How do you feel about selling through a digital-only channel?
It is a fast-growing segment and we have seen a high level of consumer interest. Our monthly web traffic grew 152 per cent in FY2018/19, compared to the previous year. Our products are also available on the portals of various aggregators. Online channels have growth potential, but we need to invest big in digital marketing to drive traffic, and the conversion rate is low compared to the online queries coming in. Nevertheless, going digital helps influence customers, and that works well when they buy products offline. Keeping in mind how things work for online consumers, a digital channel must be supported by on-ground presence. SBI Life operates a pan-India network, including its 922 branches and offices. We also run a bancassurance channel that works with SBI and other banks and offers a 1.21 lakh-strong agent network. Then there are corporate agents, brokers, insurance marketing firms and intermediaries.
Historically, the reach of life insurance was among the lowest in India. Has digitisation helped?
This story is from the October 06, 2019 edition of Business Today.
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This story is from the October 06, 2019 edition of Business Today.
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