• The Chilean insurance industry benefitted from the expansion of distribution networks. Bancassurance and brokers were the two primary distribution channels, while direct marketing, agencies, e-commerce and sales through departmental stores are in various forms of development.
  • The distribution network for life insurance is predominantly composed of bancassurance and brokers.


  • However, brokers further evolved into bancassurance tie-ups and various other distribution channels such as agents, individual brokers, departmental stores and supermarkets.


  • Gross written premium intermediated by brokers valued UF61m in 2014, which grew by 6.2% over 2013.


  • Out of the total premium intermediated by brokers, 33.2% were intermediated by pension advisers, 33.1% bancassurance brokers, 22.5% was brokered by agents, 8.5% through departmental stores and the remaining 2.7% were brokered by individuals.


  • Commissions for distributing life insurance policies through bancassurance increased at a review-period CAGR of 11.1%, and the commissions of brokers increased at a review-period CAGR of 4.8%.


  • Bancassurance had a higher growth rate when compared to brokers, in terms the number of new policies sold. New life insurance policies sold through bancassurance increased from 121,165 in 2010 to 286,196 in 2014.


  • Direct marketing is not yet developed as a significant distribution channel and the life insurance direct marketing sales force decreased from 17,874 in 2010 to 15,756 in 2014, which suggests that direct marketing has been less beneficial for insurers.


  • Insurers also improvised their marketing strategies, such as: Corp Vida also came up with an advertising campaign in 2012 called "Fears End When You Feel Safe".
  • Through this campaign, the company aimed to advertise its products and display to its audience how they can financially assure unseen life risks.
  • As internet penetration increases, the development of e-commerce is also expected to increase.