Insurance Presentation
Transcript: 2. Price: Bharti AXA is a strong player in private companies and its price structure is highly competitive and reliable 3. Place: Branches at various locations. 4. Promotion: Tele-marketing Internet Hoardings Personal Selling Advertisement through newspapers, business magazines etc. 5. People: Motivated & customer friendly staff. 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: Separate departments like Public Relation Department Brochures Internet / Web Pages Business cards Stationery Pricing: When we produce or generate services, it means intangible service 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. Apart from offering life insurance policies, they also offer underwriting and consulting services. Understanding the customer better allows to design 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. The various employees involved in providing service to customers are: -Customer service representative -Marketing and Sales managers -Underwriters -Insurance sales agents -Actuaries -Lawyers -Customers The marketing of Insurance services with the aim to create customer and generate profit through customer satisfaction. Life insurance process: 1. Insurance agent calls up the customer about policies and prices, and fixes an appointment. 2. The insurance agent meets the customer and provides information and benefits of the policy. 3. The customer fills a Financial Review Form(FRF). Agent finds out financial condition of the customer so he/she can recommend policies accordingly. 4. Agent gives policies plans in detail to customer i.e. time interval of premiums, amt of premium etc. 5. Next appointment is fixed by agent and customer selects policy plan and submits neccesary documents. An average 12 days time is taken by the company to verify documents. 6. A reconfirmation is taken by the agent from customer that he/she agrees with the terms and conditions of the policy. 7. The insurance agent regularly collects premium from customer whenever premium becomes due. The channels of distribution are: A) Direct Selling: -Agents -Financial Advisors -Call Centers B) Partner Sellling: -Bancassurance -Postal Department -Selling through Corporate C) Electronic Data Interchange: Ex: LIC on Internet, Information on Kiosks, SMS In Netherlands, financial services firms provide an entire range of products including bank accounts, motor, home and life insurance and pensions. In India also, banks hope to maximize existing networks by selling a range of products. MARKETING —MIX FOR INSURANCE COMPANIES: INSURANCE MARKETING: Companies under Insurance sector: Product: 1. Products and Services: A)Retail Insurance: a. Motor b. Health B)Commercial: a. Fire b. Engineering C)Rural: a. Agricultural Pumpset b. Cattle Insurance Policy To overcome intangibility issue in insurance sector following physical evidences are used in insurance sector: -Policy Documents -Brochures -Reports -Renewal Notices -Business cards -Stationary -Offices -Employee‘s dress code 7 Ps of Marketing of Bharti AXA General Insurance: It is the combination of marketing activities that an organization engages in so as to best meet the needs of its targeted market. Place: Process: Bharti AXA General Insurance: It is a joint venture between Bharti, one of India's leading business groups with interests in Telecom, Agro Business and Retail; and AXA, world leader in Financial Protection and Wealth Management. People: Premiums: periodic payments usually monthly or quaterly by policy holder. Premium rates are decided. •Mortality (deaths in a particular area), average mortality for example - in age group of 25-30 years, the probability is two, but this would increanse for age group of 45-50 years. • Expenses: The cost of processing, commission to agents, are incorporated into the cost of installments and premium sum. •Interest: People would not be willing to put their funds to invest in insurance business if the interest rates provided by the banks or other financial instruments are much greater than the perceived returns from the insurance premiums. Ex: =Life Insurance: Life Expectancy, Medical History =Motor vehicle insurance: Multiple cars, Distance and amt. of driving, Location of your car. =Fire and Marine insurance: Type of building, Past Experience Marketing of Insurance Services THANK YOU Physical Evidence: Promotion: Introduction: The insurance services depend on effective promotional measures. Advertising: Newspapers & Magazines Internet - company websites T.V. ads Radio Hoardings Brochures Seminars and