MARKETING STRATEGIES OF INSURANCE COMPANIES IN US, UK, INDIA ETC

FOCUS ON 7PS OF MARKETING OF MARKETING MIX

US
1. American International Group (AIG)- Market Value: $172.24 billion 2. MetLife- Market Value: $37.94 billion 3. Prudential Financial- Market Value: $39.70 billion WEB ANALYTICS, CAMPAIGN ANALYTICS
Bancassurance will facilitate mass selling of insurance products through banks. Banks can act as large financial supermarkets.

INDIA 1. Life Insurance Corporation of India 2. Bajaj Allianz General Insurance 3. ICICI Prudential Life Insurance 4. SBI Life Insurance
ATTRACTING RURAL POPULATION-rural insurance schemes---The rural co-operative credit institutions could also be an important channel for distributing insurance products in rural areas.

POSTAL INSURANCE COMPANY BASED INSURANCE SCHEMES

After opening up of the insurance sector, LIC of India devised new marketing strategies to raise customer satisfaction, introduced many new schemes and products backed by publicity campaigns, standards were established in respect of general procedures, policy servicing customer interaction and fairness in dealing with customers and more stress is given on speedy claim settlements. Insurance companies can differentiate themselves in the areas of product, customer service, distribution channels, promotion, brand building

Product Differentiation: In case of product differentiation, new products, customized products, tailored products, bundled products can be introduced and new target segments can be identified. For example, life, health and personal accident insurance can be bundled together. Similarly Home Loan and insurance covering fire and burglary can be put together. The LIC of India provides only packaged policies whereas new players have been providing several Riders. Customer Service: In case of customer service more than e-sales, e-servicing needs to be developed by the insurance companies. Ease in the payment of premiums through credit cards or Internet, will save the time of the customers. Similarly the claim settlement procedures need to be simplified. Training of agents and customer relationship management will take the insurance companies a long way in this regard. Online personal information will greatly improve the customer service. In case of life insurance, owing to the long-term nature of contracts, the consumer looks forward to efficient servicing of his policy with regard to any possible change of address, change in nominations and assignments, receiving premium and other notices, if any, and any other service that is required by him from time to time.: standardizing service performance and monitoring customer satisfaction by means of suggestion schemes, accepting and reviewing the complaints, customer survey comparison etc. Bancassurance will facilitate mass selling of insurance products through banks. Banks can act as large financial supermarkets. Customer database, personalized service, rural penetration, crossselling of products (e.g. car loan along with car insurance), being cheaper than agents are some of the greatest advantages of Bancassurance.

PROMOTION------Mass media advertising is widely being resorted to by a number of new players in this regard. They are exploring all the existing and new channels for the purpose of promotion.

EUROPE
1. AXA Group-

Country: France Market Value: $66.12 billion

2. Allianz Worldwide

Country: Germany Market Value: $65.55 billion

3. Aviva- Country: United Kingdom

Market value: $33.10 billion

4. AEGON-Country: Netherlands

Market Value: $26.40 billion- sports marketing: tennis

Bancassurance: insurance sold through banks in Europe WEB ANALYTICS, CAMPAIGN ANALYTICS M&A

1. American International Group (AIG)

Country: United States Market Value: $172.24 billion

American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Paris and Tokyo.

2. AXA Group
Country: France Market Value: $66.12 billion

In 1980, AXA did not exist. Over the next 20 years, the Group would grow to become a major international player.AXA pursues successfully its external growth strategy: consolidation of AXA existing activities, with the acquisition of Oyak's 50% stake in AXA Oyak, 2nd Turkish insurer, for 525 million dollars, and penetration of high growth potential markets, with the acquisition of 100% of the 3rd Mexican insurer, ING Seguros (for an amount of 1.5 billion dollars). Today AXA is present in geographically diverse markets, with operations concentrated in Europe, North America and Asia Pacific.

3. Allianz Worldwide
Country: Germany Market Value: $65.55 billion

The Allianz Group is one of the leading integrated financial services providers worldwide. With nearly 155,000 employees worldwide, the Allianz Group serves approximately 75 million customers in about 70 countries. On the insurance side, Allianz is the market leader in the German market and has a strong international presence.

4. Manulife Financial
Country: Canada Market Value: $50.52 billion

Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 22 countries and territories world-wide. We provide financial protection and wealth management products and services, to individual and group customers in Canada, the United States and Asia. These products and services include individual life insurance, group life and health insurance, longterm care services, pension products, annuities, mutual funds and banking products. We offer reinsurance services, specializing in life retrocession and property and casualty reinsurance and provide investment management services with respect to the Companys general fund and segregated fund assets and to mutual funds and institutional customers.

