Marketing Mix In Insurance Sector
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This document discusses the marketing mix in the insurance sector. It outlines the 7Ps of marketing: product, price, place, promotion, people, process, and physical evidence. For each P, it provides examples of factors to consider such as mortality rates, interest rates, expenses, branch locations, advertising channels, relationships with agents, customer-friendly processes, and using technology and intermediaries.
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Insurance industry
1. The document discusses the insurance industry in India, providing an overview and details on marketing strategies.
2. It outlines the 7 P's of insurance marketing: product, price, place, promotion, people, process, and physical distribution. Examples are given for how two insurance companies, Bharti AXA and Bajaj Allianz, implement their marketing strategies based on the 7 P's.
3. A comparison of Bharti AXA and Bajaj Allianz is provided based on how each company approaches the 7 P's of insurance marketing.
Chapter 5: Insurance Marketing
1-Insurance Marketing
AGENTS AND BROKERS
A successful sales force is the key to success in the financial services industry. Most insurance policies sold today are sold by agents and brokers.
Agents:An agent is someonewho legally represents the principal and has the authority to act on the principal’s behalf.
Brokers:A broker is someone who legally represents the insured even though he or she receives a commission from the insurer.
2-TYPES OF MARKETING SYSTEMS
Life Insurance Marketing
Distribution systems for the sale of life insurance have changed dramatically over time.
Major life insurance distribution systems:
Personal selling systems
Financial institution distribution systems
Direct response system
Other distribution systems
1-Personal Selling Systems:
2-Financial Institution Distribution Systems
3-Direct Response System
3-Property and Casualty Insurance Marketing
Independent agency system
Exclusive agency system
Direct writer
Direct response system
Multiple distribution systems
Banking Services (7 P's Included)
The document provides an overview of banking services in India. It discusses the history of banking in India from 1786 to the present in three phases. It defines banking as accepting deposits from the public that are repayable on demand. The banking sector contributes significantly to India's GDP and economy. Major players discussed are State Bank of India and ICICI Bank. SBI was established in 1806 and was nationalized in 1955. ICICI Bank was established in 1994 as a subsidiary of ICICI and transformed to a diversified financial institution.
7 ps in banking
SBI is the largest bank in India in terms of assets, branches, deposits, profits and employees. It offers a wide range of banking and financial services including retail banking, corporate banking, investment banking, private banking, asset management and credit cards. As the market leader, SBI has a strong brand name but also faces threats from increasing competition and non-performing assets that could impact its profitability.
Ifm ppt
The document discusses various marketing strategies used by insurance companies in India, including shifting product portfolios, targeting rural markets, and unconventional distribution channels. It also lists 10 insurance marketing ideas like emergency wallet cards, email signatures, and voice recordings in cars. Common distribution channels are agents, brokers, corporate agents, and bancassurance partnerships between banks and insurers. Other channels discussed are worksite marketing targeting employees and internet/digital marketing promoting products online. Microinsurance is also summarized as low-cost insurance for low-income individuals covering life, health and livestock/crops.
SERVICE MARKETING
this is a presentation of marketing mix of insurance company(bajaj alience and bharti axa and comparison between them)
7p’s in transportation sector
The MSRTC operates intercity and local bus services in Maharashtra and neighboring states, carrying over 7 million passengers daily. It has over 16,000 buses running on 17,000 routes with headquarters in Mumbai. The MSRTC provides various bus classes and offers discounts for students, seniors, and the disabled to promote ridership. It uses multiple promotion strategies including advertisements, sales promotions like passes and discounts, and a telephone helpline for reservations and inquiries.
Icici
The document discusses the 7 Ps of the marketing mix for services marketing using ICICI Bank in India as a case study. The 7 Ps include product, price, place, promotion, people, physical evidence, and process. For ICICI Bank, their products and services include banking, credit cards, demat services, mobile banking, and NRI services. Their pricing, locations of branches and ATMs, and types of promotional activities are also outlined. The document concludes that having strong presence across all 7 Ps is critical to the success of a service like ICICI Bank.
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Insurance industry
1. The document discusses the insurance industry in India, providing an overview and details on marketing strategies.
2. It outlines the 7 P's of insurance marketing: product, price, place, promotion, people, process, and physical distribution. Examples are given for how two insurance companies, Bharti AXA and Bajaj Allianz, implement their marketing strategies based on the 7 P's.
3. A comparison of Bharti AXA and Bajaj Allianz is provided based on how each company approaches the 7 P's of insurance marketing.
Chapter 5: Insurance Marketing
1-Insurance Marketing
AGENTS AND BROKERS
A successful sales force is the key to success in the financial services industry. Most insurance policies sold today are sold by agents and brokers.
