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Insurers want more feet on the ground
The agency and bancassurance models may be the two most effective channels, but companies are now creating a direct marketing force.
Updated : Sep 15, 2017, 02:02 AM IST
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KOLKATA: Life insurers are fast developing another distribution channel, one that may help solve multiple problems. The agency and bancassurance models may be the two most effective channels, but companies are now creating a direct marketing force.
Such a force could tackle multiple issues of productivity, increased penetration, retention and instances of possible mis-selling.
Most insurers including Max New York Life, Bharti Axa Life, Birla SunLife, Reliance Life, Tata AIG Life, Kotak Insurance and others are said to be lining up concrete plans or testing the concept.
Industry issues like distribution, commission structure, productivity and manpower have been in the limelight. Companies are therefore experimenting with newer ways of reaching out.
DNA Money talked to some insurers to figure out the trend.
Tata AIG Life, which has a balanced distribution break-up between agency and bancassurance, is testing out the potential of this channel, said Manish Lalwani, senior vice president for agency sales.
Max New York Life, which already has a sales force, plans to expand it.
“We have 1000 employees under this segment and wish to scale it to over 22 outlets all over the country,” Gary R Bennett, CEO, said.
“While agents will remain the key, we feel that influence and control on direct employees is greater. And with the productivity of direct employees being higher than the average agent, it makes sense to develop this distribution channel seriously,” he added.
Priya Ranjan, director, HR, Bharti Axa Life, said, “We are investing in building up a strong direct sales force as a separate channel of distribution. We have plans to increase the number of employees from 2,000 to 4,000 by December 2008.”
Birla Sun Life is piloting several direct marketing models at present. “One mode is purely through direct mailers and telemarketing for the pur pose of cross selling.
The other is an experiment with employees perhaps under a contract, but more of feet-on-street, and without the commission as given to agents,” Anjana Grewal, senior VP, marketing and communication, Birla SunLife said.
