| Topic : Challenges Faced in Insurance Markets |
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Secure the future - Insurance |
Microfinance and Micro insurance Specialists |
Bajaj Allianz |
8 more ...
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Activity:
214 views;
last activity : 07 06 2010 20:18:09 +0000
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Training & Development
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Market Segmentation and Insurance products and services that cater to the needs and wants of these segments
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Go quality
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Guirilla Marketing and with a different approach.
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Insurance Penetration in India is hardly 3% huge scope for growth.
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Cross selling
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INSURANCE WITH BANKING CHANNEL
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Hi Jitesh, I have seen less importance towards training in this field. It is very important to ensure high levels of training and development not just for staff but also for agents and distribution organizations. Insurance companies have to train staff for better service and flexibility, & train employees to cope with new products and an intensive use of information technology....
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I also support my friends idea regarding the training and development in the insurance companies. Many people in India are unaware of the insurance policies, this is due to lack of proper training to agents who promote insurance policies. So by giving proper training to the agents will help the insurance market to grow and survive.
There is a greater need to train people in this sector. The major factor which is acting as a hindrance to growth of Indian insurance sector is the lack of trained professionals.
Hi,
The basic qualification of any sales person is " Understanding Customer's needs and delivering accordingly. Understanding the customer's need can only be achieved by listening and observing the suctomer. We must make the customer speak
Market Segmentation and Insurance products and services that cater to the needs and wants of these segments
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An example would be in case of Life Insurance the target customer segment could be 1. People who just entered into a job, Age group around 25-27 2. Salary Levels 15k-25k per month 3. The general thought process of this segment is to live life kingsize, with greater amount of spends less savings and care free attitude This segment can be targettted with an insurance product and services that potrays or identifies with the carefree attitude e.g of product features can be a. Less Premium so as to avoid being heavy on the pockets b. Auto debit facility so as to avoid being reminded of the renewal premium c. Product being potrayed as an investment which will be able to finance an house let say 10 years down the line d. Tag line can be finance your own car without a loan as thats the dream of most of the people who enter the job world.
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In one shot 1. More penetration on quality agent recruitment and on their training both products as well as on pratical aspect of insurance selling (Sales process training) 2. By introducing smart competitive products (Just like Jeevan Astha where LIC makes clean kill of more than 500 Cr. a year for next 5 yrs at minimum even when its a guaranteed product) 3. Rather go for volume go for quality. |
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I do support 'go quality' because indian market is very different market if we compare with USA,UK customers . here in India customer tend to rely on guaranteed word where they want a some kind securty on their investment. you can find people who put their money in banks ,post office schemes ,because they feel these are the best source to secure your money and earn fix return.
si insurance companies do need to take care of this part and cater such kind of plan in the market.
It is much needed factor for a company to hire the quality Insurance Advisor as they are the face of the company. Proper training, Motivation, Quality Assurance are some other factors which can help to achieve organisational objectives.
IN INSURANCE INDUSTRY CROSS SELLING IS THE ONE AND MAIN ASPECT WHICH MAKE ONE ALIVE IN THE INSURANCE FIELD...
IF YOU ARE SELLING INSURANCE PRODUCTS ALONG WITH THE CONCERNED BANKING PRODUCTS YOU WILL FIND YOURSELF AT GOOD POSITION...........
IT'S NOT A VIEW BUT IT IS PRACTICAL
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Hi Jitesh, Here I would like to say that a combination of all the points discussed are important for the growth and development of Insurance, its growth and development. While marketing we should adopt Guirilla Marketing. Which means segment by segment capturing the market. We should be fully informed about the existing market. Due to uniqueness of the product i.e. Insurance our approach should be such that we are not sellers to the buyers but should be a person who wants wellbeing of the buyers.
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GREAT MR. ADITYA,
NICE CONCEPT.........
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Insurance penetration in India is hardly 3%, therefore there is a huge scope for this sector to grow. There is a lot of new products which can be developed like Universal Life Products and this is the best opportunity for better product innovation. Aggressive Marketing strategies and how you place the product in the mind of the consumer, will be important . Branding of Insurance Products . |
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Insurance penetration in India is hardly 3%,, When?.
Insurance Penetration and Insurance Density are two important indicators of the potential and performance of the insurance sector. Insurance penetration is defined as the ratio of premium underwritten in a given year to the gross domestic product (GDP), while insurance density is measured as the ratio of premium underwritten in a given year to the total population. The life insurance penetration in India increased from 1.77 per cent in 2000 to 4.10 per cent in 2006, before declining to 4.0 per cent in 2007.
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According to me , it is important to gauge the profitability and potential of various customer and product segments by data warehousing, management & mining and ensure effective cross selling. Understanding the customer better will allow insurance companies to design appropriate and-customized products, determine pricing correctly and increase profitability.
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WHILE WORKING IN INSURANCE SECTOR MY IDEA IS INSTEAD OF DEALING WITH THE PRODUCT OF ONE COMPANY IF ONE IS ABLE TO GET AGENCY OF 2-3 MORE COMPANIES THEN HE IS ABLE TO SELL THE INURANCE EASILY........
IT'S TOTALLY PRACTICAL |
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i agrees u Sir ... An Agent shoud have product of 2-3 companies, so that he can compare the best product to customer and find out the way he had to sell his product keeping in mind the key points of the product he is handling . To achieve levels of customer satisfaction , which is the most needed factor in the Insurance Industory !!!!!!!
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