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Government of India in 1956, brought together over 240 private life insurers provident societies under one nationalized monopoly corporation and Life Insurance Corporation (LIC) was born.
public and providing them with risk coverage. The main function of Insurance is to provide protection against the possible chances of generating losses
Cont......
INSURANCE MARKETING
create customer and generate profit through customer satisfaction. MARKETING MIX FOR INSURANCE COMPANIES is the combination of marketing activities that an organisation engages in so as to best meet the needs of its targeted market.
2.P RICING: i) The premium charged against the policies, ii) Interest charged for defaulting the payment of premium and credit facility, and iii) Commission charged for underwriting and consultancy activities.
3.PLACE:
i) Managing the insurance personnel, and ii) Locating a branch 4.P ROMOTION: The insurance services depend on effective promotional measures. i) In promoting insurance business, the agents and the rural career agents play an important role
5.PEOPLE: Understanding the customer better allows to design appropriate products Training the employees, use of IT for efficiency, both at the staff
7. PHYSICAL DISTRIBUTION: Distribution is a key determinant of success for all insurance companies
is a joint venture between Bharti, one of Indias leading business groups with interests in Telecom, Agri Business and Retail; and AXA, world leader in Financial Protection and Wealth Management. Group holds 74% of equity and AXA holds 26% of the equity.
2. Price: Pricing factor is decided on the basis of the type of products which the customer buys. Bharti AXA is a strong player in private companies and its price structure is highly competitive and reliable 3. Place:
4. Promotion: Tele-marketing Internet Hoardings Personal Selling Advertisement through newspapers, business magazines and FM radio 5. People: 6. Process: From the minute customers claim intimation is received, the Claims Team becomes active and acts efficiently and swiftly towards its settlement.
7. Physical Evidence: Stationery Separate departments for smooth functioning of work like Public Relation Department Brochures Internet / Web Pages Business cards
Allianz SE. received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration on 2nd May, 2001 to conduct General Insurance business (including Health Insurance business) in India. Vision Mission
3.PLACE 4.PROMOTION Huge advertisements on Television and radios. Tele-marketing Promotion in front of corporate offices Internet Marketing Hoardings and brochures
5.People: People are the main assets of financial organization because of service factor attached to it.
6. Process: The prestigious awards itself speaks the smooth functioning of the insurance activities. 7. Physical Evidence:
PRODUCT
PRICE PALACE PROMOTION PEOPLE PROCESS PHYSICAL DISTRIBUTION