The 27th Federal Council of National Federation of Insurance field workers of India, an association of 25000 Development Officers of Life Insurance Corporation of India, will be held on 15th and 16th of February 2016 at the city of Chennai. Around 4000 delegates all across the country will participate in this two day conference.
Development Officer is the pivotal, marketing force of Life Insurance Corporation of India. Their job involves recruitment and professionalizing the intermediaries of the Corporation. As we all know LICI is a strong and mighty financial institution of the country, catering to the life insurance and savings needs of the people of this country. In terms of customer it has the largest number of policy holder in the world. LICI, contribution to economy is unparallel; it is the biggest investor of the country.
LICI has successfully withstood the adverse global impact with the help of the strong marketing forces comprising of 25000 Development Officer and 11 Lakh agents.
Today the industry is facing certain crisis because of the sluggish economic growth of our country and the projected GDP growth is not happening. The inflation is still uncontrolled. This is why the domestic savings and house hold savings are declining. Government has introduced huge service tax on insurance product and has imposed Income Tax TDS on insurance maturity proceeds.
In the midst of all these disturbing market situation the Development Officer are meeting at Chennai. The adverse market situation has rendered the service condition of Development Officer very tough and many are getting terminated. The impractical minimum assured business condition of agent has increased the attrition rate of agency. Every day the strength of agency force is declining. Corporation decision to introduce e-policies will encroach into the area of Development Officer.
The association will discuss and deliberate on all these issues and strategize their future course of action.
