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MARKETING STRATEGIES OF INSURANCE COMPANIES IN US, UK, INDIA ETC

FOCUS ON 7P’S OF MARKETING OF MARKETING MIX

US
1. American International Group (AIG)- Market Value: $172.24 billion 2. MetLife- Market Value: $37.94 billion 3. Prudential Financial- Market Value: $39.70 billion WEB ANALYTICS, CAMPAIGN ANALYTICS
Bancassurance will facilitate mass selling of insurance products through banks. Banks can act as large financial supermarkets.

INDIA 1. Life Insurance Corporation of India 2. Bajaj Allianz General Insurance 3. ICICI Prudential Life Insurance 4. SBI Life Insurance
ATTRACTING RURAL POPULATION-rural insurance schemes---The rural co-operative credit institutions could also be an important channel for distributing insurance products in rural areas.

POSTAL INSURANCE COMPANY BASED INSURANCE SCHEMES
After opening up of the insurance sector, LIC of India devised new marketing strategies to raise customer satisfaction, introduced many new schemes and products backed by publicity campaigns, standards were established in respect of general procedures, policy servicing customer interaction and fairness in dealing with customers and more stress is given on speedy claim settlements. Insurance companies can differentiate themselves in the areas of product, customer service, distribution channels, promotion, brand building

Aviva. In case of life insurance. health and personal accident insurance can be bundled together. Allianz Worldwide Country: Germany Market Value: $65.Product Differentiation: In case of product differentiation.g. and any other service that is required by him from time to time. receiving premium and other notices. change in nominations and assignments. Similarly the claim settlement procedures need to be simplified.40 billion. e-servicing needs to be developed by the insurance companies. bundled products can be introduced and new target segments can be identified. life. new products. They are exploring all the existing and new channels for the purpose of promotion. tailored products. personalized service. if any. For example. PROMOTION------Mass media advertising is widely being resorted to by a number of new players in this regard. AXA Group- Country: France Market Value: $66. Bancassurance will facilitate mass selling of insurance products through banks.Country: United Kingdom Market value: $33.: standardizing service performance and monitoring customer satisfaction by means of suggestion schemes. Banks can act as large financial supermarkets. customer survey comparison etc. owing to the long-term nature of contracts. rural penetration. Customer database. will save the time of the customers. the consumer looks forward to efficient servicing of his policy with regard to any possible change of address. accepting and reviewing the complaints. Ease in the payment of premiums through credit cards or Internet. car loan along with car insurance). Online personal information will greatly improve the customer service. Similarly Home Loan and insurance covering fire and burglary can be put together.sports marketing: tennis .55 billion 3. Training of agents and customer relationship management will take the insurance companies a long way in this regard. The LIC of India provides only packaged policies whereas new players have been providing several Riders. customized products.12 billion 2. EUROPE 1. Customer Service: In case of customer service more than e-sales.10 billion 4. AEGON-Country: Netherlands Market Value: $26. being cheaper than agents are some of the greatest advantages of Bancassurance. crossselling of products (e.

Allianz Worldwide Country: Germany Market Value: $65. North America and Asia Pacific. Over the next 20 years. In addition. with operations concentrated in Europe. is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial. as well as the stock exchanges in Paris and Tokyo.12 billion In 1980.AXA pursues successfully its external growth strategy: consolidation of AXA existing activities. (AIG). Inc. 2nd Turkish insurer. American International Group (AIG) Country: United States Market Value: $172.5 billion dollars). institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer.Bancassurance: insurance sold through banks in Europe WEB ANALYTICS. a world leader in insurance and financial services. financial services and asset management around the world. with the acquisition of Oyak's 50% stake in AXA Oyak.24 billion American International Group. AXA Group Country: France Market Value: $66. AXA did not exist. AIG's common stock is listed on the New York Stock Exchange. Today AXA is present in geographically diverse markets. the Group would grow to become a major international player. and penetration of high growth potential markets. AIG companies are leading providers of retirement services. ING Seguros (for an amount of 1. 3.55 billion . CAMPAIGN ANALYTICS M&A 1. for 525 million dollars. with the acquisition of 100% of the 3rd Mexican insurer. 2.

The Allianz Group is one of the leading integrated financial services providers worldwide. 6. On the insurance side.000 employees worldwide. specializing in life retrocession and property and casualty reinsurance and provide investment management services with respect to the Company’s general fund and segregated fund assets and to mutual funds and institutional customers. among which China and India. the Allianz Group serves approximately 75 million customers in about 70 countries. 4. is the Group's Parent and principal operating Company. the Group has made a significant return to central-eastern European markets and has set up offices in the principal markets of the Far East. Generali Group Country: Italy Market Value: $45. We provide financial protection and wealth management products and services. We offer reinsurance services. the United States and Asia.45 billion The Generali Group is one of the most significant participants in the global insurance and financial products market. longterm care services.52 billion Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 22 countries and territories world-wide. Prudential Financial Country: United States . to individual and group customers in Canada. The Group is leader in Italy and Assicurazioni Generali. Manulife Financial Country: Canada Market Value: $50. founded in 1831 in Trieste. pension products. mutual funds and banking products. 5. With nearly 155. Allianz is the market leader in the German market and has a strong international presence. annuities. group life and health insurance. In recent years. These products and services include individual life insurance.

