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Abstract and Introduction for Interim | Insurance | Sales

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2010 DISSERTATION ON MARKETING TECHNIQUES AND CONSUMER PERCEPTION OF GENERAL INSURANCE Towards The Partial Fulfillment of Post Graduate Diploma in Management Contents ABSTRACT ........................................................................................................................................ 3 INTRODUCTION................................................................................................................................ 3 COMPANY DETAILS ......................
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    Towards The Partial Fulfillment of Post Graduate Diploma in Management    2010 DISSERTATION ON MARKETING TECHNIQUES ANDCONSUMER PERCEPTION OF GENERAL INSURANCE    Contents   ABSTRACT ........................................................................................................................................ 3INTRODUCTION................................................................................................................................ 3COMPANY DETAILS .......................................................................................................................... 4Royal Sundaram ............................................................................................................................... 4Partners ........................................................................................................................................... 4COMPETITORS ................................................................................................................................. 5RELATIONSHIP MARKETING AND OTHER MARKETING TECHNIQUES ................................................. 5INTERMEDIARIES AND DISTRIBUTION CHANNELS ............................................................................. 8Levels of the distribution channel................................................................................................... 10Channel conflict ............................................................................................................................. 10Major channel alternative available ............................................................................................... 12PRODUCT CLASSIFICATIONS ........................................................................................................... 21MARKETING CHALLENGES .............................................................................................................. 36HAZARDS IN INSURANCE ................................................................................................................ 37GENERAL TRENDS IN THE GENERAL INSURANCE SECTOR AND THE IMPACT OF PRIVATIZATION ANDDE TARIFFING ................................................................................................................................. 40Appendix A .................................................................................................................................... 43Appendix B..................................................................................................................................... 43Appendix C..................................................................................................................................... 43Appendix D .................................................................................................................................... 43Appendix E ..................................................................................................................................... 44  ABSTRACT The purpose of the project is to understand and analyze the various marketing techniques employed bythe company to prospect for and retain its clients. The project also serves to understand the marketingstrategy of the company in light of how the company caters to various segments of people by usingvarious marketing mix and by employing appropriate segmentations. The project also analyses thevarious distribution channels in the company, their importance to the company and the factors that gointo selecting a particular distribution channel. The various challenges to marketing insurance productsand the challenges in the insurance sector are also analyzed. The project also aims to cover a strategicanalysis of the company in light of its strength and weaknesses. By means of a survey the project alsoaims at uncovering as to what causes people to chose a particular insurance company, what is theirperception about the various distribution channels available to them and also their perception about theinsurance sector. INTRODUCTION General Insurance industry has undergone a number of changes in the past few years. Afterliberalization a number of private players have come into existence.Another change that has come in the general insurance market is the gradual de-tariffing of standardinsurance products. Earlier due to these standard covers and due to prescribed tariffs the competitionwas purely on price. However with de tariffing setting in customized covers are being introduced to suitcustomer needs. With de-tariffing of various products being introduced and insurance market beingessentially a buyers market these general insurance companies employ a number of marketingtechniques to compete with each other.Royal Sundaram is the first private player in the general insurance market and deals in selling variousgeneral insurance products.The purpose of this project is to provide a comprehensive coverage of the various marketing techniquesemployed by Royal Sundaram. The various ways, in which royal Sundaram prospects for its clients, thechannels that it employs will be studied. Also the techniques employed in maintaining relationship withcustomers, and the marketing strategies employed are all analyzed in detail. Also with the onset of de-tariffing in the general insurance sector the ways in which products are customized to suit variouscustomer segments will be analyzed. Then a study on Royal Sundarams products and how it caters todifferent customer segments and needs will be studied. The study will also compare products of competitors across health insurance. Health insurance being one of the fastest growing sectors it wouldbe interesting to note the various ways in which products are designed and the services offered toattract customers.Apart from this the project will provide a comprehensive insight into the company, including businessstructure and operations and key competitors. The hallmark will have the detailed strategic analysis of the company. This highlights its strengths and weaknesses and the opportunities and threats it facesgoing forward. The various challenges in marketing general insurance products are also analyzed.  Also a market research to understand the consumers perception about general insurance productswould be conducted. This research would help analyze why a particular company has been selected by aparticular client, their reasons for selecting a particular product and their perception about theinsurance industry and the channels that are available to them .  COMPANY DETAILS Insurance is of two types life insurance and general insurance. Royal Sundaram deals with generalinsurance products. Royal Sundaram Royal Sundaram alliance insurance company limited is first private insurer in the country to be licensedpost privatization in 2001 dealing with general insurance products. Royal Sundaram was the firstcompany to offer cashless hospitalization, first to offer segment specific business solution, first to offercobranded credit cards and first to offer industry specific proposition. The company has a product rangethat caters to common man as well as to corporate conglomerates. The company does business in over150 cities.The companys partners are Sundaram finance, one of the most respected non banking financialinstitution in India and RSA, one of the oldest and second largest general insurer in the UK. PartnersSundaram Finance Sundaram Finance is a triple A rated Non banking finance company and is one of the most respectedfinancial services companies in India. The Sundaram Finance groups operation span vehicle finance,Home mortgages, Asset management, General Insurance, Business process outsourcing, IT solutions anddistribution of financial products. Sundaram Finance has a network of over 320 branches across Indiawith over 2500 employees. RSA RSA is one of the worlds leading multinational quoted insurance groups. It has the capability to writebusiness in over 30 countries and has its major operations in the UK, Scandinavia, Canada, Ireland, Asia,Middle East and Latin America. It focuses on general insurance and has around 22000 employees and in2007, its net written premium was 5.8 billion pounds.
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