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Corp agents1

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  • 1. CORPORATE AGENCY Sachit Aggarwal
  • 2. Indian Insurance Industry
    • Indian Life Insurance Industry - US$ 41-billion
    • 5 th largest life insurance market.
    • Growing at a rapid pace of 32-34% annually.
    Source: Life Insurance Council
  • 3. What is Corporate Agency?
    • In 2000, IRDA introduced the concept of Corporate Agency
      • Corporate bodies like banks, firms; Cooperative Societies can act as agent of Insurance companies to market their insurance products.
    • This channel of marketing is also known as ‘ BANCASSURANCE ’
      • majority of the corporate agents are Banks.
      • Bancassurance is ‘distribution of insurance products through a bank's network’.
  • 4. Why Insurance Companies should look at Banks for Distribution of Insurance Products ?
  • 5. Facts & Figures
    • Bancassurance expected to generate 40 % of private insurers premium income by 2012 , as compared to current 25 % – 28% .
    • In General insurance , presently 17% of insurance premium comes from bancassurance and in 2009 – 10 this industry collected gross premium of US$ 7.84 billion with growth rate of 13.42%.
    • Bancassurance accounts for 67% of its total premium income, which is the highest among life insurers.
    • In 2008-09, private insurers forked out US$ 44.64 million as commission for bancassurance.
    • (Towers Watson India , Bancasurrance Benchmarking survey 2009-10)
  • 6. Bancassurance: WIN-WIN For Insurer, Banks & for Customers Value to Insurer Value to Customer Value to Bank Leveraging Joint Branding Product Creation Product Fitment & Differentiation Reduced Distribution Cost Additional offering at No extra cost Leveraging Branch Network (REACH) & Client Base (DEPTH) Holistic Financial offering to Client
  • 7. Bancassurance Tie-Ups *Aviva started the concept of Bancassurance in India Banks Insurance Company Barclays Axis Bank MetLife India DBS Bank Tata AIG Karur Vysya Bank Lord Krishna Bank Bajaj Aliianz ABN-Amro Canara Bank Amex Aviva Life Insurance* Corporation Bank Indian Overseas Bank Centurian Bank Vijaya Bank LIC
  • 8. “ There is no Stronger Force than an Idea whose time has come” - VICTOR HUGO (19 TH Century Novelist) Banks & Insurers across the world have realized Bancassurance is the distribution channel , which could help them achieve economies of scale and boost their revenues in the 21 st Century
  • 9. Thank You Thank You