Face-to-face distribution remains the primary mode of buying insurance in India:PwC report

A focus efforts on three areas of productivity, assistance and enablement along with exceptional customer experience and user friendliness, will ensure higher engagement and adoption from sellers.


Mumbai:

Indian  Insurance CEOs believe that insurance industry is going through technological and consumer behaviour changes. These changes are going to impact distribution trends in the insurance business. 


Investing in technology to make it more accessible to the sellers is going to keep them ahead of the curve.

 

According to the CII-PwC report “Assisted Distribution – Changing the face of insurance sales” while customer behaviour and technology led innovations are changing the industry, face-to-face distribution remain the primary mode of buying insurance. However, this mode is facing challenges due to less attractive career option, low retention and productivity issues.
 

According to the CII-PwC report, a structured approach should be adopted to develop any such platform to ensure consistency of functionalities and seller experience. 
 

A focus efforts on three areas of productivity, assistance and enablement along with exceptional customer experience and user friendliness, will ensure higher engagement and adoption from sellers.
 

Joydeep K. Roy, Partner & Global Leader – Insurance Digital Assets said, “Despite insurers’ efforts to provide sellers with technology driven tools, face-to-face distribution has not changed much. This can be attributed to the inability of seller to adapt and engage with the tool effectively. To tackle these challenges, any platform which is provided to seller should cover entire gamut of services ranging from selling process, product information, lead management, appointment planning, scheduler to behavioural analytics, predictive analytics and estate planning and start becoming relevant to the seller.”
 

Sanjiv Bajaj, Chairman, CII National Committee of Insurance and Pensions and Managing Director, Bajaj Finserv said, “Due to changing customer preferences, face-to-face distribution needs to undergo significant transformation and be a complete financial exercise. Further, it has to stay relevant and be compliant with the regulations to generate more interest and trust of the customers. This requires insurers to move from product centric approach to more customer oriented approach.”


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