PA Life Insurance Jiangsu Branch Agent Performance Appraisal Research

The life insurance industry has made enormous progress abroad, but its large-scale development in China only started in recent years. An effective performance appraisal system is of great importance to enhance life insurance agents' sales volume and to ensure a faster and better development of the life insurance industry. Among various life insurance agents performance appraisal systems on the market, Jiangsu branch of PA Life Insurance Company (second in market size) is a typical example. The quality of its sales, recognized as the vane of life insurance market, also exerts a vital influence to the market. The life insurance agents performance appraisal system of Jiangsu branch of PA Life Insurance Company has an important impact on its sales. Therefore, the study of life insurance agents performance appraisal system has its important value and meaning.This paper focuses on the life insurance agents of Jiangsu branch of PA Life Insurance Company, studies and analyzes its present performance appraisal system using the methods of references, questionnaires, fieldwork, and case study, and finds out five problems facing the Company:low recognition of appraisal indices, unfairness of managing agents, negative attitudes towards subordinates' promotion, low satisfaction with company's non-standard assessment (incentive program), not familiar with the company's development process and non life insurance products. Also, this paper finds that the main causes to these five problems lie in the following aspects:unreasonable performance appraisal indices, lack of protection to managing agents, high income of managing agents' direct assessment, lack of external support to the system, and mismangement of non-standard performance appraisal. Finally, the author proposes targeted improvement recommendations:adjusting the standard of performance appraisal indices, improving managing agents direct evaluation mechanism, establishing protection mechanism of managing agents, advancing external sales support system, and promoting achievement and non-standard assessment incentives.Theoretically, the study of life insurance agents performance appraisal system of Jiangsu branch of PA Life Insurance Company can help promote the development of performance appraisal theory. On the other hand, it can also provide reference for the future development of life insurance business. Practically, the study can help Jiangsu branch improve its performance appraisal system and enhance its sales.