Commissions to insurance intermediaries, by insurer
Commissions to bancassurance and other channels, by insurer
2022.12 downloads
Market distribution structure
Intermediaries:
Intermediaries:
The channel includes the use of Agents, Agencies or Brokers to market insurance products.
Masive Channels:
It is the commercialization of insurance through the use of alternative channels aimed at large databases (excluding those of banking establishments) such as the offer of insurance on utility bills and in supermarkets.Insurance companies use the sales force of the stores or retail chains to offer information or sell their products, or they have points of sale inside the stores, with their staff, disturbing the distribution of the company's products with the possibility of payment and issuance of policies. Supermarkets and department stores are a sales channel that have very good direct access to all kinds of customers. The financial system was the first to venture into this channel by launching different products in coordination with the needs of the store's consumer, by designing debit and credit cards for purchases in these places. Later they offered the insurance and guarantees of the products for sale. Retail, more than offering a benefit in reducing costs for insurance companies, promises to have a better market segmentation and focus efforts towards a particular niche but in a massive way, offering the advantage that companies can specialize more and attack target markets in a strategic way by having direct access to a potential customer.
Masive Channels:
It is the commercialization of insurance through the use of alternative channels aimed at large databases (excluding those of banking establishments) such as the offer of insurance on utility bills and in supermarkets.Insurance companies use the sales force of the stores or retail chains to offer information or sell their products, or they have points of sale inside the stores, with their staff, disturbing the distribution of the company's products with the possibility of payment and issuance of policies. Supermarkets and department stores are a sales channel that have very good direct access to all kinds of customers. The financial system was the first to venture into this channel by launching different products in coordination with the needs of the store's consumer, by designing debit and credit cards for purchases in these places. Later they offered the insurance and guarantees of the products for sale. Retail, more than offering a benefit in reducing costs for insurance companies, promises to have a better market segmentation and focus efforts towards a particular niche but in a massive way, offering the advantage that companies can specialize more and attack target markets in a strategic way by having direct access to a potential customer.
Bancassurance:
It is the part of the production that is marketed using bank credit establishments for the promotion and sale of certain kinds of insurance products. The Bancassurance business can be developed through different strategies depending on the context in which the companies operate both internally and externally. Economic Group: It can be found that an economic group owns an insurance company and a financial entity and both participate in a Bancassurance alliance. Joint Venture: Creation of a new insurance company between a bank and an existing insurance company, here both companies contribute their experience and "Know How". Participations: Agreements between the bank and the insured company where shareholding between them will be broken. Distribution alliances: The bank signs a distribution contract with an insurance company.
It is the part of the production that is marketed using bank credit establishments for the promotion and sale of certain kinds of insurance products. The Bancassurance business can be developed through different strategies depending on the context in which the companies operate both internally and externally. Economic Group: It can be found that an economic group owns an insurance company and a financial entity and both participate in a Bancassurance alliance. Joint Venture: Creation of a new insurance company between a bank and an existing insurance company, here both companies contribute their experience and "Know How". Participations: Agreements between the bank and the insured company where shareholding between them will be broken. Distribution alliances: The bank signs a distribution contract with an insurance company.
Direct sale:
Corresponds to businesses that are carried out without the participation of an intermediary.
Corresponds to businesses that are carried out without the participation of an intermediary.
Insurance Agents:
Placement agents for insurance policies and capitalization titles are natural persons who promote the execution of insurance and capitalization contracts, and their renewal in relation to one or several insurance companies or capitalization companies.
Placement agents for insurance policies and capitalization titles are natural persons who promote the execution of insurance and capitalization contracts, and their renewal in relation to one or several insurance companies or capitalization companies.
Dependent Agents:
Natural persons who have entered into an employment contract to carry out the work of placement agent with an insurance company or a capitalization company.
Natural persons who have entered into an employment contract to carry out the work of placement agent with an insurance company or a capitalization company.
Independent Agents:
People who by their own means are dedicated to the promotion of insurance policies and capitalization titles, without dependence on the insurance company or the capitalization company, by virtue of a commercial contract.
People who by their own means are dedicated to the promotion of insurance policies and capitalization titles, without dependence on the insurance company or the capitalization company, by virtue of a commercial contract.
Insurance Agencies:
They represent one or several insurance companies in a given territory.
They represent one or several insurance companies in a given territory.
Insurance brokers:
Companies whose corporate purpose is exclusively to offer insurance, promote its execution and obtain its renewal as intermediaries between the insured and the insurer.
