focuses to fulfill every need of the modern day customer with superior customer support services with the help of automated processes which makes everything very fast. This helps to provide customers what they actually need and want to experience which is very important for the company.
HDFC ERGO is focusing on expanding their network all over India and the company is now present in 108 branches in 91 cities. The employee base of the company is more than 2000 professionals. The Company also has a wide distribution network which comprises of of brokers, retail and corporate agents, bancassurance which helps in making the people aware the products which the company offers.
‘iAAA’ rating to HDFC ERGO was assigned by ICRA, which is given to companies …show more content…
The company had established the ‘Tata AIG Academy’ in the year 2014.to help the distributors. The company focuses to increase the insurance knowledge of their distributors to be a center of excellence in learning in the General Insurance business. TATA AIG General Insurance Company Ltd. is at 5th position with market share of 3%. The company is performing well and it is expected that the market share will increase in the coming years.
1.3 Marketing of Insurance In India
Insurance has huge potential for growth and marketing plays a very important role in making people aware about the products that company offers. Penetration in India is very low and one of the reasons for this is lack of awareness about the products that a company offers. In an under-insured economy because the penetration is very low, to intensify the reach of insurance both in urban and rural markets newer channels of distribution should be utilized. This will create huge employment opportunities within insurance companies and also for agents, brokers and other consultants of insurance companies.
1.3.1 Marketing Mix …show more content…
But it is differentiato r only in two segments - pure term insurance and in pure annuities. Service delivery and financial strength should be present at a minimum acceptable level for price to be a relevant differentiator. In case of savings oriented products, long-term returns generated are more relevant than just the price of the product, so this should be kept in mind. A focus on generating good investment performance and keeping a tight control on costs make sure to generate good long-term maturity value for customers. Norms have been laid down on all of these by IRDA and adhering to these while delivering good returns is not easy and it is challenge for every company.
Promotion and Advertising:
The level of demand is latent and should be activated considerably. The market needs to be developed keeping in mind various factors. Greater awareness of insurance and the need to have it as a protection tool rather than as a tax planning measure have to be appreciated by the Indian people only then it will give the desired results. Various communication tools including advertising, direct marketing and road shows plays a very important role and it also contributes to all this and different companies have different approaches for this.
HDFC ERGO is focusing on expanding their network all over India and the company is now present in 108 branches in 91 cities. The employee base of the company is more than 2000 professionals. The Company also has a wide distribution network which comprises of of brokers, retail and corporate agents, bancassurance which helps in making the people aware the products which the company offers.
‘iAAA’ rating to HDFC ERGO was assigned by ICRA, which is given to companies …show more content…
The company had established the ‘Tata AIG Academy’ in the year 2014.to help the distributors. The company focuses to increase the insurance knowledge of their distributors to be a center of excellence in learning in the General Insurance business. TATA AIG General Insurance Company Ltd. is at 5th position with market share of 3%. The company is performing well and it is expected that the market share will increase in the coming years.
1.3 Marketing of Insurance In India
Insurance has huge potential for growth and marketing plays a very important role in making people aware about the products that company offers. Penetration in India is very low and one of the reasons for this is lack of awareness about the products that a company offers. In an under-insured economy because the penetration is very low, to intensify the reach of insurance both in urban and rural markets newer channels of distribution should be utilized. This will create huge employment opportunities within insurance companies and also for agents, brokers and other consultants of insurance companies.
1.3.1 Marketing Mix …show more content…
But it is differentiato r only in two segments - pure term insurance and in pure annuities. Service delivery and financial strength should be present at a minimum acceptable level for price to be a relevant differentiator. In case of savings oriented products, long-term returns generated are more relevant than just the price of the product, so this should be kept in mind. A focus on generating good investment performance and keeping a tight control on costs make sure to generate good long-term maturity value for customers. Norms have been laid down on all of these by IRDA and adhering to these while delivering good returns is not easy and it is challenge for every company.
Promotion and Advertising:
The level of demand is latent and should be activated considerably. The market needs to be developed keeping in mind various factors. Greater awareness of insurance and the need to have it as a protection tool rather than as a tax planning measure have to be appreciated by the Indian people only then it will give the desired results. Various communication tools including advertising, direct marketing and road shows plays a very important role and it also contributes to all this and different companies have different approaches for this.