1Associate Professor & HoD, Department of P.G. Courses, Raghu Engineering College, Dakammari, Bheemili, Mandal, Visakhapatnam
2Dist. Former Group General Manager, Globe Investments Ltd., Malawi, Central Africa, varaprasadvv@rediffmail.com
3Professor and Director, Samata Degree & P.G. College, M.V.P Colony, Visakhapatnam – 530 013, India. murali_budha@yahoo.com
Online published on 7 September, 2015.
Insurance Sector is one with tremendous opportunities for growth due to the increased awareness of general public and enhanced needs of the business. Insurance products are of two types; life insurance based and non-life insurance based. In India, when one talks about life insurance, the name that gets into the mind is that of Life Insurance Corporation of India. The success of an insurance business depends on the role played by financial intermediaries, an institution/person that acts as the middleman between investors and firms raising funds. Basically this act of intermediation is taken care of by insurance agents, brokers and insurance consultants among others. Any business is likely to be more successful when a strong marketing philosophy permeates the thinking and guides the decisions and actions of all the parties involved. The reason is simple. While any business is formed with the objective of earning profit, marketing function stands out as backbone of all business activity. One of the important elements of marketing is the satisfaction of existing customer and earning a new customer. The tripod of customer satisfaction depends on the value, cost and satisfaction of the good or service offered by the firm. This paper tries to examine some of the new trends in the intermediation and marketing approaches by insurance players in the Indian Market visa-a-vis the emerging issues and challenges.
