Life insurance companies, Insurance brokerage shops

Insurance brokerage shop operators and Life Insurance companies

This report handles sales personnel channel that has not been covered in the previous "Channel Strategies at Life Insurance Industry" reports.
While the mainstream channel for life insurance products is sales personnel, the revision of Insurance Business Law has diversified the sales channel for life insurance, permitting banks and joint agencies to sell such products.
On the other hand, majority of the sales channel is still occupied by sales personnel, but diversification of sales channel has lowered the rate by sales personnel.
This report compiles the challenges of life insurance sales, changes in the sales method in the corona crisis, and the influence on sales personnel channel according to the questionnaire to sales personnel.

I   Analytic Overview

1. Sales Channels for Life Insurance
   1) Sales channel structure
   2) Route of Customers to be Life Insured
2. Life Insurance Industry Market Statuses
   1) Trend of New Life Insurance Subscriptions for Individuals
   2) Trend of Existing Life Insurance Subscriptions for Individuals
3. Perspectives of Insurance Agent Sales Channel based on Questionnaire Results

II   Questionnaire Results

1. Questionnaire Outline
2. Profiles of Respondents
3. Influence of Corona Crisis to Sales Activities of Life Insurance
   1) Renewed recognition of values of face-to-face sales activities
   2) Changes in the frequency and length of customer contact before and after corona crisis
   3) Frequency of using online meeting tools before and after corona crisis
   4) Advantages and disadvantages of non-face-to-face sales activities
4. Trend of Using Digital Tools
   1) Summary: Contribution of streamlining of tasks, but limited effects in strengthening the ties with customers
   2) Devices
   3) Applications
   4) Contribution to streamlining of tasks
5. Customer targeting
   1) Summary: Major companies targeting young generation, while postal life insurance targeting older population
   2) Customer groups most wanted
   3) Sales activities geared to young population
   4) Sales activities geared to older population
6. Priority Status for New or Existing Customers
   1) Summary: Companies tend to focus on obtaining new customers
   2) Recognitional gaps between companies on new/existing customers and sales staff
   3) Reasons
7. Corporate System (Salary/Corporate Training)
   1) Summary: No changes in wage systems to half of sales staff even in corona crisis
   2) Incentives
   3) Corporate training on non-face-to-face sales activities
8. Changes in Sales Channels
   1) Summary: Diversified sales channels caused some concerns about future of sales staff channel
   2) Future of sales staff channel
9. Intentions to Continue Employment, etc.
   1) Summary: 30% are potential to leave the job
   2) Intention to change jobs
   3) Awareness of InsurTech