Channels of Distribution for Insurance Products

Topics: Insurance, Insurance in India, Financial services Pages: 52 (15523 words) Published: December 1, 2012
Channels of Distribution for Insurance Products

PRAKASH PRABHAKAR PATIL

DPGD/JL10/0480

Specialization: - Banking, Investment and Insurance

Welingkar Institute of Management Development & Research

Year of submission: - May 2012

ACKNOWLEDGMENT

I would like to acknowledge and extend my heartfelt gratitude to the following persons who have made the completion of this project possible.

I am highly indebted to Wellingkar Institute of Management for this opportunity and constant guidance as well as for providing necessary information regarding the project.

I would like to express my gratitude towards my parents & colleagues of HDFC Life Insurance for their kind co-operation and encouragement which help me in completion of this project.

I would like to express my special gratitude and thanks to industry persons for giving me such attention and time.

Prakash Patil

TABLE OF CONTENTS

|Content |Page No | |Introduction - Insurance Market in India - A Quick look |4 | |Distribution Channel – Definition & Importance |6 | |Current distribution channels for Insurance products |8 | |Tied (Agency) Channel |9 | |Corporate Agency |13 | |Brokers |14 | |Bancassurance |17 | |Online/ Internet |23 | |Microinsurance |26 | |Worksite Marketing |28 | |Indian Postal Services |30 | |Telemarketing |32 | |KIOSK or Virtual Marketing |33 | |Background |34 | |Methodology |35 | |Problems in Distribution of Insurance products in India |35 | |Conclusions & Recommendations |44 | |Limitations |48 | |Bibliography |49 |

INTRODUCTION

➢ Insurance Market in India - A Quick look

Life insurance industry in India has gone through many phases since its start in 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. In 1829, the Madras Equitable had begun transacting life insurance business in the Madras Presidency. 1870 saw the enactment of the British Insurance Act and in the...
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