Agents:An agent is someonewho legally represents the principal and has the authority to act on the principal’s behalf.
Brokers:A broker is someone who legally represents the insured even though he or she receives a commission from the insurer.
2-TYPES OF MARKETING SYSTEMS
Life Insurance Marketing
Distribution systems for the sale of life insurance have changed dramatically over time.
Major life insurance distribution systems:
Personal selling systems
Financial institution distribution systems
Direct response system
Other distribution systems
1-Personal Selling Systems:
2-Financial Institution Distribution Systems
3-Direct Response System
3-Property and Casualty Insurance Marketing
Independent agency system
Exclusive agency system
Direct writer
Direct response system
Multiple distribution systems
Banking Services (7 P's Included)
The document provides an overview of banking services in India. It discusses the history of banking in India from 1786 to the present in three phases. It defines banking as accepting deposits from the public that are repayable on demand. The banking sector contributes significantly to India's GDP and economy. Major players discussed are State Bank of India and ICICI Bank. SBI was established in 1806 and was nationalized in 1955. ICICI Bank was established in 1994 as a subsidiary of ICICI and transformed to a diversified financial institution.
7 ps in banking
SBI is the largest bank in India in terms of assets, branches, deposits, profits and employees. It offers a wide range of banking and financial services including retail banking, corporate banking, investment banking, private banking, asset management and credit cards. As the market leader, SBI has a strong brand name but also faces threats from increasing competition and non-performing assets that could impact its profitability.
Ifm ppt
The document discusses various marketing strategies used by insurance companies in India, including shifting product portfolios, targeting rural markets, and unconventional distribution channels. It also lists 10 insurance marketing ideas like emergency wallet cards, email signatures, and voice recordings in cars. Common distribution channels are agents, brokers, corporate agents, and bancassurance partnerships between banks and insurers. Other channels discussed are worksite marketing targeting employees and internet/digital marketing promoting products online. Microinsurance is also summarized as low-cost insurance for low-income individuals covering life, health and livestock/crops.
SERVICE MARKETING
this is a presentation of marketing mix of insurance company(bajaj alience and bharti axa and comparison between them)
7p’s in transportation sector
The MSRTC operates intercity and local bus services in Maharashtra and neighboring states, carrying over 7 million passengers daily. It has over 16,000 buses running on 17,000 routes with headquarters in Mumbai. The MSRTC provides various bus classes and offers discounts for students, seniors, and the disabled to promote ridership. It uses multiple promotion strategies including advertisements, sales promotions like passes and discounts, and a telephone helpline for reservations and inquiries.
Icici
The document discusses the 7 Ps of the marketing mix for services marketing using ICICI Bank in India as a case study. The 7 Ps include product, price, place, promotion, people, physical evidence, and process. For ICICI Bank, their products and services include banking, credit cards, demat services, mobile banking, and NRI services. Their pricing, locations of branches and ATMs, and types of promotional activities are also outlined. The document concludes that having strong presence across all 7 Ps is critical to the success of a service like ICICI Bank.
Indian Insurance Industry - Key Issues and Challenges - Part - 2
While a range of economic and financial reforms have helped the insurance sector grow, there remains a host of challenges which need to be addressed for harnessing the full potential of the sector:
Service life cycle
The document outlines the four stages of a service life cycle: introductory, growth, maturity, and decline. The introductory stage involves small-scale launches of new services with few competitors. The growth stage sees rapid industry expansion and emerging market segments. During maturity, sales level off amid intense competition. Finally, the decline stage is marked by falling sales and profits due to new technologies or decreased demand.
Branding , packaging decisions
This document discusses branding and packaging. It defines branding as identifying a producer's goods through a name, term, symbol or design to differentiate them from competitors. Branding involves affixing a trade name or brand to a product. Famous brands are mentioned as examples. Packaging is defined as using containers and wrapping materials to protect, promote and make products convenient for consumers. The purposes, objectives, factors affecting, and decisions regarding branding and packaging are outlined.
Marketing Financial Services
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Services marketing is a sub-field of marketing, The promotion of economic activities offered by a business to its clients. Service marketing might include the process of selling telecommunications, health treatment, financial, hospitality, car rental, air travel, and professional services.
Lic Ppt
- Life insurance first came to India from England in 1818, with the Oriental Life Insurance Company starting as the first life insurer.
- The Insurance Act of 1912 was passed to regulate the insurance business, requiring actuarial certification of premium rates and valuations.
- The LIC Act was passed in 1956 leading to the nationalization of the insurance industry and creation of LIC as a statutory body.
- Today, LIC dominates the Indian life insurance market as the largest insurer, though private players have gained significant share in recent years.
