The Association of Socio Economic Factors with Career Satisfaction of Insurance Consultants in Private Sector Insurance Companies in Tirunelveli, South India- An Empirical Study

Abstract

Insurance consultants are professionals who specialize in assisting businesses and individuals in assessing their insurance needs and advising an insurance plan that will meet those needs. An insurance consultant is a primary source for procurement of insurance business and as such, his role is the corner stone for building a solid edifice of any insurance organization. The existence of Private sector Insurance Companies has become demand of the time and the role of Insurance consultants is inevitable. The Insurance Industry which is one area that determines the countrys economy can develop the desired ambiance for the Insurance Consultants to enhance their career. Hence understanding the various factors affecting the career satisfaction of Insurance consultants of private sector Insurance companies will facilitate an individual and the Insurance Companies to infer that insurance consultancy is a lifetime career which could best prove an individuals skill sets and also his/her contribution to the Insurance Company and eventually to the countrys economic growth. This study is carried out with the Insurance consultants of Private Sector Insurance Companies in Tirunelveli District. Using two way Chi Square Test, the contingency of association between Socio-economic factors namely, Gender, Age, Qualification, Marital status, Period of Work and Average Income and the factors influencing career satisfaction of Insurance Consultants namely, Remuneration, Recognition, Interpersonal relationship, Morale, Career Growth and Training is measured. In order to explore the career satisfaction of Insurance consultants of Private sector Insurance Companies, primary Data were collected from 174 respondents from private sector. The collection of the primary data was done through the comprehensive questionnaire including Socio-economic factors and career satisfaction variables. For the selection of respondents, systematic random sampling is adopted. The analysis is carried out using Qualitative Research Design. The career satisfaction factors of Insurance consultants of Private sector Insurance Companies are unearthed in this study thereby enabling the Insurance Industry to pay attention on the provision of good working climate which can ensure career satisfaction to the Insurance consultants.

Keywords: Insurance Consultants, Career Satisfaction, Private Insurance Companies

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