The growth of insurance sector is governed largely by factors external to it.
The following factors influence the market and demand of product-
Government policies.
Growth in population.
Changing age profile.
Income wise distribution of the population.
Level of insurance awareness.
The pricing of the policies.
The economic climate of the country.
The aversion to risk.
Social and political features of the country.
Growth scenario in the world.
Different companies adopt different approaches in their marketing strategies. One approach is focus upon product quality which can give confidence in the mind of customers that they are offered by best featured products.
And other approach is focusing on customer’s needs, which involve a heavy investment in developing relationships with policyholders. Under this approach customer can expect a range of products and service offered to him.
Third approach is market segmentation under which the population can be divided into several homogeneous products and groups, the effort should be tie clients to the company by customized combination of coverage, easy payment plans, risk management advice, and convenient and quick claim handling.
The following factors influence the market and demand of product-
Government policies.
Growth in population.
Changing age profile.
Income wise distribution of the population.
Level of insurance awareness.
The pricing of the policies.
The economic climate of the country.
The aversion to risk.
Social and political features of the country.
Growth scenario in the world.
Different companies adopt different approaches in their marketing strategies. One approach is focus upon product quality which can give confidence in the mind of customers that they are offered by best featured products.
And other approach is focusing on customer’s needs, which involve a heavy investment in developing relationships with policyholders. Under this approach customer can expect a range of products and service offered to him.
Third approach is market segmentation under which the population can be divided into several homogeneous products and groups, the effort should be tie clients to the company by customized combination of coverage, easy payment plans, risk management advice, and convenient and quick claim handling.