What Lies Ahead

animation Insurance Marketing in India -The Changing distri hardlyion Norms The secern task is to grow the dispersion network and court 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 cashbox, 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 ray LICs distribution bring and increase product penetration. Industry observers were not surprised by this move. They felt that LIC had no option but to explore new channels of distribution to maintain its mental attitude as the market leader. The liberalization of the Indian restitution attention in 2000 led to the entry of private indemnification 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 resolved to rely on aggressive advertising and promotional measures and spend hitherto untried distribution channels.

Private insurers began exploring the various distribution channels available sort of of concentrating on individual agents, a channel LIC had been using for decades. To minimize cost, these companies tied up with completed 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 have got a full essay, order it on our website: Orderessay

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