Authors :
Dr. Roshan Lal Rohilla
Volume/Issue :
Volume 8 - 2023, Issue 3 - March
Google Scholar :
https://bit.ly/3TmGbDi
Scribd :
https://bit.ly/40JAl1E
DOI :
https://doi.org/10.5281/zenodo.7800779
Abstract :
Marketing channels play a significant role in
selling insurance products. Insurance is a subject matter
of persuasion so without an intermediary it is difficult to
sell insurance products, but with the advent of
information technology selling insurance products
directly through the website or technology-enabled
intermediary has become a direct route in the
performance and growth of insurance companies and the
insurance penetration and density. Further, after the
opening of the insurance sector for private and foreign
companies, new marketing channels have come into
existence; these newly emerged channels have impacted
performance and growth along with previously used
marketing channels. In the present study performance
of intermediary channels and their growth have been
assessed taking into account the first-year individual and
group business premiums received and policies and
schemes issued and lives covered by the life insurance
sector in India using the statistical technique of two-way
classifications ANOVA and the Tukey Post Hoc Test. At
last, although all marketing channels are contributing
for the growth of the life insurance industry in India, but
for individual business Individual Agent and Corporate
Agent- banks have been found to significantly differing
from other channels, whereas, in the group business, the
channel direct selling is found significantly differing
from other marketing channels.
Keywords :
Marketing Channels, Life Insurance, Economy, Penetration, Density, International
Marketing channels play a significant role in
selling insurance products. Insurance is a subject matter
of persuasion so without an intermediary it is difficult to
sell insurance products, but with the advent of
information technology selling insurance products
directly through the website or technology-enabled
intermediary has become a direct route in the
performance and growth of insurance companies and the
insurance penetration and density. Further, after the
opening of the insurance sector for private and foreign
companies, new marketing channels have come into
existence; these newly emerged channels have impacted
performance and growth along with previously used
marketing channels. In the present study performance
of intermediary channels and their growth have been
assessed taking into account the first-year individual and
group business premiums received and policies and
schemes issued and lives covered by the life insurance
sector in India using the statistical technique of two-way
classifications ANOVA and the Tukey Post Hoc Test. At
last, although all marketing channels are contributing
for the growth of the life insurance industry in India, but
for individual business Individual Agent and Corporate
Agent- banks have been found to significantly differing
from other channels, whereas, in the group business, the
channel direct selling is found significantly differing
from other marketing channels.
Keywords :
Marketing Channels, Life Insurance, Economy, Penetration, Density, International
