Promotional Strategies and Practices in Insurance Sector: a Study of Private Life Insurance Industries

A marketing strategy combines product development, promotion, distribution, pricing, relationship management and other elements; identifies the firm's marketing goals, and explains how they will be achieved, ideally within a stated timeframe. The concept of promotional strategies becomes more relevant when it comes to service sector like life insurance, where a customer requires recurring services with utmost satisfaction. Promotional strategies are based on the basis of promotional mix elements. Strategies are said to be competitive moves of an organization where as promotional practices comprise of real or ground applications of the framed strategies. The reforms in the insurance sector leading finally to the opening of the insurance sector for private participation have brought in its wake major changes not only in the design of the products available in the market but also the manner in which they are marketed. This research paper is an attempt to focus on the study of promotional strategies and practices in selected private life insurance companies of India and also to find out the effectiveness of promotional strategies and practices on the overall performance of the orgz.