Title: Life Insurance Distribution in India (The Emerging Paradigms in Intermediation)
Author-Name: Dr. Fulbag Singh, Professor, Department of Business Management, Guru Nanak Dev University, Amritsar.
Author-Name: Sonia Chawla, Lecturer, Department. of Business Management, Malout Institute of Management and Technology, Malout.
Author-Name: Bhupinder Singh, Lecturer, Department of Business Mangement, Malout Institute of Management and Technology, Malout.
Abstract: The pattern of distribution has undergone vast changes with new channels being introduced with the liberalization of life insurance market in India. In the deregulated scenario, the private players are coming out with different types of distribution channels emerged such as corporate-agents, brokers, banks, SHGs and NGOs etc to get hold of customer in the variety of ways. Intermediary has to ensure high productivity, follow code of conduct, consistent performance and ensure quality of proposals. New players may tend to favor the “creamy” layer of the urban population because of the reason that with low sum assured and small premiums, the distribution cost of rural insurance products is high compared to that of urban products. However, nodal agencies like Non- government organization / self help group play a major role in the administration of insurance schemes in rural areas. In nutshell multi-channel distribution and marketing of insurance products will be the smart strategy for the Indian market.
Classification-JEL: A0, T18, C0
Keywords: stress, employee attraction, pressure, turnover, retention strategies
Journal of Commerce and Trade. Volume 1 Number 1.April, 2006. Pages: 39-46.
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