The distribution channels for the insurance market in Asian countries are diversifying, according to research released by Boston-based research and consulting firm Celent.
The report notes that life insurance companies in many Asian markets have previously depended on individual agents as their main sales channel. However, the market share of this channel is decreasing, while that of banks is growing every year. In its new report, “Distribution Trends in the Asian Insurance Market,” Celent says that Asian insurance companies are moving away from a sales model that is built around agents, developing a diverse model that encompasses various channels such as agents, banks, direct sales, and financial advisers.
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