THE IMPORTANCE OF MARKETING OF INSURANCE COMPANIES
There are different types of insurance this includes Health and Medical Insurance, Life Insurance, Property Insurance for the protection of home, car and building. Having your own insurance somehow guarantee protection and independence that you feel that having insurance keeps you safer from unusual incidents. Somehow Insurance companies have gained their success because people realize its value in their life and in the society to be able to prevent various realizations of catastrophe and sudden loss. Most government especially in western countries like in the USA they find it important to secure various insurance in employment and other transaction as a mandatory process to protect them. In a certain conditions for example car insurance is mandatory in most states and employees should secure health care insurance or Medicare for the elderly.
Due to this reasons most of this insurance does not necessarily promote insurance because it is use as mandatory, business who do not comply has a corresponding punishment they have to face but most private insurance find it important to create their own marketing strategy to gain clients and promote their business just like an ordinary organization. Insurance is business too, and customers need the information about their products before getting an insurance plan, the company must make sure that the company can be well trusted and most of their products and services would benefit their customers honestly and securely. The truth is, marketing strategy of insurance nowadays are badly needing more appropriate advertising and promotion in order to gain a higher standing of trust, there are many insurance companies who have failed to keep their promise that weakens the industry.
American Insurance Group is probably one of the largest insurance firm in the USA that offer more types of insurance and there are reports of violations that the company has ruined their standing by lack of funds and matured holder has not gained their benefits, lowering their guarantee, or delaying their releases etc. while they should be the one to protect the risk of the customers they themselves is now at risk and in danger of insolvency if the company would totally declare a bankruptcy. It is a good thing to know that the state government usually helps insurance companies to stand up when they have been in danger just imagine a holder who have been paying for years suddenly realized that the money they have insured for a long time does no longer exist is like a legal robbery with free consent. Cases like this worsen the industry even more.
As of today people no longer easily trust insurance companies who usually fail and most of the insurance who served well are also been endangered. This gives the insurance an even more needs to market their products in order to gain the customers trust. Most insurance companies put on their effort to market their products, Sun Life Insurance say’s that they are the most trusted insurance company same with American Life Insurance and it is alright because it is a part of their marketing and promotion. They look for ways to attract and induce customers to buy their products because they know that there is so much competition and the customers have the freedom of choice.
Usually marketing insurance is not that easy, they need to gain more than trust but they must also exhibit a successful standing to be able gain the trust of new customers. They do house to house visitation, cold calling, internet marketing, and government and hospital linkage to gain customers. They will do just about anything including seminars and orientation to inform customers about the benefits of their products, using the media is one of the best way to introduce their products although this strategy is not necessary because it requires a large amount of capital but still the best marketing strategy that they can do is a personal or face to face selling.
Aon Insurance uses the most extensive technology reliance in their promotions, they uses webcasting to build their brand. They also send email invitation, webinars, and other online promotions in order to gain sales people and customers as well. They also conduct corporate accounts targeting the biggest companies to trust in their services Most of all they introduce their insurance and their benefits. This marketing strategy and their usual practices gathered a big advantage on their part to cover a wider reach and a more sustainable growing business. The participation of their sales-force has made all this possible to deliver a quality presentation and gain more customers. All this promotional and sales activities has also been done by the biggest and most trusted company. They should keep all their promise to keep their customers trust. This concludes that a good product and services makes no business without selling it. Marketing is indeed an integral part of most businesses this has been the reason why most insurance company fail after they succeed is because they have not maintained an active and continuous marketing campaign.