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1. PROMOTING CONSUMER INFORMATION AND PRODUCT AWARENESS:
The insurance penetration will certainly increase if everyone can be made aware of the various risks associated with their life and business in context of all other internal/external environments.
Various ways such as customer awareness seminars, aggressive marketing campaigns, press releases and write-ups, direct mailing etc. Can be adopted to make the consumers aware of the importance of insurance and availability of its various products in the market.
2. BANCASSURANCE:- Bancassurance is an arrangement between a bank and an insurance company allowing the insurance company to sell its products to the bank's client base.
Bancassurance could be very effective in acquiring new customers and covering wider geographies to sell insurance products. Banks too needs to be more serious and dedicated in their approach.
3. PROPER TRAINNING:- Agents must be given trainings on communication skills, sales techniques, personality development and product knowledge to influence others and provides better advice.
They need to be provided with attractive incentives (club membership, conveyance facility, insurance cover, regular job opportunities etc.) in addition to commission as reward and recognition for their good work.
4. AGRICULTURE INSURANCE
-Agriculture in India is highly risky due to natural calamities like droughts and floods.
It is necessary to protect the farmers from these natural calamities. India is agriculture dominant country as two third populations depends on it for their livelihood. Agriculture contributes about 18% of GDP.
5. PRICE STRATEGY :- It can be sustainable and successful only if the insurance products are simple and are lowly priced (by keeping minimum procurement costs and profit margin) and sold in large volumes (package policies, group insurance) to them.
Micro offices need to be opened in all smaller towns to spread this message of insurance in every nook and corner of the country. Their recruitment and training procedure be simplified and job is made more rewarding.
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