Professional Documents
Culture Documents
1
Marketing of Insurance Products
Project on
University of Mumbai
MULUND - EAST
Mumbai- 81
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Marketing of Insurance Products
DECLARATION
Date:
Saily Pillewar
Roll No-B025
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Marketing of Insurance Products
ACKNOWLEDGEMENT
Last but not the least, I would like to thank almighty God, my
parents, and my friends who helped me gather these data and have
sat with me for hours discussing about the project.
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Marketing of Insurance Products
Index
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MarketingChp
of Insurance Products
Topic Pg no
No
INSURANCE
1 1.2
Insurance
History of Insurance 1-22
1.3 Concept of Insurance
1.4 Overview of Insurance
1.5 Principles of Insurance
Marketing of Insurance
2 strategies
23-39
2.3 Meaning & Definition of
marketing
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Objectives
Limitations
Scope
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Marketing of Insurance Products
Methodology of study
Secondary source-
Secondary data for the project has been gathered from various
Marketing & Insurance books and internet.
Period
The period of study was from 22nd February to 3rd March 2011.
Executive summary
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Marketing of Insurance Products
Insurance is a financial service for collecting the savings of the public and
providing them with the risk coverage. The main function of insurance is to
provide against the possible chance of generating losses. It eliminates worries
and miseries of losses by destruction of property and death. It also provides
capital to the society as the funds accumulated are invested in the productive
heads.
Insurance comes under the service sector and while marketing this service,
due care is to be taken in quality product and customer satisfaction. While
marketing the services, it is also pertinent that they think about the innovative
promotional measures. It is not sufficient that you perform well but it is also
important that you let other know about the quality of your positive
contribution.
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Marketing of Insurance Products
The creativity in the promotional measures is the need of the hour. The
advertisement, public relations, word of mouth communication needs due
care and personal selling requires intensive care.
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Marketing of Insurance Products
Chapter 1
INSURANCE
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1.1
Definition
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Marketing of Insurance Products
This instrument is used for managing the possible risks of the future.
Insurance is bought in order to hedge the possible risks of the future which may
or may not take place. This is a mode of financially insuring that if such a
incident happens then the loss does not affect the present well-being of the
person or the property insured. Thus, through insurance, a person buys security
and protection.
A simple example will make the meaning of insurance easy to understand. A
biker is always subjected to the risk of head injury. But it is not certain that the
accident causing him the head injury would definitely occur. Still, people riding
bikes cover their heads with helmets. This helmet in such cases acts as
insurance by protecting him/her from any possible danger. The price paid was
the possible inconvenience or act of wearing the helmet; this i.e. equivalent to
the insurance premiums paid.
Though loss of life or injuries incurred cannot be measured in financial terms,
insurance attempts to quantify such losses financially. Insurance can be defined
as the process of reimbursing or protecting a person from contingent risk of
losses through financial means, in return for relatively small, regular payments
to the insuring body or insurance company.
Insurance can range from life to medical to general (residential, commercial
property, natural incidents, burglary, etc)
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Life Insurance:
It insures the life of the person buying the Life Insurance Certificate. Once a
Life Insurance is sold by a company then the company remains legally entitled
to make payment to the beneficiary after the death of the policy holder.
Medical Insurance :
This is also known as mediclaim. Here, the policy holder is entitled to receive
the amount spent for his health purposes from the insurance company.
General Insurance: :
This insurance type involves insuring the risks associated with the general life
such as automobiles, business related, natural incidents, commercial and
residential properties, etc.
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Marketing of Insurance Products
1.2
History of insurance
Refers to the development of a modern laws and market in insurance against
risks. In some sense we can say that insurance appears simultaneously with the
appearance of human society. We know of two types of economies in human
societies: money economies (with markets, money, financial instruments and so
on) and non-money or natural economies (without money, markets, financial
instruments and so on). The second type has been used much longer than the
first. In such an economy and community, we can see insurance in the form of
people helping each other. For example, if a house burns down, the members of
the community help build a new one. Should the same thing happen to one's
neighbour, the other neighbors must help. Otherwise, neighbours will not
receive help in the future.
Turning to insurance in the modern sense (i.e., insurance in a modern money
economy, in which insurance is part of the financial sphere), early methods of
transferring or distributing risk were practiced
by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia
BC, respectively. Chinese merchants travelling treacherous river rapids would
redistribute their wares across many vessels to limit the loss due to any single
vessel's capsizing. The Babylonians developed a system which was recorded in
the famous Code of Hammurabi, c. 1750 BC, and practiced by
early Mediterranean sailing merchants. If a merchant received a loan to fund his
shipment, he would pay the lender an additional sum in
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Exchange for the lender's guarantee to cancel the loan should the shipment be
stolen.
