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Why delivery and not distribution as the focus of attention and action? What is the keystone of current architecture? Why change? Did we ask the customer?

Drivers of change? Alternatives? Prescriptions for reviving delivery? 2 Delivery not Distribution* :

Tend to be used as synonyms. Owing to growth opportunities, sales becomes a dominant mode leading to the spurt in distribution! Many of the woes in financial services emanate from an over-emphasis on distribution. Emerging markets need to beware! Treating Customers Fairly is still off the radar. Tendency to imitate the channels but disregard readiness and suitability! Aside from the reputational risks, a client no longer a companys property but a prisoner of the channel that acquired him or her! Delivery is service driven; unfortunately and increasingly insurance is being configured as a sales organisation. Mutates the personality and behavior into something inherently contradictory! *Thinkpiece No 91 ; CII (UK), November 2012 3

What is the current architecture? Point-of-Sale centric : Fault Lines Be this an organisation; channels; partners! Topline; growth; penetration; density! One year contract! Price as a reinforcer customer does not even remember the brand overlaps with the intermediary! Even a good claims service tends to be forgotten; loyalty a challenge! Theres always a hungrier insurer or an aggressive channel! 4

Why Change? Think of the final customer first! Tangibalise (Cashless; TPA; Underinsurance; Renewals; Add ons; Portability)! Telescope : compressed what took over a 100 years plus to evolve in the last 10-15 years! Transplant : Weak roots! No Clear dividing lines/overlaps! Mutating channels : Local variants/ Regulatory initiatives (Broking sub-broking / Banca broking)! Cannibalise channel partners! Fraud proofing! 5

Why Change? Tend to be role models for evolving financial services at the bottom of the pyramid! Instill brand loyalty! Opportunities for cross-selling and up-selling! Higher retention; Lower acquisition cost thereby improved bottom line! Pre-empt mis-selling! Crying need for a credible, professional and sustainable inclusivity agenda! 6 Drivers of change:

Life styles Technology : KP Study / Leapfrog Regulatory : National/ International Flat world Viral marketing Web-aggregators Consumerism Over choice in other segments Distribution as a hindrance to delivery 7 Alternatives: We do not have a choice!

Cart before the horse? Mirroring the regulations? Front ending the backend! Local genius? The key lies in Reviving Delivery? 8 Reviving Delivery* : Move away from the point of sale obsession by developing longer term strategies Make servicing client needs an essential part of KPIs and base incentives on customer satisfaction rather than customer acquisition Move away from one size fits all to segmenting each socio-economic

class to match the respective needs and situations Ensuring promises are delivered (e.g. : contract certainty, price, fair treatment) A holistic approach to eliminate likes of the channel conflict and interdepartmental disconnect *Thinkpiece No 91 ; CII (UK), November 2012 9 Thank You! 10

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