The IWDC is organized by INESE (A Wilgmington Company) and Community of Insurance and have international participants in order to review global schemes or models operating in other countries. IWDC wants to analyze the different distribution strategy across the insurance business and how insurers use channels either in limited manner or full scale, or a combination of all or most of these channels, making it a multi-channel strategy.
Insurance distribution is changing and agents and brokers-retailers and wholesalers-have to define the value they offer and what type of relationships they will have with carriers and customers in the years ahead, according to a leading wholesaler.
Some insurers from traditional distribution model have adopted an alternative distribution strategy based model, concentrating on drivers such as Banks, corporate agents, and insurance brokers to fuel their business growth, while some have concentrated on the traditional direct channel model comprising of individual agents, direct mail, company websites (internet based selling).
The product needs to be they’re readily available for the customer, whenever he decides to buy, and at the right price bands, and with the price marketing mix. Changing lifestyles and buying preferences will decide the future models of distribution, while maintaining the equilibrium for the traditional patterns of distribution as well.
Trends prevalent in the insurance industry today run in parallel with the confluence of the financial services as bank, capital markets, and insurance combine distribution channels. This confluence is occurring on an unprecedented global scale causing massive growth in emerging markets and an increase in affinity group distribution.
In parallel the technology will play a significant roll to access customers and to reduce cost.