How to make Insurance relevant for masses??

I think to cover the masses first thing that needs to be prioritized is to educate them on Insurance and what are the benefits that one gets with Insurance, just because the masses belong to middle class and are from rural part and are into Agriculture as their mode of Income, it doesn't necessarily mean that they are not eligible for insurance...if we are able to educate them in this regard then both Insurance and the masses will be benefitted.

Do give-in your views.....

Regards,
Jithesh

Deeper penetration into their territories, understanding their requirements, are some of the vital points to be remembered while entering into the rural sector for Insurance.  While, in my opinion, even the urban people need better education regarding Insurance, the rural people require it most.

Next is to recruit, train and motivate their own people to sell Insurance.  The services of the Sarpanch or the Mukhia of villages should be approached who in turn can help us in selecting the right person for this job.  Special incentives and packages should be given to such people who are recruited for the job.

LIC policies like New Jan Raksha, Jeevan Madhur, etc. are the best products today which are the favorites with the rural population and only such policies can help the rural poor of India today.  Policies which do not lapse even when the policyholder stops his premium payments, goes a long way in encouraging rural people to take up Insurance.

Why do people buy anything??

Because ther is a need for it which might be latent one as well.

Why do people want to buy a thing??

Beacuse they want to satisfy not only the physiological need factor but also want to satisfy the psycological factor hence comes preference for certain brands etc...

We need to question ourselves have we identified the exact need of each and every customer segment to which the teeming millions can be categorised into.

Then answer is "No", so we market the same product in Urban as well as Rural areas, to people who are well off to people who are not so well off and other segments in term age bracket, lifestyle needs, Cultural beliefs and faiths...

So instead of trying to sell insurance to probable customers if have products that rightly captures and satisfies the need of the customer further enabled by a hassle customer service that meets the wants of the customer we can change the age old belief " Insurance is sold not bought".

The question is that we have not done the homework in understanding the needs of the market hence the market finds our products irrelevant .

After Andhra Pradesh, Tamil Nadu Government has entered into an agreement with Star Insurance to give Insurance for the poor people. Like this all the State follow this it will reach the poor population of India which constitutes the major percentage of the Mass. When Governent support insurnace naturaly the other categories of the Mass will think over taking of Insurance.