An insurance product can be classified into three phases:
Core product: In insurance industry the core product is the policy that provides protection to the customers.
Expected product: Because of competition customers start to expect more from an insurance product. Then insurance companies provide some tangible attributes in their product to differentiate from competitors, such as-
Brand
o Some additional features in existing product
o By providing instruction manual with the policy
Augmented product: An insurance company can provide different types of services to differentiate their products-
o Post sales services.
o Branches in different places for customers.
o Customer complaint management.
o Payment option convenient to customers.
The entry of private players and their foreign partners has given domestic players a tough time, because the opening up of the sector has not brought in only foreign players, but also professional techniques and technologies.
The present scene in India is such that everyone is trying to put in the best efforts. There are marketing strategies more for survival than growth. But the most important gift of privatization is the introduction of customer-oriented services. Utmost care is being taken to maximize customer satisfaction.
Core product: In insurance industry the core product is the policy that provides protection to the customers.
Expected product: Because of competition customers start to expect more from an insurance product. Then insurance companies provide some tangible attributes in their product to differentiate from competitors, such as-
Brand
o Some additional features in existing product
o By providing instruction manual with the policy
Augmented product: An insurance company can provide different types of services to differentiate their products-
o Post sales services.
o Branches in different places for customers.
o Customer complaint management.
o Payment option convenient to customers.
The entry of private players and their foreign partners has given domestic players a tough time, because the opening up of the sector has not brought in only foreign players, but also professional techniques and technologies.
The present scene in India is such that everyone is trying to put in the best efforts. There are marketing strategies more for survival than growth. But the most important gift of privatization is the introduction of customer-oriented services. Utmost care is being taken to maximize customer satisfaction.