Service Triangle for Insurance Sector
SERVICE TRIANGLE FOR INSURANCE SECTOR
NTERNAL EXTERNAL
MARKETING MARKETING
“Enabling Promises” “Making Promises”
PROVIDERS CUSTOMERS
INTERACTIVE MARKETING
“Keeping Promises”
Services Marketing can be explained with the help of the Service Industry Triangle. There are three entities in the whole transaction process. They are explained as below:
CUSTOMERS
Customers refer to the persons who have certain needs, wants and desires. For the Insurance sector, the customers refer to those persons who feel the need to secure their life and assets from any unanticipated calamities. The customers are further classified as Individual and Institutional.
COMPANY
The company is the dreamer and the offerer. The company dreams up an idea of service offering which will satisfy the customers’ expectation. In the case of the Insurance Industry, the company refers to a player in the industry that dreams up an idea of an Insurance Policy. These are service offerings are designed to satisfy the consumers’ need for safety and assurance from a wide range of unforeseen calamities. The company first designs the Insurance Policy and then communicates to the customers about the benefits and the features of the new policy.
PROVIDERS
These are finally the persons who interact with the customer. They are the ones who carry out the final transaction. In the Insurance Industry, the providers are the agents that interact with the prospective customers and communicate to them the attributes and features of a new policy. The agents reach out to the wide spread of customers and their job is to convince them to buy the policy. Hence, the agents are in the last chain in the distribution of the Insurance service.
MARKETING THE SERVICE
The company does External Marketing directed at the customers talking about the benefits, utility, of the Insurance product and services. It tries to understand the customer needs and tries to satisfy these needs by offering the
NTERNAL EXTERNAL
MARKETING MARKETING
“Enabling Promises” “Making Promises”
PROVIDERS CUSTOMERS
INTERACTIVE MARKETING
“Keeping Promises”
Services Marketing can be explained with the help of the Service Industry Triangle. There are three entities in the whole transaction process. They are explained as below:
CUSTOMERS
Customers refer to the persons who have certain needs, wants and desires. For the Insurance sector, the customers refer to those persons who feel the need to secure their life and assets from any unanticipated calamities. The customers are further classified as Individual and Institutional.
COMPANY
The company is the dreamer and the offerer. The company dreams up an idea of service offering which will satisfy the customers’ expectation. In the case of the Insurance Industry, the company refers to a player in the industry that dreams up an idea of an Insurance Policy. These are service offerings are designed to satisfy the consumers’ need for safety and assurance from a wide range of unforeseen calamities. The company first designs the Insurance Policy and then communicates to the customers about the benefits and the features of the new policy.
PROVIDERS
These are finally the persons who interact with the customer. They are the ones who carry out the final transaction. In the Insurance Industry, the providers are the agents that interact with the prospective customers and communicate to them the attributes and features of a new policy. The agents reach out to the wide spread of customers and their job is to convince them to buy the policy. Hence, the agents are in the last chain in the distribution of the Insurance service.
MARKETING THE SERVICE
The company does External Marketing directed at the customers talking about the benefits, utility, of the Insurance product and services. It tries to understand the customer needs and tries to satisfy these needs by offering the