Channel Management Situation (1) (1)
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Channel Management Situation Session 9 Life Insurance Corporation of India has acquired 250 million customers over the last five decades. They sell various products as under: 1. Insurance Plans 2. Pension Plans 3.Unit Plans 4. Special Plans 5. Micro insurance plans 6. Group schemes 7. Withdrawal plans, and 8.Health Plans Traditionally they have been using insurance advisors- Development Officers, Independent Insurance Agents, to distribute their products. With the spread of internet, the distribution system included internet as a channel partner. With the success of relationship managers at banks like ICICI, HDFC and others, it was realized that a new channel can also be started known as Bancassurance. It is proposed that by next year, 9% of the total premium should come from the new channel without marginalising the other channels. You are requested to propose a plan by which it can happen. Suggest training efforts for the new channel partner.
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Transcript of Channel Management Situation (1) (1)
Channel Management SituationSession 9
Life Insurance Corporation of India has acquired 250 million customers over the last five decades. They sell various products as under:1. Insurance Plans2. Pension Plans3. Unit Plans4. Special Plans5. Micro insurance plans6. Group schemes7. Withdrawal plans, and 8. Health PlansTraditionally they have been using insurance advisors- Development Officers, Independent Insurance Agents, to distribute their products. With the spread of internet, the distribution system included internet as a channel partner. With the success of relationship managers at banks like ICICI, HDFC and others, it was realized that a new channel can also be started known as Bancassurance. It is proposed that by next year, 9% of the total premium should come from the new channel without marginalising the other channels.You are requested to propose a plan by which it can happen. Suggest training efforts for the new channel partner.Will the evolution of new channels like Internet and Bancassurance will impact the performance of traditional channel partners? If so, how to ensure that their growth. Will it mean changing the performance parameter for them? If so, suggest them.What do you see the strength of each of channel partner and how this multichannel system will strengthen Channel Efficiency?