Latin America and Europe. 8. MetLife companies have direct insurance operations in Asia Pacific.40 billion . It's business covers the whole value chain in insurance and reinsurance.S.10 billion Aviva is one of the leading providers of life and pension products in Europe and are actively growing our long-term savings businesses in Asia Pacific and the USA. Inc (NYSE:PRU). 2009.. has operations in the United States. a financial services leader with approximately $580 billion of Assets Under Management as of June 30. Their main activities are long-term savings. Europe and Latin America. fund management and general insurance 9. 7.70 billion Prudential Financial. 10. Asia. Outside the U. Munich Re Group Country: Germany Market Value: $30.Market Value: $39. Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. MetLife Country: United States Market Value: $37. Leveraging its heritage of life insurance and asset management expertise. AEGON Counry: Netherlands Market Value: $26. is a leading provider of insurance and other financial services to millions of individual and institutional customers throughout the United States. Inc. Aviva Country: United Kingdom Market value: $33.99 billion The Munich Re Group is one of the world’s leading risk carriers.94 billion MetLife.

Top 10 insurance companies in India: • Life Insurance Corporation of India • Bajaj Allianz General Insurance • ICICI Prudential Life Insurance • SBI Life Insurance • Birla Sun Life Insurance • TATA AIG General Insurance • Max New York Life • Reliance Life • Oriental Insurance Company • HDFC Standard Life Insurance Some of the details regarding these top players in the insurance sector in India are given below: Life Insurance Corporation of India: One of the oldest companies in the insurance sector in India is the LIC of India and this company was incorporated in the year 1956 by the alliance of 75 provident companies. AEGON is listed on the stock exchanges of Amsterdam. the company has 7 zonal officers. In addition to its corporate office. the Netherlands and the United Kingdom as well as other businesses in Asia.AEGON is an international business. 2048 computerized branches and 100 divisional offices. the Americas and elsewhere in Europe. The company has major operations in the United States. pensions and other long-term savings and investment products to millions of customers around the world. New York and Tokyo. providing life insurance. 154 Indian Insurance companies and 16 non-Indian Companies. London. They offer a wide range of insurance policies and the policies offered by them are classified under the following main categories: • Joint life plan • Team assurance plans .

life insurance and health insurance. .• Whole life plans • Special money back plan for women • Money back plans • Endowment assurance plans • Plans for handicapped dependents • Children plans • Bima account plans • Endowment plans Bajaj Allianz General Insurance: Bajaj Allianz General Insurance company is a joint venture between Bajaj Auto and Alliance AG. 1000 crores. etc. Their life insurance plans include education insurance plans. This joint venture company offers the following services: • Renewal premium payments • Online services • Life insurance saving plans • Online life insurance • Health care • Life time care • Retirement and pension plans ICICI Prudential Life Insurance: As the name implies ICICI Prudential offers a wide range of life insurance policies and their policies include retirement plants. The paid up capital of the company is Rs. Hospital care. etc… SBI Life Insurance: SBI Life Insurance is another joint venture company in the top players in insurance sector in India and this company is formed with the joint venture between BNP Paribas Assurance and State Bank of India. ULIP. while that of SBI is 74%. while the authorized capital is Rs. while their health insurance plans include MediAssure. BNP’s share is 26%. while the later is a player in the insurance sector. The former company is a big player in the automobile sector in India. premium guarantee plans. Out of the total capital.

children’s plan. This company offers a wide range of health plans.2000 crores. TATA AIG General Insurance: TATA AIG general insurance is a joint venture between the popular TATA group in India and America International Group. group plans and individual plans. Some of the services offered by them are: • Tata AIG Life Assure 10 years • Tata AIG Life Maha Gold • Tata AIG Life Hospi Cash back • AIG Health life protector Max New York Life: Max New York Life offers the best life insurance products like investment protection. They offer a wide range of products with respect to life insurance to businesses. wealth with protection solutions and Children’s future solutions. health & wellness solutions. etc… They are offering more than 35 products pertaining to health and life insurance. Their insurance policies are classified into four broad categories namely: • NRI Solutions • Rural Solutions • Group Solutions • Individual Solutions The protection solutions offered by them are classified under retirement solutions. individuals and associations. Birla Sun Life Insurance: This company is a joint venture between Aditya Birla group and Sun life financials and it offers a wide range of services to meet the life insurance needs of the people. Their products are classified into the following main categories: • Retirement plans • Health plans • Child plans • Growth plans . 33 bank assurance relationships and 14 corporate agency tieups. They have direct sales centers at 14 locations. retirement solution.

