Marketing has the 4 Ps which are product, price, placement and promotion. In the insurance industry, the products are the policy documents, the wordings of which are fixed and cannot be changed by any insurance company. Placement and promotion of the insurance products is almost same for all companies and thus the main aspect to be considered is price. Due to the cut throat competition and price being fixed and non-negotiable, the insurance companies then have two option in front of them, which are – either to increase the premium to increase the profits, which is not possible due to the competition, or to reduce the cost which can be done by claims control.
Taking a look at the four P model from a new perspective, it is found that the more …show more content…
This would mean that the focus of the company must shift from the product to the experience that is provided with the product. For example, consider the fact that instead of just selling an insurance product, the company starts focusing on the experience of purchasing this product. From the experience of submitting the required documents, utilisation of this policy at time of claim to the actual experience of the claim settlement …show more content…
However it can be clearly seen that there is a change in this trend where the companies are now looking to creative missions and brand experience that are so inspiring to consumers that they engage with you – and share their enthusiasm with others.
This is a more powerful approach - evangelism. In recent trend of marketing products, it is evident that the products with a more emotional and passionate appeal win over products that lack either of the two qualities. Thus, when promoting a product of insurance, it is not enough to just put out a creative advertisement that is visible to the target audience at every place, it is now important to realise that missions, campaigns and activities that have emotional touch will gain an advantage over other more traditional manners of promotion in marketing.
Since this project has been completed, overall the progression of the study and the interviews with client, brokers and agents suggest that while price hold the first priority in choosing of the insurance company, factors such as services and response time also play a major role if the price of the product is fixed or
Taking a look at the four P model from a new perspective, it is found that the more …show more content…
This would mean that the focus of the company must shift from the product to the experience that is provided with the product. For example, consider the fact that instead of just selling an insurance product, the company starts focusing on the experience of purchasing this product. From the experience of submitting the required documents, utilisation of this policy at time of claim to the actual experience of the claim settlement …show more content…
However it can be clearly seen that there is a change in this trend where the companies are now looking to creative missions and brand experience that are so inspiring to consumers that they engage with you – and share their enthusiasm with others.
This is a more powerful approach - evangelism. In recent trend of marketing products, it is evident that the products with a more emotional and passionate appeal win over products that lack either of the two qualities. Thus, when promoting a product of insurance, it is not enough to just put out a creative advertisement that is visible to the target audience at every place, it is now important to realise that missions, campaigns and activities that have emotional touch will gain an advantage over other more traditional manners of promotion in marketing.
Since this project has been completed, overall the progression of the study and the interviews with client, brokers and agents suggest that while price hold the first priority in choosing of the insurance company, factors such as services and response time also play a major role if the price of the product is fixed or