Essential Marketing Strategies in the Insurance Sector
Marketing is crucial for insurance companies to attract customers, ensure profitability, and benefit society. This involves focusing on product development, pricing strategies, distribution channels, promotional tactics, understanding customer needs, and utilizing digital platforms. The insurance sector's success relies on effective marketing practices across various dimensions.
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Vidyalakshmi Prabhu Class: V Sem Bcom Sub: Life and General Insurance
Marketing of Insurance is very essential to increase customers and to generate profit .The marketing concept enables the insurance business to expand business in the best interest of society as well as the insurance organization.
The marketing for Insurance sector are: 1.Product 2.Price 3.Physical distribution 4.Promotion 5. People 6.Process 7.Physical evidence 7P s(Marketing Mix) of
1.Product Insurance any product provided by an insurance companies. An insurance policy can be different every time it is received. It can be Life insurance,Health insurance and Property insurance. Products means Insurance,Motor insurance,Travel
2. Price: The premium charged against the policies is called as price.it can also include Interest charged for defaulting the payment of premium and credit facility, and Commission charged for underwriting and consultancy activities.
3. Physical distribution Communicating the service is critical but Insurance company must make sure that the distribution of information, including physical contact, is in line with consumer needs.
4.Promotion: The insurance services depend on effective promotional measures. In promoting insurance business, the agents and the rural career agents play an important role. The importance of social media has increased enormously in advertising insurance products.
5.People Understanding the customer better allows to design appropriate products. As consumers can obtain the same deal from many different businesses, Insurance companies must provide relevant information about their products to the customers. brokers or
6. Process: Process should be customer friendly in insurance industry. insurance companies need to be aware of every process step a consumer goes through and how to deal with it right from when a consumer starts looking for insurance until they fill out the forms. Marketers of
7. Physical evidence: Insurance products are intangible, but it is essential that insurance companies must make sure about documentation. Physical brochures and marketing materials can be distributed to clients as they give them something tangible to see and hold on to.
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