The term "marketing-mix," was first coined by Neil Borden, the president of the American Marketing Association in 1953. It is still used today to make important decisions that lead to the execution of a marketing plan. The various approaches that are used have evolved over time, especially with the increased use of technology.The tools available to a business to gain the reaction it is seeking from its target market in relation to its marketing objectives
Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount to be charged for a certain amount of insurance coverage is called the premium.
VisionWe envision to emerge as a strong vibrant insurance company through synchronization of human, financial andtechnological resources.Mission:- To put in place the effective Risk Management and Internal Control System.l To adopt and operationalise high – level technology standards.l To strive to achieve excellence in Customer Service.l To achieve the highest standards of transparency and accountability in the conduct ofbanking business.l To adopt professional approach in effectively managing financial as well as nonfinancial risks.l To maximize profitability and profits of the Bank with due compliance of prudentialguidelines.l To maximize competitive risk adjusted return on capital, through planned reductionin the average cost of funds, increased yield on advances and investments besidesreduction in cost of operations
MARKETIING MIX OFINSURANCE INDUSTRY PRESENTED BY NIPUN NIKUNJ
“Any activity or benefit that one party can offer to another that isessentially intangible & does not result in the ownership of anything.It’s production may or may not be tied up to a physical product.”
“Marketing mix is the combination of elements that you will use tomarket your product. There are seven elements:Product, Place, Price ,Promotion, people process, physicalenvironment. They are called the seven Ps of the marketing mix.”
It is required to design & apply marketing techniquesto completely satisfy the customer & increase profits& identify new emerging services.Classifications can be done on following basis:• Classification by Industry• Classification by Target Effect• Skill level of service provider (Professional/Nonprofessional)• Labor intensiveness (People-based/Equipment-based)• Degree of customer contact (High / Low)• Goal of the service provider (Profit /Nonprofit)
a. Entertainment industryb. Educationc. Telecommunicationsd. Finance & Insurancee. Transportationf. Public utilitiesg. Government servicesh. Healthi. Hospitability Industryj. Business servicesk. Telecommunicationsl. Trading
Mega opportunity in IndiaHistorical perspective•The Government of India in 1956, broughttogether over 240 private life insurers• provident societies under one nationalized monopolycorporation and Life Insurance Corporation (LIC) wasborn.
a financial service for collecting the savings of thepublic and providing them with risk coverage.The main function ofInsurance is to provide protection against the possiblechances of generating lossesINSURANCE MARKETING the marketing of Insurance services with the aim tocreate customer and generate profit through customersatisfaction.
7 P’s used for marketing of Insurance products PRODUCT Design PRICE Physical Technology Strategies environment usefulness Skimming Convenience Run down Penetration Value Psychological Interface Quality Cost plan Packaging Confort Loss leader Branding facilities Accessories PLACE MARKETING warranties Retail PROCESS MIX OF Wholesale Mailorder INSURANCE Internet 1. Especially restraint COMPANY PROMOTION Direct sell to service industries PEOPLE Special offer peer to peer Multi chennel Advertising 2. How are services Employee Endorsements consumed User trails Management Direct mailing Posters Culture Free gifts customers Competition
2.PRICING:i) The premium charged against the policies,ii) Interest charged for defaulting the paymentof premium and credit facility, andiii) Commission charged for underwriting andconsultancy activities.3.PLACE:i) Managing the insurance personnel, andii) Locating a branch4.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
6.PROCESSThe process should be customer friendly in insuranceindustry.7. PHYSICAL DISTRIBUTION:Distribution is a key determinant of success for all insurance companies
1) Bharti AXA General Insurance is a joint venture between Bharti, one of India’s leading business groupswith 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 Insurance1. Products and Services:A)Retail Insurance:a. Motorb. HealthB)Commercial:a. Fireb. EngineeringC)Rural:a. Agricultural Pumpset
2. Price:Pricing factor is decided on the basis of the type ofproducts which the customer buys.Bharti AXA is a strong player in private companiesand its price structure is highly competitive andreliable3. Place:
4. Promotion:Tele-marketingInternetHoardingsPersonal SellingAdvertisement through newspapers, business magazines andFM radio5. People:6. Process:From the minute customers claim intimation is received, theClaims Team becomes active and acts efficiently and swiftlytowards its settlement.
7. Physical Evidence:•Stationery•Separate departments for smooth functioning of work like PublicRelation Department•Brochures•Internet / Web Pages•Business cards
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 GeneralInsurance business (including Health Insurance business) in India.VisionMission
7 P’s of marketing of Bajaj Allianz :1. Products and Services:Motor InsuranceAsset InsuranceHealth InsuranceTravel InsuranceCorporate Insurance2. Price:The price structure is based on the type of policies
3.PLACE4.PROMOTIONHuge advertisements on Television and radios.Tele-marketingPromotion in front of corporate officesInternet MarketingHoardings and brochures5.People:People are the main assets of financial organization because of service factor attached toit.
6. Process:The prestigious awards itself speaks the smooth functioning of the insurance activities.7. Physical Evidence:
COMPARISION BETWEEN BHARTI AND BAJAJ ALLIANZOn the basis of 7 P’sPRODUCTPRICEPLACEPROMOTIONPEOPLEPROCESSPHYSICAL DISTRIBUTION