Co-operation insurance company Assignment Example | Topics and Well Written Essays - 750 words

Co-operation insurance company - Assignment Example It has been seen that insurance agents are most productive when they fall in the age group of 24-45 and tend to be fast movers in between insurance companies. Women employees are also hard to retain. In terms of overall performance, factors like age, level of education and gender have maximum correlation in contributing to success of a company (Beck & Webb, 2003, p.86). Since many providers in the insurance industry, like this company, have agents online, it will be difficult for them to realize sales goals and survive in the industry where active face to face interactions and agent dynamism are the main propellers of business. Although we do see a shift in practices over the past two years, where insurance services are being provided online, the industry still relies largely on face to face interactions. The insurance industry has specific laws and regulations to adhere to in every country that it operates. The main onus is on whether there is a need to purchase certification for the company such that it competes easily with corporate insurance providers. In this context, since the overall turnover of co-operation insurance companies is negligibly different from those of commercial insurance companies, the need for the certification is not dire. The fact that experienced insurance agents are behind the company makes sure that the company is able to face up to legal challenges in the future (Beck & Webb, 2003, p.72). Also, since the government recognizes co-operation companies with special allowances and rebates, the company can hope to enjoy initial profits. This indicates a bright future for the insurance industry. The insurance industry is on a reverse gear internationally as the Recession has taken away hope from customers and buyers. This change in the global insurance scenario is a direct indicator of how well currency and businesses are thriving in respective countries. Since there has been a downrush in forex and