Kerzner spoke this week at a meeting of the China Executive Board, the senior executives of LIMRA's member companies in China. LIMRA is a U.S.-based research and consulting organization with members around the world, including China's leading companies. LIMRA has collected data on the growth of insurance and financial markets in many countries.
"Our data show a clear global pattern of how life insurance markets and companies mature," Kerzner said. "It is clear already, the Chinese market is developing faster than any in history."
Kerzner said LIMRA's data clearly predicts the trends that will emerge. On a global scale, he said, China's life insurance market is well beyond the emerging phase and is entering a period when changes and improvements in distribution of its products will be critical.
"In the short run, the most important thing to growing your business is to increase the productivity of your field forces," Kerzner told the executives. "China is blessed with one of the largest sales forces for your products in the world. If you focus very strongly for the next five years on working to improve their productivity, you can experience a great period of growth. We are here to talk about improvement practices that have worked throughout the world and will work here as well."
Kerzner also said that in the near future, companies will turn to channels other than agents to distribute products. These will include banks and other financial institutions, as well as sales of products through the places where people work.
"Those who embrace new sources of distribution first will gain significant advantages," Kerzner said.
Kerzner also explained LIMRA's Agent Productivity Model, which contains six key elements that must be executed well to be successful — Recruiting and Assessment, Training, Performance Management, Compensation and Motivation, Agent and Management Development, and Technology.
Howard S. Drescher, (860) 285-7875, firstname.lastname@example.org
Catherine Theroux, (860) 285-7787, email@example.com
About LIMRA International
LIMRA International is a worldwide research, consulting and professional development organization that helps more than 850 insurance and financial services companies in 73 countries increase their marketing and distribution effectiveness. Visit LIMRA International at www.limra.com