Distribution Channels in Life Insurance

Distribution Channels in Life Insurance
DISTRIBUTION CHANNELS IN LIFE INSURANCE

Neha Singhvi & Prachi Bhatt MBA Students NIASoM, Pune
Distribution channel is the life blood of insurance business. Insurance distribution is strewn with opportunities and challenges .To make most of the opportunities in growing market like India we have to overcome challenges while encashing opportunities. Traditional distribution channel of agency still rules the roost in life insurance in India. Alternate distribution channels which came up after the opening up of the sector six years back have huge potential which needs to be tapped. The graph below is indicative of the influence of alternative channel in life insurance distribution. Figure 1: Comparison between Business done through agency and alternate distribution channel in life insurance industry in India in 2005-06
20 q Bimaquest - Vol. VIII Issue I, January 2008
NEW BUSINESS (LIFE) UNDERWRITTEN THROUGH VARIOUS INTERMEDIARIES: 2005-06

Individidual Agents Private Sector LIC TOTAL Corporate Agents Banks Others Brokers Referral (Per cent) Direct Business
59.71 98.37 85.67
16.87 1.25 6.38
8.92 0.32 3.15
0.83 0.06 0.31
7.06 0.00 2.32
6.61 0.00 2.17
Source: IRDA Annual Report 2005-06 Why there is need for alternate distribution channels? l l l l l To increase insurance penetration in the country. To differentiate on basis of customer service. To retain and attract new customers so as to expand business To increase insurance awareness and knowledge among people. To satisfy the needs of more demanding customers. To improve cost efficiency in insurance distribution.
What determines choice of distribution channel for an insurance company? l l l l Where are the customers? What is target customer profile? Which product (linked, traditional, term etc.) can be sold through distribution channel? Which channel provides best buying experience and value to target customer segment?
The customer preferences vary by market segment like geography, age, income, life style etc, and market characteristics change over time.
Bimaquest - Vol. VIII Issue I, January 2008 q 21
TIED AGENCY For decades, agency was the only distribution channel for life insurance in India. Even today almost 80% of business is carried through agency channel. This channel has various merits:l l l l l l Through agency, personal contact and relationship can be established with the customer. Agents usually enjoy personal credibility with customers. Agents provide various presales and post sales services to customers. It involves no capital investment This channels awareness and acceptability is maximum among people Cross selling is possible through this channel Due to personal contact, it can provide valuable feedback about the need and expectation of consumers.
But, it has few drawbacks like high attrition rate. Due to this, initial investment done on training and educating the agents goes waste. Attrition causes the problem of servicing orphan policies. Agents are generally not tech savvy. SWOT Analysis of Tied Agency Source: Paper on distribution channel by Datamonitor,1999 Strengths l l l l Greater relationship and more face to face contact Consumers are used to the channel Experience and greater knowledge of industry Cross selling Ability l l l Weakness Higher cost for insurer and consumer because of higher commission rates Not as convenient as other channels Old fashioned channel, not fully updated with latest technologies
Opportunity l l l Focus High net worth individuals who prefer relationship over price Integrate alternative channels into their strategy Embrace technology l
Threats Alternative distribution channels
At present, the number of agents working in life insurance industry is approximately 15Lacs but a majority of them are dormant which leads to poor activity ratio. The massive agency force is a pragmatic example of 80-20 rule. What is need of the hour is not the quantity but the quality. Having some productive and lots of unproductive lot drags down the morale of the community of agents, leads to discontent within the profession and the respect for the profession is downgraded. Over manning has its cost to the company in terms of unrecovered or under recovered training cost. Also, opportunity cost in terms of a more productive agent serving in place of a dormant agent cant be looked over. Over manning also contributes to mis-selling and rebating Adequate concept, product and soft skill training is sine quo non for professionalizing agency force. IRDA mandates companies to impart 100 hour training to its agents and today most of the companies have in-house training facility. But number of agents attending subsequent product trainings at the time of product launches and other soft skill training sessions gets reduced substantially. It leads to poor knowledge about companys whole basket of offerings and agents selling only a few products instead of doing a true need-based selling to customers. The concern of the regulator towards growing proportion of linked products in companies total percentage of business can also be attributed to biasedness of training programs in favor of linked products. Training becomes all the more important in todays competitive environment where the agent is not only selling insurance but the company providing insurance. Adequate and quality initial training at the time of licensing is like laying a strong foundation for agents entering the industry and subsequent trainings are like sharpening the agents saw to stay competitive. Agents are off-roll employees of an insurance company and keeping them motivated is a big challenge. Companies run loyalty and engagement programs (like club membership) and sales incentive programs (like short term contests) providing various monetary and nonmonetary benefits. They serve well to motivate the agents to perform better, increase interaction of agents with the companies, promote spirit of healthy competition among the agents and to
