Inidian Insurance Industry
...Objective 1
Introduction 1
What is Insurance? 1
Key Players 2
How do Insurance Companies make money? 2
Types of Insurance 3
Operations 4
The Financial Service Industry 5
ULIP 5
Marketing Environment 9
Pre Liberalization 9
Post Liberalization and Pre IRDA Bill(1999) 9
Current MACRO 9
Current MICRO 16
Current Internal 19
Conclusion 20
Objective
The report gives the Marketing Environment for Insurance Sector in India. It gives an overall marketing Environment for Life Insurance and specifically tries to identify the variables affecting the Environment of Unit Linked Life Insurance (ULIP). This report is not an analysis of the variables identified but some analysis of the variables has also been included.
This is the first part of the project and concentrates in understanding the insurance sector and its dynamics. It analyses the current marketing environment prevalent in the country. The next part will involve a close scrutiny of the changes happening and accordingly shape up the marketing plan. It will concentrate on the product and its various features. An important objective will be to market it efficiently so that its strengths are highlighted and weaknesses are masked. Marketing implications and suitable plans of action will be suggested in the next part of the project. This will be done taking reference from the marketing environment, which has been included in the present document.
Introduction
What is Insurance?
Insurance is a way to transfer risk, for a price. Insurance is defined as an arrangement that transfers the risk of loss (financial consequences of a loss) from the insured (Policy Owner) to another party, usually an insurance company (Insurer) for a price (premium). In other words, Insurance is the system for indemnifying or guaranteeing an individual/organization against financial consequences of...
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