Service marketing mix
The marketing mix for services is extended beyond the traditional 4Ps of product, price, place and promotion. It also includes people, process and physical evidence. The service marketing mix considers how the organization designs the service, delivers it through processes, and provides tangible evidence to customers through physical surroundings and materials. It also focuses on the important role of employees and customers in service delivery.
Service marketing in banking
The document discusses marketing in the banking sector. It defines banks and their key roles in the economy. It outlines the types of banks in India including central banks, public sector banks, private sector banks, and cooperative banks. It then defines bank marketing as directing functions to satisfy customer financial needs more effectively than competitors while achieving bank objectives. The importance of marketing for banks to create, win, and retain customers through effective service is highlighted.
Physical evidence in services
Physical evidence in services includes the tangible components that customers interact with during service delivery, such as facilities, equipment, and materials. The environment where the service is delivered is called the "servicescape" and influences customer and employee behaviors. Servicescapes can be designed to facilitate service delivery, differentiate a provider in the market, and impact customer perceptions through qualities like ambience and cleanliness.
E services in service marketing
E-services, also called electronic services, are services that are produced, provided, and consumed digitally over the internet. Examples include e-commerce transactions, application hosting, online media like videos and music, website services, software services, e-books, online learning, and digital advertising. E-services have advantages like 24/7 availability, detailed product information, lower costs, and global reach, but also disadvantages such as worldwide competition, security and privacy issues, credit card fraud, and dependency on evolving technology.
MARKETING STRATEGY OF LIC
LIC was established in 1956 and is fully owned by the Government of India. It has a large market share and offers a wide range of insurance products. However, it is facing challenges in the southern region of India. To address this, LIC should increase the number of agents, offer higher commissions, and provide free health insurance to attract more customers aged 20-35 years old in the south.
7 ps strategies in hospital
1) The document discusses the 7 Ps marketing strategy of North Star Hospital, which includes product, place, promotion, price, people, process, and physical evidence.
2) It describes the hospital's facilities and services, as well as its pricing structure which includes super deluxe, private, cubical, and general classes.
3) The promotion strategies include both personal promotion through referrals and word of mouth, as well as impersonal promotion using print media, hoardings, and press releases.
Role of media in advertising
This document discusses various aspects of media used for advertising, including definitions of different types of media (e.g. television, radio, newspapers, magazines), goals of using media, categories of media, and advantages and disadvantages of different media types. It also covers topics like media mix, effective communication strategies, understanding audiences, and the five stages of consumer adoption process.
Promotion mix
The document discusses promotion mix and advertising. It defines promotion as communicating with consumers about a product's price, availability, and other attributes to influence purchase decisions. The promotion mix includes advertising, sales promotions, public relations, personal selling, and direct marketing. Advertising involves paid, non-personal communication to spread information about a product to potential customers. The objectives of advertising are to create demand, prepare for new products, face competition, and create or enhance goodwill. Types of advertising discussed include print, broadcast, outdoor, covert, and public service advertising. The advertising budget is the amount allocated for advertising activities.
Marketing of financial services: Market Mix for Mutual Funds
The document discusses the marketing mix strategies for mutual funds offered by ICICI Mutual Fund and HDFC Mutual Fund in India. It outlines the 7Ps of the marketing mix - Product, Price, Place, Promotion, Process, People, and Physical Evidence. For products, it lists the different types of equity, debt, hybrid and other funds offered. For price, it discusses brokerage fees and flexibility in SIP amounts. It describes direct and indirect distribution channels. Promotion strategies include advertisements and public relations. The processes for investing and customer service are also summarized.
Personal selling
Personal selling involves face-to-face communication between a seller and buyer with the goal of making a sale. It is one of the oldest forms of promotion. The personal selling process typically involves prospecting, pre-approach planning, the approach, presentation, handling objections, closing the sale, and follow-up. It is most useful for small businesses, concentrated markets, complex products, and those requiring demonstrations. Benefits include customized messaging, feedback, and building long-term relationships, though it also has higher costs than other promotional methods.
HDFC Life Insurance | Marketing of Services | 7 Ps of Services
Includes a precise representation of HDFC Life Insurance with respect to the services they provide.
Insurance marketing
Agents and brokers play a key role in selling most insurance policies today. Agents have the authority to bind insurers to policies, while brokers recommend products but do not have binding authority. Insurance marketing systems refer to the methods used to sell and market products, such as personal selling, financial institution distribution, direct response, and other systems like worksite and stock broker marketing. Major life insurance distribution systems include personal selling, financial institution, direct response, and other systems. Property and casualty insurers also use systems like independent agencies, exclusive agencies, direct writers, and multiple distributions. Group marketing is also used to sell individual policies to group members.
