Authors

1. Dr. Garima Malik
2. Ms. Swati Bhatnagar

Affiliation

• Assistant Professor Amity Business School Amity University Noida
• Assistant Professor Amity Business School Amity University Noida

Abstract

Since independence of India, the corporate and individual agent channel was and still is the major contributing channel to distribution of insurance products. People in our country rely on agents and keep full faith as they have face to face interactions with a person. Hence it can be said that the tangible aspect of the intangible insurance product is the channel where insurance is sought to be purchased. In many cases price comes secondary and the aspect of tangibility becomes more important.
The study intends to find and analyze the major insurance distribution channels active in Delhi NCR area and highlight the complexities associated with each channel from company’s perspective along with customer’s acceptability of the channel in Tier-1 NCR area of our country. Data collected through primary data collection instrument, a questionnaire to analyses the acceptability of channels by the consumers and Focus Interviews of Insurance company executives were taken to find the profitability and management complexities associated with each channel. Study revealed that online channel has rapidly picked up pace and has become the channel among the top three channels in aspect of price (best) and place/reach by the customer but bancassurance and NBFC channel are not widely used by the insured

Keywords

Insurance sector, Channels,, Consumer acceptability, Insurance players.

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