Library: Coforge – Future Ready: Multi-Channel Distribution in Life Insurance

Executive summary :

How can you differentiate your insurance business and stay ahead of the curve? The answer lies not just in developing excellent products and services, but in delivering them to the end customer through an efficient and effective distribution network.

Stay ahead of the chasing pack

Multi-channel is essential

In today’s digital environment, the need for developing an innovative and attractive range of multi-channel distribution techniques cannot be overstated.

Going beyond traditional modes like agents and brokers, direct marketing, and kiosks, insurance providers need to gear up for the digital world and provide their products and services on new distribution channels including mobile and social media.

Your organisation’s ability to offer and monitor a seamless, integrated multi-channel experience is the key to customer satisfaction, loyalty, and business growth.

Huge growth in Indian insurance

The Indian insurance industry is going through a phenomenal growth phase and has been one of the primary drivers of the nation’s economy. The life insurance sector, in particular, is evolving rapidly, embracing international standards, and best practices, and offering innovative products and services to customers. Changes in the regulatory environment have also impacted the industry positively.

Chasing the sun

India has always been a nation of ‘savers’ and life insurance was once purchased primarily as a tax-saving tool. However, the paradigm shift in the regulatory environment has led to more customised solutions that combine protection and long-term wealth creation. The years 2001 to 2010 saw a period of high growth with a CAGR of about 31% in new business premiums according to research firm KPMG. The number of insurance holders more than doubled to 5.32 crore policy holders in 2010, with the total life insurance premium tripling to Rs. 2.65 trillion during the same period.

Embrace the revolution

The improved and personalised products and services are delivered through a range of distribution channels such as banks, agents, direct offices, and online platforms. The emergence of a more diversified and multi-channel distribution network in today’s dynamic business environment has revolutionised the insurance sector, providing customers increased access to better services.

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