Achaemenian monarchs were the first to insure their people and made it official
by registering the insuring process in governmental notary offices. The
insurance tradition was performed each year in Nowruz (beginning of the
Iranian New Year); the heads of different ethnic groups as well as others willing
to take part, presented gifts to the monarch. The most important gift was
presented during a special ceremony. When a gift was worth more than 10,000
Derrik (Achaemenian gold coin) the issue was registered in a special office.
This was advantageous to those who presented such special gifts. For others,
the presents were fairly assessed by the confidants of the court. Then the
assessment was registered in special offices.
The purpose of registering was that whenever the person who presented the gift
registered by the court was in trouble, the monarch and the court would help
him. Jahez, a historian and writer, writes in one of his books on ancient Iran:
"whenever the owner of the present is in trouble or wants to construct a
building, set up a feast, have his children married, etc. the one in charge of this
in the court would check the registration. If the registered amount exceeded
10,000 Derrik, he or she would receive an amount of twice as much."
A thousand years later, the inhabitants of Rhodes created the 'general average',
which allowed groups of merchants to pay to insure their goods being shipped
together. The collected premiums would be used to reimburse any merchant
whose goods were jettisoned during transport, whether to storm or sink age.
The ancient Athenian "maritime loan" advanced money for voyages with
repayment being cancelled if the ship was lost. In the 4th century BC, rates for
the loans differed according to safe or dangerous times of year, implying an
intuitive pricing of risk with an effect similar to insurance.
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Marine and other specialist types of insurance, but it works rather differently
than the more familiar kinds of insurance.
Insurance as we know it today can be traced to the Great Fire of London, which
in 1666 devoured 13,200 houses. In the aftermath of this disaster, Nicholas
Barbon opened an office to insure buildings. In 1680, he established England's
first fire insurance company, "The Fire Office," to insure brick and frame
homes.
The concept of health insurance was proposed in 1694 by Hugh the Elder
Chamberlen from the Peter Chamberlen family. In the late 19th century,
"accident insurance" began to be available, which operated much like
modern disability insurance. This payment model continued until the start of the
20th century in some jurisdictions (like California), where all laws regulating
health insurance actually referred to disability insurance.
The first insurance company in the United States underwrote fire insurance and
was formed in Charles Town (modern-day Charleston), South Carolina in 1732,
but it provided only fire insurance.
Industrial revolution
Benjamin Franklin helped to popularize and make standard the practice of
insurance, particularly against fire in the form of perpetual insurance. In 1752,
he founded the Philadelphia Contribution ship for the Insurance of Houses from
Loss by Fire. Franklin's company was the first to make contributions toward
fire prevention. Not only did his company warn against certain fire hazards, it
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refused to insure certain buildings where the risk of fire was too great, such as
all wooden houses.
The sale of life insurance in the U.S. began in the late 1760s.
The Presbyterian Synods in Philadelphia and New York founded the
Corporation for Relief of Poor and Distressed Widows and Children of
Presbyterian Ministers in 1759; Episcopalian priests created a comparable relief
fund in 1769. Between 1787 and 1837 more than two dozen life insurance
companies were started, but fewer than half a dozen survived.
Prior to the American Civil War, many insurance companies in the United
States insured the lives of slaves for their owners. In response to bills passed
in California in 2001 and in Illinois in 2003, the companies have been required
to search their records for such policies. New York Life for example reported
that Nautilus sold 485 slaveholder life insurance policies during a two-year
period in the 1840s; they added that their trustees voted to end the sale of such
policies 15 years before the Emancipation Proclamation.
Insurance is essentially a hedge against misfortune, in modern usage. In the
20th century ‘insurance’ was also used as a form or extortion, most notably
used by organized crime as a means of generating tax free income and to
control businesses, populations, and politics, usually on a local level.
In the USA, until the passage of the Social Security Act, the federal government
had never mandated any form of insurance upon the nation as a whole, but this
program expanded the concept and acceptance of insurance as a means to
achieve individual financial security that might not otherwise be available. That
expansion experienced its first boom market immediately after the Second
World War with the original VA Home Loan programs that greatly expanded
the idea that affordable housing for veterans was a benefit of having served.
