27-09-2013, 03:05 PM
7 P`S OF SERVICES MARKETING IN INSURANCE WITH REFERENCE TO LIC
INTRODUCTION
Insurance is an arrangement under which people facing common risks come together
and make their small contributions to the common fund. The main advantage of insurance is
to offer security and safety to the insured against uncertainty. 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 organization survives and thrives in
the right perspective.
Methodology
This study discussed and analyze based on primary and secondary data, which are
covered Interview & observation methods that Interview with agents, development officers
and administrative officers. Where as observation method are done at kodambakkam and
Annanagar LIC Branches in Chennai.
PROMOTION:
Advertising and Publicity, organization of conferences and seminars, incentive to
policyholders are impersonal communication. Arranging exhibitions, participation in fairs
and festivals, rural wall paintings and publicity drive through the mobile publicity van units
would be effective in creating the impulse buying and the rural prospects would be easily
transformed into actual policyholders.
PEOPLE:
Understanding the customer better allows designing appropriate products. Being a
service industry which involves a high level of people interaction, it is very important to use
this resource efficiently in order to satisfy customers. Training, development and strong
relationships with intermediaries are the key areas to be kept under consideration. Training
the employees, use of IT for efficiency, both at the staff and agent level, is one of the
important areas to look into.
Conclusion
As competition is mounting among all the insurance players, they are upcoming with new
incentive insurance products to catch the attention of more and more customers. Total
number of Life Insurance Companies operating in India is currently 24 companies. While the
competition has sent strong signals to the state owned enterprise, LIC still Leader of the Life
Insurance market. The insurers in non-life segment are findings it difficult to compete with
the new private Insurance Companies.