this is a presentation of marketing mix of insurance company(bajaj alience and bharti axa and comparison between them)

1. MARKETIING MIX
OF
INSURANCE INDUSTRY
PRESENTED BY
NIPUN NIKUNJ

2. “Any activity or benefit that one party can offer to another that is
essentially intangible & does not result in the ownership of anything.
It’s production may or may not be tied up to a physical product.”

3. “Marketing mix is the combination of elements that you will use to
market your product. There are seven elements:
Product, Place, Price ,Promotion, people process, physical
environment. They are called the seven Ps of the marketing mix.”

4. It is required to design & apply marketing techniques
to completely satisfy the customer & increase profits
& identify new emerging services.
Classifications can be done on following basis:
• Classification by Industry
• Classification by Target Effect
• Skill level of service provider (Professional/
Nonprofessional)
• Labor intensiveness (People-based/Equipment-based)
• Degree of customer contact (High / Low)
• Goal of the service provider (Profit /Nonprofit)

5. a. Entertainment industry
b. Education
c. Telecommunications
d. Finance & Insurance
e. Transportation
f. Public utilities
g. Government services
h. Health
i. Hospitability Industry
j. Business services
k. Telecommunications
l. Trading

7. Mega opportunity in India
Historical perspective
•The Government of India in 1956, brought
together over 240 private life insurers
• provident societies under one nationalized monopoly
corporation and Life Insurance Corporation (LIC) was
born.

8. a financial service for collecting the savings of the
public and providing them
with risk coverage.
The main function of
Insurance is to provide
protection against the possible
chances of generating losses
INSURANCE MARKETING
the marketing of Insurance services with the aim to
create customer and generate profit through customer
satisfaction.

9. 7 P’s used for marketing of Insurance products PRODUCT
Design PRICE
Physical Technology Strategies
environment usefulness Skimming
Convenience
Run down Penetration
Value
Psychological
Interface Quality
Cost plan
Packaging
Confort Loss leader
Branding
facilities Accessories PLACE
MARKETING
warranties
Retail
PROCESS MIX OF Wholesale
Mailorder
INSURANCE Internet
1. Especially restraint COMPANY PROMOTION Direct sell
to service industries PEOPLE Special offer
peer to peer
Multi chennel
Advertising
2. How are services Employee Endorsements
consumed User trails
Management Direct mailing
Posters
Culture Free gifts
customers Competition

10. 2.PRICING:
i) The premium charged against the policies,
ii) Interest charged for defaulting the payment
of premium and credit facility, and
iii) Commission charged for underwriting and
consultancy activities.
3.PLACE:
i) Managing the insurance personnel, and
ii) Locating a branch
4.P ROMOTION:
The insurance services depend on
effective promotional measures.
i) In promoting insurance
business, the agents and the rural career
agents play an important role

11. 6.PROCESS
The process should be customer friendly in insurance
industry.
7. PHYSICAL DISTRIBUTION:
Distribution is a key determinant of success for all insurance companies

12. 1) Bharti AXA General Insurance
 is a joint venture between Bharti, one of India’s leading business groups
with interests in Telecom, Agri Business and Retail; and AXA, world leader in
Financial Protection and Wealth Management.
 Group holds 74% of equity and AXA holds 26% of the equity.
7 Ps of Marketing of Bharti AXA General Insurance
1. Products and Services:
A)Retail Insurance:
a. Motor
b. Health
B)Commercial:
a. Fire
b. Engineering
C)Rural:
a. Agricultural Pumpset

13. 2. Price:
Pricing factor is decided on the basis of the type of
products which the customer buys.
Bharti AXA is a strong player in private companies
and its price structure is highly competitive and
reliable
3. Place:

14. 4. Promotion:
Tele-marketing
Internet
Hoardings
Personal Selling
Advertisement through newspapers, business magazines and
FM radio
5. People:
6. Process:
From the minute customers claim intimation is received, the
Claims Team becomes active and acts efficiently and swiftly
towards its settlement.

15. 7. Physical Evidence:
•Stationery
•Separate departments for smooth functioning of work like Public
Relation Department
•Brochures
•Internet / Web Pages
•Business cards

16. is a joint venture between Bajaj Finserv Limited and Allianz SE.
received the Insurance Regulatory and Development Authority (IRDA)
certificate of Registration on 2nd May, 2001 to conduct General
Insurance business (including Health Insurance business) in India.
Vision
Mission

17. 7 P’s of marketing of Bajaj Allianz :
1. Products and Services:
Motor Insurance
Asset Insurance
Health Insurance
Travel Insurance
Corporate Insurance
2. Price:
The price structure is based on the type of policies

18. 3.PLACE
4.PROMOTION
Huge advertisements on
Television and radios.
Tele-marketing
Promotion in front of
corporate offices
Internet Marketing
Hoardings and brochures
5.People:
People are the main assets of financial organization because of service factor attached to
it.

19. 6. Process:
The prestigious awards itself speaks the smooth functioning of the insurance activities.
7. Physical Evidence:

20. COMPARISION BETWEEN BHARTI AND BAJAJ ALLIANZ
On the basis of 7 P’s
PRODUCT
PRICE
PLACE
PROMOTION
PEOPLE
PROCESS
PHYSICAL DISTRIBUTION