The mortgages that were underwritten by the federal government during this
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Because the plan only covered members' expenses at a single hospital, it is also
the forerunner of today's health maintenance organizations (HMOs).
Employer-sponsored health insurance plans dramatically expanded as a result of
wage controls during World War II. The labor market was tight because of the
increased demand for goods and decreased supply of workers during the war.
Federally imposed wage and price controls prohibited manufacturers and other
employers raising wages high enough to attract sufficient workers. When
the War Labor Board declared that fringe benefits, such as sick leave and health
insurance, did not count as wages for the purpose of wage controls, employers
responded with significantly increased benefits.
Employer-sponsored health insurance was considered taxable income until
1954.
In the United States, regulation of the insurance industry is highly Balkanized,
with primary responsibility assumed by individual state insurance departments.
Whereas insurance markets have become centralized nationally and
internationally, state insurance commissioners operate individually, though at
times in concert through a national insurance commissioners' organization. In
recent years, some have called for a dual state and federal regulatory system for
insurance similar to that which oversees state banks and national banks.
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1.3
Concept of Insurance
The functions of Insurance will give you an idea on how to go ahead with the
approach of insurance and what type of insurance to choose. In a layman's
words, insurance means, ‘a guard against pecuniary loss arising on the
happening of an unforeseen event’. In developing economies, the insurance
sector still holds a lot of potential which can be tapped. Majority of the people
in the developing countries remains unaware of the functions and benefits of
insurance and it is for this reason that the insurance sector is still to grow.
Tangible or intangible – an individual can insure anything! Be it a house, car,
factory, or the voice of a singer, leg of a footballer, and the hand of an
author.....etc. It is possible to insure all these as they have the possibility of
becoming non functional by any disaster or an accident.
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Evaluating risk –
Insurance fixes the likely volume of risk by assessing diverse factors that
give rise to risk. Risk is the basis for ascertaining the premium rate as
well.
Provide Certainty
Insurance is a device, which assists in changing uncertainty to certainty.
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1.4
OVERVIEW of INSURANCE :
The economic reforms undertaken in the last 15 years have brought about a
considerable improvement in the health of banks and financial institutions in
India. The banking sector is a very important sector of the Indian economy.
The sector has made a marked improvement in the liberalization period.
There has been extraordinary progress in the financial health of the
commercial banks with respect to capital adequacy, profitability, and asset
quality and risk management. Deregulation has opened new doors for banks
to increase revenues by entering into investment banking, insurance, credit
cards, depository services, mortgage, securitization, etc.
The limit for foreign direct investment in private banks has been increased
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from 49% to 74%. In addition, the limit for foreign institutional investment
in private banks is 49%. Liberalization and globalization have created a more
challenging environment in the banking sector as well as in the other
segments of the financial sector such as mutual funds, Non Banking Finance
Companies, post offices, capital markets, venture capitalists, etc. Now the
challenges faced by the sector would be gaining profitability, reinforcing
technology, maintaining global standards, corporate governance, sharpening
skills, risk management and, the most important of all, to establish 'Customer
Intimacy'.
The insurance business is one of the most rapidly growing areas in the
financial sector. As an economy grows over the years, insurance sector
intensifies and broadens its reach. Every practical and futuristic individual
would want himself, his family and his assets to be insured. Insurance deals
mainly with life and general insurance. India has a large insurance market
commensurate with its population. The IRDA Act 1999 (Insurance
Regulatory and Development Authority of India Act) has given new
opportunities to private players to enter into the market on the fulfillment of
certain prerequisites. The IRDA is the licensing authority in the sector; the
current FDI cap/Equity in the sector stands at 26 percent. There is no doubt
the challenges ahead will become tougher with more companies competing
both in general and life Insurance. Also mortgage insurance will soon be
coming into the industry. New players have contributed to the launch of
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Major foreign players have entered the country and announced joint
ventures in both life and non-life areas. These include New York Life,
Aviva, Tokio Marine, Allianz, Standard Life, Lombard General, AIG, AMP
and Sun Life among others.
Commercial banks are coming up with more and more vacancies, and the
banking sector now has more new jobs than any other sector. Right from the
branch level to the highest level, there is tremendous range of opportunities
available in the sector. Jobs in this sector can be both rewarding and
enjoyable, as you get opportunities to learn about business, interact with
people and build up clientele. The same is the case with insurance, as it is the
fastest growing industry under the financial sector. Both government and
private players are currently offering a plenty of jobs in this sector. So, this is
great news for you if you are thinking to go into the banking & insurance
streams.
