Distribution Channel

In: Business and Management

Submitted By sshrivastava005
Words 2942
Pages 12
Insurance brokers act as an intermediary between clients and insurance companies. Clients may be either individuals or commercial businesses and organisations. They use their in-depth knowledge of risks and the insurance market to find and arrange suitable insurance policies and arrange cover. They act in the interest of their clients and offer products from more than one insurer to ensure that their clients get the best deal.
Retail insurance brokers usually arrange insurance policies for individuals or companies and deal directly with them. Policies range from motor, house, travel or pet cover for individuals or property to employer's liability and public and product liability insurance.
Commercial insurance brokers deal with high value and more complex insurance cover in areas such as marine, aviation, oil and gas and financial risks.
Insurance agents, who may be referred to as insurance sales agents, help clients choose insurance policies that suit their needs. Clients include individuals and families as well as businesses. Captive agents work for an insurance company, and only sell that company's products. They are one ones who connect with the customers emotionally. They are a good mediator between the insurer and the insured. They tell about the latest taste of the consumer in the market to the company. They generally work under (DO) development officer, who works under sales manager. There are many agents under one DO. They also help the agents and give them tips about how to approach the potential customers.
The bank insurance model (BIM), also sometimes known as bancassurance, is the partnership or relationship between a bank and an insurance company whereby the insurance company uses the bank sales channel in order to sell insurance products, an arrangement in which a bank and an insurance…...

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