Reliance Life Insurance Company (RLIC) has introduced a new distribution format, Career Agency, intended to boost its business operations across the country.
Under the new distribution channel, the company will appoint 5,500 career agents across 220 branches by the end of 2012-2013.
During the training period, the new distribution format will provide fixed stipend structure to prospective advisors while focusing on insurance as a long-term professional career.
Reliance life insurance executive director and president Malay Ghosh said that the Career Agency distribution format aims to assist new recruits to concentrate on training and learning rather than being under the pressure of generating business during the learning phase.
"We will help them devote the requisite time and effort to develop a good understanding of the industry and look at it as a long-term career option," Ghosh added.
For the domestic insurance industry, the Career Agency is based on stipend and variable commission pay-out structure by any private insurer.
Earlier this year, the company launched two distribution formats, Life Plaza and Face-to-Face.