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The insurance industry relies largely on individual agents for new business, shows IRDAI data. They contributed 55% of the total new business premium in FY 21-22. New business premium includes first year premium and single premium.
Corporate agents (banks and others) brought the next highest business share of 34%. Though the insurance business through direct sales formed the third highest share, their contribution was modest at 7%.
Other channels - brokers, online direct sales, micro insurance agents, CSCs (Common Service Centres), web aggregators, IMFs (Insurance Marketing Firm) and point of sales made a modest contribution.
|
% Share in Individual New Business |
|
|
Type of Intermediary |
Total |
|
Individual Agents |
55.01 |
|
Corporate Agents (Banks and Others) |
33.90 |
|
Direct sale |
7.16 |
|
Others |
1.99 |
|
Brokers |
1.94 |
|
Total |
100.00 |
* Others include, online direct sales, micro insurance agents, CSCs, web aggregators, IMFs, and point of sales
Contribution to the Public Sector
Individual agents clearly dominated the new business here. They contributed 96% to the total new business, excluding the overseas new business premium of LIC.
|
% Share in Individual New Business |
|
|
Type of Intermediary |
LIC |
|
Individual Agents |
96.26 |
|
Corporate Agents (Banks and Others) |
2.72 |
|
Others |
0.78 |
|
Direct sale |
0.19 |
|
Brokers |
0.05 |
|
Total |
100.00 |
* Others include, online direct sales, micro insurance agents, CSCs, web aggregators, IMFs, and point of sales
Contribution to the Private Sector
With a share of 58%, corporate agents (banks and others) took the lead here. Individual agents and direct sales had the next highest share of 23% and 13%, respectively.
|
% Share in Individual New Business |
|
|
Type of Intermediary |
Private Sector |
|
Corporate Agents (Banks and Others) |
58.23 |
|
Individual Agents |
22.87 |
|
Direct sale |
12.59 |
|
Brokers |
3.41 |
|
Others |
2.9 |
|
Total |
100.00 |
* Others include, online direct sales, micro insurance agents, CSCs, web aggregators, IMFs, and point of sales
