Marketing Of General Insurance Marketing Essay

This paper presents how new market of General Insurance companies of India can be framed and captured. Where Life and other ( Private ) Non-life insurance companies in India are coming frontward to capture the markets, the inertness of General Insurance Companies of India ( GICI ‘s ) make them legged behind. This paper besides purports to research the potencies of General Insurance in regard of urban and rural demand. In so making, it has sought to gauge the several degree of consciousness of the rural and urban population through ‘man to adult male ‘ study. Besides it has been pointed out the selling scheme of GICI ‘s and others ways to do their companies prosperous.

Keywords: – General Insurance, Life Insurance, Marketing, Selling, Gross saless publicity.

Selling of General Insurance- A Hard Rock to Drill.

1. Introduction: – It is indispensable for all business communities to capture the market but the silence of GICI ‘s in India make us surprised. Other insurance companies such as LICI and other ( Private ) Life & A ; Non Life insurance companies are really acute on to capture the market but the grounds of inertness of GICI ‘s in this regard is non clearly known to us.

In the 2nd portion of this paper, there is a treatment on different footings related to insurance that will assist to understand this paper clear.

It has been mentioned in the 3rd portion of this paper, the differentiation between Marketing & A ; Selling.

Forth portion of this paper relates to the measuring of awareness degree of the people at the ‘Hat ‘ ( periodic market ) of karidhya Village adjacent to the Suri town, and in different topographic points in a territory town ( Suri ) the Sadar of Birbhum District of West Bengal, on the footing of adult male to adult male study.

Fifth portion of this paper contains the selling scheme which should be adopted by GICI ‘s to do it comfortable.

Sixth portion is the reasoning portion of this presentation.

1.1 Aims of this paper: -The chief aims of this paper are as follows-

a ) To analyze the construct of Gross saless Promotion, Marketing, Selling, General Insurance ( GI ) & A ; Life Insurance ( LI ) .

B ) To reexamine the gross revenues publicity technique with selling scheme and differences between marketing and merchandising.

degree Celsius ) A few avenues have been suggested here for better selling of different GICI ‘s in our state.

2. Some of import construct: –

2.1 Gross saless Promotion: -Sales publicity means those behaviors which are helpful to increase merchandising of trade goods.

2.2. Insurance:

Insurance is nil but a co-operative sector which spreads the losingss caused due to an embedded risk- taking venture amongst many individuals. The risk-bearing venture is more frequently than non gain giving up.

2.3. General Insurance: – General Insurance ( besides known as Property and Casualty

Or P & A ; C insurance ) provides insurance screen against

Property and liability hazard and other signifiers of hazard, sub-divided into

Classs such as belongings, vehicle, air power, Marine, fire, personal accident and legal liability.

2.4. Life Insurance: – Life insurance provides insurance screen against decease, illness and disablement. Note that Life Insurance is different from other types of insurance in the sense that it deals with human life.

2.5. Selling: – Selling is the bosom of concern. Selling means flow of goods at the same clip service to the client is a by-product of the procedure. One of the major standards to spread out any concern is to increase the volume of sale.

2.6. Selling: – Selling is the basic facet of modern concern, which chiefly aims to research the demand of any merchandise among the client that enables the maker to achieve a product-specific production marks. Selling, involves treble procedures, ( I ) Determining the size of the market.

( two ) Ordering production harmonizing to the graduated tables of demand, and

( three ) Transportation of ownership through a procedure of sale and purchase.

3. Difference between marketing & As ; Selling: –

Selling Selling

i.The chief aim of selling is to determine the demand of the client and to do production and distribution consequently.

two. It is a long term procedure.

three. Selling is non merely related to production but besides related to distribution Internet Explorer, Marketing works from production to distribution.

four. The country and range of selling are really big.

I. The chief aim of merchandising is to sell the present articles but does non care about demand.

two. . It is a short term procedure.

three. Selling is merely related to the distribution.

iv.The range of merchandising is non so huge

4. Survey study: – It has been noted from acute study that most of the people are about nescient about GI but they are non merely sincere but besides active about LI irrespective of private or cardinal Govt. set abouting companies.

Some per centums of metropolis inhabitants know about GI but villagers are wholly in dark about GI, though huge market of general insurance is expecting in the rural countries.

