Description
MARKETING MIX OF INDUSTRY INSURANCE INDUSTRY
MARKETIING MIX OF INSURANCE INDUSTRY
PRESENTED BY NIPUN NIKUNJ
“Any activity or benefit that one party can offer to another that is essentially intangible & does not result in the ownership of anything. It’s production may or may not be tied up to a physical product.”
“Marketing mix is the combination of elements that you will use to market your product. There are seven elements: Product, Place, Price ,Promotion, people process, physical environment. They are called the seven Ps of the marketing mix.”
It is required to design & apply marketing techniques to completely satisfy the customer & increase profits & identify new emerging services. Classifications can be done on following basis:
• Classification by Industry • Classification by Target Effect • Skill level of service provider (Professional/
Nonprofessional) • Labor intensiveness (People-based/Equipment-based) • Degree of customer contact (High / Low) • Goal of the service provider (Profit /Nonprofit)
a. b. c. d. e. f. g. h. i. j. k. l.
Entertainment industry Education Telecommunications Finance & Insurance Transportation Public utilities Government services Health Hospitability Industry Business services Telecommunications Trading
?Mega opportunity in India ?Historical perspective •The Government of India in 1956, together over 240 private life insurers
brought
• provident societies under one nationalized monopoly corporation and Life Insurance Corporation (LIC) was born.
a financial service for collecting the savings of the public and providing them with risk coverage. The main function of Insurance is to provide protection against the possible chances of generating losses ?INSURANCE MARKETING the marketing of Insurance services with the aim to create customer and generate profit through customer satisfaction.
7 P’s used for marketing of Insurance products
PRODUCT
Design Technology usefulness Convenience Value Quality Packaging
PRICE
Strategies Skimming Penetration Psychological Cost plan
Physical environment Run down Interface Confort facilities
Branding
Accessories
Loss leader
PROCESS
1. Especially restraint
to service industries 2. How are services consumed
MARKETING warranties MIX OF INSURANCE COMPANY PROMOTION PEOPLE Special offer
Employee
Advertising Endorsements User trails Direct mailing Posters Free gifts Competition
PLACE
Retail Wholesale Mailorder Internet Direct sell
peer to peer
Multi chennel
Management
Culture
customers
2.PRICING:
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:
i) Managing the insurance personnel, and ii) Locating a branch
4.P ROMOTION: The insurance services depend on effective promotional measures. i) In promoting insurance business, the agents and the rural career agents play an important role
6.PROCESS The process should be customer friendly in insurance industry.
7. PHYSICAL DISTRIBUTION: Distribution is a key determinant of success for all insurance companies
1) Bharti AXA General Insurance
? is a joint venture between Bharti, one of India’s leading business groups with interests in Telecom, Agri Business and Retail; and AXA, world leader in Financial Protection and Wealth Management. ? Group holds 74% of equity and AXA holds 26% of the equity.
7 Ps of Marketing of Bharti AXA General Insurance 1.
Products and Services: A)Retail Insurance: a. Motor b. Health B)Commercial: a. Fire b. Engineering C)Rural: a. Agricultural Pumpset
2. Price:
?Pricing factor is decided on the basis of the type of products which the customer buys.
?Bharti AXA is a strong player in private companies
and its price structure is highly competitive and reliable
3. Place:
4. Promotion:
?Tele-marketing
?Internet ?Hoardings
?Personal Selling
?Advertisement through newspapers, business magazines and FM radio
5. People: 6. Process:
?From the minute customers claim intimation is received, the
Claims Team becomes active and acts efficiently and swiftly towards its settlement.
7. Physical Evidence:
•Stationery •Separate departments for smooth functioning of work like Public Relation Department •Brochures •Internet / Web Pages •Business cards
?is a joint venture between Bajaj Finserv Limited and Allianz SE. received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration on 2nd May, 2001 to conduct General Insurance business (including Health Insurance business) in India.
?Vision ?Mission
7 P’s of marketing of Bajaj Allianz :
1. Products and Services: ?Motor Insurance ?Asset Insurance ?Health Insurance ?Travel Insurance ?Corporate Insurance
2. Price:
The price structure is based on the type of policies
3.PLACE
4.PROMOTION ?Huge advertisements on Television and radios. ?Tele-marketing ?Promotion in front of corporate offices ?Internet Marketing ?Hoardings and brochures
5.People:
People are the main assets of financial organization because of service factor attached to it.
6. Process:
The prestigious awards itself speaks the smooth functioning of the insurance activities.
