Last Updated 17 Apr 2020

Role that People’s Bank is playing in distributing these insurance services

Category Bank, Credit, Insurance
Words 282 (1 page)

People’s bank can be regarded as a mid level distributor in the insurance services sector. The company informs people about insurance products and then directs them to those receptive insurance companies. However, the consumers are entitled to special discounts in if they buy insurance as People’s consumers. (People’s, 2008) Length of the chain that the bank uses to distribute its own accounting product For its own accounting products, People has a very short chain.

This is because most of the distributing agents are actually employees of the company. However, there are certain aspects that do not incorporate this short chain. For instance, in the credit card section of their product offering, the company works hand in hand with credit card companies to distribute the product. (People’s, 2008) Description of channel positioning of People’s Bank People utilizes a variety of service distribution outlets to access clients.

For instance, the company utilizes direct retailing where sales men target consumers directly. In other instances, the company embraces online banking as method of distributing their services. This method has been found to be quite efficient because it accesses the client immediately, facilitates efficient communication and encourages effectiveness of the banking process. This channel has become a source of people’s channel positioning strategy because it is an aspect that many clients identify the company with. People’s, 2008) People’s unique value proposition People provides itself in offering it clientele services at an efficient and speedy manner. The company has a variety of accounting options that can be conducted online thus creating a convenient way of doing things. Some of the activities that have been streamlined through online banking include, controlling one’s money, managing home finances, controlling stock or one’s business accounts.

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