Disadvantages Of Bancassurance India

The insurance industry’s performance is highly correlated with the state of the economy and specifically GDP growth. From the data outlined in this report, it is evident that the insurance industry flourishes alongside the economy where factors such as output, unemployment, and other variables are growing as well. Since the 2008 crisis, the Canadian economy has recovered quite well. One of the key concerns going forward is the current exchange rate of the Canadian dollar. Going forward, as the economy goes into a boom it will be crucial for the insurance industry to reach its potential.

Nowadays, information technology dominant society which took an important role of providing better services with its intensive data and information. Some or part of the services continuously changing their shapes from traditional type of works to online base systems along with the recent innovation. Insurance is one of them. People are able to exchange and contract their insurance policies on the website by providing information just to complete the applications. Obamacare also adopt this system to make it more accessible and affordable to everyone. The online system eliminates or reduce the assessment and underwriting process which usually proceed before the contract, so that insurance companies are able to provide insurance less expensive and much easier to people especially for young people compare to the traditional style of insurance. It also reduced a large amount of paper works associated with assessment or contraction process. As a consequence, usability became more simple and convenient both for insured and insurer.

Insurance is an arrangement by which a company gives customers financial protection against loss or harm such as theft and illness in return for premium payments. One of the most important ways that external economic factors are affecting insurance industries is by experiencing a slow pattern in the economy. Insurance companies are affected by lower sales and lower rates of returns on their investments. Companies have to sell certain products for which they have the commitment and the

The Insurance industry is very heavily state regulated. According to the Government Accountability Office (GAO) study, the state run regulatory system is Federal verses State Regulation protecting the markets, insurance industry and policy holders and was evidenced during the financial crisis of 2008-09. The insurance business is highly profitable. “Well-run companies can make a lot of money, which breeds competition” from both “inside and outside competitors” (Property, 2013). Insurance companies were well “insulated” from the “severe” financial crisis of 2007-2008 that affected the banks and security firms, because the State regulations have the Insurance Industry “walled off” from Federal Regulations (Property, 2013). During the “Great Depression of the 1930s” “Insurance policy holders were protected by the states’ prudent supervision and regulation” (Property, 2013).

In this paper, we will discuss Geico Insurance and how its marketing mix operates in the insurance industry. We will describe the four elements of the marketing mix, more commonly known as the 4P’s. Next, we will describe how each one of the four elements affects the development of Geico’s marketing strategy and tactics. Last, we will describe how each element is implemented in Geico’s marketing strategy.

One of my daily responsibilities is to find more business opportunities for the office. I did a lot researches and found tremendous potential in the regions, especially among first-generation immigrants and new arrivals who, while having insurance needs, are not well acquainted with the U.S. insurance system and how insurance claims and policies work. Among these potentials, we found the big opportunities in Asian-Americans who are often ignored or overlooked by traditional marketing channels. Specially, all of us in the office are Chinese and we understand more about Asian culture. Based on the marketing research, we three discussed together to decide the marketing goal: to build the current business into much larger agency, by identifying, targeting, reaching and offering insurance products to a new generation of insurance customers, with a particular focus on Asian-Americans in the Philadelphia, New Jersey and Delaware

Nowadays, having insurance is a ‘nice thing’ to carry in case of emergency. In the U.S, most people should have at least one type of insurance. As for auto insurance, the law requires drivers to carry insurance when driving. Because of this need, the constant demand for having insurance drives many firms competing in this saturated market. In this analysis, the focus attempts to show GEICO Insurance promotional strategy in communicating its products and services to the market and identifies the effective ways in growing the brand-awareness.

Baye, M.R., Prince, J.T. (2014). Managerial Economics and Business Strategy. New York, NY: McGraw-Hill Irwin

Among the five forces of competition; existing competitive rivalry between suppliers, threat of new market entrants, bargaining power of buyers, power of suppliers and threat of substitute products, the most significant for UnitedHealth Group are threats for substitute products and rivalry among competing firms. Given the fact that there are numerous healthcare insurance firms in the world; there are also a number of substitutes for the corporation products and services. In recent years, the banking industry has become involved in insurance activities. They provide some medical plans, which act as substitutes to the UnitedHealth Group products. Banc assurance, otherwise known as the bank insurance model, is a very common phenomenon in this global world. Banc assurance is an arrangement in which a bank and an insurance company form a partnership so that the insurance company can sell its products to the bank’s client base. This type of partnership can be profitable for both, the bank and the insurance company. Banks can earn additional revenue by selling the insurance products and insurance companies are

The challenge for the insurance companies nowadays is to provide the right type of policy to the customer as per the financial needs of customers. IDBI Federal is yet to prove its worth in the industry. Though IDBI Federal is able to sell the right policy to the right customer but the needs to boost up its advertisements to build a bond of mutual trust between the customers and the company. The products of IDBI Federal require additional features in it.

1. Personal Promotion: The bank marketer gets opportunity to tangibilise the product through personal selling; persuasion is more effective with direct contact. It helps in creating impulse buying.

Recently, insurers introduced online insurance policies. This got a wide spread acceptance from many clients in that it is quick, easy and convenient. It is also cheaper in that a person doesn’t have to travel

Changes in tax laws, government benefit programs, and other State and Federal regulations can affect the insurance needs of clients and how agents conduct business (Abraham & Herman, 1998). Courses in psychology, sociology, and public speaking can prove useful in improving sales techniques (Abraham & Herman, 1998). The use of computers to provide instantaneous information on a wide variety of financial products has greatly improved agents’ and brokers’ efficiency and enabled them to devote more time to clients’ needs (Abraham & Herman, 1998).

IT plays a role in servicing a large number of clients and reduce processing cost. At the same time IT can help in churning out statistics and information necessary to analyse the performance of current and potential business. As such, Sun Life need to look into the aspect of insurance systems and IT infrastructure in Malaysia.

Bancassurance is the selling of insurance and banking products through the same channel, most commonly through bank branches selling insurance. The sales synergies available have been sufficient to be used to justify mergers and acquisitions.