MBA Marketing - Consumer Behavior in General Insurance Sector

 MBA Marketing - Consumer Behavior in General  Insurance Sector


Abstract

Due to the growth of household savings, purchasing power, the middle class, and the country's working population, insurance demand is on the rise. Consumer attitudes toward life insurance products are rapidly changing. With the opening of the insurance market in 2000, consumers now have more options than just buying products from one company.

Insurance companies are evaluated based on factors such as their financial stability, product features, service capabilities, and claim settlement timelines. The purpose of this study is to examine the purchasing habits of private bank employees in relation to life insurance. Using a structured questionnaire, 54 employees of private banks provided primary data for this study.

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Introduction

Consumption behavior is the study of individuals, groups or organizations and the processes they use to select, secure, use and dispose of products, services, experiences or ideas to meet their needs, as well as the impacts that these processes have on the consumer and society as a whole" Haykins and colleagues (2001:7)A consumer's behavior is studied to determine when, why, how, and where they buy a product. Consumer behavior differs when purchasing a physical product versus a service.

For More Details About MBA Marketing - Consumer Behavior in General  Insurance Sector Organization Please Visit Our Website


Or call us +91 9481545735

Conclusion

In India, the life insurance industry is still very underdeveloped. The reasons for this are a lack of awareness and a lack of product innovation in the marketplace. They are not purchased directly by the individual, but rather through a third party. Companies that provide life insurance must adopt a new strategy and begin attracting the public. Insurance companies fail to meet consumer expectations, and they sell them products they don't need. This type of misspelling has resulted in low customer retention and customer complaints. Better to understand the customer's requirements and sell them the products or services that they require.

For More Details About MBA Marketing - Consumer Behavior in General  Insurance Sector Organization Please Visit Our Website


Or call us +91 9481545735

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