4.1 Hypothesis: – An premise or statement about the population is called a statistical Hypothesis. There are two types Hypothesis

I ) Null Hypothesis, denoted by the symbol H0 ( In trial of significance we start with a certain hypothesis about the population features this is called Null hypothesis )

two ) Alternative Hypothesis is denoted by the symbol H1 ( Any hypothesis which differs from the void hypothesis is called alternate hypothesis )

The undermentioned Null hypotheses ( Ho ) have been formulated for the survey.

I ) Holmium: The populace is non so cognizant about GI ; instead they are interested with LI.

II ) Ho: A immense market is waiting for GI and the selling web should non be confined to the urban countries and must be extended to the rural countries besides.

May be there is an alternate hypothesis i.e.H1

I ) H1: – The populace is cognizant of both GI & A ; LI.

II ) H1: -The market is saturated both in Village and Town.

4.2. Datas and Methodology: – The survey is based on both types of informations i.e. primary and secondary. Primary informations have been collected by agencies of inquiring some questionnaire to some people of general agencies in the surrounding vicinity. On the other manus to roll up secondary informations, the beginnings are books, diaries, cyberspace and some research documents. Primary informations have been collected utilizing the method of simple random sampling. It has been already mentioned earlier that study over the people by individual were taken into history at different topographic points in the territory town viz. Suri of Birbhum territory of West Bengal. A crowded street- crossing called Masjid More ( owing to its propinquity with a mosque ) where the topographic point is in forepart of GICI ‘s office has been chosen as the topographic point of study. The 2nd portion of the study has been conducted in a rural hebdomadal market ( hat ) lying within the country of nearby Karidhya gm Panchayet ( local elected small town organic structure ) office. Here the respondents were agriculturists, housemaids, junior-grade bargainers, day-to-day labourers etc. A set of inquiries were placed to take an interview of these people in every Sunday and Monday for a period of 12 months ( Dec 2009 to Dec 2010 ) from 8 A.M to 5 P.M. The set of inquiries that were placed before the individuals ( work forces & A ; adult females ) was as follows:

a ) Have you heard the name of GICI ‘s?

B ) Have you joined in any policy of GICI ‘s?

degree Celsius ) Is your life insured in LICI?

vitamin D ) Have you noticed any advertizement of GICI ‘s in Television, Cinema Hall, in any wall at route side or in the billboard on edifice at route side?

vitamin E ) Have you noted any advertizement of LICI?

degree Fahrenheit ) Are you proprietor of a vehicle? If so, so what type of vehicle i.e. Car or Motor rhythm you possess? What type of insurance i.e. first party or 3rd party insurance you have done?

Here the names, references, and phone nos. of some interviewees are given for ready references.-

Name

Address

Education

Telephone

Remark

Abhijit Roychowdhury

SuriSeharapara

PGDCA

03462220218

Unemployed

Dhwaja Dhari Dutta

Lalkuthipara, Suri

Barium

9434496226 ( M )

Businessman

Ranjan Sen

Karidhya Sen Para

B.Com.

03462225719

Service adult male

S Bardhan

Suridangalpara

B.Sc.

9474954796 ( M )

Service adult male

Ujal Roy

Dangalpara Suri

Ma

03462259642

Serviceman

Nitai Garian

Karidhya Maj Para

M.A.

96095181133 ( M )

Teacher

Milan chatterjee

Karidhya Maj Para

B.Com

9434945190 ( M )

Service adult male

Radha Rani Ankur

Dompara, karidhya

3+

Nothing

Maid

4.3. Findingss of the survey: – The followers are the of import findings of the survey from street study.

The ascertained consequence is really painful. Out of 500 individuals about 80 % are non cognizant about GICI ‘s but 90 % of the people are covered by LICI. They carefully note the advertizement of new policies of LICI. Agents of LICI go to common people and bespeak them to fall in the new policy of LICI. On the other manus there is least attending has been paid by GICI ‘s in the advertisement side peculiarly in local and non local channels of Television broadcast. Besides the Numberss of agents involved are hapless in figure and at the same time their service to the people is suffering. The chief ground for fall ining the GICI ‘s on the portion of the staying individuals ( 20 % ) is to salvage themselves from the possible allegation of misdemeanor of the jurisprudence of the state. They chiefly insure for vehicle loan or place loan.

The following informations have been collected from Mr S. Batabyal, Branch Manager of Life Insurance Corporation of India ( LICI ) ( Suri ) .

