Page 33 - Insurance Times November 2020

SHARE OF VARIOUS CHANNELS OF DISTRIBUTION IN NUMBER OF
POLICIES ISSUED AND AMOUNT OF PREMIUM COLLECTED DURING FY 2018-19

Name of the Channel Govt Business Group Business Individual Total (Individual
excl. Govt Business Business + Group)
No. of Gross No. of Gross No. of Gross No. of No. of
policies Premium policies Premium policies Premium policies policies
issued issued issued issued issued
Brokers 0% 0% 5% 43% 3% 4% 3% 22%
Corporate Agent - Banks 0% 0% 38% 10% 5% 3% 6% 6%
Corporate Agent- Other 0% 0% 24% 4% 11% 8% 12% 5%
than Banks
Direct Sale - Online 2% 0% 1% 0% 2% 2% 2% 1%
Direct Sale - Other 98% 100% 25% 38% 24% 8% 24% 34%
than Online
Individual Agents 0% 0% 6% 5% 54% 73% 51% 31%
Micro-insurance Agents 0.000% 0.000% 0.580% 0.069% 0.000% 0.001% 0.031% 0.034%
Web- aggregators 0.000% 0.000% 0.046% 0.034% 1.363% 1.636% 1.293% 0.655%
Insurance Marketing Firms 0.000% 0.000% 0.002% 0.005% 0.022% 0.034% 0.021% 0.016%
Point of Sales 0.000% 0.000% 0.009% 0.006% 0.136% 0.133% 0.129% 0.055%
Common Service Centres 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Total of all channels 100% 100% 100% 100% 100% 100% 100% 100%

Amazon Makes Debut in Insurance than two minutes. A copy of the policy can also be
downloaded. The vision is to make Amazon Pay the most,
Sector: trusted, convenient and rewarding way to pay for the
The experience of buying insurance has been made easy by customers. There has been a growing demand for more
providing a simple and easy to understand purchase journey services. The company is excited to launch an auto
that facilitates customers to buy insurance effortlessly in a insurance product that is affordable, convenient, and
few easy steps. This is coupled with services like hassle-free provides a seamless claims experience. Acko, an InsurTech
claims with zero paperwork, one-hour pick-up, 3-day assured company, executes primarily through a digital platform with
claim servicing and one-year repair warranty in select cities, no offline hassles. Amazon is an investor in Acko.
as well as an option for instant cash settlements for low value
claims. Amazon Pay, which allows online payments on and
off Amazon.in has marked its foray in the insurance space
by offering two and four-wheeler insurance policies, in
partnership with InsurTech company, Acko General
Insurance. Customers can now purchase insurance in less
than two minutes with no paperwork.

Customers can buy auto Insurance from the Amazon Pay
page or just search for it. They can get a quote for their car
or bike's insurance in a few simple steps by providing basic
details. Additionally, they can select from a list of add-ons
like zero-depreciation, engine protection, and more.
Customers can pay using Amazon Pay balance, UPI, or any
saved card and the policy will be in their email inbox in less

The Insurance Times, November 2020 33