How to make Life Insurance a PULL product???

Life insurance is a product that does not serve an immediate need. So, the products have been designed as an investment, to create a market. The fact is overlooked that  the need for it emanates from a positive emotion of caring about your near and dear ones.

The nature of the product is such that except for the claims settled, deferred cost and the cost of running a business, the entire amount of premiums constitute profit. This profit is then distributed to various intermediaries, and unfair trade practices flourish. The company, too depends on this network of intermediaries, as a personal or professional bond with the buyer is considered essential to sell the product. However, mis-selling has only breeded mistrust.

Rationalization of cost, and trusted sales channels will make it a push product, but the profits made by so many people and organizations are at stake, So, there are no easy solutions, except for generation of profits through volumes. The unexplored potential in rural areas, and the lower-income group needs to be tapped with low-cost products. It is the lower income group that has a higher need for security.

Like traditional banks, Life Insurers should try with selling policies at ther=ir branch offices without intermediaries, the customer should be given benefit of the reduced price, because of 'nil' commission. The employees should genuinely explain the product, and leave the decision to customer. Avoiding Pushing the product & briefing the product sincerely may create the PULL. This may convert the latent need to the sale.

as far as insurance being a pull product is concerned it so because their are various clauses any legal amendmants attached to it .in order to make it a push product a company can issue company specific cards to its existing policy holders from which they can have assess to different schemes through one card .all policy holders can be informed abt any new introduced product through e-mails or letters if one wants to have access to certain scheme can let the company know abt it and that scheme cam be added to that particular card no. and recipient woul be subjected to premium payment associated to it through that card only .or if doesn't want it can also let the company know abt it through telephonic or other mode of correspondence .this would be fresh change for customers who are right now fazed with mundane babbling insurance calls.laugh it off if find it dorky..