Insurance is a form of risk management used to hedge against uncertain losses by spreading risk among many. In India, the first life insurance company started in 1818 and the Insurance Act of 1938 first regulated the industry. The industry was nationalized in 1956 with the formation of LIC. Common insurance services include fire, marine, and other policies. Marketing involves product mixes, pricing based on risk, sales through agents and digital means, and promotions using various media. Emerging services include online payments, call centers, partnerships with banks, and customer relationship management.

1. Service Marketing Insurance Sector contextSynergy Insurance Service (SES)

2. Introduction to InsuranceInsurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.

3. Insurance is nothing but a system of spreading the risk of one onto the shoulders of many.

4. Risk Management, the practice of appraising and controlling risk, has evolved as a discrete of field of study and practice Evolution of Insurance Sector1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning. 1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business. 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 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. The 1st general insurance company was developed by britishers in 1850.Services in Insurance Sector

6. Benefits of Insurance ServicesFinancial Stability for household and firms.

7. Mobilization of Resources and channel savings.

8. Relieve pressure on Government budget.

9. Minimization of total risk.

10. Quality Work Life (QWL).

11. Increased Social Stability. Organization System of InsuranceOrganizations providing Insurance in India are broadly classified into three groupsDepartmental Organizations

12. Corporations Organizations

13. Government CompaniesMarketing orientation and customer sensitivity are two important considerations for an insurance sector

14. Marketing Mix of Insurance SectorProduct Mix- Fire Insurance Marine Insurance Misc. Insurance

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. Marketing Mix Continues...Place Mix-Door to door Marketing. Through agents. Internet Based Marketing (ICICI Lombard).