Companies whose corporate purpose is exclusively to offer insurance, promote its execution and obtain its renewal as intermediaries between the insured and the insurer.
Commissions to intermediaries, bancassurance and other channels, Total
Commissions to intermediaries, Total
Commissions to intermediaries, Non-Life 
Commissions to intermediaries, pensions
Commissions to intermediaries, labor risks
Commissions to intermediaries, life 
Commissions to bancassurance and other channels, Total
Commissions to bancassurance and other channels, Non-Life 
Commissions to bancassurance and other channels, life 
Distribution of intermediaries by geographic district
Distribution of the volume of intermediation commissions by business line (Agents) 
Distribution of the volume of intermediation commissions by business line (Bancassurance)
Distribution of commissions to intermediaries by insurer
Distribution of commissions to bancassurance by insurer
1: Non-life, 2: Pensions, 3: Labour risks, 4: Life
Agents typically target individual customers and small and medium-sized businesses, although they occasionally operate in the large business segment as well. The large global brokers are strong in the operations of multinationals, while the medium and small ones tend to attend domestic businesses.
In mass channels, insurers use the sales force of stores or retail chains to offer information or sell their products. They can also use their own resources within the warehouses. Another great vehicle in Colombia is represented by public service companies due to their large volume of customers.
On the other hand, the strength of the bancassurance model is based on taking advantage of the banks' infrastructure (branches, distribution networks), on the possibility of reaching a large number of potentials and on the good knowledge that the bank has of its customers.
Likewise, entities specializing in online insurance have been joined by large and traditional insurers, in such a way that today there is practically no actor that has not prepared an online strategy, either to market their coverage or for management and administration (online services for producers, administration of policies and claims, etc.)
There are three basic modalities of processes that occur in the online channel:
"User to data" relationship: There is access to information or data of any nature. The user can read and/or extract them from the site, but cannot interact.
"User to user" relationship: Communication between users or participants is facilitated: exchange of documents, data files, real-time dialogue, mobile claims management, etc.
“Transactional” relationship: Interacts with other information systems of the insurer or sales channel in real time. The user carries out transactions such as consulting and recording data, or carrying out a comprehensive procedure or transaction, contracting transactions, monitoring their policies, monitoring customer behavior to determine scoring or insurance "by use", etc.
The insured is becoming more clear about the concept of insurance over the Internet, without physical presence, and as he overcomes the barrier of first use, he overcomes certain fears and prejudices. In recent years, the insurance sector has begun a career of specialization and differentiation.
In online/mobile marketing, the general level of satisfaction is high, but there is still a significant difference in terms of information search versus management or contracting.
In mass channels, insurers use the sales force of stores or retail chains to offer information or sell their products. They can also use their own resources within the warehouses. Another great vehicle in Colombia is represented by public service companies due to their large volume of customers.
On the other hand, the strength of the bancassurance model is based on taking advantage of the banks' infrastructure (branches, distribution networks), on the possibility of reaching a large number of potentials and on the good knowledge that the bank has of its customers.
Likewise, entities specializing in online insurance have been joined by large and traditional insurers, in such a way that today there is practically no actor that has not prepared an online strategy, either to market their coverage or for management and administration (online services for producers, administration of policies and claims, etc.)
There are three basic modalities of processes that occur in the online channel:
"User to data" relationship: There is access to information or data of any nature. The user can read and/or extract them from the site, but cannot interact.
"User to user" relationship: Communication between users or participants is facilitated: exchange of documents, data files, real-time dialogue, mobile claims management, etc.
“Transactional” relationship: Interacts with other information systems of the insurer or sales channel in real time. The user carries out transactions such as consulting and recording data, or carrying out a comprehensive procedure or transaction, contracting transactions, monitoring their policies, monitoring customer behavior to determine scoring or insurance "by use", etc.
The insured is becoming more clear about the concept of insurance over the Internet, without physical presence, and as he overcomes the barrier of first use, he overcomes certain fears and prejudices. In recent years, the insurance sector has begun a career of specialization and differentiation.
In online/mobile marketing, the general level of satisfaction is high, but there is still a significant difference in terms of information search versus management or contracting.
Satisfaction level in searching for insurance information online (survey 2022.12)
Satisfaction level in online insurance purchase/management (2022.12 survey)
A: Very good, B: Good, C: Neutral, D: Bad, E: Very bad
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