Online Life Insurance Sales - Aegon Religare shows the way
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sathish-9886730012
Oct 10, 2011, 2:35:44 PM10/10/11
to elakshya...@googlegroups.com
www.es22.com/e : Online Life Insurance Sales - Aegon Religare shows the way
We've always advocated online distribution, be it motor insurance, health insurance, MF, FD etc. According to a source( not confirmed), icicilombard.com, which did 0.2 % of its total business online, now stands at 12% now. "Life Ins" has been slow in this area, and many old colleagues still feel that the products remain complex for easy online channels. So felt a bit vindicated on reading this article from Towers Watson ( a key industry consultant), which mentioned that Aegon Religare Life will hit 10% sales through online this year.
Why are we at eLakshya so thrilled about this, since we are intermediaries ( and ostensibly this hurts us?). Our belief is : It will not hurt us. Companies will graduate to providing online links to their intermediaries who can then enable booking the business online with due credit. Because there are 2 things that we can do which a manufacturer can never do - 1-Give the customer choice among competitors 2-Offer the customer various other products of the financial planning basket and provide a holistic financial planning experience ( irrespective of whether service is rendered online or offline)
Example today - Our executive travels from one part of b'lore to another, to book a policy ( collects the app form & cheque after 3 visits, preceded & followed by several phone calls). This leaves us with a v small commission which comes after 1.5 months, TDS. Not to count the policy rejections, sales funnel fallouts, admin overheads etc.
As things stabilise, "Online" will make doubly sure that in the overall business model, the broker is not the joker but rather the business maker.
Collapse this postWe've always advocated online distribution, be it motor insurance, health insurance, MF, FD etc. According to a source( not confirmed), icicilombard.com, which did 0.2 % of its total business online, now stands at 12% now. "Life Ins" has been slow in this area, and many old colleagues still feel that the products remain complex for easy online channels. So felt a bit vindicated on reading this article from Towers Watson ( a key industry consultant), which mentioned that Aegon Religare Life will hit 10% sales through online this year.
Why are we at eLakshya so thrilled about this, since we are intermediaries ( and ostensibly this hurts us?). Our belief is : It will not hurt us. Companies will graduate to providing online links to their intermediaries who can then enable booking the business online with due credit. Because there are 2 things that we can do which a manufacturer can never do - 1-Give the customer choice among competitors 2-Offer the customer various other products of the financial planning basket and provide a holistic financial planning experience ( irrespective of whether service is rendered online or offline)
Example today - Our executive travels from one part of b'lore to another, to book a policy ( collects the app form & cheque after 3 visits, preceded & followed by several phone calls). This leaves us with a v small commission which comes after 1.5 months, TDS. Not to count the policy rejections, sales funnel fallouts, admin overheads etc.
As things stabilise, "Online" will make doubly sure that in the overall business model, the broker is not the joker but rather the business maker.
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