In my opinion, the hindrance of the life insurance penetration in developing
country is the education side. It is natural that people in developing
country think that life insurance is the way from big company to get their
money. Yes, I know that life insurance is not intended like that – to get
the money however this wrong thinking is already embedded in developing
country. So, life insurance companies– even though it is the best life
insurance companies in
the world – will face this education need.
Therefore, it is surely a big task for life insurance companies to educate
their potential customers from developing country. Indeed, it is a big and
important task because this the only way to have good penetration in
developing country. It make that each of the life insurance company need
good strategy for the life insuranceeducation. I suggest the life insurance
company to copy how Cisco educate their potential costumers. It is surely
that the Cisco able to have good penetration ratio in developing countries
because of their educational strategy. Cisco brings high reputable
networking training and certification system with affordable price in to
developing countries. It is surely a big investing in this strategy, however
Cisco finally is paid of with their comfortable domination in networking
market.
The life insurance companies surely can copy this Cisco strategy – of course
with some adjusment. They can provide the life insurance complete training –
from life insurance meaning until life insurance business in affordable
price also offer the certification in each step of the training. This
educational strategy surely will create the educated life insurance
generation which will educate more people in their network for sure. The
educated life insurance generation will be growth in gradually with this
strategy. In long term, it will create a big market in developing country
for life insurance companies and increase life insurance
quotes ratio for sure.