INSURANCE INDUSTRY
PRESENTED BY:
NISHU SHARMA
OVERVIEW OF INSURANCE INDUSTRY
Mega opportunity in India
Historical perspective
•The Government of India in 1956, brought
together over 240 private life insurers
• provident societies under one nationalized
monopoly corporation and Life Insurance
Corporation (LIC) was born.
Services Marketing Mix for Insurance
INTRODUCTION
a financial service for collecting the savings of the
public and providing them
with risk coverage.
The main function of
Insurance is to provide
protection against the possible
chances of generating losses
Cont......
INSURANCE MARKETING
the marketing of Insurance services with the aim to
create customer and generate profit through
customer satisfaction.
MARKETING –MIX FOR INSURANCE
COMPANIES
is the combination of marketing activities that an
organisation engages in so as
to best meet the needs of its targeted market.
7 P’s used for marketing of Insurance
products
1.PRODUCT:
A product means what we produce
2.P RICING:
i) The premium charged against the policies,
ii) Interest charged for defaulting the payment of
premium and credit facility, and
iii) Commission charged for underwriting and
consultancy activities.
3.PLACE:
i) Managing the insurance personnel, and
ii) Locating a branch
4.P ROMOTION:
The insurance services
depend on effective
promotional measures.
i) In promoting insurance
business, the agents and
the rural career agents
play an important role
5.PEOPLE:
Understanding the customer better allows to design
appropriate products
Training the employees, use of IT for efficiency,
both
at the staff
6.P ROCESS
The process should be
customer friendly in
insurance industry.
7. PHYSICAL
DISTRIBUTION:
Distribution is a key
determinant of success for all
insurance companies
Companies under Insurance sector
1) Bharti AXA General Insurance
is a joint venture between Bharti, one of India’s
leading business groups
with interests in Telecom, Agri Business and
Retail; and AXA, world leader in Financial
Protection and Wealth Management.
Group holds 74% of equity and AXA holds 26%
of the equity.
7 Ps of Marketing of Bharti
AXA General Insurance
1. Products and Services:
A)Retail Insurance:
a. Motor
b. Health
B)Commercial:
a. Fire
b. Engineering
C)Rural:
a. Agricultural Pumpset
b. Cattle Insurance Policy
2. Price:
Pricing factor is decided on the basis of the type of
products which the customer buys.
Bharti AXA is a strong player in private companies
and its price structure is highly competitive and
reliable
3. Place:
4. Promotion:
Tele-marketing
Internet
Hoardings
Personal Selling
Advertisement through
newspapers, business magazines and FM radio
5. People:
6. Process:
From the minute customers claim intimation is
received, the Claims Team becomes active and acts
efficiently and swiftly towards its settlement.
7. Physical Evidence:
Stationery
Separate departments for smooth functioning of
work like Public Relation Department
Brochures
Internet / Web Pages
Business cards
Bajaj Allianz General Insurance Company
Limited
is a joint venture between Bajaj Finserv Limited and
Allianz SE.
received the Insurance Regulatory and Development
Authority (IRDA) certificate of Registration on 2nd
May, 2001 to conduct General Insurance business
(including Health Insurance business) in India.
Vision
Mission
7 P’s of marketing of Bajaj Allianz :
1. Products and Services:
Motor Insurance
Asset Insurance
Health Insurance
Travel Insurance
Corporate Insurance
2. Price:
The price structure is based on the type of policies
3.PLACE
4.PROMOTION
Huge advertisements on
Television and radios.
Tele-marketing
Promotion in front of
corporate offices
Internet Marketing
Hoardings and brochures
5.People:
People are the main assets of financial organization
because of service factor attached to it.
6. Process:
The prestigious awards itself speaks the smooth
functioning of the insurance activities.
7. Physical Evidence:
COMPARISION BETWEEN BHARTI AND
BAJAJ ALLIANZ
On the basis of 7 P’s
PRODUCT
PRICE
PALACE
PROMOTION
PEOPLE
PROCESS
PHYSICAL DISTRIBUTION
