Mon, 30 Nov -0001 00:00:00 +0000 By Chungu Katotobwe Over the last few decades, continued environmental, operational, and technological changes have led to the development of multiple distribution channels in the insurance industry. Insurers no longer rely solely on traditional channels such as agents and brokers, but have developed new alternate channels to drive growth at lower costs. As competition in insurance markets is intensifying, cost savings and customer retention has become critical, forcing insurers to look for ways to drive sales and customer convenience while keeping costs low and maintaining profitability. These factors are leading to the emergence of additional channels such as call centers, mobile, and www. Changes in customer behavior and preferences around products, distribution channels, and processes are also acting as catalysts for the development of alternative channels. For example, insurers are now partnering with banks to help drive policy sales. While these trends began in the more mature insurance markets, […]