Sales promotion ppt
This document discusses sales promotion tools and techniques. It defines sales promotion as marketing activities used to boost sales of a product or service. Some key tools of sales promotion discussed are free samples, coupons, discounts, and premium offers for consumers, as well as cash bonuses, stock returns, and credit terms for trade. The document also covers push and pull promotional strategies, with push strategies taking the product directly to customers and pull strategies building customer demand through advertising. In conclusion, it states that sales promotion refers to non-recurring short-term sales activities beyond advertising and are growing in popularity due to quick returns and ability to change attitudes.
Marketing project topics
This document lists over 50 potential marketing project topics across various industries including luxury brands, retail, FMCG, financial services, consumer electronics, apparel, real estate, logistics, health and wellness, and agriculture. The topics focus on areas like branding, consumer behavior, distribution networks, promotional strategies, customer relationship management, and more. They provide opportunities to study marketing approaches, evaluate effectiveness, and analyze trends in different sectors.
7 P’S of Marketing of sbi bank
Product mix
Pricing mix
Place
Promotion mix
People
Process
Physical evidence
It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries and affiliates in the areas of investment banking, life and non life insurance, venture capital and asset management.
Currently, it has subsidiaries in the UK, Russia, Canada, branches in the US, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai international Finance Centre and representative offices in UAE, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia.
It’s equity shares are listed in India on BSE and NSE.
Promotional strategy in life insurance companies
The document provides information about life insurance policies and HDFC Standard Life Insurance Company. It discusses that life insurance protects against financial uncertainties from death or illness. HDFC Standard Life offers a range of individual and group insurance solutions. It provides details about HDFC's strengths, vision, values, major competitors and product profile which includes term plans, investment plans, and pension plans.
Insurance & strategies for promoting insurance product & services
This Ppt will give you all a Brief description of Insurance Sector its
Evolution, Services in Insurance Sector & Strategies for promoting Insurance products & Services in Market.
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Indian Insurance Industry - Key Issues and Challenges - Part - 2
While a range of economic and financial reforms have helped the insurance sector grow, there remains a host of challenges which need to be addressed for harnessing the full potential of the sector:
Service life cycle
The document outlines the four stages of a service life cycle: introductory, growth, maturity, and decline. The introductory stage involves small-scale launches of new services with few competitors. The growth stage sees rapid industry expansion and emerging market segments. During maturity, sales level off amid intense competition. Finally, the decline stage is marked by falling sales and profits due to new technologies or decreased demand.
Branding , packaging decisions
This document discusses branding and packaging. It defines branding as identifying a producer's goods through a name, term, symbol or design to differentiate them from competitors. Branding involves affixing a trade name or brand to a product. Famous brands are mentioned as examples. Packaging is defined as using containers and wrapping materials to protect, promote and make products convenient for consumers. The purposes, objectives, factors affecting, and decisions regarding branding and packaging are outlined.
Marketing Financial Services
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Services marketing is a sub-field of marketing, The promotion of economic activities offered by a business to its clients. Service marketing might include the process of selling telecommunications, health treatment, financial, hospitality, car rental, air travel, and professional services.
Lic Ppt
- Life insurance first came to India from England in 1818, with the Oriental Life Insurance Company starting as the first life insurer.
- The Insurance Act of 1912 was passed to regulate the insurance business, requiring actuarial certification of premium rates and valuations.
- The LIC Act was passed in 1956 leading to the nationalization of the insurance industry and creation of LIC as a statutory body.
- Today, LIC dominates the Indian life insurance market as the largest insurer, though private players have gained significant share in recent years.
Service marketing mix
The marketing mix for services is extended beyond the traditional 4Ps of product, price, place and promotion. It also includes people, process and physical evidence. The service marketing mix considers how the organization designs the service, delivers it through processes, and provides tangible evidence to customers through physical surroundings and materials. It also focuses on the important role of employees and customers in service delivery.
Service marketing in banking
The document discusses marketing in the banking sector. It defines banks and their key roles in the economy. It outlines the types of banks in India including central banks, public sector banks, private sector banks, and cooperative banks. It then defines bank marketing as directing functions to satisfy customer financial needs more effectively than competitors while achieving bank objectives. The importance of marketing for banks to create, win, and retain customers through effective service is highlighted.
Physical evidence in services
Physical evidence in services includes the tangible components that customers interact with during service delivery, such as facilities, equipment, and materials. The environment where the service is delivered is called the "servicescape" and influences customer and employee behaviors. Servicescapes can be designed to facilitate service delivery, differentiate a provider in the market, and impact customer perceptions through qualities like ambience and cleanliness.