recognize good performing agents, provided these programs are easily comprehendible, transparent and quick in benefit disbursal and grievance redressal and adequate knowledge about the programs is given to agents. This profession is also not left untouched by Information Technology. Most of the companies have a dedicated agents portal but the number of agents accessing them is less than satisfactory. One step forward in making the agents more efficient and professional is to make them more tech-savvy through training and other means. Looking at the regulatory front, a dispute redressal mechanism for the agents should be established by the IRDA. Also Sec 48A should be revised allowing agents to be represented in the Board of Directors of the insurers. Insurance selling is a tough job. Agents are facing razor sharp competition from other alternative distribution channels and with so many insurance players in the fray, their job has become all the more difficult. Though the image of an agent has undergone lot of change since the time it was first introduced but still agents face a lot of sales resistance. Insurance companies need to consciously endeavor into dedicated efforts for the image makeover of their agents which will go much beyond calling them advisors, financial service consultants instead of agents. Agents are the true Brand Ambassadors of the company and they deserve a fair treatment from the insurers. Inspite of multitude of other distribution channels coming up, tied agency is here to stay. What is needed is a genuine effort in recruitment, training and development of a good agency force critical for growth and survival, knowing fully well that for a long-term business like insurance, quality, productivity and ethical values must be ingrained fully in the workforce. INDEPENDENT AGENTS The presence of professional insurance brokers and independent financial advisors, who represents the interest of the client, is a major motivating factor for insurance to raise efficiency and to give better value to policyholders. CORPORATE AGENTS In order to spread awareness about insurance and to increase the coverage of a large section of population who have remained outside the radius of insurance coverage all these years, the IRDA introduced a variety of intermediaries as distribution is key to insurance penetration. The Corporate Agent is a concept introduced with a view to taking advantage of the presence of a large number of firms, corporations, banks, NGOs, cooperative societies and panchayats
who are in contact with people in normal discharge of their activities and utilize their presence and services for canvassing the sale of insurance contracts. Corporate Agents (CAs) are corporate entities (NBFCs) that source policies for the Insurance Company with whom they have a tie-up. They are authorized to source policies for one insurance company only. The difference between CA and Bancassurance arrangement is that the former trains its own employees to sell the policies while in case of Bancassurance arrangement, the employees of the insurance company (FSCs) source the business. Criteria to become a corporate agent: As the insurance contracts are highly technical in nature, the regulations issued by the IRDA stipulated that canvassing should be done only by specified persons engaged by the Corporate Agents and such specified persons should have the qualification prescribed by the authority. In case of corporate executives also, the IRDA has prescribed certain qualifications to obtain a license. In other words, in order to become a corporate agent, the corporate agency should have the people who posses qualification as prescribed by the IRDA and also the persons working for the particular agency should have a legal license which would enable them to act as solicitor or the procurer on behalf of the agency. One more condition is that license should be issued by a competent authority. The decision to engage any person as a Corporate Agent will be taken only in the corporate office of the Insurance company and proceedings appointing the Person as Corporate Agent will be issued by an officer who will specially be designated by the Chief Executive Officer to issue such orders. The officer so designated shall maintain a list of corporate agents appointed by the company and will be responsible for ensuring that the corporate agents comply with the regulations and the circulars and instructions issued by the authority from time to time. The officer will also communicate to the IRDA the updated list of corporate agents engaged by the insurer on half yearly basis. In this communication, the officer should specially highlight the cancellation of licenses, if any and give brief reasons leading to the cancellation. Potential corporate agents can be:l l Institutions having high customer base in rural regions Micro Insurance High customer base to be exploited in this segment, eg. ITC, etc. NGOs
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Relatively new and untapped NBFCs like Religare, etc. Retailers
Implementing corporate agency: Key challenges in the Indian context l l l l l Creating an environment of top level involvement of NBFCs management. Bringing relevance, motivation and skill development at the operating level at CAs branches. Resolving possible conflicts of interest between the CA and the insurer. Setting up distribution procedures consistent with the manual systems in the CA. Establishing credible service level agreements between the CA and the insurer.
