Date post: | 05-Apr-2018 |
Category: |
Documents |
Upload: | suraj-kanchan |
View: | 224 times |
Download: | 0 times |
of 18
7/31/2019 Nitesh Final Marketing
1/18
Presented By:
Nitesh Ahuja (02)
Presented To:
Swati Madam.
7/31/2019 Nitesh Final Marketing
2/18
Introduction:
Insurance = Collective bearing of Risk.
Insurance, whether life or non-life, providespeople with a reasonable degree of security
and assurance that they will be protected in
the event of a calamity or failure of any sort.
7/31/2019 Nitesh Final Marketing
3/18
Five environmental variables that
affect industries-
Customers
Competitors
Government
Technology and
Globalization-are forcing rapid changes in the servicesector.
7/31/2019 Nitesh Final Marketing
4/18
DIVISION OF INSURANCE SECTOR
7/31/2019 Nitesh Final Marketing
5/18
Why Insurance CompanyFace the Problem to
develop the marketingstrategies in rural areas in
2010
7/31/2019 Nitesh Final Marketing
6/18
ReasonsFor
Going
Rural
Size of the market
Largely Untapped
Too crowded Urban Market
Income on the rise/disposable
incomeIncome from other than agriculture
Income flow from urban /abroad
Better exposure - media
7/31/2019 Nitesh Final Marketing
7/18
PROBLEMS
IN
RURAL
MARKETING
Low per capita income
Low disposable income
Inadequate fixed income
(daily wages)
Majority depends on Agricultural
Income
Infrastructure problemsRoads, power
Low awareness
Communication- difficult & expensive
Too many languages
Geographic Spread
Digging for Diamond
7/31/2019 Nitesh Final Marketing
8/18
Profile of the Rural Consumer
>Low Literacy Level>Low Income Level
>Massive Geographic SpreadUrban population concentrated 3200 cities townRural scattered over 630000 villages
>Reference GroupHealth Workers
DoctorsTeachersPanchayat MembersRural Bank ManagersDistrict Managers
Occupation
Principal FarmingTradingHandicraftsCattle & Poultry Farming
>Media Habits Fond of music T.V Radio Video Films
7/31/2019 Nitesh Final Marketing
9/18
Key
Challenges
4A
Awareness
Affordability
Availability
Acceptability
4Ps 4 As
Promotion Awareness
Price Affordable
Product Acceptable
AvailablePlace
7/31/2019 Nitesh Final Marketing
10/18
DEVELOP THE PROFILE
Select the Target Market
Evaluate the Market
Evaluate the Segment
size
growth rate
profitabilityaccessible
compatible with firms resources & capabilities
DEVELOPMENTAL MARKETING
Developmental marketing is a process
through whichawareness is created
>could be demonstration
>could be presentation
>Free samples
7/31/2019 Nitesh Final Marketing
11/18
Life Insurers:
1.Allianz Bajaj Life Insurance Co. Ltd.
2.AMP Sanmar Assurance Co. Ltd.
3.Birla Sun Life Insurance Co. Ltd.
4.Dabur CGU Life Insurance Company
5.ICICI Prudential Life Insurance Co. Ltd.
6.ING Vysya Life Insurance Co. Pvt. Ltd.
7.Life Insurance Corporation of India.
8.Max New York Life Insurance Co. Ltd.
9.Metlife India Insurance Co. Pvt. Ltd.
Om Kotak Mahindra Life Insurance Co. Ltd.
10.SBI Life Insurance Co. Ltd.
Tata AIG Life Insurance Co. Ltd.
7/31/2019 Nitesh Final Marketing
12/18
Non-Life Insurers:
Bajaj Allianz General Insurance Co. Ltd.
ICICI Lombard General Insurance Co. Ltd.
IFFCO Tokyo General Insurance Co. Ltd.
National Insurance Co. Ltd.
New India Assurance Co. Ltd.
Oriental Insurance Co. Ltd.
Reliance General Insurance Co. Ltd.
Royal Sundaram Alliance Insurance Co. Lt
Tata AIG Life Insurance Co. Ltd.
United India Insurance Co. LtdReinsurers:
General Insurance Corporation of India.
7/31/2019 Nitesh Final Marketing
13/18
Contribution To Growth:
Currently, the insurance sector size is estimated at Rs.500 billion.
On account of intense marketing strategies adopted by private insurance players,
The market share of state owned insurance companies like GIC, LIC and othersHave come down to 70% in last 4-5 years from over 97%.
The private insurance players despite the sector is still regulated has been
offering rate of return (RoR) to its policy holders which is estimated
at about 35% as against20% of domestic insurance companies.
7/31/2019 Nitesh Final Marketing
14/18
Contribution to growth:
LIC and GIC have limited number of policies to offer to their subscribers
Private insurance companies offer many policies and the
premium amount
as well as the maturity period is much competitive as against those
of government insurance companies.
The private sector insurance player shave started exploring the
rural markets in which until recently, the state owned
companies had the monopoly.
Indias life insurance premium, as apercentage of GDP is 1.8%
7/31/2019 Nitesh Final Marketing
15/18
Future of the Sector:
Indian insurance sector is likely to register unprecedented growthof 200% and attain size of Rs. 2000 billion by 2009-10.
A private sector insurance business willachieve a growth rate of140% as a resultof aggressive marketing technique beingadopted by
them against 35-40% growthrate of state owned insurance companies
In rural markets, the share of privateinsurance players would increase
substantially as these have been able togenerate a faith
among their ruralconsumers.
7/31/2019 Nitesh Final Marketing
16/18
CHANGE IN TRENDS
FROM PRICE POINT OF VIEW
DIFFERENT COMPANIES ARE PROVIDING POLICES OF INSURANCE AT
COMPETETIVEPRICES
EVEN THE ALLOCATION CHARGES UNDERPOLICIES IS ALSO DECREASED
THE INSURANCE AGENT COMISSION IS ALSOFIXED AAND REDUCED
SO THAT THECUSTOMER CAN GET THE BEST.
7/31/2019 Nitesh Final Marketing
17/18
FROM CUSTOMER AND SERVICE POINT OF VIEW
Globalization - "The Dynamic Force"
MNCs - "The New Path Maker"
More customer oriented
Mostly better service oriented
More competitive
Better satisfaction
More value addition
Strategic development
7/31/2019 Nitesh Final Marketing
18/18
FROM PROMOTION POINTOF VIEW
Computerization
Internet
Electronic Clearance Service(ECS)
Call Centres and SMS services