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1.5
Insurance Principles
Main principles of Insurance:
Utmost good faith
Indemnity
Subrogation
Contribution
Insurable Interest
Proximate Cause
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and on what terms. The duty to disclose operates at the time of inception,
at renewal and at any point mid term.
2. Indemnity
On the happening of an event insured against, the Insured will be placed
in the same monetary position that he/she occupied immediately before
the event taking place. In the event of a claim the insured must:
Prove that the event occurred
Prove that a monetary loss has occurred
Transfer any rights which he/she may have for recovery from
another source to the Insurer, if he/she has been fully indemnified.
3. Subrogation
The right of an insurer which has paid a claim under a policy to step into
the shoes of the insured so as to exercise in his name all rights he might
have with regard to the recovery of the loss which was the subject of the
relevant claim paid under the policy up to the amount of that paid claim.
The insurer’s subrogation rights may be qualified in the policy.
In the context of insurance subrogation is a feature of the principle of
indemnity and therefore only applies to contracts of indemnity so that it
does not apply to life assurance or personal accident policies. It is
intended to prevent an insured recovering more than the indemnity he
receives under his insurance (where that represents the full amount of his
loss) and enables his insurer to recover or reduce its loss.
4. Contribution
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5. Insurable Interest
If an insured wishes to enforce a contract of insurance before the Courts
he must have an insurable interest in the subject matter of the insurance,
which is to say that he stands to benefit from its preservation and will
suffer from its loss.
6. Proximate Cause
An insurer will only be liable to pay a claim under an insurance contract
if the loss that gives rise to the claim was proximately caused by an
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insured peril. This means that the loss must be directly attributed to an
insured peril without any break in the chain of causation.
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CHAPTER 2
MARKETING OF INSURANCE
AN INTRODUCTION
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2.1
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Television ads and print ads are excellent forms of insurance marketing.
However the downside is that both can be very expensive. You may go way
beyond your budget if you decide to use either one of these methods. However
if you can afford it then your best course of action is to either consult with an
external advertising agency or hire one to help you develop a campaign that is
conducive to what you need most. Your goal of course is to gain exposure and
to increase your sales.
If you decide that print ads would suit your style and your budget just fine then
colored ads are the most expensive to produce but can be very appealing to the
eye. You can also choose a “reverse type” for your advertisements. Think back
to what black and white television looked like. The ad would have white
lettering on a stark black background. The black background sets off the
lettering and gives it that catchy effect.
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2.2
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Definition
The management process through which goods and
services move from concept to the customer. As a practice, it consists
in coordination of four elements called 4P's: 1) Identification, selection,
and development of a product,
2) Determination of its price,
3) Selection of a distribution channel to reach the customer's place, and
4) Development and implementation of a promotional strategy.
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2.3
The Insurance Regulatory Development Act, 1999 (IRDA Act) allowed the
entry of private companies in the insurance sector, which was so far the sole
prerogative of the public sector insurance companies. The act was passed to
protect the concerns of holders of insurance policy and also to govern and check
the growth of the insurance sector. This new act allowed the private insurance
companies to function in India under the following circumstances:
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2.4
Types of insurance
What you should know about the various types of insurance policies before
getting insured. All policies are not the same. Some give coverage for your
lifetime and others cover you for a specific number of years. Here is a
snapshot of the types of policies and what they offer.
Term Insurance
Term insurance covers you for a term of one or more years. It pays a death
benefit only if the policy holder dies during the period the insurance is in
force. Term insurance generally offers the cheapest form of life insurance.
You can renew most term insurance policies for one or more terms even if
your health condition has changed.
However, each time you renew the policy for a new term, premiums may
climb higher, just like a rent agreement every time you renew the lease. This
policy is particularly useful to cover any outstanding debt in the form of a
mortgage, home loan, etc.
For example if you have taken a loan of Rs10 lakhs, you will have an option
of taking an insurance to protect the loan in case of passing away before the
debt is repaid.
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Whole life insurance covers you for as long as you live if your premiums are
paid. You generally pay the same premium amount throughout your lifetime.
Some whole life policies let you pay premiums for a shorter period such as 15,
20 or 25 years. Premiums for these policies are higher since the premium
payments are made during a shorter period. There are options in the market to
have a return of premium option in a whole life policy. That means after a
certain age of paying premiums, the life insurance company will pay back the
premium to the life assured but the coverage will continue.
