Insurance agents will no longer be the only weapons used by insurance companies fighting for new business, according to Chia Tek Yew, a partner at PricewaterhouseCoopers.
Mr Chia said other channels would be used to sell products, such as the Internet, independent financial advisers, insurance brokers, and alliance-banking partners.
This is in contrast to actions of some insurers such as New York Life, Pacific Century Insurance and Prudential Assurance, which continue to expand their agency force.
New York Life International chairman and chief executive Gary Benanav believes agents are the most effective means of sales.
'When you are selling complicated products like life-insurance policies, you would need agents to explain to the clients,' Mr Benanav said.
'The Internet would only be used to sell simple products such as motor insurance or travel insurance.'
Mr Chia said insurers who already had large teams of agents would continue to rely on them.