5. Generali Group
Country: Italy Market Value: $45.45 billion

The Generali Group is one of the most significant participants in the global insurance and financial products market. The Group is leader in Italy and Assicurazioni Generali, founded in 1831 in Trieste, is the Group's Parent and principal operating Company. In recent years, the Group has made a significant return to central-eastern European markets and has set up offices in the principal markets of the Far East, among which China and India. 6. Prudential Financial Country: United States

Market Value: $39.70 billion

Prudential Financial, Inc (NYSE:PRU), a financial services leader with approximately $580 billion of Assets Under Management as of June 30, 2009, has operations in the United States, Asia, Europe and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth.

7. MetLife
Country: United States Market Value: $37.94 billion

MetLife, Inc. is a leading provider of insurance and other financial services to millions of individual and institutional customers throughout the United States. Outside the U.S., MetLife companies have direct insurance operations in Asia Pacific, Latin America and Europe.

8. Aviva
Country: United Kingdom Market value: $33.10 billion

Aviva is one of the leading providers of life and pension products in Europe and are actively growing our long-term savings businesses in Asia Pacific and the USA. Their main activities are long-term savings, fund management and general insurance

9. Munich Re Group
Country: Germany Market Value: $30.99 billion The Munich Re Group is one of the worlds leading risk carriers. It's business covers the whole value chain in insurance and reinsurance.

10. AEGON
Counry: Netherlands Market Value: $26.40 billion

AEGON is an international business, providing life insurance, pensions and other long-term savings and investment products to millions of customers around the world. The company has major operations in the United States, the Netherlands and the United Kingdom as well as other businesses in Asia, the Americas and elsewhere in Europe. AEGON is listed on the stock exchanges of Amsterdam, London, New York and Tokyo.

Top 10 insurance companies in India: Life Insurance Corporation of India Bajaj Allianz General Insurance ICICI Prudential Life Insurance SBI Life Insurance Birla Sun Life Insurance TATA AIG General Insurance Max New York Life Reliance Life Oriental Insurance Company HDFC Standard Life Insurance Some of the details regarding these top players in the insurance sector in India are given below: Life Insurance Corporation of India: One of the oldest companies in the insurance sector in India is the LIC of India and this company was incorporated in the year 1956 by the alliance of 75 provident companies, 154 Indian Insurance companies and 16 non-Indian Companies. In addition to its corporate office, the company has 7 zonal officers, 2048 computerized branches and 100 divisional offices. They offer a wide range of insurance policies and the policies offered by them are classified under the following main categories: Joint life plan Team assurance plans

 Whole life plans Special money back plan for women Money back plans Endowment assurance plans Plans for handicapped dependents Children plans Bima account plans Endowment plans Bajaj Allianz General Insurance: Bajaj Allianz General Insurance company is a joint venture between Bajaj Auto and Alliance AG. The former company is a big player in the automobile sector in India, while the later is a player in the insurance sector. This joint venture company offers the following services: Renewal premium payments Online services Life insurance saving plans Online life insurance Health care Life time care Retirement and pension plans ICICI Prudential Life Insurance: As the name implies ICICI Prudential offers a wide range of life insurance policies and their policies include retirement plants, ULIP, life insurance and health insurance. Their life insurance plans include education insurance plans, premium guarantee plans, etc, while their health insurance plans include MediAssure, Hospital care, etc SBI Life Insurance: SBI Life Insurance is another joint venture company in the top players in insurance sector in India and this company is formed with the joint venture between BNP Paribas Assurance and State Bank of India. Out of the total capital, BNPs share is 26%, while that of SBI is 74%. The paid up capital of the company is Rs. 1000 crores, while the authorized capital is Rs.

2000 crores. This company offers a wide range of health plans, group plans and individual plans. Birla Sun Life Insurance: This company is a joint venture between Aditya Birla group and Sun life financials and it offers a wide range of services to meet the life insurance needs of the people. Their insurance policies are classified into four broad categories namely: NRI Solutions Rural Solutions Group Solutions Individual Solutions The protection solutions offered by them are classified under retirement solutions, health & wellness solutions, wealth with protection solutions and Childrens future solutions. TATA AIG General Insurance: TATA AIG general insurance is a joint venture between the popular TATA group in India and America International Group. They offer a wide range of products with respect to life insurance to businesses, individuals and associations. Some of the services offered by them are: Tata AIG Life Assure 10 years Tata AIG Life Maha Gold Tata AIG Life Hospi Cash back AIG Health life protector Max New York Life: Max New York Life offers the best life insurance products like investment protection, retirement solution, childrens plan, etc They are offering more than 35 products pertaining to health and life insurance. They have direct sales centers at 14 locations, 33 bank assurance relationships and 14 corporate agency tieups. Their products are classified into the following main categories: Retirement plans Health plans Child plans Growth plans

