Preview

karbonn

Good Essays
Open Document
Open Document
2355 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
karbonn
CHETANA’S SELF FINANCING COURSES
SUBJECT- SERVICE SECTOR MANAGEMENT
TOPIC-INSURANCE ( ING VYSYA )
STD- TYBMS
DIV- B
SUBMITTED TO- PROF.HEMANT

Name
Roll no
Uday kalbhor
3215
Ashwini shinde
3238
Pooja sutar
3244
Anuj usare
3248
Tejasvini vankanol
3250

INTRODUCTION OF INSURANCE
Wherever there is uncertainty there is risk. We do not have any control over uncertainties which involves financial losses. The risks may be certain events like death, pension, retirement or uncertain events like theft, fire, accident, etc. Insurance is 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. It eliminates worries and miseries of losses by destruction of property and death. It also provides capital to the society as the funds accumulated are invested in productive heads. Insurance comes under the service sector and while marketing this service, due care is to be taken in quality product and customer satisfaction. While marketing the services, it is also pertinent that they think about the innovative promotional measures. It is not sufficient that you perform well but it is also important that you let others know about the quality of your positive contributions.

INSURANCE MARKETING
The term Insurance Marketing refers to the marketing of Insurance services with the aim to create customer and generate profit through customer satisfaction. The Insurance Marketing focuses on the formulation of an ideal mix for Insurance business so that the Insurance organisation survives and thrives in the right perspective.

MARKETING --MIX FOR INSURANCE COMPANIES
The to best meet the needs of its targeted market. The Insurance business deals in selling services and therefore due weight-age in the formation of marketing mix for the Insurance business is needed. The

You May Also Find These Documents Helpful

  • Satisfactory Essays

    The concept of insurance is based on spreading the risks; it does not necessarily mean the risk will happen but chances are that it might happen. The concept is on taking…

    • 316 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    After checking another source it was concluded that there may be many definitions to marketing. In the text of Marketing: An Introduction marketing is defined managing profitable customer relationships, to attract new customers by promising superior value and to keep and grow current customers by…

    • 630 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Marketing Principles

    • 2032 Words
    • 9 Pages

    Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of goods, services, and ideas to create exchanges that satisfy individual and organisation objectives. Marketing has many ways that products are sold. It includes advertising, selling and delivering products to people. Marketers try to get the attention of target audiences by using slogans, packaging design, celebrity endorsements and general exposure in the media world. The process of developing, promoting, and distributing products to satisfy customers ' needs and wants.…

    • 2032 Words
    • 9 Pages
    Good Essays
  • Powerful Essays

    The insurance industry is one of the basic service industries in Chinese economy, whose prospect is reflective of the economic resilience of the economy. With the globalization of the economy, China has become the playground of major global insurance players. As whole insurance industry is a very large field for research we have chosen life insurance industry of the booming segment of insurance industry, for research purpose. The major objectives of the study are as below: • To find out how political, economical, socio-cultural, technological factors affecting this industry by PEST analysis. • To find out how the market condition and what level of competition is in China. • To analyze opportunities for the industry • To Set up marketing objectives and select an entry strategy Global expansion is the foundation to becoming a multinational firm. When attempting to enter into foreign markets, selection of the proper strategies and alliances play a critical role in determining company success. The purpose of this report is to review Chinese…

    • 6216 Words
    • 25 Pages
    Powerful Essays
  • Good Essays

    VIETNAM FINANCIAL SYSTEM

    • 1674 Words
    • 5 Pages

    The role of insurance is to protect against the risks that associated with daily life and business’s operation. It is a way for people to minimize their financial risks by sharing the loss with others through the insurance company. If the contract’s value is high, to minimize profit, the insurance is shared by underwriters” who take the risk partially for receiving a part of premium in return so the customer can be protect as much as…

    • 1674 Words
    • 5 Pages
    Good Essays
  • Powerful Essays

    Dove's marketing strategy

    • 3489 Words
    • 19 Pages

    There are many definitions of marketing which help us understand clearly about it. In general, marketing is all activities of company, which tend to meet the customer’s needs and suggest their needs in the market, to achieve the business targets of company.…

    • 3489 Words
    • 19 Pages
    Powerful Essays
  • Good Essays

    Ek Insurance Analysis

    • 1052 Words
    • 5 Pages

    Insurance companies give money to help and decrease vulnerabilities in an individual or company’s business and also in human life. It gives wellbeing and security in case a specific occasion arises. It is absolutely normal to experience the dread of sudden misfortune. Insurance companies covers the cost of any sudden misfortune. A very good example is if a company have gotten Commercial Auto Insurance for their vehicles, in case of any accident or damage of the vehicle, the cost will be covered by the insurance company. This makes it easy for the business to run…

