The importance of agency training in Hong Kong life insurance industry

The core objective of this project is to provide a review of the current agency training practice Hong Kong’s Life Insurance Industry. This is a very interesting topic. After the study, we learn why training is so important in this industry. In fact, training in life insurance industry is an important issue. Many large insurance companies spend lots of resource and capital on training. They set up a Training Department to organize different types of training programs for its agent. This is especially true as the competitive environment is becoming more and more complicated and fiercely. To carry out this research, our focus is divided into three aspects. Firstly, we will contact several local insurance companies’ training departments to have an interview with us. Secondly, we will also invite some outstanding life insurance agents to have interview with us. Thirdly, we will distribute questionnaire to the public to grasp their point of view. Besides collecting these primary data, we will also obtain information from secondary source, namely reference books, articles, the press as well as Internet search. According to the survey results, and statistic analysis, we have learnt a lot about the agency training practice in Hong Kong life insurance industry. These include the designs, implementations, and evaluations of different training programs. Also, we have generated some common difficulties, limitations as well as corresponding solutions thereafter. Finally, we found that every party (life insurers, life agents and customers) is all pursue professionalism of life insurance agents. It indicates the professionalism is the overwhelming trend and undoubtedly only the professional one can survive in the market for long run