Distribution Channels

Transcription

1 Distribution Channels Johann van Niekerk FASSA/FIA RGA Reinsurance Company of South Africa Technical Seminar: Peering over our Borders June 2009 The security of experience. The power of innovation.

2 Agenda Technology in Distribution Bancassurance Worksite Marketing Brokers and Agents Life-stages Distribution 2

3 Overview of technology and distribution 3

4 Technology in Distribution Cellphones / SMS India Mexico Hong Kong Telemarketing Most markets Australia, Japan, and Hong Kong Portals UK, Starting in Australia Internet Composite insurers especially TV Home Shopping 4

5 Portals Independent Model: provider of best information Tied Existing IFA s Broker portal networks Only include certain insurers internet-based broker Broker The Exchange used by 90% of brokers 5

6 TheIdol.com - Home 6

7 TheIdol.com - Form 7

8 TheIdol.com - Quote 8

9 Confused.com Home (life) 9

10 Confused.com - form 10

11 Confused.com - Quotes 11

12 Bancassurance Significant in: Spain, Italy, France, Hong Kong and Mexico Growing in: India, Canada, Australia, Germany and Korea Sales are down globally Move into telemarketing Branching out to other products (not credit-linked) 12

13 Worksite Marketing Successful in US and Eastern Europe (especially Poland) US origins: cost cutting on group benefits. Worksite marketing fills the gap. Success requires: Employers cooperation All or nothing approach to the channel Seems to succeed where point of sale selling (e.g. Bancassurance) not really done 13

14 Brokers and Agents Tied Agents Japan Korea Hong Kong UK (51% of TA sales in 2004, 44% in 2008) Independent Brokers UK (43% of TA sales in 2004, 50% in 2008) US and Canada Germany Australia 14

15 Life-stages Distribution Marketing 15

16 Developing Ideas Distribution Underwriting Cover Agency Brokers Bancassurance Mass market Bancassurance Business Banking Private Bank via Broker Alternative Bancassurance Alternative Distribution Direct Response TV (DRTV) Direct Mail Telesales Internet Shop-assurance Fully Underwritten Medical Evidence Non-Medical Simplified Issue Guaranteed Issue Preferred Simplified Preferred Group Rules-based U/W Tele-underwriting Internet Mortality Illness Disability Ability to Earn 16

17 Developing Ideas Target Market Distribution Underwriting Cover Family Market (Mass- Affluent) Seniors Market (Mass- Affluent) Business Market (SME) High Net Worth Market Middle Income Market Single Parents Females Disenfranchised Sub-standard lives Agency Brokers Bancassurance Mass market Bancassurance Business Banking Private Bank via Broker Alternative Bancassurance Alternative Distribution Direct Response TV (DRTV) Direct Mail Telesales Internet Shop-assurance Fully Underwritten Medical Evidence Non-Medical Simplified Issue Guaranteed Issue Preferred Simplified Preferred Group Rules-based U/W Tele-underwriting Internet Mortality Illness Disability Ability to Earn 17

18 Developing Ideas Need Target Market Distribution Underwriting Cover Credit Protection Education Plans Health Coverage Income Replacement Retirement Planning Estate Conservation Funeral Expenses Payout Annuities Group Insurance Life, Health, Pension Key Man Tax Planning Utilities Rent Family Market (Mass- Affluent) Seniors Market (Mass- Affluent) Business Market (SME) High Net Worth Market Middle Income Market Single Parents Females Disenfranchised Sub-standard lives Agency Brokers Bancassurance Mass market Bancassurance Business Banking Private Bank via Broker Alternative Bancassurance Alternative Distribution Direct Response TV (DRTV) Direct Mail Telesales Internet Shop-assurance Fully Underwritten Medical Evidence Non-Medical Simplified Issue Guaranteed Issue Preferred Simplified Preferred Group Rules-based U/W Tele-underwriting Internet Mortality Illness Disability Ability to Earn 18

19 Last word Successful distribution requires: Trust Comfort Convenience 19

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