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
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
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