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INSURANCE MARKETING
The term Insurance Marketing refers to the marketing of Insurance services with the aim to create customer and generate profit through customer satisfaction. The Insurance Marketing focuses on the formulation of an ideal mix for Insurance business so that the Insurance organisation survives and thrives in the right perspective.
saudamini
MARKETING –MIX FOR LIC
• PRODUCT: A product is both what a seller has to sell and
a buyer has to buy. Thus, an Insurance company sells services and therefore services
are their product. LIC has many type of policies to meet the requirement of the target
customers.
saudamini
PRICING:
• In the LIC the pricing decisions are concerned with:i) The premium charged against the policies,ii) Interest charged for defaulting the payment of premium and credit facility, andiii) Commission charged for underwriting and consultancy activities.
Sweta
PLACE:
This component of the marketing mix is related to two important facets –
i) Managing the insurance personnel, and ii) Locating a branch.
Sweta
PROMOTION:
The LIC depend on effective promotional measures. In promoting insurance business,
the agents and the rural career agents play an important role. Due attention should be given in selecting the promotional tools for agents
and rural career age.nts
Sweta
PROMOTION Strategies of LIC
• Advertising and Publicity• organisation of conferences and seminars• Incentive to policyholders are impersonal
communication.• Arranging Kirtans, exhibitions, participation in
fairs and festivals.• Rural wall paintings and publicity drive through
the mobile publicity van.
Arpit
PEOPLE
• Understanding the customer better allows to design appropriate products. Being a service industry which involves a high level of people interaction, LIC use this resource efficiently in order to satisfy customers.
• Training the employees, use of IT for efficiency, both at the staff and agent level, is one of the important areas to look into.
Arpit
PROCESS
• The process is customer friendly in LIC.• The speed and accuracy of payment is of
great importance. • The processing method is easy and convenient
to the customers in LIC.• Installment schemes are streamlined to cater
to the ever growing demands of the customers.
Naveen
PHYSICAL DISTRIBUTION:
• Distribution is a key determinant of success for LIC.
• Today, the LIC has a large reach and presence in India.
• LIC has successfully used remote distribution channels such as telephone and internet so as to reach more customers, avoid intermediaries, bring down overheads and increase profitability.
Naveen