Following are some MarketingStrategies adopted by the players in the market1) Shift in product portfolio2) Value for money3) Tapping the niche markets4) Thrust to the rural markets5) Access to rural areas through RRBs6) Tapping unconventional distribution channels7) Cause related marketing8) De-tariffing in general insurance
10 insurance marketing ideasEmergency Info Wallet CardsGreat Email SignatureKeep a Voice Recorder in YourCarGet an Online PresenceGet in Their Cell PhoneVolunteerAutomated Voice MessageCallsHost a Window Etching EventDoor HangersGood Old Telemarketing
Channels Of DistributionThe multiple channels helps the insurance companiesto tap on the untapped potential and focus on specific market as well. The available distribution channels in the market are as follows: 1)Agent 2)Broker 3)Corporate agent
Bancassurance The Bank Insurance Model (BIM), also sometimes known asBancassurance, is the term used to describe the partnership or relationship between a bank and an insurance company whereby the insurance company uses the banksales channel in order to sell insurance products.
Swot analysis of bancassurance
Worksite Marketing This is relatively inexpensive channel and can be easily launches. It involves sale of financial products and otherservices to employees through workplace participation and is on voluntary basis.The employees usually pays forthe products generally through salary deduction.
Internet marketing, also known as digital marketing, web marketing, online marketing, search marketing or e-marketing, is the marketing (generally promotion) of products or services over the Internet. Internet marketing is considered to be broad in scope because it not only refers to marketing on the Internet, but also includes marketingdone via e-mail and wireless media. Digital customer data and electronic customer relationship management (ECRM) systems are also often grouped together under internet marketing.
Its benefitsThe opportunity toreduce costs ofproduction by reducingoverheads.The opportunity toincrease sales.The opportunity toaccess new marketsacross the globe.The chance to targetmarket segment moreeffectively.Improves the efficiencyof supply chain.
Micro insurance Microinsurance is a term increasingly used to refer to insurance characterized by low premium and low caps or low coverage limits, sold as part of atypical risk-pooling and marketing arrangements, and designed to service low-income people andbusinesses not served by typical social or commercial insurance schemes.
3 common types of micro insurance plans 1)Life Insurance 2)Health Insurance 3)Livestock or Crop Insurance.