Kathmandu. The recently released data on insurance agent licensed agents in Nepal’s insurance sector indicates a positive social change.
According to statistics, the number of women active in the insurance profession is more than that of men. In our social context, where many professions in the economic sector are still male-dominated, this achievement is not only meaningful but also inspiring.
What does the data say?
Fiscal Year 2081. The number of women among life insurance agents is remarkable. The number of active agents is significantly higher than that of men. The attraction of women to the new entrant group is also increasing steadily.
Out of a total of 404,564 active agents, the number of women agents is 207,233. This is 51.22 percent of the total number of active agents. This shows that the insurance profession is not only a source of income for women, but also a means of long-term occupation and self-reliance.
Why is an agent profession suitable for women?TAG_OPEN_strong_48
Flexible working hours, little investment, and a profession based on personal relationships are key features of the insurance agent profession. This profession has become a viable option for women as it can be done while taking care of family, children and social responsibilities. She also said that social access and communication skills of women have made her more successful in this profession as it is a service sector based on trust and sympathy.
{{TAG_OPEN_strong_47}National Context and Status of Women
The proportion of women in Nepal’s population is around 51 percent. Although the female literacy rate is around 69 percent, the participation of women in formal employment is still less than 30 percent.
There is a provision of 33 percent reservation for women in public service. Still, women do not get enough opportunities in the private and service sectors. In such a situation, the insurance agent profession seems to provide women with formal employment options, regular income and self-confidence.
Positive impact on family and society
The income of women agents has increased the management of daily expenses of the family, the education and health of the children, and the awareness of unforeseen risks. By becoming an insurance agent, women are able to make not only themselves but also their families and communities aware of the importance of financial security and planning. It has expanded both trust and access to insurance in society.
South Asian Perspective
Compared to other South Asian countries, Nepal’s situation is encouraging. Although the insurance sector in India is large, the proportion of women agents is still limited to 25-30 percent. Women’s participation in microinsurance is increasing in Bangladesh. Although Sri Lanka has good education indicators, women’s participation in the insurance profession has not reached Nepal’s level. These facts indicate that Nepal can be one of the leading countries in South Asia in terms of women’s participation in the insurance profession.
New Path to Leadership Development
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The insurance agent profession provides women with the opportunity to develop financial knowledge, decision-making, and leadership. Today, many women agents have reached the level of team leaders, trainers and branch management. Women have also had the opportunity to proudly wave the national flag at the Million Dollar Round Table (MDRT) Global Conference. This situation can be taken as an example of women’s empowerment not just a slogan but an example of practice.
Conclusion
The increasing participation of women in the insurance agent profession is not only a quantitative achievement but also an indicator of socio-economic transformation. This profession, which has been empowering women financially, strengthening the financial base of the family and leading towards leadership development, has now become an effective means of women empowerment.
With all three tiers of government, the Insurance Authority of Nepal and insurance companies strengthening policies, training, and incentives targeted in this sector, the insurance sector will become more decisive in the economic advancement of women. The Insurance Authority can also encourage insurance companies to use the unutilized Corporate Responsibility Fund for the financial empowerment of women along with the poor and backward classes.
