Insurance industry
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Insurance industry

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Insurance industry Insurance industry Presentation Transcript

  • 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 asto 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, andiii) Commission charged for underwriting and consultancy activities.
  • 3.PLACE:
    i) Managing the insurance personnel, andii) Locating a branch
    4.P ROMOTION:The insurance services depend on effective promotional measures.
    i) In promoting insurancebusiness, 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, bothat the staff
  • 6.P ROCESSThe 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
    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