Customer-buying behavior focusing on market segmentation in the insurance sector
- Executive summary
- Introduction to the industry
- Marketing of insurance
- Marketing mix policies
- Research methodology
- Scope of the study
- Significance of the study
- Research design
- Data analysis and interpretation
Insurance is in a manner of speaking the last frontier in the financial sector to open. It is also a sector, which leads to benefits across the full spectrum, from the individual who now have wider choices, to the economy, which see increased savings, to the infrastructure sector, which can look forward to long term funding being available. In an under-insured economy, newer channels of distribution have to be utilized to intensify the reach of insurance both in urban and rural markets. This will create huge employment opportunities not only within insurance companies but also as agents and consultants of insurance companies.
Different companies can choose to position themselves differently and hence the Marketing Mix is different. However, there are certain common characteristics that one can cull out from the possible strategies that companies adopt.The development of flexible products to suit individual requirements is what will differentiate the winners from the also-rans. The key to success is in providing insurance solutions, not standardized insurance products. The concept of riders/optional benefits has already been a huge innovation brought about by the new players, which has led to customization of products for individual needs. However, companies may differentiate themselves on the basis of product segments that they choose to focus on and excel in.
[...] FACTS/FINDINGS 1.As the people think that insurance is a tool to protect their family & a tax saving device. They are aware of the fact & realizing its, importance. The company should try to expand & build up its infrastructure because there is a large potential for insurance. 2.Company should come up with branch wherever possible. With the objective and goals to meet the demands & expectations of the public. Because the entrance of private players will increase the competition and it would be a tough task to secure a good position in market. [...]
[...] The study then goes on to evaluate and analyze the findings so as to present a clear picture of trends in the Insurance sector. SIGNIFICANCE OF THE STUDY SIGNIFICANCE TO THE INDUSTRY : This is a limited study which takes into consideration the responses of 100 people. This data can be explorated to take in the trends across the industry. The significance for the industry lies in studying these trends that emerge from the study. It is a rapidly changing and evolving sector. [...]
[...] People: The most important factor that materializes sales and maintains customer relationships on a long-term basis is this factor. No matter what distribution strategy a company adopts, customer relationship has to be taken care of in order to maintain the customer base on a long-term basis. Research methodology Title: To determine customer-buying behavior with a focus on market segmentation for Reliance Life Insurance. TITLE JUSTIFICATION: The above title is self explanatory. The study deals mainly with studying the buying pattern in the insurance industry with a special focus on Bajaj Allianz life Insurance. [...]