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BimaDeals
Insurance by Choice not by Chance !

Management Talk

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BimaDeals' Agents Partnership Program a BIG success

In the last couple of months, since the launch of BimaDeals' Agent Partnership Program (BAPP) - we have seen a highly positive reinforcement from the Agents community.

With BAPP, we have not only almost doubled the number of agents in our network, but also increased our geographic footprint to over 35 locations. This has enabled us to extend our comparison platform to applicants from smaller towns also.

We are now working ever so closely to identify the specific needs of the Agents and address them in an efficient manner.

So watch out for more updates in our Agent's Corner.

Regards

Is General Insurance moving away from a TPA model

Just read an article in the latest issue of Outlook titled "The Vanishing Middle"- which went on to talk about how intermediaries are being threatened with shrinking margins and new technology.
It covered three basic sectors:
- DSAs in banking sector
- TPAs in General Insurance
- Travel Agents

With around 5000 people, TPAs are probably the smallest of the lot (the article puts the DSA number at 35,000 and travel agents at 150,000). But interestingly all these 5000 are employed by 23 odd TPAs who currently have the IRDA license.

The various arguments in favor of a possible demise of this category of players were:

e-Sourcing comes of age for Insurance

When BimaDeals was launched in mid 2007, the online sourcing market for Insurance was very nascent. Internet spends were restricted to campaigns on prominent portals and search engines . This was probably the only online model being leveraged by the Insurance Providers. And in those days, the market for online comparison was almost completely unheard of.

There were a few players who had just launched online comparison and shopping- riding on their broking background.But nothing that would assist Insurance Providers in their current model of sales through telecalling & FOS.

Insurers Section

Welcome to BimaDeals- your online partner in Life & Health Insurance. Through our various initiatives we aim to build a virtual community of Insurance Professionals in India. A community which is vibrant and discusses not only the current challenges but also the huge spectrum of opportunities that the Insurance sector provides.

Past editions of Insurer's Circle- our Monthly newsletter:
- July 08: e Sourcing for Insurance comes of age in India
- Sep 08: What Customers Want?

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