Success Factors Increasing Sales in the Financial Sector

Heiko Seitz
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Heiko Seitz: Faculty of Economics and Management, Slovak University of Agriculture in Nitra, Slovakia

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Abstract: In no other country does the intermediary play such an important role as in Germany. The main factors of the intermediary distribution are the bound agents, agents with permission and brokers. For a long time ago the intermediary distribution was the only distribution channel for insurance companies and banks. In the last 20 years many other distribution channels have been developed, for example the telephone sales and the online sales, however 90 % of all insurance products in Germany are sold by the intermediary. The Banks and insurance companies must move with the time and adjust and optimize the intermediary’s distribution in the fast-moving market. These four factors are important: strategy, structure, system and employees. These success factors have to be implemented correctly and applied. This, however, poses some challenges, as most companies have well-established strategies and structures and may find it difficult to restructure quickly. The main objective of this work is to show the chances and opportunities (benefits, case for change) available to the intermediary distribution for the future through existing strategies and structures which need to be changed for optimized distribution channels. This optimization can not be performed by the company alone, but should go hand in hand with the agents (stakeholders, interested parties) in order to increase the sales success through intermediaries.

Keywords: success factors; intermediary distribution; bound agent; agent with permission; broker (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:tkp:mklp14:89-98

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