E services in service marketing
E-services, also called electronic services, are services that are produced, provided, and consumed digitally over the internet. Examples include e-commerce transactions, application hosting, online media like videos and music, website services, software services, e-books, online learning, and digital advertising. E-services have advantages like 24/7 availability, detailed product information, lower costs, and global reach, but also disadvantages such as worldwide competition, security and privacy issues, credit card fraud, and dependency on evolving technology.
MARKETING STRATEGY OF LIC
LIC was established in 1956 and is fully owned by the Government of India. It has a large market share and offers a wide range of insurance products. However, it is facing challenges in the southern region of India. To address this, LIC should increase the number of agents, offer higher commissions, and provide free health insurance to attract more customers aged 20-35 years old in the south.
7 ps strategies in hospital
1) The document discusses the 7 Ps marketing strategy of North Star Hospital, which includes product, place, promotion, price, people, process, and physical evidence.
2) It describes the hospital's facilities and services, as well as its pricing structure which includes super deluxe, private, cubical, and general classes.
3) The promotion strategies include both personal promotion through referrals and word of mouth, as well as impersonal promotion using print media, hoardings, and press releases.
Role of media in advertising
This document discusses various aspects of media used for advertising, including definitions of different types of media (e.g. television, radio, newspapers, magazines), goals of using media, categories of media, and advantages and disadvantages of different media types. It also covers topics like media mix, effective communication strategies, understanding audiences, and the five stages of consumer adoption process.
Promotion mix
The document discusses promotion mix and advertising. It defines promotion as communicating with consumers about a product's price, availability, and other attributes to influence purchase decisions. The promotion mix includes advertising, sales promotions, public relations, personal selling, and direct marketing. Advertising involves paid, non-personal communication to spread information about a product to potential customers. The objectives of advertising are to create demand, prepare for new products, face competition, and create or enhance goodwill. Types of advertising discussed include print, broadcast, outdoor, covert, and public service advertising. The advertising budget is the amount allocated for advertising activities.
Marketing of financial services: Market Mix for Mutual Funds
The document discusses the marketing mix strategies for mutual funds offered by ICICI Mutual Fund and HDFC Mutual Fund in India. It outlines the 7Ps of the marketing mix - Product, Price, Place, Promotion, Process, People, and Physical Evidence. For products, it lists the different types of equity, debt, hybrid and other funds offered. For price, it discusses brokerage fees and flexibility in SIP amounts. It describes direct and indirect distribution channels. Promotion strategies include advertisements and public relations. The processes for investing and customer service are also summarized.
Personal selling
Personal selling involves face-to-face communication between a seller and buyer with the goal of making a sale. It is one of the oldest forms of promotion. The personal selling process typically involves prospecting, pre-approach planning, the approach, presentation, handling objections, closing the sale, and follow-up. It is most useful for small businesses, concentrated markets, complex products, and those requiring demonstrations. Benefits include customized messaging, feedback, and building long-term relationships, though it also has higher costs than other promotional methods.
HDFC Life Insurance | Marketing of Services | 7 Ps of Services
Includes a precise representation of HDFC Life Insurance with respect to the services they provide.
Insurance marketing
Agents and brokers play a key role in selling most insurance policies today. Agents have the authority to bind insurers to policies, while brokers recommend products but do not have binding authority. Insurance marketing systems refer to the methods used to sell and market products, such as personal selling, financial institution distribution, direct response, and other systems like worksite and stock broker marketing. Major life insurance distribution systems include personal selling, financial institution, direct response, and other systems. Property and casualty insurers also use systems like independent agencies, exclusive agencies, direct writers, and multiple distributions. Group marketing is also used to sell individual policies to group members.
Sales promotion ppt
This document discusses sales promotion tools and techniques. It defines sales promotion as marketing activities used to boost sales of a product or service. Some key tools of sales promotion discussed are free samples, coupons, discounts, and premium offers for consumers, as well as cash bonuses, stock returns, and credit terms for trade. The document also covers push and pull promotional strategies, with push strategies taking the product directly to customers and pull strategies building customer demand through advertising. In conclusion, it states that sales promotion refers to non-recurring short-term sales activities beyond advertising and are growing in popularity due to quick returns and ability to change attitudes.
Marketing project topics
This document lists over 50 potential marketing project topics across various industries including luxury brands, retail, FMCG, financial services, consumer electronics, apparel, real estate, logistics, health and wellness, and agriculture. The topics focus on areas like branding, consumer behavior, distribution networks, promotional strategies, customer relationship management, and more. They provide opportunities to study marketing approaches, evaluate effectiveness, and analyze trends in different sectors.
7 P’S of Marketing of sbi bank
Product mix
Pricing mix
Place
Promotion mix
People
Process
Physical evidence
It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries and affiliates in the areas of investment banking, life and non life insurance, venture capital and asset management.