the company was working as a subsidiary of Life Insurance Corporation of India. Before the year 2003. NorthWestern Mutual . From the year 1956 to 1973. Oriental Insurance Company: Oriental Insurance Company Limited came into existence in the year 1947 with its corporate officer at Bombay and the company is a wholly owned subsidiary of the Oriental Government Security Life Assurance Company. health plans and group plans.• Life plans Reliance Life: Reliance Life is an associate company of Reliance Capital Limited and their products are mainly divided into two main categories namely solutions for individuals and solutions for groups. Nowadays. investment and pension. protection plans. people have understood the importance of insurance policies and with this. HDFC Standard Life Insurance: HDFC Standard Life insurance offer a wide range of insurance plans under investment plans. retirement plans. Two sub category of plans comes under each of these two plans and they are protection plans & child plans under solutions for individual and investment plans & retirement plans under solutions for groups. insurance companies introduce a wide range of products to meet the needs of different types of their customers and they strive to offer the best possible service. who are satisfied with their different needs pertaining to banking. They have more than 500 branches serving the needs of customers located in over 700 cities. This company has a customer base of more than 7 million people. Read more here: http://entrance-exam. a large part of the shares of this company was held by the General Insurance Corporation of India after which the shares were transferred to the Central Government.net/top-insurance-companies-inindia/#ixzz1c9wLauOg So here is listed the top ten Life Insurance Companies in USA. 10. savings.

AFLAC This company is rated among the top ten life insurance company as it has the host of health and accident insurance policies. Principal Financial Quality service is always their motive and their insurance policies are quite different which includes dental and vision insurances as well. It possesses massive assets which gives them customers from all over the world. Guaranteed Minimum Cash value and many other benefits have lapped them many customers 9. .This is one of the recognized insurance company in USA and provides many benefits like Guaranteed Death Benefit. 8.

long term care insurance and insurance regarding annuities. . 6. They have Term life. 5. Genworth Financial These people offer traditional term life insurance. Linked Benefit life and variable universal life insurance packages. They not only give you the insurance package but they are also known for their professional advice. Lincoln National It is also one of the best life insurance companies of the world.7. Massachusetts Mutual Life insurance This company is growing day by day and their customers are becoming more and more. With the main life insurance packages they also offer disability income insurance retirement plan services. Universal Life. universal life insurance and term life insurance with premium options.

universal life insurance. 3. New York Life Insurance They have changed their offers to suit the times and the effect of it has trimmed their strategies. Their insurance packages can be classified into four categories. variable life insurance and survivorship insurance.4. Their company has the headquarter in New York and they have 60 more branches through out the USA. survivorship insurance and for business as well. 2. They are Term life insurance. . permanent life insurance. whole life insurance. term insurance. TIAA-CREF Their insurance packages include level as well as renewable term. Prudential Insurance Company of America As being in the top ten lists. this insurance company offers life insurance policies under five categories.

MetLife This one is the top and most renowned company in USA and these are top insurance providers. They offer permanent life insurance to the citizens of USA Here is the list of top 10 best health insurance companies in United Kingdom. .1. that are considered best by the people of UK.

It gives vast protection for all the medical expenditures like. 3.1. It is acknowledged as one of the most important health insurance organization in UK. . Associated with more than 400 recognized Hospitals. BUPA Health Insurance It is the biggest health insurance company in UK. Full Cancer treatment. life and various types of other insurances and arrange all sorts of treatments to their clients with admission to the best hospital and availability of specialists. AXA PPP Healthcare It is one of the well known insurance companies in Europe and in UK. Heart patient’s cure: Round the clock services for information and assistance. hospitalization. and medications etc. They proffer health. 2. AVIVA Health Insurance It is the sixth biggest insurance company all over the world and has more than 53 millions clients in 28 countries. They proffer the assistance of all kinds of medical expenditure including cure.

5.4. along with complete help of minor checkups like X-rays. They present complete medical care for family and adults at fixed reasonable payments. They have reputation as one of the best health insurance organization in UK. It was chosen as one of the best health insurance companies in UK by an important newspaper. visits and fees of consultants in addition to other liable expenditure. . National Friendly Healthcare It provides you with the selection of any hospital in UK for remedy of various kinds of health problems. medicines. Medicare International It proffers you complete assistance in serious illness such as asthma. diabetes. with an experience of more than twenty years.

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