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Title Name Amity Solve Assignment MBA for Insurance Marketing and Client Management
University AMITY
Service Type Assignment
Course MBA
Semester Semester-IV-Insurence Course: MBA
Short Name or Subject Code Insurance Marketing & Client Management
Commerce line item Type Semester-IV-Insurence Course: MBA
Product Assignment of MBA Semester-IV-Insurence (AMITY)
Price

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Solved Assignment


  Questions :-

                                                          Insurance Marketing & Client Management

 Assignment A

  1. What are the elements of Market Strategy?
  1. What is Marketing Mix?
  1. Explain ´Market Environment Audit´.
  2. Differentiate between Life Insurance Plans and Financial Securities.
  3. Enumerate the restrictions imposed by IRDAI on advertising insurance products.
  4. Enumerate traditional and new distribution channels of insurance products.
  5. How insurance marketing is different from FMCGs marketing?
  6. Discuss briefly the procedure to get approval of insurance product from IRDAI.

 

 

 

 

 

                                                    

 

  Assignment B  

Case Detail:

Mr. Paramjeet Singh is 32 years of age engaged in business. He is married, his wife is homely and they have a 4 year old daughter besides two dependent parents. He has good income to support the family. He has insured only his car against T.P. Risks and has not taken any other insurance coverage. His logic is that he earns sufficiently to take care of any kind of eventuality and does not believe in insurance system. You are required to answer appropriately the questions as given below:

 Question No. 

  1. Is Mr. Paramjeet right in his view for not purchasing insurance? Give comment in support of your reply.
  1. Which insurance product in priority you will advise him to purchase?
  2. How you would advise Mr. Sitaraman to go for insurance products? 

 

 

 

Assignment C

Question No.  1          Marks - 10

Marketing strategy has primary focus on  

Options                      

  1. Price of product
  2. Packing of product
  3. Selection of group of customers
  4. All of these

 

 

 

Question No.  2          Marks - 10

Marketing mix may have anyone are more of these elements      

Options                      

  1. Place
  2. Product
  3. Price
  4. All of these

 

 

 

Question No.  3          Marks – 10

Segment as one of the marketing strategic element refers to       

  1. Customer Segments
  2. Product Segments
  3. Geographical area where products are to be marketed
  4. None of these

 

           

 

Question No.  4          Marks - 10

Brand refers to         

Options                      

  1. Company´s Product
  2. Overall intended message of the company
  3. Company´s services
  4. All of these

 

 

 

Question No.  5          Marks - 10

________________________________________

Product is developed

Options                      

  1. After selection of customers
  2. Before selection of customers
  3. No relevance with selection of customer
  4. As per price offered by the customer

 

 

 

Question No.  6          Marks - 10

________________________________________

Insurance products are basically priced on the basis of   

Options

  1. Claim experience of the portfolio
  2. Clients demand
  3. As prescribed by IRDAI
  4. None of these

 

 

 

Question No.  7          Marks - 10

________________________________________

Which of these is not a conventional channel of Insurance Marketing.  

Options                      

  1. Direct Selling
  2. Online selling of Insurance policies
  3. Insurance Agents
  4. Insurance Brokers

 

 

 

Question No.  8          Marks - 10

________________________________________

Banc assurance         

Options                      

  1. Is a marketing channel of Insurance products of an Insurer
  2. Bankers sell their own Insurance products
  3. Bankers purchase Insurance on behalf of their clients
  4. None of these

 

 

 

Question No.  9          Marks - 10

________________________________________

AS per IRDAI regulations  

Options          

  1. It is mandatory for Insurers to underwrite minimum micro insurance business
  2. It is optional for Insurers to not to do micro business at all
  3. It is optional for Insurers to do any amount of mirco business
  4. None of these

 

 

 

Question No.  10        Marks - 10

________________________________________

Strategic Planning usually look at  

Options          

  1. A month ahead
  2. Six Month ahead
  3. A year ahead
  4. Beyond one year

 

 

 

Question No.  11        Marks - 10

________________________________________

For creating a successful marketing team it is necessary to         

Options                      

  1. Train marketing personnel’s
  2. Provide them conveyance
  3. Pay them hefty remuneration
  4. All of these

 

 

 

Question No.  12        Marks - 10

________________________________________

Analyzing the Insurance portfolio of Clients refers to analyzing the      

Options          

  1. Insurance policies which are needed by them
  2. Insurance policies which are already held by them
  3. Insurance policies not required by them
  4. None of these

 

 

 

Question No.  13        Marks - 10

________________________________________

Unfair or misleading insurance advertisement means that          

Options                      

  1. Fails to clearly identify the product as Insurance
  2. Describes benefits that do not match the policy provisions
  3. Make claims beyond ability of the policy to deliver
  4. All of these

 

 

 

