Insurance Marketing

This chapter aims to illustrate the meaning of marketing and the marketing of services. Insurance marketing takes into account the fact that the main insurance performance is the taking on of a risk insured in return for an insurance premium and settling a loss or paying annuities/lump sum upon the occurring of a chance event. A definition of marketing is illustrated, i.e. forming competitive strategies for an insurance undertaking oriented towards acquiring, developing and keeping a competitive advantage over competing insurance undertakings over time. In later paragraphs, the difference between external and internal marketing is explained. Then, a definition of communications is provided, and its tools are illustrated, such as, advertising, promotion, the sales channels and public relations. In the final part of the chapter, the new frontier of marketing is presented, tied to the social world and new techniques of non-conventional marketing. The concept of Customer Relationship Management (CRM) is explained. Lastly, recent experiments in integrating insurance covers and digital services are illustrated. The chapter closes with a definition of Customer Experience and Customer Journey in the insurance services.