How Would You Use Various Forms of Media in Spreading Insurance Awareness Introduction

An individual is exposed to various risks in daily life. Life insurance and general insurance companies offer a variety of products covering different types of risks. Not only is there a dearth of knowledge about these but also most individuals are not aware of the value that insurance, as an option, could add to their lives. While affordability and the place of insurance in the list of an individuals priority in this context are important questions, quite a few are uninsured purely due to lack of awareness about insurance as a protection tool and details about the types of insurances that are possible. Both insurance penetration and density have increased significantly over the years, especially with the opening up of the insurance industry to the private sector. However, the increase has been marginal as far as the non-life insurance sector is concerned.

Need for Insurance Awareness

It is observed that well informed and well educated customers can create economic ripples. They make better financial decisions for themselves and their families, increasing their economic security and well-being. Secured families are more involved in their communities as home owners and voters. They are more involved as parents with their childrens schools and teachers, enabling better educational and economic outcomes for their children. They contribute to vital, thriving communities, further fostering community economic

development. Thus, being financially literate is not only important to the individual household and family, it is also important to communities and societies. (Hogarth, Jeanne M.,2006). Insurance companies can also address the

problem of financial illiteracy of consumers by educating them.

Media Dominant tool to generate awareness

Media refers to Communication channels through which news, entertainment, education, data, or promotional messages are

Training programs for fire safety (schools, colleges) (fire marshals) Road safety awareness weeks Advertising in clinics, hospitals Medical camps Lobbying (Motor dealers)

Rural
Awareness seminars & camps Gram Panchayat (educates people in a way they can understand) NGO programs

disseminated.

Various Forms of Media

Media includes every broadcasting and

Current Scenario

narrowcasting medium such as newspapers, magazines, TV, radio, billboards, direct mail, telephone, fax, and internet.

Role of media in improving Awareness

Spreading Social Awareness Nation Building Generating AIDA (Attention, interest, desire, action) Promote Businesses

Steps to Increase Insurance Awareness

Urban
Eye catching advertisements Sponsor awareness programs on news channels (high penetration) Blood Donation camps (Awareness of Health Insurance) Contacting trade Unions for educating workrs (Workmens compensation) Social Networking sites Customer care department can answer to queries Referral programs for existing employees

Conclusion
Doordarshan should be used for advertising in rural areas. Importance of customer relationship management needs to be emphasized to workforce. TV Shows with high TRPs should be used for increasing awareness about insurance products.