Technology for Life Insurance Sales Hiring!

Hiring for Life Insurance companies is very unique. It’s very very difficult! The challenge is right at the top; Sourcing and then subsequently in screening, scheduling, and joining. With all this effort, the average attrition rate is close to 50%, if not more…

So how can a recruitment technology help in this domain? After meeting with several life insurance firms (and on-boarding a few Insurance companies as customers), here’s our learning:

1. Sourcing is predominantly done by the vendors (because these profiles are not available in abundance on the standard job boards)
2. The vendor is supposed to screen the candidates for interest check, base minimum eligibility criteria, and communication skills
3. Invariably the Insurance company teams have to still call these submitted candidates and reject close to 60% of the profiles
4. The Vendor schedules them for interviews (when the panel is available). Invariably less than 50% would turn-up for the interviews
5. The balance 50%, who did not attend, never get contacted or rescheduled (wastage of data, loss of efforts, time and money)
6. For whatever candidates get hired (with 50% lesser TAT expectations), the vendor gets paid

While most life insurance firms do not see any respite from this since the dependency of sourcing is dependent on vendors; many have started exploring solutions that automate tasks that are not with vendors.

Companies like ICICI Prudential, Future Generali, Bajaj Allianz, MaxLife Insurance have found an answer in our Recruitment software solutions (AI in recruitment platform to boost speed-to-hire). It may be worth exploring platforms similar to Callify.

 Contact us for a free demo now!