Marketing in Banking and Insurance
INTRODUCTION:
Wherever there is an uncertainty there is risk. We do not have any control over uncertainties which involves financial losses. The risk may be certain events like death, pension, retirement or uncertain events like theft, fire, accident, etc.
Insurance is a financial service for collecting the savings of public and providing them with risk coverage. The main function of insurance is to provide protection against the possible chances of generating losses. It eliminates worries and miseries of losses by destruction of property and death. It also provides capital to the society as the funds accumulated are invested in productive heads.
Insurance comes under the service sector and while marketing this service due care is to be taken in quality product and customer satisfaction. While marketing the services, it is also pertinent that they think about the innovative promotional measures. It is not sufficient that you perform well but it is also important that you let others know about the quality of your positive contributions.
The creativity in the promotional measures is the need of the hour. The advertisement, public relations, word of mouth communication needs due care and personal selling requires our intensive care. Insurance companies tend towards having a strong sales orientation. Since the services they sell, although certainly are ones that rarely sells themselves. Potential customers are usually reluctant to think about disaster or death. So, they postpone planning for these possibilities, until they are contacted and influenced by agents or company representatives. The insurance business is based on the skill and excellence of agents and this makes a strong case in favor of personal selling.
ORIGIN AND GROWTH OF INSURANCE SECTOR:
Insurance in the modern form originated in the Mediterranean during the 13th century. The earliest reference to insurance has been found in Babylonia, Greece and the Rome. Marine Insurance is the oldest
Wherever there is an uncertainty there is risk. We do not have any control over uncertainties which involves financial losses. The risk may be certain events like death, pension, retirement or uncertain events like theft, fire, accident, etc.
Insurance is a financial service for collecting the savings of public and providing them with risk coverage. The main function of insurance is to provide protection against the possible chances of generating losses. It eliminates worries and miseries of losses by destruction of property and death. It also provides capital to the society as the funds accumulated are invested in productive heads.
Insurance comes under the service sector and while marketing this service due care is to be taken in quality product and customer satisfaction. While marketing the services, it is also pertinent that they think about the innovative promotional measures. It is not sufficient that you perform well but it is also important that you let others know about the quality of your positive contributions.
The creativity in the promotional measures is the need of the hour. The advertisement, public relations, word of mouth communication needs due care and personal selling requires our intensive care. Insurance companies tend towards having a strong sales orientation. Since the services they sell, although certainly are ones that rarely sells themselves. Potential customers are usually reluctant to think about disaster or death. So, they postpone planning for these possibilities, until they are contacted and influenced by agents or company representatives. The insurance business is based on the skill and excellence of agents and this makes a strong case in favor of personal selling.
ORIGIN AND GROWTH OF INSURANCE SECTOR:
Insurance in the modern form originated in the Mediterranean during the 13th century. The earliest reference to insurance has been found in Babylonia, Greece and the Rome. Marine Insurance is the oldest