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It is the distributor who is makes the difference in
terms of the quality of advice for
choice of product, servicing of policy post sale and
settlement of claims.
The distributors have to become trusted
financial advisors for the clients and trusted
business associates for the insurance
CHANNELS IN THE DEVELOPED MARKETS
Personal distribution systems
agencies of different models and
brokerages, bancassurance, and work
Direct response distribution systems
Client purchases the insurance directly.
Internet, telemarketing, direct mail, call
company in the
mind of the
being able to build
with the clients
DRAWBACKS OF THE TRADITIONAL APPROACH
They may not have been sufficiently knowledgeable
about the different products offered.
May not have sold the best possible product
to the client.
The customer trusted the agent and company.
This arrangement worked adequately in the
absence of competition.
PRIVATE VS PUBLIC
Identity is well
established, but the
perception of " poor
service providers" is a
Products are not
attractive and flexible
enough but expensive.
Have to build their
identity in a market
where the public does
not distinguish them.
Remove the perception
that anything that looks
good is expensive.
Regional Rural Banks
SHGs & their Federations
NGOs & MFIs
Internet & Rural Kiosks & Rural Knowledge
Favours the insurer
Educating and training these agents is a serious
challenge for the insurance company.
High credibility (as trustworthy caretakers of
money) with the public
A ready customer base
Low cost channel for selling simple vanilla products
Extensive reach including the rural pockets
Economic viability for the banks to take up as
bancassurance is a volume business.
Training of people and lack of vision and
Useful for selling only certain lines of products
Initial investment in systems and processes and
people in training
Human resources management polices and
Group products or work site products do have a
definite market that cannot be ignored
Captive customer base
Potential to sell individual insurance and group
High trust factor
High hit ratio for the intermediaries
Urban Vs Rural
Online banking, still a small fragment
Insecurity associated with transactions over the net.
In the Indian market, where insurance is sold after
considerable persuasion even after face-to-face
selling, the selling over the net, which must be
initiated by the client, would take some more time.
Improvements in bandwidth and infrastructure are
In this model, the insurance company or its
representative is not the entity marketing the
Suitable Product - Group creditor insurance
The insurance cover is sold by an automobile
/credit card company as an add-on product
leveraging the brand of the retailer.
Low distribution cost
Captive customer base
Repeat business or renewal of business cannot be
success of marketing insurance depends
understanding the social and cultural needs of the
matching the market segment with the suitable
intermediaries need to be empowered with the right
learning, training and sales tools and technology