Nitesh Final Marketing

7/31/2019 Nitesh Final Marketing

1/18

Presented By:

Nitesh Ahuja (02)

Presented To:

Swati Madam.


2/18

Introduction:

Insurance = Collective bearing of Risk.

Insurance, whether life or non-life, providespeople with a reasonable degree of security

and assurance that they will be protected in

the event of a calamity or failure of any sort.


3/18

Five environmental variables that

affect industries-

Customers

Competitors

Government

Technology and

Globalization-are forcing rapid changes in the servicesector.


4/18

DIVISION OF INSURANCE SECTOR


5/18

Why Insurance CompanyFace the Problem to

develop the marketingstrategies in rural areas in

2010


6/18

ReasonsFor

Going

Rural

Size of the market

Largely Untapped

Too crowded Urban Market

Income on the rise/disposable

incomeIncome from other than agriculture

Income flow from urban /abroad

Better exposure - media


7/18

PROBLEMS

IN

RURAL

MARKETING

Low per capita income

Low disposable income

Inadequate fixed income

(daily wages)

Majority depends on Agricultural

Income

Infrastructure problemsRoads, power

Low awareness

Communication- difficult & expensive

Too many languages

Geographic Spread

Digging for Diamond


8/18

Profile of the Rural Consumer

>Low Literacy Level>Low Income Level

>Massive Geographic SpreadUrban population concentrated 3200 cities townRural scattered over 630000 villages

>Reference GroupHealth Workers

DoctorsTeachersPanchayat MembersRural Bank ManagersDistrict Managers

Occupation

Principal FarmingTradingHandicraftsCattle & Poultry Farming

>Media Habits Fond of music T.V Radio Video Films


9/18

Key

Challenges

4A

Awareness

Affordability

Availability

Acceptability

4Ps 4 As

Promotion Awareness

Price Affordable

Product Acceptable

AvailablePlace


10/18

DEVELOP THE PROFILE

Select the Target Market

Evaluate the Market

Evaluate the Segment

size

growth rate

profitabilityaccessible

compatible with firms resources & capabilities

DEVELOPMENTAL MARKETING

Developmental marketing is a process

through whichawareness is created

>could be demonstration

>could be presentation

>Free samples


11/18

Life Insurers:

1.Allianz Bajaj Life Insurance Co. Ltd.

2.AMP Sanmar Assurance Co. Ltd.

3.Birla Sun Life Insurance Co. Ltd.

4.Dabur CGU Life Insurance Company

5.ICICI Prudential Life Insurance Co. Ltd.

6.ING Vysya Life Insurance Co. Pvt. Ltd.

7.Life Insurance Corporation of India.

8.Max New York Life Insurance Co. Ltd.

9.Metlife India Insurance Co. Pvt. Ltd.

Om Kotak Mahindra Life Insurance Co. Ltd.

10.SBI Life Insurance Co. Ltd.

Tata AIG Life Insurance Co. Ltd.


12/18

Non-Life Insurers:

Bajaj Allianz General Insurance Co. Ltd.

ICICI Lombard General Insurance Co. Ltd.

IFFCO Tokyo General Insurance Co. Ltd.

National Insurance Co. Ltd.

New India Assurance Co. Ltd.

Oriental Insurance Co. Ltd.

Reliance General Insurance Co. Ltd.

Royal Sundaram Alliance Insurance Co. Lt

Tata AIG Life Insurance Co. Ltd.

United India Insurance Co. LtdReinsurers:

General Insurance Corporation of India.


13/18

Contribution To Growth:

Currently, the insurance sector size is estimated at Rs.500 billion.

On account of intense marketing strategies adopted by private insurance players,

The market share of state owned insurance companies like GIC, LIC and othersHave come down to 70% in last 4-5 years from over 97%.

The private insurance players despite the sector is still regulated has been

offering rate of return (RoR) to its policy holders which is estimated

at about 35% as against20% of domestic insurance companies.


14/18

Contribution to growth:

LIC and GIC have limited number of policies to offer to their subscribers

Private insurance companies offer many policies and the

premium amount

as well as the maturity period is much competitive as against those

of government insurance companies.

The private sector insurance player shave started exploring the

rural markets in which until recently, the state owned

companies had the monopoly.

Indias life insurance premium, as apercentage of GDP is 1.8%


15/18

Future of the Sector:

Indian insurance sector is likely to register unprecedented growthof 200% and attain size of Rs. 2000 billion by 2009-10.

A private sector insurance business willachieve a growth rate of140% as a resultof aggressive marketing technique beingadopted by

them against 35-40% growthrate of state owned insurance companies

In rural markets, the share of privateinsurance players would increase

substantially as these have been able togenerate a faith

among their ruralconsumers.


16/18

CHANGE IN TRENDS

FROM PRICE POINT OF VIEW

DIFFERENT COMPANIES ARE PROVIDING POLICES OF INSURANCE AT

COMPETETIVEPRICES

EVEN THE ALLOCATION CHARGES UNDERPOLICIES IS ALSO DECREASED

THE INSURANCE AGENT COMISSION IS ALSOFIXED AAND REDUCED

SO THAT THECUSTOMER CAN GET THE BEST.


17/18

FROM CUSTOMER AND SERVICE POINT OF VIEW

Globalization - "The Dynamic Force"

MNCs - "The New Path Maker"

More customer oriented

Mostly better service oriented

More competitive

Better satisfaction

More value addition

Strategic development


18/18

FROM PROMOTION POINTOF VIEW

Computerization

Internet

Electronic Clearance Service(ECS)

Call Centres and SMS services

Documents

Nitesh Final Marketing