Presentation Report_Group 6

8/2/2019 Presentation Report_Group 6

1/12

Marketing ofservices Presentation report

on the

By Group number 6Name Registration

NumberPRAVEEN BANDI 11010121033

RISHAB MALANI 11010121271

ANANT KUMAR 11010121297

SOJAN JOHNABRAHAM

11010121045


2/12

Table of Contents

The insurance Industry | Marketing of Services 2

Topics Pagenumber

Introduction and overview of insuranceindustry

3

The Indian Scenario 5

Major Companies offering insuranceservices

6

The 7Ps of Insurance 7

Superstars in the industry (Policies) 9

Market share of major players 10


3/12

Introduction and overview of insurance industry

We start this section by describing what is insurance. Insurance is a financialinstrument which provides financial protection against a loss arising out ofhappening of an uncertain event. A person can avail this protection by paying apremium to an insurance company i.e. monthly, quarterly, and half yearly oryearly a fixed amount of payment is made towards the insurance.



4/12

Insurance works with the idea that a pool is created through contributions madeby persons seeking to protect themselves from common risk. Premium is collectedby insurance companies which also act as trustee to the pool. Any loss to theinsured in case of happening of an uncertain event is paid out of this pool.Insurance works on the basic principle of risk-sharing. A great advantage ofinsurance is that it spreads the risk of a few people over a large group of peopleexposed to risk of similar type.

These insurances can be given to

Person-The risks associated with human life in general can be covered up to the limitspecified. A person can insure his or her life and his health against any unplannedcontingencies.

Property-Everyone possesses material value in the form of tangible assets. Assets can be inthe form of a landed estate or a vehicle, share holdings or plain old paper money.

Interest-Owing to the intrinsic characteristic of human beings to err, the losses arising dueto the process have to be settled to the stakeholders using policies.

Liability-By investing in liability insurance, an individual can ward off any liabilities he mightincur due to his actions and behaviour. The damages are compensated in the longrun.

The general classification of insurance is shown below



5/12

As Insurance involves service marketing its workflow in an insurance company isshown below

The Indian ScenarioHistory Of Insurance in India

Deep Rooted with its mention in Manu, katuliya writing. 1818 - Oriental Life Insurance Company - Anita Bhavsar. US $ 41 billion Industry. India world's fifth largest life insurance market.



6/12

Growing at pace of 32-34% annually. Currently only 2 million that is .2 % of 1 Billion. The Pluses-

Huge Untapped Market Population

Easing policy regulations in India More awareness among Indians about policies National and International Players

The Period 2010- 2015 is projected as the Golden Age of the Indian InsuranceIndustry

Some facts about the India insurance industry are Total life insurance premium in India is projected to grow `1,230,000 Crore

by 2010-11. Total non-life insurance premium is expected to increase at a CAGR of 25%

for the period spanning from 2008-09 to 2010-11. With the entry of several low-cost airlines, along with fleet expansion by

existing ones and increasing corporate aircraft ownership, the Indianaviation insurance market is all set to boom in a big way in coming years.

Home insurance segment to achieve 100% growth as financial institutionshave made home insurance obligatory for housing loan approvals.

Health insurance is poised to become the second largest business for non-life insurers after motor insurance in next three years.

A booming life insurance market has propelled the Indian life insuranceagents into the top 10 country list in terms of membership to the MillionDollar Round Table (MDRT) an exclusive club for the highest performinglife insurance agents.

Major Companies offering insurance services



7/12



8/12

The 7Ps of Insurance

Product-A product means what we produce. If we produce goods, it means tangible productand when we produce or generate services, it means intangible service product. Aproduct is both what a seller has to sell and a buyer has to buy. Thus, an Insurancecompany sells services and thereforeservices are their product.Services are perishable and cannot be owned.Eg: LIC and GIC

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, andiii) Commission charged for underwriting and consultancy activities.

Place-This component of the marketing mix is related to two important facets --i) Managing the insurance personnel, andii) Locating a branch.

The management of agents and insurance personnel is found significant with theviewpoint ofmaintaining the norms for offering the services. This is also to process the servicesto the end user

in such a way that a gap between the services- promised and services -- offered isbridged over.



9/12

Promotion-The insurance services depend on effective promotional measures.

In a country like India, the rate of illiteracy is very high and the rural economy has

dominance in the national economy. It is essential to have both personal andimpersonal promotion strategies.In promoting insurance business, the agents and the rural career agents play animportant role. Due attention should be given in selecting the promotional tools foragents and rural career agents and even for the branch managers and front linestaff. They also have to be given proper training in order to createimpulse buying. Advertising and Publicity, organisation of conferences andseminars, incentive to policyholders are impersonal communication. ArrangingKirtans, exhibitions, participation in fairs and festivals, rural wall paintings andpublicity drive through the mobile publicity van units would be effective in creatingthe impulse buying and the rural prospects would be easily transformed intoactual policyholders.

People-Understanding the customer better allows designing appropriate products. Being aservice industrywhich involves a high level of people interaction, it is very important to use thisresource efficiently in order to satisfy customers.

Training, development and strong relationships with intermediaries are the keyareas to be kept under consideration. Training the employees, use of IT forefficiency, both at the staff and agent level, is one of the important areas to lookinto.

Process-The process should be customer friendly in insurance industry. The speed andaccuracy of payment is of great importance.

The processing method should be easy and convenient to thecustomers. Instalment schemes should be streamlined to cater to the ever growingdemands of the customers.IT & Data Warehousing will smoothen the process flow. IT will help in servicinglarge no. of customers efficiently and bring down overheads.

Technology can either complement or supplement the channels of distribution cost

effectively. It can also help to improve customer service levels. The use of datawarehousing management and mining will help to find out the profitability andpotential of various customers product segments.

Physical Evidence-1. The ambience2. The staffs dress code3. Basic necessities4. Security5. Parking facility6. Policy papers



10/12

Superstars in the industry (Policies)Below are some of the insurances offered

Term Plan Whole Life Plan Decreasing Term Plan Investment/Pension Plan Endowment Plan ULIPs

Child Plan Hospitalization Travel Insurance Car Insurance Money Back



11/12

Market share of major players

Below is the market share of some major insurance companies



12/12


Presentation Report_Group 6

Documents

Transcript of Presentation Report_Group 6