Distribution channels can focus more on claims
Alternative distribution channels can do more to increase client value; bringing servicing and claims processing closer to clients is one approach.
The experience of fourteen alternative distribution models reviewed in a new study indicates that innovation in distribution has mostly focused on sales and premium collection, rather than servicing and claims processing. The majority of the models reviewed provided sales and premium collection through locations that were convenient to clients, such as retail stores. Only one of the models, a partnership between Brazilian insurer Mapfre and furniture and white goods retailer Casas Bahia, offered processing of claims in-store, the place where the policy was first purchased.
Alternative distribution models were discussed in a webinar on “New Frontiers in Microinsurance Distribution”. Click here to view the webinar recording.
To access the study on alternative distribution channels, click here.