7. Physical Evidence:
COMPARISION BETWEEN BHARTI AND BAJAJ ALLIANZ
On the basis of 7 P’s ?PRODUCT ?PRICE ?PLACE ?PROMOTION ?PEOPLE ?PROCESS ?PHYSICAL DISTRIBUTION
doc_891256321.pptx
MARKETING MIX OF INDUSTRY INSURANCE INDUSTRY
MARKETIING MIX OF INSURANCE INDUSTRY
PRESENTED BY NIPUN NIKUNJ
“Any activity or benefit that one party can offer to another that is essentially intangible & does not result in the ownership of anything. It’s production may or may not be tied up to a physical product.”
“Marketing mix is the combination of elements that you will use to market your product. There are seven elements: Product, Place, Price ,Promotion, people process, physical environment. They are called the seven Ps of the marketing mix.”
It is required to design & apply marketing techniques to completely satisfy the customer & increase profits & identify new emerging services. Classifications can be done on following basis:
• Classification by Industry • Classification by Target Effect • Skill level of service provider (Professional/
Nonprofessional) • Labor intensiveness (People-based/Equipment-based) • Degree of customer contact (High / Low) • Goal of the service provider (Profit /Nonprofit)
a. b. c. d. e. f. g. h. i. j. k. l.
Entertainment industry Education Telecommunications Finance & Insurance Transportation Public utilities Government services Health Hospitability Industry Business services Telecommunications Trading
?Mega opportunity in India ?Historical perspective •The Government of India in 1956, together over 240 private life insurers
brought
• provident societies under one nationalized monopoly corporation and Life Insurance Corporation (LIC) was born.
a financial service for collecting the savings of the public and providing them with risk coverage. The main function of Insurance is to provide protection against the possible chances of generating losses ?INSURANCE MARKETING the marketing of Insurance services with the aim to create customer and generate profit through customer satisfaction.
7 P’s used for marketing of Insurance products
PRODUCT
Design Technology usefulness Convenience Value Quality Packaging
PRICE
Strategies Skimming Penetration Psychological Cost plan
Physical environment Run down Interface Confort facilities
Branding
Accessories
Loss leader
PROCESS
1. Especially restraint
to service industries 2. How are services consumed
MARKETING warranties MIX OF INSURANCE COMPANY PROMOTION PEOPLE Special offer
Employee
Advertising Endorsements User trails Direct mailing Posters Free gifts Competition
PLACE
Retail Wholesale Mailorder Internet Direct sell
peer to peer
Multi chennel
Management
Culture
customers
2.PRICING:
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:
i) Managing the insurance personnel, and ii) Locating a branch
4.P ROMOTION: The insurance services depend on effective promotional measures. i) In promoting insurance business, the agents and the rural career agents play an important role
6.PROCESS The process should be customer friendly in insurance industry.
7. PHYSICAL DISTRIBUTION: Distribution is a key determinant of success for all insurance companies
1) Bharti AXA General Insurance
? is a joint venture between Bharti, one of India’s leading business groups with interests in Telecom, Agri Business and Retail; and AXA, world leader in Financial Protection and Wealth Management. ? Group holds 74% of equity and AXA holds 26% of the equity.
7 Ps of Marketing of Bharti AXA General Insurance 1.
Products and Services: A)Retail Insurance: a. Motor b. Health B)Commercial: a. Fire b. Engineering C)Rural: a. Agricultural Pumpset
2. Price:
?Pricing factor is decided on the basis of the type of products which the customer buys.
?Bharti AXA is a strong player in private companies
and its price structure is highly competitive and reliable
3. Place:
4. Promotion:
?Tele-marketing
?Internet ?Hoardings
?Personal Selling
?Advertisement through newspapers, business magazines and FM radio
5. People: 6. Process:
?From the minute customers claim intimation is received, the
Claims Team becomes active and acts efficiently and swiftly towards its settlement.
7. Physical Evidence:
•Stationery •Separate departments for smooth functioning of work like Public Relation Department •Brochures •Internet / Web Pages •Business cards
?is a joint venture between Bajaj Finserv Limited and Allianz SE. received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration on 2nd May, 2001 to conduct General Insurance business (including Health Insurance business) in India.
?Vision ?Mission
7 P’s of marketing of Bajaj Allianz :
1. Products and Services: ?Motor Insurance ?Asset Insurance ?Health Insurance ?Travel Insurance ?Corporate Insurance
2. Price:
The price structure is based on the type of policies
3.PLACE
4.PROMOTION ?Huge advertisements on Television and radios. ?Tele-marketing ?Promotion in front of corporate offices ?Internet Marketing ?Hoardings and brochures
5.People:
People are the main assets of financial organization because of service factor attached to it.
6. Process:
The prestigious awards itself speaks the smooth functioning of the insurance activities.
7. Physical Evidence:
COMPARISION BETWEEN BHARTI AND BAJAJ ALLIANZ
On the basis of 7 P’s ?PRODUCT ?PRICE ?PLACE ?PROMOTION ?PEOPLE ?PROCESS ?PHYSICAL DISTRIBUTION
doc_891256321.pptx