A Comparative Study Of Marketing Strategies Of Public And Private Life Insurance Companies A Study of Lucknow Region

Abstract

Every product or service needs to be centre-staged for making its presence known and generating a market for itself. In this league, the advertising and promotion campaigns have become an integral part of all organizations and have a significant impact on the companies operating in the service industries. Almost every commercial venture reshapes its strategies and business models to adapt to more persuasive and alluring advertising and promotional initiatives as part of its marketing strategies. More relevantly, in the context of Insurance firms, because of the rapid reforms and developments in life insurance industry, marketing is empowering the Public and Private Life Insurance companies to meet the challenges of establishing sustainability, market leadership. In fact a robust marketing mix and product features has been proven to positively impact all the customers policy buying decisions. Life insurance plays a critical part in providing national economy with long-term capital and speeding up the self-generation process of gross national saving production. Till the advent of liberalisation and privatisation in the Indian life insurance market, the public insurance sector enjoyed a complete monopoly. As the Insurance market opened to welcome the private Insurance firms, the completion between the Public and Private became intense. This scenario posits interesting research queries. The most important one being how the policyholders stand to gain as both the public and private insurance firms vie with each other to engage the more informed and more demanding customer of the present day. newlineHence, this research pursuit was envisioned to dissect the impact of and compare the marketing strategies adopted by the public and the private insurance firms in their endeavours to win over their clientele. Several hypotheses state that the private players are more efficient and provide customer friendly life insurance business. Thus, the share of private-sector life insurance firms in life insurance industry has risen sharply