The difference in the level of awareness of these new players as compared to the hitherto monopoly of LIC was decreasing fast because of the aggressive advertising measures adopted by private insurers. The liberalization of the Indian insurance industry in led to the entry of private insurance companies with MNC as their partners.
They also felt that insurance intermediaries and new distribution channels would become the strongest drivers of growth for the insurance sector and that multi-channel distribution would become the norm. Private insurers began exploring the various distribution channels available instead of concentrating on individual agents, a channel LIC had been using for decades.
Forced to Sell Well? Industry observers were not surprised by this move. According to a survey conducted by a leading marketing research firm, ORG Marg, brand awareness of private insurers in India was increasing in the early 21st century.
The aim of this unusual decision was to woo customers across the country through a multimedia campaign including advertisements on the radio and the press media, the outdoor media and the television. Life Insurance Marketing in India B The Changing Distribution Norms "The key task is to grow the distribution network and tap the huge potential in an underinsured, under serviced market.
According to insurance industry observers, distribution was expected to emerge as one of the key factors for the success of private insurers in India. This prompted many comparisons of such behavior of insurance companies with the advertising frenzy of the dotcoms in India not too long ago — with similar full-page advertisements, huge hoardings and costly electronic media advertisements.
Print, electronic and outdoor advertisements of the new private insurers flooded could be seen everywhere.
With the insurance bill being passed inthe Indian insurance sector saw a host of private players enter the market with multinationals as their partners. These new players resorted to aggressive marketing and advertisement strategies — something the market had never seen earlier.
This sudden spurt of advertisements and awareness programs was visible on all the media channels. To minimize cost, these companies tied up with established financial services companies and used their distribution network instead of setting up their own network.
Consequently, private insurers decided to rely on aggressive advertising and promotional measures and use hitherto untried distribution channels.
However, this did not come as a major surprise to industry observers who said that LIC did not have too many options. They felt that LIC had no option but to explore new channels of distribution to maintain its position as the market leader.4 Steps to Exciting Content Marketing in a Boring Industry [Case Study] Think of insurance.
It is likely that words like boring, uptight, complex and inflexible come to mind. Life Insurance- A Case Study 1. LIFE INSURANCEA CASE STUDY 1 DEPARTMENT OF COMMERCE, MAR IVANIOS 2.
the Government set up The Life Insurance Corporation of India on 1st Sept.
to take over around life insurance companies & provident societies which were then in the scene. DEPARTMENT OF COMMERCE, MAR IVANIOS COLLEGE 6. Blog expert speak Part Four: Debugging the right way: Summary Web debugging proxy tools are used by analysts, developers and testers to intercept and log traffic passing over.
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The case is the second of a three-part series on the changes sweeping the Indian insurance industry (in particular, the marketing of insurance products) after the sector was opened for private players in Case Studies: Most Recent.
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