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Marketing as a method of managing the activity of insurance companies and the method of studying the market for insurance services appeared relatively recently. Western insurance companies began widespread adoption in the early 1960’s.
The tasks of marketing in an insurance company essentially follow from its principles: Provision of profitable work under constantly changing conditions; Securing the company’s competitiveness to protect customer interests, maintaining the public image of the insurer; full satisfaction of customer requirements in terms of volume, structure and quality of services provided by an insurance company, thereby creating the conditions for stable business relationships; holistic solution of commercial, organizational and social problems of insurance employees.
The main task of insurance marketing is to increase the number of clients from the circle of legal and natural persons, to offer them preferential insurance rates and to introduce new types of insurance.
In accordance with the above tasks, insurance marketing focuses on achieving high quantitative, qualitative and social indicators, such as: B. Number of contracts, profits, etc.
The goals of insurance marketing are to form and stimulate demand, ensure the validity of management decisions and plans of the insurance company, and expand the scope of services, market share, and profit.
Offering the customer what is being sold and not trying to impose anything else is the basis of the marketing approach in the management of the insurance company.
The experience of using marketing in the activities of insurance companies shows that the marketing process includes a number of actions that can be reduced to two main functions:
- Formation of demand for insurance services
- satisfaction of insurance interests
The first function includes a series of activities aimed at attracting customers to the services of this insurance company as potential policyholders.
This function is realized through the use of methods and means of influencing potential insurers: advertising, organizational measures when concluding insurance contracts, differentiation of tariffs for insurance services, combination of insurance services with various forms of trade and legal services.
The second main function of marketing is to satisfy insurance interests. The realization of this function is the key to the new demand for insurance services. Insurance companies spend a lot of money to better organize the sale of insurance policies, improve customer service and maintain their image
Insurance customer service is one of the main components of satisfying insurance interests, its level affects the demand for insurance services, ie the higher the level of service of this insurer, the higher the demand for its insurance services.
However, increasing the level of service requires an increase in costs. Therefore, the management of the insurance company must use the to find an optimal balance between the service level and the economic factors of the service Insurance software development company.
The task of the insurer’s marketing service is to determine the correlation pattern between the economic performance factors and the demand for insurance services. The criterion for the quality of service provided to the insured is the absence of complaints from him.
Insurance marketing techniques include: communicating with the customer, ensuring profitability, creating benefits for the customer by using the insurance company’s services in comparison to the products of the competition, financial interest of the insurance company’s employees in the sale of services.
Peculiarities of marketing in insurance companies determine both the specifics of the market for insurance services and the specific features of the services themselves.
The specifics of the insurance services market are related to the specifics of the services market described above.
An important differentiator of insurance services is their “instantaneous” nature. They cannot be saved for resale commission.
At present, there are a large number of insurance companies in Russia, including state insurance institutions – Gosstrakh and Ingosstrakh.
Insurance marketing also includes analysis and assessment of the geography of insurance risk, political and military expertise, and measures to assess the insured’s economic and financial activities.
Another peculiarity of insurance companies is that, unlike commercial banks, they are carriers of long-term capital, and therefore marketing of insurance companies is valued and associated with long-term investments.
These include investments in stocks, bonds of the company, the state. In parallel with long-term investments, the profitability of various types of securities such as stocks, bonds and various types of government securities are analyzed.