BANCASSURANCE Bancassurance channel was introduced in India when insurance industry was opened up for private players. Bancassurance is not just selling insurance products to bank customer but exploits the true synergies and respective strength of bank and insurer. There are three types of models for bancassurance: 1. Corporate agency Bank acts as corporate agent without risk participation. Enters into service level agreement 2. Referral arrangement Referral is not permitted to banks acting as agents, it is used for sharing bank database, providing physical infrastructure and displaying of publicity material. 3. Joint venture between bank and insurance company
In India, a bank can tie up with one general insurance and one life insurance Company as mandated by regulation. Bancassurance is a win-win situation for the insurance company and the bank Benefits to Bank Banks are key pillars in of financial system with considerable share in total financial assets of households in form of deposits l Banks have large network spread across the length and breath of the country. Total of about 65700 branches of commercial banks serving an average 15000 people. So customers can be reached extensively. Banks have good brand awareness within their geographical region which provides for a lower per lead cost. Source of revenue diversification for fee based income in scenario of tightening interest margins Opportunity to provide wider range of services to clients to increase retention, meet expectations Leverage on their huge customer base. Reduction in risk based capital requirement Optimum utilization of infrastructure and resources.
l l l l l l
Benefits to Insurance Company l l l l Channel diversification Reduced acquisition cost Increase volume of business and improved geographical reach. Benefit from substantial data base of bank
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By collaborating with bank can develop new financial product. Known customer therefore risk assessment is easier
Benefits for Consumers l l l l l l Greater convenience by meeting all financial needs under one roof, universal banking Reduced distribution cost will lead to reduced premiums. Provide easy accessibility. Double Assurance/credibility Convenience in payment Easy and automatic renewal
The products that are likely to sell through bancassurance are simple vanilla products. Delivery Approaches of Bancassurance
2.5 Delivery Approaches of Bancassurance Delivery Aprroach Product Salary/ sold Commn Carreer Agents Complex Commn. Special Advisors Salaried agents Bank employees Set up/ acquisition of agencies or brokerage terms Direct response Internet E-Brokerage Complex Complex Simple Complex Salary Salary Incentives Owned Face- Part/ Single/ to-face Full Time Multiple Insurer Yes Full/Part time Single Yes Yes Yes Yes Full time Full time Part time Full time Single Single Single Multiple
Simple Simple Simple
Owned Owned Commn.
No No No
Full time Full time Full time
Single Single Multiple
Source: The Journal of III, July-Dec 2004 Bancassurance is many distribution channels in itself. What banks need is to build and excel in multiple distribution channels to profitably meet the requirements of its varied clientele.
Bancassurance fallout is driven by various factors like: 1. Competitive clash between bank and insurers parent bank in core banking business resulting in bank holding bank sensitive customer information. Change in management of bank Lack of openness and trust between the bank and the insurer. No jointly agreed business plan. Business processes not integrated.
2. 3. 4. 5.
Key Success Factors for Bancassurance l l Cultural Integration- the two partners may have different organizational cultures and philosophies. The mission and vision might also differ. These issues need to be addressed. Communication- there should be a proper communication of the process and the benefits of the partnership to the front end/branch level people so that they feel part of the entire system. Technological incompatibility- technological incompatibility between the insurer and the banker might lead to non-delivery of promised service standards. MIS Reporting- MIS reporting should be simple and easy to understand and the flow of reports should be as per service agreements. Proper training of Bank Staff- The bank staff should be properly trained so that they can do proper need based selling to the customers. Right Products and clearly defined roles and responsibilities.
l l l l
POTENTIAL OF RETAIL CHANNEL IN LIFE INSURANCE Organized retail makes up for over 70 to 80 % of the total business in developed countries. The Indian organized retail segment pales in comparison even with other Asian countries such as China, South Korea, Thailand etc.
The Indian retail market is the most fragmented in the world, with just 2-3% of entire retail business carried out with organized sector, according to CRISIL report. FORECAST ABOUT RETAIL SECTOR Figure 3: Forecast about retail sector
ESTIMATED GROWTH OF RETAIL SECTOR

300 250 In Billions 200 150 $ 100 50 0 FY05 FY08E
Retail sales Organized Retail sales
Source: Enam securities.
