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irda journal may 09

irda journal may 09

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May 2009Volume VII, No. 5
’Ë◊Ê ÁflÁŸÿÊ◊∑§ •ı⁄U Áfl∑§Ê‚ ¬˝ÊÁœ∑§⁄UáÊ 
Insurance Marketing:
TOWARDS HIGHER GROWTH
 
© 2007 Insurance Regulatory and Development Authority.Please reproduce with due permission.Unless explicitly stated, the information and views published in this Journal may not be construed as those of the Insurance Regulatory and Development Authority.
Editorial Board
J. Hari NarayanC.R. MuralidharanS.V. MonyS.B. MathurS.L. MohanVepa KamesamAshvin Parekh
Editor
U. JawaharlalHindi CorrespondentSanjeev Kumar JainPrinted by Alapati Bapanna andpublished by J. Hari Narayan on behalf ofInsurance Regulatory and Development Authority.Editor: U. JawaharlalPrinted at Kala Jyothi Process Ltd.(with design inputs from Wide Reach)1-1-60/5, RTC Cross RoadsMusheerabad, Hyderabad - 500 020and published fromParisrama Bhavanam, III Floor5-9-58/B, Basheer BaghHyderabad - 500 004Phone: +91-40-66820964, 66789768Fax: +91-40-66823334e-mail: irdajournal@irda.gov.in
 
From the Publisher
T
he function of marketing a product in adomain where it is not fully understood isa challenging task. If the product is not atangible one and is conceptual in nature, it iseven more intriguing. Insurance marketing in Indiafaces these challenges and as has been said veryoften, it needs to be sold rather than boughtvoluntarily by the common man. All the same, it isa welcome sign that this trend is undergoing apositive transformation although not at a pacethat one would desire it to happen.As in any product, insurance marketing involvesseveral strategic roles that the top managementshave to address tactfully. At the outset, marketresearch and analysis have to be done carefullyin order that there is a proper match betweenidentification of the need of the prospect andthe designing of the product. It would beredundant to add that the best effort in designinga product could end in a fiasco if the final outputis not anywhere close to the needs of the market.In a domain that is not very mature, there may beneed to even push a product that would be inthe interests of the general masses, although aperceptible demand is absent.Publicity for the product, which is an essentialcomponent of marketing, should be in such amanner that it is easily understood and appealingto the general public. The aim should not only beat promoting the product but also at disseminatingproper information about the product. This wouldlead to the buyer making an informed decision,to a great extent; and would eventually avoid post-sale complications that are the bane of anyevolving market. It should also be kept in mindthat the publicity effort should target differentsegments of the population; and whereverrequired, there should be different forms ofconveying the message in a comprehensiblefashion. Above all, it should be appreciated thatthe best efforts in product development couldstill lead to market failure if the training andeducation of the intermediary is insufficient.A well-trained and a plain-speaking intermediaryhas the ability to be the best brand ambassadorfor any player.‘Insurance Marketing’ is the focus of this issue ofthe
Journal
. One of the most basic forms ofinsurance is Accident Insurance, which one wouldexpect to be least controversial. The focus ofthe next issue of the
Journal
will be ‘AccidentInsurance’.
J. Hari Narayan

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