The future of insurance distribution in India
Play • 19 min

Some insurers have adopted an alternative distribution strategy based model, concentrating on drivers such as banks, corporate agents, and insurance brokers to fuel their business growth, while some have concentrated on the traditional direct channel model comprising of individual agents, direct mail, company websites (internet based selling) and every such activity that involves the insurer directly. Besides, no insurer can afford to be adamant in its distribution strategy, and stick to a few chosen channels, and that the need of the hour is to be competitive, by adopting a multi-channel distribution strategy; while being flexible in adopting the modern tools of technology and the internet in widening the boundaries of the distribution box. In short, innovative ideas of distribution may be the new mantra and insurers need to align their business strategy in line with changing consumer tastes and preferences.

Points of discussion

1. Clearly, the insurance sector has to continue embracing digital solutions where they make sense and advance the process of digital transformation. But beyond digital transformation, we still have work to do to increase the efficiency of agents and brokers. How you see the Indian insurance distribution changing with a mix of core and digital solutions.

2. The agent and insurer relationship always appears to be complicated especially when it comes to sharing data and capitalising on growth opportunities. Do you think, emerging technology like open APIs, cloud and data standards can revamp this relationship going forward.

3. From an Indian context, what are the potential opportunities of transforming insurance distribution in the country. Any particular model in mind that you think can be the future like peer2peer or embedded insurance.

Speaker Bio: Rahul Mishra, is the Co-founder and Director of Policyensure. With almost three decades of experience (mainly in insurance), Rahul saw the winds of change ahead of times with how conventional insurance model needed a version upgrade through digital in order to simplify the insurance buying process for everyone in India while also ensuring grass-root level reach by having a local representative as digital business owner under PhyDigital model. Besides, Rahul is an MBA in international marketing with impressive tenures with big wigs of insurers like Reliance General Insurance, Bajaj Allianz, Cholamandalam and IFFCO-TOKIO.

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