Currently, it has subsidiaries in the UK, Russia, Canada, branches in the US, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai international Finance Centre and representative offices in UAE, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia.
It’s equity shares are listed in India on BSE and NSE.
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HDFC Life Insurance | Marketing of Services | 7 Ps of Services
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Promotional strategy in life insurance companies
The document provides information about life insurance policies and HDFC Standard Life Insurance Company. It discusses that life insurance protects against financial uncertainties from death or illness. HDFC Standard Life offers a range of individual and group insurance solutions. It provides details about HDFC's strengths, vision, values, major competitors and product profile which includes term plans, investment plans, and pension plans.
Insurance & strategies for promoting insurance product & services
This Ppt will give you all a Brief description of Insurance Sector its
Evolution, Services in Insurance Sector & Strategies for promoting Insurance products & Services in Market.
life insurance marketing
Life insurance is an agreement between a policy owner and insurer where the insurer pays a sum of money upon the insured's death or other event in exchange for regular payments. It originated in India in the 1870s with several companies, and the business was nationalized in 1956 with the Life Insurance Corporation of India established to take over around 250 existing insurers. The regulator oversees the industry to protect policyholders.
Insurance sector services
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.
FUNCTIONS OF INSURANCE
Insurance is defined both functionally and contractually. Functionally, it is a cooperative device to spread risk over multiple individuals exposed to the same risk. Contractually, it is an agreement where an insurer takes on the risk of a large loss in exchange for regular premium payments. The primary functions of insurance are providing protection from economic loss, collective risk bearing by sharing losses among policyholders, evaluating risks, and providing certainty. Secondary functions include preventing losses, covering larger risks with small capital contributions, and facilitating development of large industries. Insurance also serves as a savings/investment tool, earns foreign exchange, enables risk-free trade, and provides indemnification for unanticipated losses.
Insurance
This document discusses insurance, including its definition, history in Nepal, types of insurance, and effects on daily life. It begins by defining insurance as a legal contract between three parties that distributes risks by having the insurer assume the risk of loss in exchange for premiums from the insured. The document then covers the historical development of insurance in Nepal starting in 2004, describes the main types of insurance like life, marine, fire, and miscellaneous, and explains how insurance works by sharing losses among many. It concludes by discussing the positive effects insurance has on families, business, employment, the economy, and society by providing compensation against losses and encouraging risk-taking.
insurance sector ppt
1. The document discusses the history and development of the insurance sector in India. It traces insurance in India back to 1818 and discusses key developments like nationalization of insurance in 1956 and privatization in 1999.
2. The roles, types (life, general, health etc.), and major players (both public and private) of insurance are described. It also compares the market share and business of public sector giant LIC versus private insurers.
3. Benefits of insurance planning and investment opportunities in insurance are highlighted. Laws and regulations governing the insurance sector in India are also briefly outlined.
Ppt insurance ...
The Insurance Act of 1938 was the first legislation governing all forms of insurance in India and provided strict state control over the insurance business. It aimed to safeguard policyholder interests and establish norms for smoothly conducting the insurance business and minimizing disputes. Subsequent acts like the Insurance Regulatory and Development Authority Act of 1999 established regulatory authorities to further protect policyholders, regulate the industry, and ensure its orderly growth.
Types of Insurance
This document provides an overview of the many different types of insurance. It lists and describes several major categories of insurance including life insurance, home insurance, property insurance, auto insurance, and health insurance. Within each category, it outlines specific types of insurance such as term life, whole life, and annuities for life insurance or fire, flood, and earthquake insurance for property insurance. The document serves as an exhaustive reference for the various risks that can be insured against.
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This document discusses various aspects of services management. It begins by defining services and listing their key characteristics, such as being intangible and simultaneously produced and consumed. It then discusses how to measure service quality using five dimensions: reliability, responsiveness, assurance, empathy and tangibles. The role of a service operations manager is described as overseeing both production and marketing functions with a focus on customer experience. Various types of services available in modern markets are outlined. Methods for forecasting demand for services are explained, including subjective, causal and time series methods. Key concepts in marketing services effectively are discussed, including the marketing mix of product, price, place, promotion, people, evidence and process management. Medical transcription is presented as an example
Cost benefit analysis vs confidentiality
Cost-benefit analysis provides a framework to identify, quantify, and compare the costs and benefits of policy actions in dollar terms. There are four basic steps: 1) identify alternatives, 2) describe inputs/outputs, 3) estimate costs and benefits, and 4) compare. It helps managers understand impacts and identify most beneficial alternatives. While it simplifies complex concepts, limitations include difficulties valuing indirect impacts and benefits.
