A recent report titled ‘Life Journey in India’ by McKinsey & Co. recommends insurance companies to invest in their distributors by training them on business development skills like acquiring HNIs, conducting seminars and using social media to increase penetration of insurance in India.
To help them increase client base, the report recommends insurance companies to concentrate on aspects such as the importance of financial planning, accessing insurance cover and building expertise in products.
In order to improve marketing skills, insurance companies should send their distribution partners to attend learning events and seminars.
In addition, insurance companies should help their distributors learn digital tools and analytics to generate leads, suggested the report.
Meanwhile, the report recommended insurance companies to create a platform for both – policyholders and distributors through which they can add customized features on a policy based on needs and goals.
The report also makes a case for digitalization of all policies to ensure seamless and paperless transaction.