GROUP MEMBERS
INTRODUCTION
DEFINITION
A contract (policy) in which an individual
or entity receives financial protection or
reimbursement against losses from an
insurance company. The company pools
clients' risks to make payments more
affordable for the insured.
WHAT IS INSURANCE?
CURRENT SCENARIO
INSURANCE MARKETING
PRODUCT
what is a product???
Tangible product & Intangible
services
Insurance companies sell services
LIC & GIC
Other services
Innovative product strategy
Considering the strategies.
PRICE
PLACE
Component of marketing
Appropriate location of branches
Additional factors
Place of branch office
The insurance personnel needs
professionalism
Provide proper service to end user
Lack of professionalism
PROMOTION
PEOPLE
Appropriate products...
Intermediaries are.....
Training staff & agents
HR should be developed
Providing incentives
PROCESS
Consumer friendly
Payment system
Installment schemes
Customer efficiency
Technology is cost effective
PHYSICAL DISTRIBUTION
Agent
Broker
Corporate
agent
E- marketing (Online)
AGENT
In
Duties
of the agent
BROKERS
Broker are also recognised by regulation as
authorised by regulation as authorised of
insurance products.
1) A life insurance broker can be work under the
companies act 1956.
2) To advice on appropriate insurance covers and
terms.
3) To provide service relating to insurance and
risk management.
4) To assist in the negotiation of claims.
CORPORATE AGENT
Give due publicity to the fact that the corporate agent does not
underwrite the risk or act as an insurer.
E-MARKETING
BENEFITS OF E-MARKETING
Cost
Coverage
Audience
Tracking
Interactivity
BENEFITS OF BANCASSURANCE
LIC BANCASSURANCE
ADVERTISING OF INSURANCE
Advertising is most effective nonpersonal
promotion.
Types of
advertisin
g
Product
advertisin
g
Institution
al
advertisin
g
Awarenes
s
advertisin
g
OBJECTIVES OF ADVERTISING
insurance
PEDAGOGICAL OBJECTIVES:
STRENGTHS
WEAKNESSES
SWOT ANALYSIS
OPPORTUNITIES
SWOT ANALYSIS
THREATS
RECOMMENDATIONS:
LIC should also tie up with other banks apart from the one
existing to sell its products.