Page 34 - Insurance Times November 2020

INDIVIDUAL NEW BUSINESS PERFORMANCE OF LIFE INSURERS FOR 2018-19 - CHANNEL WISE
(Figures in percent of Premium)
Individual Corporate Brokers Direct MI Common Web IMF Online Point Total Referrals
Agents Agents Selling Agents Service Aggre- of Group
Insurer Centres gators Sales New
Banks Others* (CSCs) Business
Private 25.58 53.8 82.87 2.94 12.08 0.002 0.00 0.35 0.11 2.07 0.118 100.00 0.06
Total
LIC# 95.81 2.49 0.09 0.04 1.24 0.04 0.00 0.00 0.02 0.27 0.00 100.00 0.00
Industry 62.26 27.03 1.42 1.42 6.42 0.02 0.002 0.17 0.06 1.13 0.056 100.00 0.03
Total
*Any entity other than banks but licensed as a corporate agent.
# Does not include its overseas new business premium.
Note: 1) New business premium includes first year premium and single premium.
2) The leads obtained through referral arrangements have been included in the respective channels.

Digital Investments Making Insurers However, businesses are first and foremost investing on
keeping track of their workforce and operations functional.
Resilient: Traditionally, sectors outside of new age businesses, banking
This is the opportunity within the difficult times insurers are and financial services have not turned wholeheartedly
moving through-to enable underwriters, claims and other towards automation solutions yet. The lockdown has clearly
staff to effectively continue to do their jobs remotely. To demonstrated how technologically-enabled businesses have
reduce reliance on IT and put control in the hands of the thrived during the crisis, but many businesses are still figuring
business units, To accelerate innovation so that new out where they want to start their automation journey in
products and services can be more easily created and the new normal. The entire focus of enterprises during the
launched to respond to dynamic markets and new lockdown has gone from automation for cost optimization
regulation. The covid-19 pandemic has disrupted businesses to business continuity and resilience.
like never before, but has also created an opportunity to
invest in digital solutions that will build resilience in the long- The kind of solutions that businesses are looking at to build
term. The demand for digital solutions across cloud services, resilience through automation is Multifoods. As businesses
consumer-facing businesses, and education, among others, started moving to the unlock phase in addition to workforce
has gone up significantly during the pandemic. safety, they wanted to know how they could engage with

GROUP NEW BUSINESS PERFORMANCE OF LIFE INSURERS FOR 2018-19 - CHANNEL WISE

(Figures in percent of Premium)
Individual Corporate Brokers Direct MI Common Web IMF Online Point Total Referrals
Agents Agents Selling Agents Service Aggre- of Group
Insurer Centres gators Sales New
Banks Others* (CSCs) Business
Private 0.87 19.03 9.24 4.25 66.13 0.48 0.00 0.00 0.00 0.00 0.00 100.00 0.00
Total
LIC# 2.18 0.032 0.00 0.02 97.76 0.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00
Industry 1.90 4.22 2.04 0.95 90.78 0.11 0.00 0.00 0.00 0.00 0.00 100.00 0.00
Total
*Any entity other than banks but licensed as a corporate agent.
# Does not include its overseas new business premium.
Note: 1) New business premium includes first year premium and single premium.
2) The leads obtained through referral arrangements have been included in the respective channels.

34 The Insurance Times, November 2020