Role of Promotion in Life Insurance Marketing: An Empirical Study

Ganesh Dash and M. Basheer Ahmed Khan
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Ganesh Dash: Research scholar, Department of Management Studies, School of Management, Pondicherry University, Kalapet, Puducherry, India
M. Basheer Ahmed Khan: Senior Professor, Department of Management Studies, School of Management, Pondicherry University, Kalapet, Puducherry, India

Indian Journal of Commerce and Management Studies, 2011, vol. 2, issue 5, 24-33

Abstract: In an emerging economy like India where the rate of literacy is very low and the rural economy is pre-dominant, the role of promotion becomes very important in any marketing strategy. The life insurance services depend on effective promotional measures. This study tries to analyse the differences in the perception of the executives (of the promotional variables) with respect to their age, gender, education, experience and organization. The various elements involved in the life insurance policy promotion strategy are outlined as: Advertising and publicizing; Personal selling; Incentives; Unity and honesty; A rational and tangible reason; Creative strategy; Targeting an ideal mix of high worthy customers.This study relies on assumption that age, gender, education, experience and organization have no effect on the perception (of the promotional elements) of the executives. The study was conducted in south Orissa spreading over two districts with more than 200 life insurance executives put through the data collection process. Various elementary statistical tools such as mean and variance were applied to find any variation among the different classes of respondents with regard to the various promotional variables. Further, to find out significant variation among these different classes, one-way ANOVA and t-Test were applied. In the long run, this study will help the life insurance companies in understanding its frontline sales force with respect to creating an effective promotion strategy to reach more and more prospective customers.

Keywords: Life Insurance; Marketing; Promotion (search for similar items in EconPapers)
Date: 2011
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