Insurance Marketing

The insurance industry has entered an era of accelerated change as a result of increased competition in products and pricing within all insurance sectors. Professional marketing management is now a pre- requisite if a company is to retain, or advance, its position in the competitive hierarchy.

Insurance Marketing presents, explains and describes the main marketing processes applicable to the insurance industry in a non- technical way, paying attention to relevant marketing theories, but emphasising the practical application of those theories in both general insurance and life assurance.

The first three chapters present the special characteristics and factors which affect the insurance market. The book then progresses through the development of a marketing programme by considering customer behaviour, market segmentation and marketing research methods. All the constituent parts of the resulting marketing mix are then examined - product development strategies,inciples of product innovation, pricing and ratemaking methods, advertising, promotion, selling and channels of distribution. The critical importance of the selling function has naturally been recognised; a separate chapter investigates insurance sales force management, including selection, training and supervision. The book concludes by discussing the main elements of insurance marketing strategy, organisation, planning and control and summarises recent developments and future trends in insurance marketing, including the roles of consumerism, customer protection regulation and the impact of inflation.

The structure of the book closely mirrors the marketing functions and processes, as viewed through the eyes of the insurance company. It recognises that the major function of the insurance marketer is decision making, focusing on the major types of decision and problems-facing the insurance marketing executive in his attempt to harmonise the objectives of the insurance company with the environ- ment and opportunities found in the market place.

Insurance Marketing is required reading for students and the progressive insurance marketer who wishes to stay ahead of the competition. In spite of its serious content, the subject matter is covered in a lively and informative manner.