8 February 2022 - The Life Insurance Association of Malaysia (LIAM) is calling all former life insurance agents who have received an e-mail to participate in the “Study on Turnover of Agents” to respond promptly to the survey questions and stand a chance to win lucky draw prizes of Touch & Go e-wallet credits.
LIAM CEO, Mark O’Dell said agents who have left the industry and selected to participate in the survey would have received an email from firstname.lastname@example.org between 24 January 2022 until end of January 2022. In view of the long Chinese New Year holidays, many may have overlooked the email and have yet to respond.
“We would like to urge all these agents who have left the business to respond to the e-mail by 15 February 2022 and share with us your feedback to enable us to better understand and validate the reasons behind their departure. The findings from 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,” O’Dell added.
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 is running 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,” O’Dell said.
He explained that the study is part of the industry’s on-going efforts to raise the standard of its agency workforce, 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 industry is also proactively looking at how to recruit more full-time agents, developing best practices for agency development, reviewing current Continuing Professional Development (CPD) programmes to identify gaps and to set new benchmarks as well as development of competency of agents through certification/ accreditation programmes.
To further enhance the productivity of the industry, we are working with key stakeholders like Bank Negara Malaysia (BNM), 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. The number of agents recruited by the industry has also increased in 2021. As of 31 December 2021, the number of agents has increased to 88,068 agents from 82,042 agents in 2020.