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| Article Name : | | | IMPACT OF COMPENSATION STRATEGIES ON PERFORMANCE OF INSURANCE AGENTS IN GENERAL INSURANCE COMPANIES | | Author Name : | | | AMIT HOLE AND ASHUTOSH MISAL | | Publisher : | | | Ashok Yakkaldevi | | Article Series No. : | | | ISRJ-30 | | Article URL : | |  | Author Profile | | Abstract : | | | Since 1956, with the nationalization of insurance industry, the LIC held the
monopoly in India's life insurance sector, GIC, with its four subsidiaries, enjoyed the
monopoly for general insurance business. From 1991 onwards, the Indian Government
introduced various reforms in the financial sector paving the way for the liberalization of
the Indian economy. It was a matter of time before this liberalization affected the
insurance sector. Insurance being one of the segments of financial sector, it has in the
recent past gone through a transformation and change including the passing of IRDA
(Insurance Regulatory and Development Authority) Act 1999. Due to the IRDA act 1999
the insurance sector has been opened up, the monopoly of government companies has
broken and many new private players have entered into the insurance sector and thus the
sector has become highly competitive with full of challenges. Several factors account for
new private general insurance companies speedily penetrated in the market. Private
companies develop new distribution channels. They were having particular success in
forging banc assurance alliances, through direct marketing.
This research paper analyzes impact of compensation policies on performance
of insurance agents for general insurance sector. It help to improve the market share of
public sector general insurance company by help of improving performance of
insurance agents by motivating them by technique of compensation management. It
provides a toolset for strategic remuneration planning that reflects your organization
culture and pay strategies | | Keywords : | | - motivational strategies
- irda act 1999
- performance management
- employee satisfaction
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