Wednesday, August 14, 2013

Insurance agents versus Bancassurance

So which distribution channel sells more insurance in Singapore?
Tied-insurance agents or banks through bancassurance?

According to first half 2013 statistics from the Life Insurance Association of Singapore tied-insurance agents continue to be the leading channel in both new business weighted premium and number of policies.

By weighted premium:
Tied agents: 42%
Bank distribution: 36%
Financial Advisers: 17%
Others: 5%

By number of policies:
Tied agents: 60%
Bank distribution: 15%
Financial Advisers: 12%
Others: 13%

How many insurance agents are there in Singapore?

Is insurance a sunset industry?


1 comment:

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