The money back plan not only covers your life, it also assures you the return
of a certain per cent of the sum assured as cash payment at regular intervals. It
is a savings plan with the added advantage of life cover and regular cash
inflow. This plan is ideal for planning special moments like a wedding, your
child's education or purchase of an asset, etc. Money back plan have
"participating" and "non participating" versions in the market.
Endowment Assurance
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the term of the policy namely you can choose the term from five to 30 years.
There are products in the market that offer non participating (no profits)
version, the premiums for which are cheaper.
Universal Life
This is a flexible life insurance policy and is also market sensitive. You decide
on the several investment options on how your net premium are to be invested.
While the money invested has the potential for significant growth, such funds
are subject to market risks including the loss of the principal.
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your policy over and above what the policy may provide. However,
these additions come at an extra premium charge depending of the rider
you opt for. These riders cannot be bought separately and
independently. The extra premium, nature and characteristics of the
riders are based on the base policy that is offered.
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2.5
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3. Companies that offered whole and term life insurance began offering
"market-sensitive" products in an effort to expand product portfolios, according
to Price Waterhouse Coopers. This gave policyholders competitive returns and
gave
Insurance companies an edge in the financial service market. Consequently,
reserve calculations are subjective, more complex and the investment portfolios
require more attention in order to manage them so returns and cash flow align
with future liabilities. Market sensitive products that involve long- and short-
term investments for companies that sell life insurance are seeing low returns.
As a result, insurance companies need to look at other avenues to ensure
solvency and increase retention efforts.
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2.6
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companies as a way of cushioning eventualities. This only means the risks are
spread and part of
them is managed by the reinsurance firms to ensure the insurer's survival in the
case of huge claims.
There are a number of risks that insurance companies face but the largest and
most obvious of these are the risk for underwriting losses. When a policy holder
claims coverage that is worth more than the amount that he has been paid for
the policy, an underwriting loss occurs. When underwriting losses balloon, they
could actually cause the company to be unstable or worse, dissolved.
Although insurance companies may feel like heroes for saving people from
covered expenses, they are not to be taken in the wrong context. Before the
service aspect is still the fact that insurers are around for business reasons, that
is, to make money. Therefore, people should understand why laxity is jut not
possible when these providers categorize insurable and non-insurable
individuals. It must be understood that careless management of risks could well
cost an insurance company its survival.
If you're considering getting insurance and would like to inquire about the
possibilities, a Missouri insurance agent could tell you more about Self-Funded
Medical Plans, Group Life and Disability and other options you may explore.
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Chapter 3
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3.1
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Product
It must provide value to a customer but does not have to be tangible at
the same time. Basically, it involves introducing new products or
improvising the existing products.
Price
Pricing must be competitive and must entail profit. The pricing strategy
can comprise discounts, offers and the like.
Place
It refers to the place where the customers can buy the product and how
the product reaches out to that place. This is done through different
channels, like Internet, wholesalers and retailers.
Promotion
It includes the various ways of communicating to the customers of what
the company has to offer. It is about communicating about the benefits of
using a particular product or service rather than just talking about its
features.
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People
People refer to the customers, employees, management and everybody
else involved in it. It is essential for everyone to realize that the
reputation of the brand that you are involved with is in the people's
hands.
Process
It refers to the methods and process of providing a service and is hence
essential to have a thorough knowledge on whether the services are
helpful to the customers, if they are provided in time, if the customers are
informed in hand about the services and many such things.
Physical (evidence)
It refers to the experience of using a product or service. When a service
goes out to the customer, it is essential that you help him see what he is
buying or not. For example- brochures, pamphlets etc serve this purpose.
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3.2
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Now, when I write insurance marketing tips, I'm constantly looking for the
edge, the out - the hook. What makes this product work for the reader and
prospective buyer?
To answer that question, I start with doing some research on Google, and look
for page ranks for specific permutations of insurance buying search terms, like
"cheap health insurance" or "cheap life insurance" or "auto insurance Michigan"
- anything that will help narrow down the search fields. Then I look at what
others are doing on those pages that pull up. It is extremely important to
understand what your competitors are doing. It helps you keep track of market
trends and makes sure you keep your edge.
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Chapter 4
Case study
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Case study
History
The Oriental Life Insurance Company, the first corporate entity in India
offering life insurance coverage, was established in Calcutta in 1818 by Bipin
Bernard Dasgupta and others. Europeans in India were its primary target
market, and it charged Indians heftier premiums. The Bombay Mutual Life
Assurance Society, formed in 1870, was the first native insurance provider.
