New York Life sets sights on Net sales

PUBLISHED : Thursday, 30 March, 2000, 12:00am
UPDATED : Thursday, 30 March, 2000, 12:00am

New York Life International is considering using the Internet to sell simple life insurance products in Hong Kong, according to chairman Gary Benanav.

'The expansion of sales channels would help boost our business volume,' he said.

'We would, however, also need to make sure these new channels would not compete for business with our 1,000 insurance agents.' Selling policies through bank branches or direct mailing would be other possible channels, said Mr Benanav, who was in Hong Kong yesterday for a meeting with the insurer's SAR executives.

'Some people do not like to deal with sales agents. They prefer to deal directly with the insurance company,' he said.

'These people would be potential clients who would purchase insurance policies on the Net.' Mr Benanav said in the US many customers visited insurers' Web sites to gain information. However, it had yet to become a trend for them to buy products on-line.

He said only simple insurance products, such as personal accident or pure life cover policies, would be suitable to sell on the Net.

More complicated products would require insurance agents to explain the details.