 Life plans Reliance Life: Reliance Life is an associate company of Reliance Capital Limited and their products are mainly divided into two main categories namely solutions for individuals and solutions for groups. Two sub category of plans comes under each of these two plans and they are protection plans & child plans under solutions for individual and investment plans & retirement plans under solutions for groups. Oriental Insurance Company: Oriental Insurance Company Limited came into existence in the year 1947 with its corporate officer at Bombay and the company is a wholly owned subsidiary of the Oriental Government Security Life Assurance Company. From the year 1956 to 1973, the company was working as a subsidiary of Life Insurance Corporation of India. Before the year 2003, a large part of the shares of this company was held by the General Insurance Corporation of India after which the shares were transferred to the Central Government. HDFC Standard Life Insurance: HDFC Standard Life insurance offer a wide range of insurance plans under investment plans, savings, retirement plans, protection plans, health plans and group plans. This company has a customer base of more than 7 million people, who are satisfied with their different needs pertaining to banking, investment and pension. They have more than 500 branches serving the needs of customers located in over 700 cities. Nowadays, people have understood the importance of insurance policies and with this, insurance companies introduce a wide range of products to meet the needs of different types of their customers and they strive to offer the best possible service.

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So here is listed the top ten Life Insurance Companies in USA.

10. NorthWestern Mutual

This is one of the recognized insurance company in USA and provides many benefits like Guaranteed Death Benefit, Guaranteed Minimum Cash value and many other benefits have lapped them many customers

9. Principal Financial

Quality service is always their motive and their insurance policies are quite different which includes dental and vision insurances as well.

8. AFLAC

This company is rated among the top ten life insurance company as it has the host of health and accident insurance policies. It possesses massive assets which gives them customers from all over the world.

7. Genworth Financial

These people offer traditional term life insurance, universal life insurance and term life insurance with premium options.

6. Lincoln National

It is also one of the best life insurance companies of the world. They have Term life, Universal Life, Linked Benefit life and variable universal life insurance packages. They not only give you the insurance package but they are also known for their professional advice.

5. Massachusetts Mutual Life insurance

This company is growing day by day and their customers are becoming more and more. With the main life insurance packages they also offer disability income insurance retirement plan services, long term care insurance and insurance regarding annuities.

4. TIAA-CREF

Their insurance packages include level as well as renewable term. Their company has the headquarter in New York and they have 60 more branches through out the USA.

3. New York Life Insurance

They have changed their offers to suit the times and the effect of it has trimmed their strategies. Their insurance packages can be classified into four categories; term insurance, permanent life insurance, survivorship insurance and for business as well.

2. Prudential Insurance Company of America

As being in the top ten lists, this insurance company offers life insurance policies under five categories. They are Term life insurance, universal life insurance, whole life insurance, variable life insurance and survivorship insurance.

1. MetLife

This one is the top and most renowned company in USA and these are top insurance providers. They offer permanent life insurance to the citizens of USA

Here is the list of top 10 best health insurance companies in United Kingdom, that are considered best by the people of UK.

1. BUPA Health Insurance

It is the biggest health insurance company in UK. It gives vast protection for all the medical expenditures like, Full Cancer treatment, Associated with more than 400 recognized Hospitals. Heart patients cure: Round the clock services for information and assistance.

2. AVIVA Health Insurance

It is the sixth biggest insurance company all over the world and has more than 53 millions clients in 28 countries. It is acknowledged as one of the most important health insurance organization in UK. They proffer the assistance of all kinds of medical expenditure including cure, hospitalization, and medications etc.
3. AXA PPP Healthcare

It is one of the well known insurance companies in Europe and in UK. They proffer health, life and various types of other insurances and arrange all sorts of treatments to their clients with admission to the best hospital and availability of specialists.

4. Medicare International

It proffers you complete assistance in serious illness such as asthma, diabetes, along with complete help of minor checkups like X-rays, medicines, visits and fees of consultants in addition to other liable expenditure. They have reputation as one of the best health insurance organization in UK, with an experience of more than twenty years.
5. National Friendly Healthcare

It provides you with the selection of any hospital in UK for remedy of various kinds of health problems. They present complete medical care for family and adults at fixed reasonable payments. It was chosen as one of the best health insurance companies in UK by an important newspaper.