Insurance sector services

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Insurance sector services

  1. 1. Service Marketing Insurance Sector context<br />Synergy Insurance Service (SES)<br />
  2. 2. Introduction to Insurance<br /><ul><li>Insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.
  3. 3. Insurance is nothing but a system of spreading the risk of one onto the shoulders of many.
  4. 4. Risk Management, the practice of appraising and controlling risk, has evolved as a discrete of field of study and practice </li></li></ul><li>Evolution of Insurance Sector<br /><ul><li>1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning.</li></ul> <br /><ul><li>1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business.</li></ul> <br /><ul><li>1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.</li></ul>  <br /><ul><li>1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.</li></ul> <br /><ul><li>1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs 5 crore from the Government of India.
  5. 5. The 1st general insurance company was developed by britishers in 1850.</li></li></ul><li>Services in Insurance Sector<br />
  6. 6. Benefits of Insurance Services<br /><ul><li>Financial Stability for household and firms.
  7. 7. Mobilization of Resources and channel savings.
  8. 8. Relieve pressure on Government budget.
  9. 9. Minimization of total risk.
  10. 10. Quality Work Life (QWL).
  11. 11. Increased Social Stability. </li></li></ul><li>Organization System of Insurance<br />Organizations providing Insurance in India are broadly classified into three groups<br /><ul><li>Departmental Organizations
  12. 12. Corporations Organizations
  13. 13. Government Companies</li></ul>Marketing orientation and customer sensitivity are two important considerations for an insurance sector<br />
  14. 14. Marketing Mix of Insurance Sector<br /><ul><li>Product Mix- Fire Insurance Marine Insurance Misc. Insurance
  15. 15. Pricing Mix- Important factor that influences the price decisions of insurance business is risk. Tariff advisory committee was constituted as per Insurance Act 1968. Fixation of rates as per the risk is devised by this committee. </li></li></ul><li>Marketing Mix Continues...<br /><ul><li>Place Mix-Door to door Marketing. Through agents. Internet Based Marketing (ICICI Lombard).
  16. 16. Promotion Mix- Direct Marketing. Internal Marketing- Personal Sales Force External Marketing- Electronic & Print Media Persuasive Advertising Sales Promotion and Publicity </li></li></ul><li>Contemporary Mixes…<br /><ul><li>People Mix- Customers Agents Advisors
  17. 17. Process Mix- Hospitality Marketing Interactive Marketing
  18. 18. Physical Evidence Mix- Insurance Certificates. Premium payments Receipts. </li></li></ul><li>Emerging Services in Insurance Sector<br /><ul><li>Electronic Clearance Services (ECS):- A policy holder having an account in any bank which is a member of the local clearing house can opt for ECS debit to pay premiums.
  19. 19. Call Centre & SMS Services:- 24 x 7 Interactive Voice Response System (IVR) .
  20. 20. LPG Concept:- Liberalization, Privatization & Globalization
  21. 21. Consolidation of Insurance Operations</li></li></ul><li><ul><li>Closer ties between insures & banks:- Tie-ups between insurers & banks through bancassurance ( Bank + Insurance) or conglomerates ( financial groups).
  22. 22. Offshoring:- Offshore centers aim to attract international insurance business through attractive concessions & liberal incorporations requirements
  23. 23. Increased public Awareness
  24. 24. Claim settlement services</li></li></ul><li>Current status of GATS on insurance services.<br /><ul><li>Identifying sectors for further liberalization:- intermediation, risk assessment services, reinsurance etc..
  25. 25. Identifying nature of commitments
  26. 26. Liberalization of trading norms.
  27. 27. Ascertaining transparency issues in trade of insurance.
  28. 28. Identifying cross-cutting issues:- normalization of regulatory barriers.
  29. 29. Customer Relationship Management (CRM).</li></li></ul><li>Kottler group. U.S.P <br /><ul><li>Consolidated insurance services :- a type of insurance service covering all the aspects of risk right from life insurance to all other general insurances such as fire, marine, wealth-assurance, children's education plans etc.
  30. 30. Basic tenet of idea:- cumbersome policy availing procedures n premium payment services are burden on the part of customer. So to ease this we have come up with an idea of “Synergy Insurance Services” i.e. (SES).</li></li></ul><li>References <br /><ul><li>WWW.UNCTAD.ORG/en/docs/ditctncd2010
  31. 31. WWW.TARGETSTUDY.COM/KNOELEDGE
  32. 32. WWW.WIKIPEDIA.ORG
  33. 33. Marketing management – Philip Kottler.
  34. 34. Service marketing – K. Ramamohana Rao.
  35. 35. WWW.ICICILOMBARD.COM
  36. 36. WWW.OPPAPERS.COM
  37. 37. WWW.LICINDIA.COM
  38. 38. WWW.IRDA.GOV.IN</li></li></ul><li>Group:- Kottler<br />Amit Kumar RoyShashank Tripathi<br />Vivek Singh<br />RatandeepGautam<br />Pankag Kumar<br />Shashikant<br />SunainaVerma<br />NitinVerma<br />ShivamGhai<br />

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