What Lies Ahead

biography Insurance Marketing in India -The Changing dispersal Norms The delineate task is to grow the distri yetion network and ping the huge potential in an underinsured, under serviced market. - Saugata Gupta, Chief (Marketing), ICICI prudent Life Insurance Revamping Distribution In early 2002, Indias state owned insurer, Life Insurance Corporation (LIC), announced tie-ups with Corporation strand, Oriental Bank of Commerce, Bank of Punjab and Nedungadi Bank for sale of its products through their branches. The aim of the tie-ups was to vary LICs dissemination transmit and increase product penetration. Industry observers were non surprised by this move. They felt that LIC had no option but to explore new channels of distribution to maintain its spot as the market leader. The liberalization of the Indian redress persistence in 2000 led to the entry of private amends companies with MNC as their partners. Reaching anywhere near LICs vast network, built oer decades, was going to be extremely tough for the new-players. Consequently, private insurers heady to rely on aggressive advertising and promotional measures and spend hitherto untried distribution channels.

Private insurers began exploring the various distribution channels available instead of concentrating on individual agents, a channel LIC had been using for decades. To minimize cost, these companies tied up with established financial services companies and used their distribution network instead of setting up their own network. According to insurance intentness observers, distribution was expected to emerge as one of the key factors for the success of private insurers in India. They also felt that insurance intermediaries and new distribution channels would become the strongest drivers of growth for the insurance sector and that multi-channel distribution would become the norm. With even LIC adapting these new channels of distribution, the distribution of insurance products/services seemed all set... If you want to arise a full essay, order it on our website: Orderessay

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