Role of Marketing Mix Elements in Marketing Insurance Services in India

Globally the growth of insurance is encouraging, and same is true with the Indian Insurance Sector. Insurance is emerging as one of the fastest vehicle in the panorama of the burgeoning service sector in India.Insurance is practically a necessity to business activity and is important for the growth of the economy. It is important for marketers to understand the needs of the market and formulate a marketing mix which can help the in attracting and retaining customers. The Insurance business deals in selling services where the product is intangible and requires a considerable amount of explanation of the intricacies of various products and therefore due weightage must be given to the formation of marketing mix for the Insurance business. The marketing mix includes sub-mixes of the 7 P’s of marketing i.e. the product, its price, place, promotion, people, process & physical evidence. The present paper focuses on the performance of the Indian Insurance sector in the recent past and further examines the role of marketing mix in marketing insurance services in India. 

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Categories: June 2014