Bhari airtel ppt(ndim)
Bharti Airtel is a leading telecommunications services provider in India, with a 22.53% share of the mobile market. It has received several awards and high rankings for quality of service, innovative products, customer experience, and good workplace practices. Some key facts presented are that Bharti Airtel is currently the market leader in India's telecom sector, and it focuses on meeting customer needs through fresh, innovative approaches. The document also provides an overview of Bharti Airtel's performance, awards, market share, and rankings on various reports.
DoItForMe 2016 FINAL 2
This document provides an executive summary and business plan for "Do It For Me", an online platform that connects users who need tasks completed with users willing to complete those tasks. The summary outlines the company's goal of becoming a leading online platform in Spain, its target audiences of those needing tasks done and those seeking extra income, and its strategy of using a website and mobile apps. Key aspects of the operational, financial, and marketing plans are also overviewed, including conducting market research, identifying strengths, weaknesses, opportunities and threats, and providing a timeline.
A case study on etrade financial corporation uwsb
E*TRADE Financial Corporation is a financial services company founded in 1992 that provides brokerage services for stocks, options, futures, mutual funds, currencies, and bonds. It has faced issues with customer satisfaction and meeting expectations. Some customers had high expectations that the company could not meet with its available technology. Others struggled to use advanced services or incurred losses. Some were concerned about prices. To address this, the company redesigned services to be more convenient, conducted a promotional campaign, trained employees on new services and customer service, empowered employees to improve customer satisfaction, educated customers, and formed a team to direct corrective actions.
Cloud Enabled Transformation In Insurance
Immature capabilities and growing market disruptors are compelling insurers to act swiftly and become fully customer centric. According to the World Insurance Report 2015 less than 30% of customers are having positive customer experiences globally forcing Insurers to reinvent their ability to deliver positive customer experience across the entire customer journey.
Capgemini's ACEs (All Channel Experience) for Insurance is built on Salesforce the leading CRM platform to help insurers improve their core capabilities and enrich customer experiences regardless of customer channel or device preferences.
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InsurTech Accelerator - Problem statements!
InsurTech startups, we invite you to partner with Apollo Munich.
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Know Your Audience: The Evolution of Identity in a Consumer-Centric Marketplace
Identity solutions are emerging to help marketers address the growing complexity of recognizing audiences across numerous connected devices and touchpoints. These solutions involve ingesting disparate data sources, storing the data in centralized repositories, processing it to establish universal audience profiles, and then activating those profiles across various marketing use cases. However, identity remains a challenge as most marketers currently lack the tools, data, and expertise to accurately identify audiences consistently across all channels. Marketers indicate a need for help building business cases around identity solutions and guidance on how identity can support broader business objectives.
Insurance_Broker_White_Paper
The document discusses how brokers can leverage benefits marketplace platforms to grow their business and better serve clients in today's changing insurance landscape. It outlines how platforms allow brokers to expand offerings, reach new markets, and improve operations. Brokers are advised to carefully evaluate platforms using a set of questions provided to ensure proper fit and avoid potential pitfalls. When implemented correctly, a platform can help brokers differentiate themselves, enhance customer service, and take advantage of new opportunities in health insurance.
Insurance_Broker_White_Paper
The document discusses how brokers can leverage benefits marketplace platforms to grow their business in the changing insurance landscape. It notes that brokers' traditional role of reducing healthcare costs is changing, and they now need to embrace new technology to better serve clients. A benefits marketplace allows brokers to operate effectively, differentiate themselves, and establish as trusted advisors by offering a one-stop shop for clients to enroll in various benefits. The document provides questions brokers should ask to evaluate benefits marketplace platforms and ensure the platform aligns with their business strategy and doesn't compete with their client relationships.
intro to service marketing
The document provides an overview of services marketing by discussing several key points:
1. The service sector dominates developed economies, with most jobs and growth coming from services.
2. Services can be categorized into four groups based on their underlying processes: people processing, possession processing, mental stimulus processing, and information processing.
3. Marketing of services differs from goods in several ways, such as the intangible nature of services and customer involvement in production.
4. The marketing mix for services, known as the "7Ps", includes traditional elements as well as physical environment, process, and people. Managing the 7Ps requires collaboration between marketing, operations, and HR.
5 - Press - 3 - Wired for Speed Article
The document discusses how quickly transferring knowledge to customer-facing staff is becoming critical for businesses to gain competitive advantages. It notes that consumers now have more information and options than ever before, narrowing the differences between competing products. As a result, businesses need to equip their frontline staff with up-to-date knowledge to intelligently discuss products and services with consumers. However, most large organizations have multiple, complex training systems that are not easy for managers to use to quickly disseminate new information throughout their sales and service networks. The article argues that businesses need integrated, single systems that managers can easily use to both push out new knowledge and evaluate its impact.
