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Exporting growth strategies: to successfully recruit agents and customers in India and China, U.S. insurers must adapt their domestic strategies.(Life: New Markets)(Brief article)

Best's Review

| February 01, 2008 | Radwan, Sam | COPYRIGHT 2008 A.M. Best Company, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

An international gold rush is under way in several key developing nations, where literally millions of households are reaching threshold income levels that invite long-term financial planning, including life insurance,

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And U.S. insurers are in the thick of the action, with most of the major U.S. players active in India, for example.

But as U.S.-based insurers mount a fierce charge overseas, budding expansion issues are beginning to work against their long-term success. Instead of building a solid base of loyal customers, many providers are besieged with account turnover ranging from 30% to 40% annually--between three and four times the U.S. average.

Runaway customer attrition in these new foreign markets is part of a vicious cycle that also includes agents, whose turnover ...

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Source: HighBeam Research, Exporting growth strategies: to successfully recruit agents and...

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