Ceylinco Life to employ 1,700 over next five months
Ceylinco Life has announced plans to recruit 1,700 sales consultants
and agency supervisors by the end of 2009, a move the life insurance
leader says reflects its confidence in the potential of the industry.
A new recruitment campaign launched by the company in July is
scheduled to run till September 30, 2009. Ceylinco Life's current sales
team numbers around 5000. 'It may seem unusual to recruit on such a
scale in the midst of a global economic downturn,' T. Ranasinghe,
Ceylinco Life's Deputy Chief Executive Director conceded. 'But we are
confident that improved access to the North and East, and our own plans
will contribute to an expansion of the market for life insurance.'
Figures published by the Insurance Board of Sri Lanka (IBSL) the
sector's regulatory authority, show that Ceylinco Life was the only life
insurer to substantially increase its market share in 2008, and that the
company ended the year with a market share of 34.9 percent.
The new recruitment campaign endorsed by Ceylinco Life Brand
Ambassador and spin bowling legend Muttiah Muralitharan, builds on a
similar campaign conducted last year, as a result of which Ceylinco Life
recruited more than 1,500 sales consultants and agency supervisors.
'We believe,' Ranasinghe added, 'that there is even more potential to
generate employment in the life insurance field.'
He said Ceylinco Life is the acknowledged benchmark in the sector for
training and professional development.
'We were the first to produce qualifiers for the Million Dollar Round
Table (MDRT) the world's top forum for elite life insurance salespeople,
the first to produce an MDRT Life Member, and the first to produce an
MDRT 'Top-of-table' qualifier.
To date Ceylinco Life has the largest number of MDRT qualifiers.
All recruits are provided with comprehensive training in insurance
sales, agency management, IT, ethics and grooming and encouraged to
acquire international professional qualifications.
Successful recruits qualify for housing and vehicle loans as well as
medical and other benefits.
Ceylinco Life recorded a growth of 20.6 percent in the year ending
December 31, 2008, a full 6.7 percentage points higher than the industry
average and increased its market share by 1.94 percentage points.
In contrast, the second largest life insurer in the country witnessed
a decline of 2.56 percent in its market share, which fell to 19.05
percent at the end of 2008, giving Ceylinco Life a lead of nearly 16
percentage points in market share over its closest competitor.