Banks in Singapore continued to be the dominant distribution channel of new sales of life insurance in the first three months of this year, outpacing tied agents and financial advisers.
In the first quarter of 2017, bank representatives contributed to 46 per cent of total weighted or S$377 million new business premiums. Tied agents accounted for 33 per cent or S$264 million of new sales and financial advisers contributed 17 per cent or S$135 million. The remaining 4 per cent or S$35 million came from direct sales for products sold without intermediaries, such as ElderShield.
But in terms of total sum assured of new businesses, tied agents contributed 43 per cent or S$10.5 billion, while financial advisers accounted for 28 per cent or S$6.7 billion. The amount that came from banks was S$6 billion or 25 per cent of the total sum assured. The remaining 4 per cent or S$1.1 billion came from direct sales channel.
Overall, Singapore's life insurance industry started the year on a positive note, recording a 19 per cent year-on-year growth in weighted new business premiums in Q1 to S$811 million, driven by a rise in uptake across both single and annual premium products.
No comments:
Post a Comment