EMERGING
MARKETING TREND IN INSURANCE MARKET ARE AS FOLLOWS
Computerization:
Initially, in the late
1950’s the insurance companies used Unit Record Machines (Electro Magnetic
Machines) to process data punched into cards. Computers were introduces in the
mid 1960’s and by the 1980’s the Unit Phased Machines were phased out and the
entire process was computerized. This brought about greater efficiency and
quick service delivery
Internet:
Today,
the internet has completely changed the service delivery process. Internet is
today used to even sell insurance policies. Internet is, in fact, proving to be
one of the widely used distribution networks for selling insurance policies.
Also internet is used for sending premium notices to policy holders through
e-mails
Companies like LIC (www.licindia.com), ICICI (www.iciciprudential.com)
all have websites from which people can get the information about their
products, prices, various schemes, and lots of other information. People can
also purchase the product through this website.
Electronic
Clearance Service (ECS):
Almost all the big
organizations today provide the ECS facility to its customers. A policy holder
having an account in any bank which is a member of the local clearing house can
opt for ECS debit to pay premiums. The advantage here is that once the option
is exercised, the policy holder need not visit a branch for paying the premium
or collecting the receipts. On the day indicated by the policy holder, the
premium amount will be directly debited to the bank account of the policyholder
and the receipt will be issued by the designated branch office.
Call
Centres and SMS services:
Almost all the insurance
companies have their own call centres which cater to the phone based queries of
the policyholders. This service is 24x7 and they have the Interactive Voice
Response (IVR) systems at all the branches
