Distribution reach will be the key to future growth acceleration for insurance companies as existing geographies get saturated and the focus shifts to new under penetrated geographies.
Effective distribution reach into newer geographies, alternate distribution channels, innovative products, targeting current segments are the major challenges in this industry and will be the key drivers in the future.
While companies are planning to double their agency network over the next 2 years, the overall industry life agency workforce attrition rate ranges between 50-55% which is significantly high.
Hence the key challenge to recruit qualified insurance agents, especially in the semi-urban / rural markets and also to combat the increasing attrition rate particularly when new players are entering the market
Distribution: How we create specific distribution models to penetrate different market segments remains a challenge. Motivation to channel partners to place business with the co. Activate and manage agent based distribution channel across the country
Long term and short term strategic plans to increase the market share and profitability in line with the company’s business objectives.
📌 Area Manager (India)
🏢 Aditya Birla Capital
📍 India
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