Life Insurance Distribution Channels Research Papers

Life Insurance Distribution Channels Research Papers-57
(4) Includes financial institutions, worksite and other channels. Independent broker-dealers were the largest single distributor of annuities, with 23 percent of sales, down slightly in share from 2014 when they accounted for 25 percent of the market.

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This is done to attract the client in the purchase of insurance contract by offering cash.

Competition among agents/brokers is so cut-throat, some agents indulge in such unethical practices.

After sales service is as important or even more important – like when a refund has to be made or when a claim has to be made.

One of the issues that is of great concern affecting professionalism in insurance activities is resorting rebating by intermediaries.

Every insurance broker shall abide by the provisions of the Insurance Act,1938 (4 of 1938), Insurance Regulatory And Development Authority Act 1999(41 of 1999), rules and regulations made there under which may be applicable and relevant to the activities carried on by them as insurance brokers.

Life insurance was once sold primarily by career life agents, captive agents that represent a single insurance company, and by independent agents, who represent several insurers.

Now, life insurance is also sold directly to the public by mail, telephone and through the Internet.

In addition, in the 1980s insurers began to market annuities and term life insurance through banks and financial advisors, professional groups and the workplace.

A large portion of variable annuities, and a small portion of fixed annuities, are sold by stockbrokers.

Independent insurance agents have held over half of the individual life insurance market over the 10 years from 2009 to 2018, but have lost some ground to affiliated agents and direct response companies, as shown in the charts below.


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