Marketing of Insurance Products

Introduction

Life Insurance Marketing in India

Marketing Strategies

Following are some Marketing Strategies adopted by the players in the market

1) Shift in product portfolio2) Value for money3) Tapping the niche markets4) Thrust to the rural markets5) Access to rural areas through RRBs6) Tapping unconventional distribution channels7) Cause related marketing8) De-tariffing in general insurance

10 insurance marketing ideasEmergency Info Wallet Cards Great Email SignatureKeep a Voice Recorder in Your Car  Get an Online PresenceGet in Their Cell PhoneVolunteerAutomated Voice Message CallsHost a Window Etching EventDoor HangersGood Old Telemarketing

Channels Of DistributionThe multiple channels helps the insurance companies to tap on the untapped potential and focus on specific market as well. The available distribution channels in

the market are as follows:

1)Agent2)Broker

3)Corporate agent

Bancassurance

The Bank Insurance Model ('BIM'), also

sometimes known as 'Bancassurance', is the term

used to describe the partnership or relationship

between a bank and an insurance company whereby the insurance company uses

the bank sales channel in order to sell insurance

products.

Swot analysis of bancassurance

Worksite MarketingThis is relatively inexpensive

channel and can be easily launches. It involves sale of financial products and other

services to employees through workplace participation and is

on voluntary basis.The employees usually pays for the products generally through

salary deduction.

Internet marketing, also known as digital marketing, web marketing, online marketing, search marketing or e-marketing, is the

marketing (generally promotion) of products or services over the Internet.

Internet marketing is considered to be broad in scope because it not only refers to marketing on the Internet, but also includes marketing

done via e-mail and wireless media. Digital customer data and electronic customer relationship management (ECRM) systems are also

often grouped together under internet marketing.

Its benefitsThe opportunity to reduce costs of production by reducing overheads.The opportunity to increase sales.The opportunity to access new markets across the globe.The chance to target market segment more effectively.Improves the efficiency of supply chain.

Micro insuranceMicroinsurance is a term increasingly used to refer to insurance characterized by low premium and low caps

or low coverage limits, sold as part of atypical risk-pooling and marketing arrangements, and designed to service low-income people and businesses not served

by typical social or commercial insurance schemes.

3 common types of micro insurance plans

1)Life Insurance

2)Health Insurance

3)Livestock or Crop Insurance.

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Aaryendr