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Environmental scanning of insurance industry

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  1. Executive summary
  2. AVIVA life insurance
  3. Elements of macro environment
    1. Economic environment
    2. Income distribution
    3. Political environment
    4. Social environment
    5. Technological environment
  4. Elements of micro environment
    1. Customers
    2. Competitors
    3. Insurance advisors
  5. Marketing oppurtunities and challenges: Important decesion areas
    1. What is the key challenge facing the market?
    2. What are the opportunities?
    3. What then are the formulae that promise marketing success?
  6. Need for knowing your customer
  7. Insurance intermediaries and distribution channels
  8. Product innovation
  9. Rural urban mix
  10. Conclusion

India's insurance industry private and public, has it's roots in the 19th century. Under British rule many Insurers operated in India. In 1938 British passed Insurance Act, comprehensive insurance legislation, which remains the cornerstone of the insurance industry today. In 1956, Indian Government nationalized the insurance industry and combined 154 Insurance providers and formed Life Insurance Corporation (LIC) of India.

When the ideological winds of change blew in the early 1990s, the Indian Government set about liberalizing its insurance market. It set up a Commission of Enquiry and the central outcome of the Commission was the establishment of Insurance Regulatory and Development Authority (IRDA), that intern laid the framework for the entry of private (including foreign) insurance companies. Now there are 16 companies operating, including LIC. Aviva is UKs largest and world's fifth largest insurance group. With a history dating back to 1696, Aviva has 35 million customer base worldwide and more than £332 billion of assets under management.

[...] Offer ?seamless service? not Be Profit Oriented rather than Growth Oriented Company's assets at all times must remain more than liabilities Risk management practices to become the underwriting philosophy of the company Insurance is selling a concept- the concept of security Make extra effort to understand the customers Insurers are in the business of paying claims; hence they must guarantee their ability to pay claims Maintain confidence of Policy Holders as well as Investors. What then are the formulae that promise marketing success? [...]

[...] Multi channel distribution and marketing of insurance products will be the smart strategy. While tied agents will continue to play an important role in distribution, alternative channels like corporate agents, brokers will play a greater role in distribution. The time has come for the industry to gradually move from traditional individual agents towards new distribution channels, with a paradigm shift in creating awareness and not just selling products. Worksite marketing, relatively inexpensive and easy to launch is one potential distribution channel. [...]

[...] Insurance Advisors: Insurance Advisor, the most important distribution channel of the insurance industry, plays a very important role. They should act as a representative of the company and also as a provider of quality financial advice to the customer based on their needs and requirements. The qualities of people who are today coming forward to become insurance advisors are bringing a revolution in the profession. Today MBA's, CA's, Professionals from software companies and banks etc. are becoming insurance agents by choice. [...]

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