Selling Insurance Products in India: The Commission versus Fee Debate

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Case Details:

Case Code : MKTG240
Case Length : 19 Pages
Period : 2008-2009
Pub Date : 2010
Teaching Note :Not Available
Organization : -
Industry : Insurance Industry
Countries : India

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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"The commission-free structure will kill the insurance industry"

- J. Hari Narayan, Chairman, Insurance Regulatory and Development Authority , in 2009.

"Across the world, while such a structure has been under discussion as an ideal customer-benefit situation, even developed economies have not been able to achieve it so far. Hence, for a still-developing market like India, this may be a premature move."

- V. Srinivasan, CFO, Bharti AXA Life Insurance , in 2009.

"We are not saying agents should not be paid at all or that their revenue stream should be totally cut off. We are only changing the revenue model of the agents. Currently, most individuals are not aware of how much of what they have paid to an agent while buying a policy is going into their account. A fee-based model will bring transparency regarding this."

- A Member of the D Swarup Committee, in 2009.

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1] "The Commission-Free Structure will Kill the Insurance Industry," www.business-standard.com, September 22, 2009.
2] Constituted by an Act of Parliament in 1999, the Insurance Regulatory & Development Authority (IRDA) is a regulatory authority under the Government of India which regulates and monitors the growth of the insurance industry and protects the interests of the policyholders. The key objectives of the IRDA include promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums, while ensuring the financial security of the insurance market.
3] Khyati Dharamsi, "Insurance Premia Set to Fall," www.dnaindia.com, September 5, 2009.
4] Bharti AXA Life Insurance is a joint venture company providing life insurance products in India. Launched in December 2006, it is a venture between Bharti, India's leading telecom company (with 74% stake) and AXA, one of the leading global insurance providers (with 26% stake).
5] Arun S, "Decision on Swarup Panel Recommendations on Nov 5," www.blonnet.com, October 20, 2009.

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