Description
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7 p’s of Insurance
By:- Deepali (32) Priyanka (39) Madhurika (27) Parimitha (37) Meena
What is Insurance?
?
Meaning
?
Main Function
?Insurance is a
?To provide
financial service for collecting the savings of the public and providing them with risk coverage.
protection against the possible chances of generating losses.
Insurance marketing
?Insurance Marketing refers to the marketing
of Insurance services with the aim to create customer and generate profit through customer satisfaction.
7 p’s of insurance marketing
?1. PRODUCT:
An Insurance company sells services and therefore services are their product. ? In India, the Life Insurance Corporation of India (LIC) and the General Insurance Corporation (GIC) are the two leading companies offering insurance services to the users.
2. PRICING:
?
In the insurance business 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, and iii) Commission charged for underwriting and consultancy activities.
3. PLACE:
?
Channel of Distribution
?Direct selling – Agents, Financial Advisors,
Call centers ?Partner Selling – Banc assurance, Postal department, Selling through corporate.
? ?
4. PROMOTION:
?The insurance services depend on effective
promotional measures.
?
?The agents play an important role
?
1. 2.
?
?
5. PEOPLE:
?
?Interaction with people is an important
factor in order to satisfy customers. ?Training the employees, use of IT for efficiency, both at the staff and agent level
6. PROCESS:
?
?The process should be customer friendly in
insurance industry. ?IT will help in servicing large no. of customers efficiently and bring down overheads.
?
7 . p h y sica l distribution:
?Distribution is a key determinant of success
for all insurance companies. ?services industries have successfully used remote distribution channels ?Example UK insurer Direct Line. It relied on telephone sales and low pricing. Today, it is one of the largest motor insurance operator.
doc_679297080.pptx
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
7 p’s of Insurance
By:- Deepali (32) Priyanka (39) Madhurika (27) Parimitha (37) Meena
What is Insurance?
?
Meaning
?
Main Function
?Insurance is a
?To provide
financial service for collecting the savings of the public and providing them with risk coverage.
protection against the possible chances of generating losses.
Insurance marketing
?Insurance Marketing refers to the marketing
of Insurance services with the aim to create customer and generate profit through customer satisfaction.
7 p’s of insurance marketing
?1. PRODUCT:
An Insurance company sells services and therefore services are their product. ? In India, the Life Insurance Corporation of India (LIC) and the General Insurance Corporation (GIC) are the two leading companies offering insurance services to the users.
2. PRICING:
?
In the insurance business 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, and iii) Commission charged for underwriting and consultancy activities.
3. PLACE:
?
Channel of Distribution
?Direct selling – Agents, Financial Advisors,
Call centers ?Partner Selling – Banc assurance, Postal department, Selling through corporate.
? ?
4. PROMOTION:
?The insurance services depend on effective
promotional measures.
?
?The agents play an important role
?
1. 2.
?
?
5. PEOPLE:
?
?Interaction with people is an important
factor in order to satisfy customers. ?Training the employees, use of IT for efficiency, both at the staff and agent level
6. PROCESS:
?
?The process should be customer friendly in
insurance industry. ?IT will help in servicing large no. of customers efficiently and bring down overheads.
?
7 . p h y sica l distribution:
?Distribution is a key determinant of success
for all insurance companies. ?services industries have successfully used remote distribution channels ?Example UK insurer Direct Line. It relied on telephone sales and low pricing. Today, it is one of the largest motor insurance operator.
doc_679297080.pptx