Review of the distribution channels used by life insurance companies in Singapore
The distribution of individual life insurance policies in Singapore has traditionally been undertaken by agency forces of the individual companies. Today, more companies are seen using other direct and indirect channels of distribution in order to win a larger slice of the life insurance pie. H...
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| Main Authors: | , , |
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| Other Authors: | |
| Format: | Final Year Project |
| Language: | English |
| Published: |
2015
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| Subjects: | |
| Online Access: | http://hdl.handle.net/10356/64476 |
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| Institution: | Nanyang Technological University |
| Language: | English |
| Summary: | The distribution of individual life insurance policies in
Singapore has traditionally been undertaken by agency forces of
the individual companies.
Today, more companies are seen using other direct and indirect
channels of distribution in order to win a larger slice of the
life insurance pie. However, it is apparent that it will still
be the agents who will play a crucial role in closing the deals.
Although purchases can be made via other channels, they lack the
personalized touch of individual agents who study the different
circumstances of each client and his specific needs in terms of
type of policies and amounts required.
The agency system has proved to be the most effective method of
distribution for life insurance companies, and more efforts are
now being invested on improving the quality of services and
professionalism of the agents.
However, with the selection of qualified agents becoming more
stringent, the increasing awareness of insurance as well as the
availability of new channels, insurance companies are expected
to widen and intensify their efforts on the direct response
channels. |
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