Other insurance companies established in the pre-independence era included,
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The first 150 years were marked mostly by turbulent economic conditions. It
witnessed, India's First War of Independence, adverse effects of the World War
I and World War II on the economy of India, and in between them the period of
world wide economic crises triggered by the Great depression. The first half of
the 20th century also saw a heightened struggle for India's independence. The
aggregate effect of these events led to a high rate
of bankruptcies and liquidation of life insurance companies in India. This had
adversely affected the faith of the general public in the utility of obtaining life
cover.
The Life Insurance Act and the Provident Fund Act were passed in 1912,
providing the first regulatory mechanisms in the Life Insurance industry. The
Indian Insurance Companies Act of 1928 authorized the government to obtain
statistical information from companies operating in both life and non-life
insurance areas. The subsequent Insurance Act of 1938 brought stricter state
control over an industry that had seen several financially unsound ventures fail.
A bill was also introduced in the Legislative Assembly in 1944 to nationalize
the insurance industry.
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Nationalization
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The Corporation, which started its business with around 300 offices, 5.6 million
policies and a corpus of INR 459 million (US$ 92 million as per the 1959
exchange rate of roughly Rs. 5 for a US $ , has grown to 25000 servicing
around 180 million policies and a corpus of over 8 trillion (US$173.6 billion).
The recent Economic Times Brand Equity Survey rated LIC as the No. 1
Service Brand of the Country. The slogan of LIC is "Zindagi ke saath bhi,
Zindagi ke baad bhi"in Hindi. In English it means "with life also, after life
also’’.
According to The Brand Trust Report 2011, LIC is the 8th most trusted brand of
India.
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1818: 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.
1928: The Indian Insurance Companies Act enacted to enable the government
to collect statistical information about both life and non-life insurance
businesses.
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 crores from the
Government of India.
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The General insurance business in India, on the other hand, can trace its roots to
the Triton Insurance Company Ltd., the first general insurance company
established in the year 1850 in Calcutta by the British.
1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact
all classes of general insurance business.
1968: The Insurance Act amended to regulate investments and set minimum
solvency margins and the Tariff Advisory Committee set up.
107 insurers amalgamated and grouped into four companies’ viz. the National
Insurance Company Ltd., the New India Assurance Company Ltd., the
Oriental Insurance Company Ltd. and the United India Insurance Company
Ltd. GIC incorporated as a company.
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Objectives of LIC
Spread Life Insurance widely and in particular to the rural areas and to
the socially and economically backward classes with a view to reaching
all insurable persons in the country and providing them adequate
financial cover against death at a reasonable cost.
Maximize mobilization of people's savings by making insurance-linked
savings adequately attractive.
Bear in mind, in the investment of funds, the primary obligation to its
policyholders, whose money it holds in trust, without losing sight of the
interest of the community as a whole; the funds to be deployed to the
best advantage of the investors as well as the community as a whole,
keeping in view national priorities and obligations of attractive return.
Conduct business with utmost economy and with the full realization that
the moneys belong to the policyholders.
Act as trustees of the insured public in their individual and collective
capacities.
Meet the various life insurance needs of the community that would arise
in the changing social and economic environment.
Involve all people working in the Corporation to the best of their
capability in furthering the interests of the insured public by providing
efficient service with courtesy.
Promote amongst all agents and employees of the Corporation a sense
of participation, pride and job satisfaction through discharge of their
duties with dedication towards achievement of Corporate Objective.
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Marketing of Insurance Products
Mission
"Explore and enhance the quality of life of people through financial security by
providing products and services of aspired attributes with competitive returns,
and by rendering resources for economic development."
Vision
"A trans-nationally competitive financial conglomerate of significance to
societies and Pride of India."
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Marketing of Insurance Products
Chapter 5
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Marketing of Insurance Products
There are many aids of marketing of products but the challenges are also there.
The external environment of insurance market changes time to time, the
customer expectations are increased, they need good technology services at
quick.
The government policy changes and low productivity and high cost of agency
organization, Illiteracy of people many challenges, by giving high technology
services to the customer, giving special training to the agents so that they can
convince the customers in rural areas.
The marketing of insurance really helps the companies and customers to know
what type of insurance are in the market.
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Marketing of Insurance Products
BIBLIOGRAPHY
WEBLIOGRAPHY
WWW.GOOGLE.COM
WWW.WIKIPEDIA.COM
WWW.licindia.in
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