Agents’ perception on the problems and satisfaction in marketing micro insurance products in Kerala

The poor are often exposed to catastrophes. When a disaster strikes, they are unable to bear the shock because they do not have sufficient financial resources to cope with the situation. Micro insurance has emerged as a viable support mechanism for low income households to manage their risks. It aims at empowering and enabling the poor or the marginalized people in the informal and rural sectors of low income settings to lead a peaceful and secure life by reducing their risk-exposure. The present study has been done among 275 micro insurance agents of LIC of India in Kerala. Their problems and satisfaction on selected aspects of micro insurance were studied. It is found that micro insurance agents are not satisfied with micro insurance product attributes and still they face problems in selling and servicing of micro insurance products. It is suggested to launch new products under micro insurance portfolio with attractive policy benefits compliant to the norms specified in IRDAI (Micro Insurance) Regulations 2015, to cater to the insurance and financial needs of the target segment and ensure wider coverage. Further, along with commission, additional benefits should be given to MI agents to make the business viable. Also ensure constant technical support to work with MIAS software and other applications.