ORGANISED RETAILERS' STORE LOCATIONS
Tier 2 c ities Met ro & Tier 1 c ities
Source: Economic Times Survey

Organized retail will form 10% of total retailing by end of this decade. In meantime, the organized sector will grow at rate of around 30% per annum. Insurance product can be pushed through organized retail sector. Although, at present, organized retail channel is 3% of total retail business but with huge growth rate of retail sector it can become viable distribution channel for life insurance products. Brand identity, trust and understanding associated with retailers may make customers more receptive to being sold insurance through retail channel. UK experience shows retailer can become significant players in insurance distribution. Retailer like Tesco, Sainbury and ASDA are among largest distributor of insurance product. Retailer can act as corporate agent or as referral. Allocation of distribution function between retailer and insurer 1. 2. Marketing: Retailer markets policies through in-store money market counters Sales: Policies are available at money market counter in shop rite stores not actively sold. Policy Administration: All policies administration handled by the insurer. Premium Collection: Retailer collects premium on cash basis at in-store money market counters. Claim Administration: Client has to lodge claim directly through the insurer. Claim Payments: Insurer is responsible for claim payments.
3. 4.
5. 6.
(source: Genesis) This channel can be integrated to agency channel for better servicing and for establishing one-to-one relationship with customer. Insurance company has to undergo restructuring to align itself with retail distribution channel. BROKERS The broker acts as an intermediary between the companies and insurers and represents insurance buyer. Insurance brokers differ from agents who represent the insurance carrier
and not the client. There are three types of licensing for brokers-Direct (life and non-life and excluding reinsurance), Composite (direct and reinsurance) and Reinsurance. This channel is new experience for the life insurance customer accustomed to brokers in other financial services, real estate, and travel and tourism. Internationally, insurance brokers focus on corporate and non-life insurance business, leaving the retail and life business to agents. However, brokers in India had to cater to both the retail and life business, because of virtual stagnation in the non-life sector prior to detariffing .Brokers account for about 15 per cent of non-life premium at present. Percentage of new business written by brokers in life insurance for the year 2005-06 is just 31% which is indicative of the minimal presence of this channel in life insurance distribution. Major drawback in Indian insurance broking is low channel awareness and unevenly spread of broking activity. Majority of brokers are based in western zone (around 78) and northern zone ( around 79). There is no licensed broker representation hailing from states of Goa, Madhya Pradesh, Jammu and Kashmir, Haryana, Uttranchal, Bihar, Jarkhand etc. Reasons for this are as follows:l l l l l l Large amount of minimum paid up capital. Lack of entrepreneurship of locals. Inadequate availability of insurance potential. Proximity of metros to few states. Co-broker and sub-broker arrangement are not allowed. Building faith in mind of client and building personal credibility.
Insurance brokers are demanding a cut in the minimum capital requirement for getting license and permission to have co-brokers and sub-brokers. The IRDA had set up an expert committee in July 06 to address brokers related issues, has been receiving representation from Insurance Brokers Association of India(IBAI) but no
aspect of Life insurance was touched upon by this expert committee report. FINANCIAL PLANNER AND ADVISOR Before 1990s, the direct sales force of life insurance constituted a major distribution channel in United Kingdom. With the emergence of Polarization rules in U.K. that is, selection between tied to one company or being independent to handle all products across the market, gave birth to Independent Financial Advisors (IFA). IFAs are qualified persons or institution who can provide advice on financial products. Today, IFA show their significant presence as distribution channel. Around 45% of life insurance and 85% of pension business is done by IFA in UK. In India, with growth of upper and upper middle class and with the increase in life expectancy of people, the need for financial planning for proper management of personal finance. Most of us deem financial planning as either tax, insurance or investment planning, which is not true. Financial planning integrates all aspect of our personal finance. For example, buying home, children marriage and education, vacations, debt management etc. IFA assembles different financial products in accordance to customer needs and provide value added product by creating customized financial product. In India, number of financial advisors and planners are growing, benefits of selling insurance product through financial planner are as follows: l l l Complex product can be sold through this channel. They have experience in selling financial product. Expert knowledge will lead to need-based selling and a pull strategy rather than a push strategy in selling insurance products. Customer has faith and trust on financial advisor as new customer is introduced to advisor from existing customer, accountants or other experts. IFA matches product with customer needs. Therefore lapsation ratio would be minimum in this channel.
WORK-SITE MARKETING
Worksite marketing is the process of distributing individual or group insurance products to people at their place of work on a voluntary, payroll-deduction basis. Under a worksite marketing arrangement, an insurer approaches an employer about offering its employees the opportunity to buy insurance coverage at work. If the employer agrees to the offering, the insurers sales representative then markets the products directly to the employees at the worksite. The employer implements a payroll deduction plan to withhold employees premium payments from their paychecks and then submits the premium payments to the insurance company. This area needs to be tapped, as in any country one of the biggest markets is through the worksite. With changes in human resources management polices and compensation packages, group products or work-site products do have a definite market that cannot be ignored. The advantages of worksite marketing:l l l l l l Captive customer base Potential to sell individual insurance and group insurance Potential to sell individual insurance and group insurance High hit ratio for intermediaries Usually employees perceive this as a facility provided to them by the employer for their welfare and this creates goodwill. High persistency.
