The life insurance industry has to take a relook at its cost structure and rely more on its tied distribution network and less on the third party network, Mr G.N.Bajpai, Chairman, Future Generali Life Insurance Company, said. Mr Bajpai said this in response to a question on what the industry needs to do to cope with the changed norms for selling unit-linked insurance plans in September.
Mr Bajpai spoke shortly after launching ‘Insurance Week', a marketing initiative that the company is conducting from January 29- February 6 across its retail outlets and agency network to drive home the need for life insurance.
Pointing out that penetration of life insurance was still low at less than 3 per cent of GDP, Mr Bajpai said that such initiatives will help build awareness about life insurance. The industry has seen premium collections dip by 20 per cent in December.