Insurance firms build sales armies, hire lakhs

Insurance firms build sales armies, hire lakhs With distribution becoming the key, the country's life insurance companies are matching the scale of the successful software industry in hiring, adding armies of salespeople to capture customers and market share.In the last six months, the industry has hired 7.5 lakh prospective agents. Of this state-run Life insurance Corporation has hired one lakh while 15 private players make up for the rest, industry sources told Hindustan Times.The industry is expected to hire more than one million agents by the end of this financial year. In the last three months, the industry has hired as much as 5.46 lakh prospective agents.Once these agents pass an examination conducted by the Insurance Regulatory and Development Authority (IRDA), they can be officially enrolled.Newer private entrants are desperate to jump into the top five slot in a volatile market, and are on a hiring spree to win share, industry officials said.