Insurance industry is emerging competitive in the Indian context particularly after floodgates of secured monopoly markets are opened up to private players. Marketing insurance services in the Indian context has become a different ball game altogether as various companies are adopting different marketing strategies and there has been a shift from selling orientation to marketing orientation – agents becoming advisors and relative role shift of seller to marketer. This changed scenario has made the industry adopt different marketing strategies. Customizing the products, pricing, channel strategies as direct selling, E channel, company advisors, company agency channels, cross-selling and Bancassurance are becoming contemporary strategic tools for present Indian insurance scenario. The latest competition among different players such as ICICI Prudential, LIC, AVIVA, TATA AIG, MAX NEWYORK etc., has made the insurance industry move towards better service deliverers. The positioning of themselves with a USP, using advertising as a tool to communicate the same and building brands have become an inevitable marketing exercise in Indian insurance industry. This promotion is a fight not only for market share, but also for mind share. The combination of channel and the promotion has become a dominant strategic tool for Indian insurance companies. India’s liberalized economy has solicited all private players to serve the Insurance market. Now the challenge and success for the insurance marketer lie in exploring the market with a balancing marketing strategy among consumers, competitors and the IRDA.
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