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Strategies in Striving for Peak Performance and Applying to Sales in the Insurance Industry - Essay Example

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The paper focuses on various motivational strategies and skills that can be implemented in the insurance industry. This research tells that the life insurance sector is a complex yet a very important part of the financial services industry…
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Strategies in Striving for Peak Performance and Applying to Sales in the Insurance Industry
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Download file to see previous pages This paper illustrates that the companies need to improve their efficiency level and productivity through the greater degree of flexibility and innovation under constant internal as well as external pressure. Since the insurance companies provide services that can be counted under the purview of the retail industry, the selling capabilities of the employees are constantly challenged. Employees not only require technologies but need to integrate creativity in their approaches for better productivity. With a number of players in the market, the insurance business is about to touch the saturation point. This explains that even though the services are increasing, the buyers of services are declining at a steady rate. As a result, employees and managers are facing tremendous work pressure giving rise to feelings of frustration and low motivation. In this respect, people management in insurance companies has assumed a highly prioritized position. Managers are getting instructions from higher authorities to supplement the traditional method of motivation with various contemporary approaches so as to uplift the working spirit of employees at a different level. Keeping in view the current scenario of the insurance industry, the present paper focuses on various motivational strategies and skills that can be implemented therein. The objective and purpose of this piece of work are to examine various motivational theories and its implication in the insurance industry. In simple words, motivation can be defined as rationales underlying a particular behavior. Broussard and Garrison defined it as an attribute that influences the individual to undertake a particular activity. In the broad sense, it is a set of beliefs, values, perceptions, actions, and interests that are highly interlinked. In the following section, various motivational theories have been discussed which will be further discussed in the context of the insurance industry in the later section. In a stress environment similar to that of the insurance industry, it is very natural for employees to develop feelings such as aggression, discomfort, and frustration due to monotony and repetitive nature of the task. Motivation can be considered as an important antidote to the given problem of low morale. ...Download file to see next pagesRead More
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