This channel of distribution is beneficial to employer, employees and life insurer. One possible reason for insufficient development of this channel in India is that employers generally expect some kind of incentive to provide the facilities to the life insurers for making presentations and making arrangements for deduction of premium from salaries. The challenges would be the cost effectiveness, product customization and efficient post sales servicing, which would determine continued business. Technology has a key role to play in worksite marketing to ensure cost benefits. Banks and financial institutions have been successfully marketing credit cards and other financial products using this channel. If not an identical model, a similar approach can be used for selling insurance.
INTERNET Insurance company are already using internet for direct marketing and providing service to their client, but portal for brokers are not developed. Website of insurance company has to include various other services. While deciding to implement a new technology, major factors considered are scalability and user adaptability Internet can provide online insurance market place. For example, Launched in October 1999, kanetix is Canadas, national, online insurance marketplace. The kanetix insurance information and shopping service brings consumers and insurance companies together in a one-stop shopping environment. Each day, thousands of consumers visit the kanetix website to compare insurance quotes from a variety of Canadian insurance companies. Users can select the insurance quote of their choice and choose to complete the application for coverage online or purchase their policy over the phone. In addition to the insurance marketplace, kanetix is the leading provider of online insurance quotation technology and develops online quotation systems and websites for some of Canadas leading insurance providers. In India, we have PREMIA IBX enables insurance brokers, companies and customers to interact in real time with one another on the same software interface through the web. It features 3 trading windows - one each for insurance brokers, customers and companies. An additional IBAI window allows brokers to communicate with IBAI, submit reports and exchange relevant information. The pay-per-use software is available through monthly / quarterly user-based subscription. While it provides individual web sites for each broker, it promises instant comparative analysis of quotes, unlimited exposure to all types of clientele across India and huge savings in software procurement and maintenance. It is backed by 24hour servicing by 3i InfoTech. But internet is ill suited at providing the level or type of insurance and support that most consumers are seeking with purchase of insurance only 12% of companies sells insurance online. In India internet penetration is still low legality of agreements are posing difficult problem. If contract concluded through internet has to be free and fair. Consumer must have asses to all information relating to product or service. Policy needs to be fairly standardized more specialized and less costly considering nature of channel. DISTRIBUTION CHANNEL FOR MICRO INSURANCE Rural sector is a huge untapped market for insurance. There are about 124 million rural
households. It has been accepted that micro-insurance is a key service in the financial needs package of people at bottom of the pyramid. There is an enormous demand for social protection among Indias poor, Possible distribution channels for micro insurance distribution: l NGOs, MFIs, SHG: According to IRDA regulations a new class of agents NGOs, MFIs, SHG of repute can now be used as micro insurance agents. Insurance company underwrites the risk and these civil service organizations handle distribution as the former has economies of scale and later has good grassroots network. This arrangement helps in keeping the cost of insurance low which is attractive for the poor and profitable for company. Micro agent: Insurance company can also appoint various micro agents. Regulator has reduced the training requirement to 25 hours. Cooperative Banks and RRBs: There is a large network of cooperative banks and regional rural banks which can be used as a distribution channel. Post Offices E-Bima Internet kiosks Mobile Vans
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Infrastructure: a van, a simuter with a printer, video audio facility. Human resource: one driver and two to three sales cum administrative staff agent. Site mode of operation: moves from village to village. Role: awareness programs, relationship building and management, business acquisition, policy servicing and business retention through premium collection activity. It can also provide service to other channels for policy servicing, policy query handling, complaint handling, assistance in claim handling etc.
