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Topic : Customer strategies in insurance
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Multi-distribution channel- a growth lever for insurance.!!

Created by : Niranjan Meena, Actuary Manager, LIC  | 05 08 2009 08:04:03 +0000
Industry : InsuranceFunctional Area : Business Policy(Strategy & Execution)
Keywords : insurance growth lever multi distribution channel
Activity:  565 views;  last activity : 07 06 2010 20:18:09 +0000

Until recently the most consistent model for distribution of life insurance products across the world focused on door-to-door selling by insurance agents or financial advisers and selling to individuals through local bank branches. In both methods, the service proposition for the customer centered on face-to-face interaction; the provision of advice and trust in the individual providing this advice.

Today, however, the flow of financial services from provider to customer presents a more disparate pattern. The distribution revolution has created a new matrix of opportunities for traditional providers - both new modes of distribution and new partner organisations to distribute products.


 Typically the distribution of life insurance is primarily shaped through emerging lifestyles, the social trends of the population so will the Multi distribution channel help the industry?

  
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Yes Vs No
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Top Argument
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Yes I feel that multi distribution channel will help the insurance companies. Multi-distribution is the most effective way for insurers to attract new customers and increase the wallet share from existing customers. The average mature-market insurance customer holds 5.2 policies, but the average share of wallet for a single insurer is only 1.1 to 1.5 policies. 

Multi-distribution can help insurers to generate additional revenues and improve network sales productivity, since lead generation and management are more tailored to ‘value-creating’ relationships.
By Niranjan Meena, Actuary Manager, LIC  05 08 2009 08:04:03 +0000
 
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One way it is good but in other way Insurance business is done mostly by individual Insurance Advisors whose career will be affected.
By Danaseker , Insurance Advisor/Analyst, ICICI Prudential Life Insurance  05 08 2009 15:01:04 +0000
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yes
By mittal vartak, Freelancer, Freelancer  | 02 06 2010 11:26:47 +0000
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Yes, it is already happening Bancassurance.

Recently, for an educational loan the Bank suggested to one of my customer - a Term Policy; after discussing with the customer I convinced them for a Whole Life Policy.

Another Bank has now suggested an Overseas Policy for the educational loan, so customer wants to stop the Whole Life Policy.

The customer is totally confused; so an individual agent can be the best for clearing confusion and for clarity; so role of an Individual Agent does not diminish but increases.

In Mediclaim, only the Individual Agent helps sincerely in Claims Processing. Kindly find out there are  more rejected claims when there is no Agent to back the Customer.
By Jairam Gopalan Aiyer, CEO/MD/Director Writer www.insuranceworld.co.in, Ajvmm Creative Solutions  | 05 11 2009 14:14:32 +0000
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yes i do agree about multi distribution as there is more scope through corporate agents and brokers where the customers can be acquired.
By nishaanth krushnen, Sales/BD Manager, BIRLA SUNLIFE  | 05 09 2009 13:59:39 +0000
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Neeranjan, first i really admire you to have access to data, fully agreed with you as multi distribution network coupled with different strategies, definitely provide boon to insurance sector
By Dushyant Hada, Territory Manager  | 05 09 2009 10:08:15 +0000
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Yes,multi distribution channel network definatly increase the insurance business. Now a days LIC had given permission to TOP Agents to appoint sub agent. This will deffinatly work, because there are so many companies working in networking as a corporate agent. So I feel this wil help the insurance companies to increase the business.
By Nitin Vasant Moharir, CEO/MD/Director, Moharir Insurance & Investment Services  | 05 08 2009 13:42:36 +0000
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