Perceived Factors Influencing Intention to Leave Among the Sales Agents in CFC Life Assurance, Kenya

Abstract

High turnover of newly contracted assurance agents is a wide-spread problem faced by many life assurance companies. This trend has made the failure rate of newly contracted agents become notoriously high, leading to frustrations as well as lack of personal development among those who seek opportunities to become agents in the assurance industry. At CfC Life insurance the increasing turnover of sales agents is more obvious in 2008 and 2013, where about one-third of the agents have left the life insurance business is worrying. Factors contributing to this scenario have yet to be confirmed and the identification of the factors also has yet to be explored. This study sought to determine the perceived factors influencing intention to leave among the sales agents in CFC Life Assurance, Kenya. The study adopted a descriptive survey research design. The target population for the study was all 365 CFC Life Insurance Limited sales agents. A structured questionnaire was used to collect data from the respondents. A proportion of the respondents strongly agreed to the following statements concerning the factors influencing intent to leave: product training that enables them to be more competent in their job, work is emotionally exhausting, an effective process to help them identify my developmental needs, are paid fairly for the contributions made towards the company’s success, care about their wellbeing, are satisfied with the training programmes to develop their skills and abilities and receive adequate career guidance and counseling whenever needed. Hence the study ultimately concludes that rewards and remuneration, organizational support, and product knowledge are perceived factors influencing intention to leave among the sales agents in CFC Life Assurance, Kenya. The study recommends that there is need for CFC Life Assurance, Kenya to offer their sales agents rewards and remunerations fairly compared with other organization and also establish a clear link between how well a sales agents performs’ and the remuneration expected. There is need for the company to offer organizational support through taking great pride in sales agents’ accomplishments while offering appropriate and fair recognition to their contributions. There is need to employ the services of a dedicated team of trainers who spearhead the product knowledge process across the board for the sales force of any organisation. Further study in the same line should be done to incorporate at least 3 other players in the industry or all, furthermore the mentioned objectives though achieved are not the only factors that influence retention of insurance sales agents and other factors should be looked into or identified.