Life Insurance Claims Settlement - An Unavoidable Influencer in Retention and Attraction of Customers

Abstract

Life insurance is the financial risk protection tool. It saves many families in different occasions in different forms. Life Insurance is purchased by inspired people to get financial benefit to the family if the insured dies or affected by health related problems. Life insurance business was regulated by government of India during 1956. LIC has been doing responsible business in urban areas, metro cities and semi urban areas of India. To penetrate life insurance business fully in rural part and semi urban area of India, IRDA permits private business players to open life insurance business in India. As of now there are 24 life insurance companies including Life Insurance Corporation of India doing life insurance business in India. The private life insurance companies design and launch customer friendly life insurance plans based on the present situation. These life insurers recruit and train the appropriate insurance advisors/agents to sell the life insurance plans. The life insurers understand the value, strength of insurance advisors to the company, hence they want to retain the quality advisors. Another marketing strategy adopted by the insurers to reach the untapped prospective customers is giving advertisements in the leading newspapers, magazines and websites. These advertisements communicate apt message to the target audience at the appropriate time. So the target audience or customers are familiar with the new insurance products and the insurer.

Keywords: Life Insurance, Claim Settlement, Marketing Tool, Customers

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