Case study uwsb
This document provides information about E*Trade, an online brokerage firm. It discusses that E*Trade provides brokerage services for various markets and financial products. However, it is facing issues with customer satisfaction and meeting customer expectations. Some customers find the services difficult to use or are concerned about prices. The document proposes several recommendations to address these issues, including redesigning services to be more user-friendly, conducting promotional campaigns, training employees, empowering employees to improve customer service, educating customers, and forming a team to implement and evaluate the action plan.
There are ten guidelines with a broad coverage, ranging from develop.pdf
There are ten guidelines with a broad coverage, ranging from developing a strategic role for
information to the development of capabilities and the marketing of the information unit. There
is a considerable degree of overlap between these guidelines, since many of them support and
depend on each other. Mostly, they are guidelines for development, not maintaining the status
quo. Therefore it is essential that you should regularly devote at least 10% of your time to these
activities, and certainly more in the early stages.
1. Establishing the Strategic Role of Information
This is a two stage process: (1) a research and investigation phase that gives you the information
you need for (2) articulating your mission and strategy. The first phase requires an assessment of
the attitudes of senior management to information and how much they are willing to pay for it. I
recently asked the head of a market research unit how hard it was to justify their existence and
budget. He commented: \"that has not been a problem, ever since we spend hundreds of millions
of dollars on a new product and then lost market share to the Japanese\". This direct link between
a large strategic investment and the bottom line delivered a sharp lesson to senior management
on the value of competitor intelligence.
Some of the strategic decisions whose successful outcomes depend on the availability of good
information include:
Market selection and targeting
New investments
Location of factories and offices
New product development and launch
Pricing and Promotion
Find out how these decisions are made, what information is used, and from where it is sourced.
You may already have data from feedback on how the information you have supplied has helped
such processes (if not, you should get it!). Has your organisation recently had successes or
failures that could be directly attributed to good or bad information? From these investigations
you can determine areas of high information leverage where you could play a role. Identify the
linkages between information and results. This should then be a cornerstone of your strategy.
Use every opportunity to let people, especially senior managers, know about it.
2. Identify Users Real Needs
This is the first of the marketing guidelines. It is essentially about market research. Therefore use
the methods used by researchers - surveys, interviews, usage analysis. You already have users.
Find out how they use your output and again what results and benefits they achieve. One
particularly useful way of teasing this out (used, by the way, to justify office automation
systems) is to ask what would happen if you did not offer that service.
Getting to senior management users and non-users is an important strand of this activity. You
must also learn about their real needs, not the ones they may initially express. Some of these may
be psychological needs such as \"I want to impress our senior management team with the range
of authoritative information I have .
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Know Your Audience: The Evolution of Identity in a Consumer-Centric Marketplace
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There are ten guidelines with a broad coverage, ranging from develop.pdf
There are ten guidelines with a broad coverage, ranging from develop.pdf
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The global retail industry has weathered numerous storms, with the financial crisis of 2008 serving as a poignant reminder of the sector's resilience and adaptability. However, as we navigate the complex landscape of 2024, retailers face a unique set of challenges that demand innovative strategies and a fundamental shift in mindset. This white paper contrasts the impact of the 2008 recession on the retail sector with the current headwinds retailers are grappling with, while offering a comprehensive roadmap for success in this new paradigm.
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Marketing Mix In Insurance Sector
- 1. PRESENTED BY:- AWNEESH CHAUHAN & LALMANI TRIPATHI Marketing Mix In Insurance Sector
- 2. 1.PRODUCT
- 3. 2.PRICE Morality – Death In A Particular Area. Interest Rate – Should Be Higher Comparison other investment. Expenses –Cost Of Processing, Agent Commission, Incentives.
- 4. 3. PLACE This component of the marketing mix is related to two important facets – Managing The Insurance Personnel Locating A Branch. – factors – accessibility, availability, safety, civic amenities and facilities, parking facilities.
- 5. 4.PROMOTION Advertising through above the line media & below line. Social Media- facebook, Orkut, twetter etc. Incentive To Policyholders Publicity Word - Of - Mouth
- 6. 5.PEOPLE Strong relationships with intermediaries. Use Of IT For Efficiency. Training & development both at the staff and agent level.
- 7. 6. PROCESS The process should be customer friendly . The speed and accuracy of payment is of great importance. The processing method should be easy and convenient to the customers. IT will help in servicing large no. of customers efficiently and bring down overheads.
- 8. 7. PHYSICAL EVIDENCE Physical evidence refers the total layout of office. Uses various intermediaries-UK, retailer like Marks & Spencer sells insurance products & RCM in India. used remote distribution channels such as telephone or internet so as to reach more customer. Ex- is UK insurer Direct Line. It relied on telephone sales and low pricing.