Coverage through various institutions in rural areas:Name of the institution/ instrument Accessibility/ coverage of each branch Rural presence/ penetration
Regional Rural Bank Commercial bank (Rural Branch) Post office Cooperative society
15-20 villages 5000 account holders spread over (35-40 villages) 5-6 villages 10,000 members spread over 20-25 villages 5 to 7 villages 7500 accounts
5000+ pop size village 5000+ pop size village 2000+ pop size village 5000+ pop size village
*ITC E choupal District cooperative bank Kissan Credit Card Source: FORTE study
Prosperous village Block head quarter
12% of total no. of farmers in rural area
Farmer of any village
Channels effectiveness can be evaluated on the following criterion: l l l l l l l l Reach Influence on target segment. Trust and reliability Understanding of insurance Business acquisition capability Support requirement Financial transaction handling Operational discipline Customer servicing
There is insufficient data on consumption and saving pattern of rural India which proves an impediment in insurance needs. Micro insurances success will depend on achieving a critical mass. Customized product should be designed to meet rural peoples localized issues and problems. Simplicity necessary to increase not only customer comfort level but also of field advisors. Awareness creation about insurance is important for success of rural insurance. It can be done through awareness campaigns and workshops for sewaks, patwaris, teachers, panchayat members. Literates can be reached through pamphlets, posters, wall painting, and hoardings. Illiterates can be reached through gram sabhas, street plays and folk songs, radio, television. Glitch in claim settlement often gives negative publicity and very often turns the entire village and surrounding villages against insurance. Rural should be adequately informed death claims procedure. Product literature, proposal forms and policy contracts should be provided in vernacular language. People in rural area buy insurance acting heavily on faith. Sarpanchs, gram pradhans having considerable influence can be used as agents. Micro insurance success depends if all stakeholders take part in awareness building, efficient delivery mechanism and product development. CHALLENGES FOR DISTRIBUTION CHANNELS l l Investment has to be made on education, training and establishment of a distribution channel. This investment has to be recovered. Insurance knowledge is complex. It is responsibility of distribution channel to develop expertise and to provide customer with insurance knowledge. Channel member should be in a position to advise the prospect as to what is the best choice for him in the given circumstance. They need to have comprehensive knowledge about the life cycle stages of an individual. How efficiently channel is able to perform the role of the primary underwriter is a big question mark. Unintentionally or intentionally in some cases the channel members are forced to sell products that are best suited and beneficial to channel rather than the proposer. They are more target oriented than customer oriented. Mis-selling is very common in insurance industry. This occurs when, perhaps, to earn a much higher commission rate. For example agents do not assess the needs of the customer properly while recommending products. Sometimes agents or advisors
l l
misrepresent facts by promising unrealistic returns to customers, or even provide incorrect information on product features. As a result, the customer is unhappy and saddled with a product that does not meet either his immediate or future needs. Rebating has been an unfortunate practice in every variety of financial products in India. It is illegal to share the commission with the clients, but the fine is just Rs 500. The average lapse ratio for the insurance industry is about 25% which is an indicator of mis-selling. l Channel may focus more on acquisition rather than retention. According to a study, it costs about five times more to attract a new customer than to retain an existing one. The institutional agents might not keep follow up. Insurance companies have to align itself according to different channels.
REFERENCES l l l l l l l l l l l K.C. Mishra and Smita Mishra, - Game Is Changing Insurance Reloaded, 2006 H.Chaturvedi, Dharmendra Kumar and Rahul Singh, - India Insurance Report Graig Churchill, - Protecting the Poor- A Microinsurance Compendium, 2006 James Roth and Vijay Athere, - CGAP working group on micro insurance. Good and bad practices. Case studies no 14 Vijay Chavan, - Channeling the future Kaori Zeniya, -Dynamism in reform in financial product distribution channels in United Kingdom Mr. Douglas Summer, -Bancassurance Not Quite a Done Deal Corrine Legrand, - New trends in world Bancassurance, 2004 K Nitya Kalyani, -A wholesome profession , IRDA Journal Jan 2005 Bancassurance:Emerging trends, opportunities and challenges- Sigma , No 5/ 2007 IRDA Annual Report 2005-06
The Journal of III July Dec 2004
PPT/PRESENTATIONS l R.Krishnamurthy, - Bancassurance in Insurance Distribution: Key Issues in the Indian context, FICCI Seminar, New Delhi, October 15, 2001 V Vishwanand, Custom Built Partnership. Stuart Purdy, -Bancassurance- a suitable Model for India Rajender P Chitale,- Distribution Pluralism, FICCI Sixth International Conference on Insurance. Graham Moris, Bancassurance in Indian environment Joy deep K Roy, - Changing scenario of distribution channel N Joshi, -Rural insurance scenarioa research based presentation, FIICI 9th conference on insurance, 19th Oct, 2004. R V Ranjan,- Emerging Communication Platforms in Rural India
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WEBSITES www.irdaindia.org www.milliman.com www.swissr.com www.iii.org www.iis.org www.ibai.org
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