I ) Number of Agents-700 ( 2008-2009 )

two ) Value of premium Rs 20 crores ( 2008-2009 )

From the three Branch Managers of General Insurance Corporation of India ( GICI ‘s ) ( Namely, Mr.S.K.Sinha. United Insurance, Mr.U.C.Roy. National Insurance, Mr. D. Mondal, Oriental Insurance, ) , the following informations have been collected.

I ) Number of Agent- 17+ 94 + 52 ( 2008-2009 ) =163

two ) Value of premium Rs.0.95+ 3.32 ( App. ) + 1.12 ( App. ) ( crores ) ( 2008-2009 ) = 5.39 crores

Though Mr. D.Mondal refused to give any information but it has been collected by another manner.

So it was clear to us that LICI is executing a better concern in every regard as a consequence evidently they are lending more to the capital market and are on a regular basis augmenting the financess at their disposal.

So the void hypothesis is established here.

4.4. Restrictions of the survey: – The followers are the specific restrictions of the survey ; –

I ) The survey was conducted merely in the specific country of Suri town and karidhya small town and the sample size was limited to 500. So the consequence can non be expected to be cent per centum accurate.

two ) Accuracy of primary informations depends upon the genuineness of the information provided by the respondents.

4.5. Scope of farther Survey: – This paper is chiefly based on study in a really little portion of the town and small town viz. Suri & A ; Karidhya but there is a proviso for more intensive work on this topic affecting greater inside informations. May be another research pupil concept a bigger sample from the same topographic points and carry on a study on the footing of it. Alternatively, he may work on another topographic point, on the footing of a separate set of informations and analysis. Such surveies, if carried on assiduously for vicinities and parts, may give a macro- image for the state as a whole.

5. Marketing Scheme: – The undermentioned agreements may be taken into history for improvement of GICI ‘s

I. Peoples of all domains peculiarly those holding mean agencies can be attracted towards GICI ‘s when they are good acquainted with the advantages of the concern via different sorts of advertizements in different media.

two. Sufficient figure of Agents should be appointed. It will assist the GICI ‘s to make even at the door of the kitchen. This means huge consciousness will pull clients.

three. Different kinds publicizing media such as Television, Radio, Hand measure, Local overseas telegram, wall composing etc should be repeatedly used for positive consequences.

four. Govt should be kept pressurized from different corners to do acceptance of the policy of GICI ‘s compulsory by doing legal bindings of the people of our state. It is suggested that Mediclaim and 3rd party insurance ( other than Insurance of vehicles ) should be made compulsory for every individual like in instance of biting of Canis familiariss and incase of labourers who are frequently victim peculiarly to those who are engaged in much bigger building works that ever cover immense hazard.

v. Every people should be motivated about the fact that connection of GICI ‘s is one of the societal duties.

six. Exemption of income revenue enhancement under subdivision 80D is allowable for mediclaim. There are assorted types of tax write-offs in assorted Fieldss of GICI ‘s that should be decently known to general people.

seven. System of payment of committee on policy value to the employees of GICI ‘s may be introduced in add-on to their wages to promote them to cut down their sloppiness in their occupation. Ultimately the company becomes profitable.

eight. More attention should be taken to capture the rural market. All transnational companies are really much interested to deep root their web in the small town markets so that even the little capitals of the villagers are to be rolled entirely through their companies merely with a position to pull out juice from the fruit. GICI ‘s should follow this technique to do it profitable.

nine. Care should be taken for gross revenues publicity because it will promote the populace to be more involved in the affair of GICI ‘s. Gross saless publicity includes payment of Discount, Gift voucher and hard currency back etc. to the clients.

6. Decision: – Selling scheme should be taken for the development of GICI ‘s and side by side new policies should be introduced to get by with the market. Old policy should be encouraged by the aid of gross revenues publicity.

There are three GICI ‘s company offices that are situated in Suri town viz. , United India Insurance, National Insurance Company and Oriental Insurance Company. It may be concluded from individual to individual study study, carried out in Suri town that the sum of concern of LICI is higher than the sum of concern of these three GICI ‘s. Thus this dissymmetry and inequality may be removed by giving importance to the gross revenues publicity scheme.

The economic system of about 80 % of Indians pervades on agribusiness and of course they reside in the small towns. Most of the small towns in our state are still situated in rural countries. The employees and the agents of GICI ‘s should take the addition of concern as a disputing mission to them. These rural countries are to be covered by them by any agencies for gross revenues publicity. This huge rural market with the aid of Marketing & A ; Selling will finally come in the horizon of GICI ‘s when they can be rivals of the multinationals ; transporting similar concern in our state.