Techno- Marketing concept for Non-Life Insurance

Marketing, in its simplest form means arranging sale of product or commodity whereas technology relates to the intricacies of manufacture and usages of such product or commodity.
In the context of insurance business also, the meaning of these two words are not too different. Here marketing implies strategies for sale of an insurance policy, which obviously is the product, and the technology refers to the design, scope, and methods of utilization/execution of the benefits of a product. As a product can be sold only when people need it, so before trying to sell insurance policy the market has to be studied to analyze potential buyers, the expectations, purchasing power etc.

In today's business world, the business is using high-tech in their manufacturing and service generation activities where their risk exposure is also distinct and peculiar. The tailor-made polices are prepared based on their individual needs can only be best solution for them in their risk management. Therefore the marketing strategy of insurance business also should be in line with this reality. For example, we do not have tremendous potential in sale of machinery insurance because it not only includes the very important key machines and big sized machines but also the small motors and various other common appliances. Nowadays there are tremendous possibilities of selling electronic equipment policy as computers and other electronic devices have been installed in various offices and are also used in our daily routine life.

These policies are highly technical in nature. Therefore all insurance players are focusing on techno-marketing concept to sale these types of products and insure the adequate covers from small and mega size with zero defect efficiency.

Today, insurance market is also in the stage where we have good number of all risk polices which can be offered to the insured for mutual benefit of insurer and insured. Regarding insurance of fire and allied perils also, the insurers are looking at the geographical location of the risk and may also have to suggest extraneous perils like flood, storm, earthquake etc. Actually, managing this portfolios may prove much more difficult than others because only efficient after sales service will create confidence in the mind of the insured towards the insurer. Unless there is complete coordination and understanding between the marketing and professional personnel, no insurer can expect to achieve this task - as a customer satisfaction.

Insurers should at no point of time forget that the quality of the product and after sales service are the key note to the success of manufacturing industries and the same golden rule applies to insurance also.

No doubt the insurance markets operates under the principles of utmost good faith where insurer expect all the information to be disclosed by the insured and it is moral duty of the insurer to inform insured person about all aspect of insurance policies.

To tide over the situation we need to improve our overall performance. The technical personnel must impart their knowledge to the insured and extend full co-operation for risk assessment. Technical person must also enrich their knowledge by taking study course and information of the developments of insurance market going around the world.

This techno-marketing concept is not new. This is as old as the insurance industry itself. However with the passage of time and advancement of insurance technology and increased specialization in every sphere of business, two different sets of people should be mobilized jointly in insurance marketing.

1. Persons required to sell the products
2. People who have in-depth understanding of insurance products and formulate the insurance policies and process of claims.

This perhaps was necessary to handle the volume of work of large-scale insurance industry. But the magic of success of the industry will depend largely on their concerted effort and understanding rather than a secretarial look.

Industrialization in recent times is a multifaceted effort requiring attention to be given to areas other than the immediate task of setting up a production facility. The present scenario is very much unlike that in the past. Today the environmental factor is changing with new precedent and trends, which has also changed the risk exposure scenario.

These hazards and risk are all the more prominent in the industries all over country following the winds of liberalization. In order to appreciate the risk better, techno marketing departments should be set up in every insurance company. These departments have also to look into how best to cater to the risk without leaving gaps in insurance coverage.

The ultimate goal of each insurance business will depend upon consumer satisfaction and this initiation will certainly help the insurance market players for success and growth in the coming days ahead.