Life insurance was considered to be the epitome of prospects for agents who were into buying a policy. However banks experienced better margins in mobilizing premiums for insurers than in raising deposits, a few years ago. Now retailers are discovering that customers who walk into buying groceries can be offered policies worth Millions.

UK pioneered shopassurance. Here, retailer Tesco & Marks & spencer & Pharmacis Boots have been offering insurance to potential clients for a long time.

The retail chain in South Africa, Pick n’ pay has been selling insurance for sometime now. The trend is gaining fame at a good pace & has spread its wing in Asia where supermarkets have got their seats both in big cities & smaller towns. SM malls has earned much eminence in the Philippines and is also distributing insurance products successfully.

Waston Wyatt, a consultancy firm has reported that shopassurance is a new developing channel in Indonesia.

A recent survey has conformed that US insurer Cigna is targeting a 50% increase in premium in Indonesia following its tie-up with French retailer Carrefour SA of France. The retailer’s outlet in 21 locations will be used to sell life insurance to customers holding carrefour credit cards.

Bajaj Alianz life insurance in the US, had tried to sell life insurance at retail outlets through a tie-up with shoppers stop. This channel is now expected to get a big push with the entry of the future group into insurance.

The group, formerly knowns as pantaloons, has already been successful in selling out over 3.5 lakh credit cards to customers who walk into the group’s “Big Bazaar” & “Food Bazaar” outlets.

In future, the group is expecting around 200 millions customers.

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