Submitted to: Submitted by:

Prof: Sachin Khare Ankit pal

Sem 2/MMS
A.M.S.I.M.R
INTRODUCTION
The insurance industry in India has mix of both private and
public sector organization.
The insurance sector in divided into two, Life Insurance
and general insurance.
 Insurance sector has progressed a great deal since Oriental
Life insurance Company started in 1818.
 Currently there are 24 life insurance companies and 28
general insurance companies, including five stand alone
health insurance companies.
INTRODUCTION
The largest life insurance company in India , LIC is still
owned by the government.
In 2000, the government of India allowed private companies
and FDI up to 26%.
 In a highly competitive and dynamic business environment,
insurance companies can no longer survive on a policy based
modal.
 Insurance companies need to shift focus from product to a
more customer centric approach in order to be sustainable.
 INTRODUCTION
 For consumer , the long term impact of increased FDI may be
more awareness and information about the insurance.
 The entry of more players more option, better service and
valve for money for the end customers of insurance product.
Q. What are the key challenge that your company will face in
attracting and retaining customer in the next 3 years (in %)

S no. Statement Important Critical Both

1. Customers are becoming better 54 39 93
informed and more self sufficient with
regard to researching and buying
insurance.
2. Customers increasingly expect all 50 43 93
information to be available at any time
and via all channels.
3. Customers have higher expectations for 39 52 91
customer service ( e.g. short wait time).
4. Customers are becoming more price 55 30 85
sensitive.
4E MARKETING MODAL

Product to Price to
Experience Exchange

Promotion
Place to
to
Everyplace
Evangelism
4E MARKETING MODAL
 Product to Experience
Awareness
Communication
Innovation product and features
Service
Customer responses regarding experience with insurance
companies (In%)
S.no. Statement Extremely Encounter this a
frustrating lot
1. Having to contact customer 77 30
service multiple times for the
same reason.
2. Dealing with customer service 76 28
agent who cannot answer my
question.
3. Having to repeat the same 74 35
information to multiple
customer service agent .
4. Being on hold for a long time 74 38
when contacting customer
service
4E MARKETING MODAL
 Place to exchange
Trust
Personal connect
Information
Customization
Simplicity
Value
4E MARKETING MODAL
 Place to everyplace
Omni channel
Technology
Accessibility
4E MARKETING MODAL
 Promotion to evangelism
Dialog
Customer Engagement
Transparency
Passion and Emotion