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Attitude of Agents towards the Services of General Insurance Corporation Subsidiary Companies in Madurai, Tamilnadu – A Study

Selvaraj N

General Insurance Corporation was given the status of a company in 1972 and it commenced its business on the 1st of January of 1973. The Government of India subscribed to the capital of GIC. The organization today is on the point of opening up of new vistas, striving and straining to reach new heights and is surging ahead in quest of excellence. For the economic growth of the country, insurance provides a strong base and mind, protection against loss of property and adequate capital to produce more wealth. Insurance agent being an individual who receives or agrees to receive payment by way of commission or other remuneration in consideration of his soliciting or procuring insurance business including business relating to the continuance, renewal or revival of policies of insurance. In the present study the researcher has made an emphasis on the role of agents and problems faced by them of general insurance companies. The agency service is a vital organ of marketing of general insurance policies. The agents are the heart of the General Insurance Corporation. In the present study, the researcher has identified 18 variables and an attempt has been made to find out the factors influencing the agents in utilizing the four general insurance companies namely, NIAC, OIC, NIC and VIIC. The principal competent method of factor analysis has been employed to study the pattern of mutual inter-dependence among those variables using Kaiser’s Varimax Criterion.