PROJECT ON:

INSURANCE MOVING TO Click to edit Master subtitle style RURAL AREA

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TEAM MEMBERS
RUPAL PATEL KETAN PATIL MAYUR PATIL PRATIK PATIL RUCHITA PATIL SNEHA PATIL 102 103 104 105 106 107

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WHAT IS INSURANCE ?

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Types of Insurance:
1. Life Insurance 2. General Insurance

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INDIAN INSURANCE INDUSTRY

Sr. No Type of Insurance Public Sector Private Sector 23 Life 1 Insurance Click to edit Master subtitle style 2 General 6 Insurance Total 7 1

Total

24

15

32

39

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What is Rural?
Government agencies like IRDA(Insurance

Regulatory And Development Agency and Research)

NCAER (National Council for applied Economic

define Rural as villages with a population <5000 with 75% male population engaged in agriculture etc

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What is Rural Marketing?

Developing of

the market in the area as defined as Rural

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Encouraging Indicators/Initiatives for Rural methods Scientific Market Growth

Export on the rise Initiatives taken by banks Reputed Companies helping in changing

lifestyles Levers Britania, Dabur, LG, Honda, Videocon

Government Policies Employment Schemes
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WHY INSURANCE COMPANIES ARE TAPPING RURAL MARKET?

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ge tion H u u la on p o illi p m 42 7

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Affordability

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Literacy Rate has increased from 20% to 28%.

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M e d ia larged En Reach ly T V ) rticular (Pa

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nsidering views of research agencies like Mckinsey, NCAER.

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sive as M ket M ar

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Difference between:
Standard of living
Urban
Rural

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Income

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Education

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Livelihoods

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Spendings

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LICs Media Mix

o Posters, Leaflets, Brochures. o Advertisements on All India Radio. o Advertisements in regional languages. o Hoardings & Banners in regional languages. o Road shows & Paintings o Participation in local fairs & melas o LICMobile
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Benefits of Tata AIG Rural Insurance

Standardization of services up to the last mile Proper risk management & better portfolio management Independent claims processing team Hi-tech risk management expertise Quick product development
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Promotion
Brochures of Micro Insurance Encouraging women as micro insurance

agents

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Conclusion
Rural India is a target market for many players in the financial sector, and insurance companies are no exception. At the moment, India is one of the best markets to be in.

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