    • 1052 Words
    • 5 Pages
    Good Essays
  • Powerful Essays

    Angel

    • 9872 Words
    • 40 Pages

    From a societal point of view, marketing is the link between a society’s material requirements and its economic patterns of response. Marketing satisfies these needs and wants through exchange processes and building long term relationships. It is the process of communicating the value of a product or service through positioning to customers. Marketing can be looked at as an organizational function and a set of processes for creating, delivering and communicating value to customers, and managing customer relationships in ways that also benefit the organisation and its shareholders. Marketing is the science of choosingtarget markets through market analysis and market segmentation, as well as understanding consumer buying behavior and providing superior customer value.…

    • 9872 Words
    • 40 Pages
    Powerful Essays
  • Better Essays

    Defining Marketing

    • 1102 Words
    • 5 Pages

    The importance of marketing in organizational success is colossal. To create a successful organization, there must be a demand for product and services provided. With the auto insurance example, there is definitely a need for this…

    • 1102 Words
    • 5 Pages
    Better Essays
  • Powerful Essays

    The global insurance industry seems to have escaped the worst of the financial crisis in comparison to other financial institutions. Day to day business has been relatively unaffected but the area that gave the most cause for concern has arisen from exposures to risky financial instruments. “The Reactions Magazine’s Global Insurance Conference 2009” was held in Swissotel, Zurich, Switzerland. At this conference the financial services industry tried to re set itself following the worst crisis for years. (www.euromoneyseminars.com). Insurance is an established industry. Like other companies insurance is facing increased competition from global players. It has been difficult for insurers to accomplish profitable growth, so they need to improve this. They will need to adopt new advanced approaches to expand their distribution networks. This essay is divided into two sections. The first talks about the types of risks that are present in the global insurance industry. I will take each of these points and discuss them in detail: growth, governance and risk management, market reporting, mergers and acquisitions, human capital and lastly compliance and regulation. The second section looks at the opportunities that are available to the global insurance industry within the next twelve to twenty - four months. They include: disaster modelling, disaster planning, managing the industry’s reputation, grow globally, innovative products and delivery and Focus on readdressing product and distribution strategies. The insurance industry is always looking for new opportunities in different services and geographies. To take advantage of these opportunities insurance companies need to re-examine their strategies and be prepared to drive basic changes in the way they work.“ The primary function of insurance is to act as a risk transfer mechanism. The basic principle of insurance is that the losses of the few are paid by the many. Its underlying purpose is to provide…

    • 3089 Words
    • 13 Pages
    Powerful Essays
  • Powerful Essays

    Marketing can be defined as being all about getting the right products to the right customer at the right time; in general the term marketing is the action or business of promoting and selling products and services. Marketing is based on thinking about the business in terms of customer needs and satisfaction.…

    • 1503 Words
    • 7 Pages
    Powerful Essays
  • Satisfactory Essays

    Design/methodology/approach – This is achieved by examining a sample of life insurance advertisements that have been aired before and after the liberalization of insurance sector. The advertisements are analyzed with reference to two areas of discussion; the use of rational and emotional appeal and the confrontation of the subject matter with the real need of insurance i.e. death cover, financial security of the family of the deceased. The methodology uses a combination of case study approach and content analysis of life insurance advertisements sample.…

    • 360 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    Marketing is the process of promoting and selling the value of a product or services to customers. Every company uses one or the other marketing strategies to communicate with the consumers. Marketing is essential, as it attracts the targeted buyers and provides knowledge about the various features of their product or services. The success or failure of a company is also affected…

    • 969 Words
    • 4 Pages
    Better Essays
  • Good Essays

    Insurance company takes the risks of large but uncertain losses in exchange for small premium. So it gives a sense of security, which is real gift to the business man. If all uncertainty could be removed from business, income would be sure. Insurance removed many uncertainties and to that extent is profitable.…

    • 1003 Words
    • 5 Pages
    Good Essays
  • Powerful Essays

    Exam Ques Paper

    • 6281 Words
    • 26 Pages

    WHAT IS MARKETING ? Marketing concept may be taken as “Developing a strategy to get the product in front of customers, so they have the opportunity to buy it determining scientifically what products or services o make and how best to market them to be taken as a way of thinking or a management philosophy about an organisation’s total marketing activities.” When this philosophy is adopted, it not only affects marketing activities – including planning of action, control, objectives, follow-through etc., finance and other activities which are geared towards satisfying customer needs, wants and diseases. The marketing concept has the following basic features : (i) Adoption of a market or customer orientation. (ii) A coordinated set of activities that allow the organization to achieve the goals. (iii) Result-oriented marketing. Marketing strategy for every kind of product is adopted. But because of the peculiar nature of the insurance industry, it is difficult to implement the marketing strategy.…

    • 6281 Words
    • 26 Pages
    Powerful Essays