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"The key task is to grow the distribution network and tap the huge potential in an underinsured, under serviced market."
- Saugata Gupta, Chief (Marketing), ICICI Prudential Life Insurance, in 2001.
In early 2002, India's state owned insurer, Life Insurance Corporation (LIC), announced tie-ups with Corporation Bank, 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 diversify LIC's distribution channels 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 position as the market leader.
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The liberalization of the Indian insurance industry in 2000 led to the entry of private insurance companies with MNC as their partners. Reaching anywhere near LIC's vast network, built over decades, was going to be extremely tough for the new players. |
According to insurance industry 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 to undergo a radical overhaul.
The life insurance industry in India dates back to 1818, when the Oriental Life Insurance Company set up office in Kolkata. In 1823, the Bombay Life Assurance Company started operations in Mumbai, India.
Life Insurance Marketing in India (B) The Changing Distribution Norms - Next Page >>>
Case Code : MKTG027
Themes: Distribution
Case Length : 10 Pages
Period : 2000-2002
Organization : ICICI Prudential, Max New York Life, ETC
Pub Date : 2002
Teaching Note : Available
Countries : India
Industry : Insurance
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