Question No.  14        Marks - 10

________________________________________

Mutual Funds are a kind of

Options                      

  1. Insurance Products
  2. Financial Products
  3. Charity Funds
  4. All of these

 

 

 

Question No.  15        Marks - 10

________________________________________

In Insurance market mix, the product is designed as per 

Options                      

  1. Individual´s requirement
  2. Requirement of large number of persons
  3. Requirement of Few
  4. All of these

 

 

 

Question No.  16        Marks - 10

________________________________________

Product Price is determined as per 

Options                      

  1. Willingness of customer to pays
  2. As per production cost
  3. As per market competition
  4. All of these

 

 

 

Question No.  17        Marks - 10

________________________________________

For Marketing the Children´s Life Insurance Plan, the target group would be

Options                      

  1. School going children
  2. College going children
  3. Adults with small kids
  4. Adults with a group of 50 years & above

 

 

 

Question No.  18        Marks – 10

Micro Insurance Agent may include          

Options                      

  1. Insurance Brokers
  2. Reinsurance Brokers
  3. NGO
  4. All of these

 

 

 

Question No.  19        Marks - 10

________________________________________

Term Life policy denotes     

Options          

  1. FD in the Bank
  2. ULIP
  3. Life Risk Cover
  4. Pure Endowment Life Insurance

 

 

 

Question No.  20        Marks - 10

________________________________________

CRM refers to          

Options                      

  1. Chief Regional Marketing Manager
  2. Customer Relationship Manager
  3. Customer Relations Management
  4. All of these

 

 

 

Question No.  21        Marks - 10

________________________________________

Promotion strategy includes decision about           

Options                      

  1. Quality of Product
  2. Target Customers
  3. What approaches for promotion will be used
  4. Pricing of product

 

 

 

Question No.  22        Marks - 10

________________________________________

Micro Insurance product would include    

Options                      

  1. General Micro Insurance Product
  2. Life Insurance Product
  3. Health Insurance Product
  4. All of these

 

 

 

Question No.  23        Marks - 10

________________________________________

Insurance market intermediaries play a vital role in        

Options                      

  1. Creating solid Insurance portfolios
  2. Preventing adverse selection
  3. Spreading of information to customers
  4. All of these

 

.

 

Question No.  24        Marks - 10

________________________________________

Insurance advertisement channels do not include 

Options                      

  1. Communication with policyholders regarding insurance policies already held
  2. Telephone solicitations
  3. Faxes
  4. Billboards

 

 

 

Question No.  25        Marks - 10

________________________________________

Prospects means       

Options                      

  1. Insurance Brochure
  2. Hand Book containing features of insurance products
  3. Any party proposes to enter in to insurance contract
  4. All of these

 

 

 

Question No.  26        Marks - 10

________________________________________

To enhance the willingness of the clients to purchase insurance product it is desirable to

Options          

  1. Ensure quick services
  2. Offer lower premium
  3. Apprise them about valuable benefits of the insurance products
  4. All of these

 

 

 

Question No.  27        Marks - 10

________________________________________

Insurance products are more sensitive than FMCGs due to application of Principle of

Options                      

  1. Insurable Interest
  2. Indemnity
  3. Utmost good faith
  4. All of these

 

 

 

Question No.  28        Marks - 10

________________________________________

Which of these is considered new distribution channel in Insurance      

Options                      

  1. Online selling
  2. Banc assurance
  3. Insurance Marketing Firms
  4. All of these

 

 

 

Question No.  29        Marks - 10

________________________________________

Claim settlement is the real test for an Insurer in promotion of Insurance product      

Options                      

  1. May be
  2. May not be
  3. No
  4. Yes

 

 

 

Question No.  30        Marks - 10

________________________________________

Segmentation means

Options                      

  1. Identifying products as per their characteristics and unique features
  2. Identifying homogenous goods of clients based on their needs and preferences
  3. Identifying markets based on their location
  4. Identifying persons for marketing the products

 

 

 

Question No.  31        Marks - 10

________________________________________

In Insurance ad the phrase ´Insurance is the subject matter of Solicitation´ means      

Options                      

  1. Insurance product is available for all persons without proposal
  2. Proposers have to propose for purchasing that insurance product after reading the ad.
  3. Insurers are not proposing the product
  4. Both (2) & (3)

 

 

 

Question No.  32        Marks - 10

________________________________________

STP in marketing refers to  

Options                      

  1. Sewerage Treatment Plant
  2. Segmentation, Targeting, Positioning
  3. Salesman, Territory, Product
  4. None of these

 

 

 

Question No.  33        Marks - 10

________________________________________

Insurance product may be advertised by the Insurer       

Options                      

  1. Without any restriction
  2. Self regulations are applicable
  3. As per the regulations laid down by RBI
  4. As per the regulations laid down by IRDAI

 

 

 

Question No.  34        Marks - 10

________________________________________

Target means

Options                      

  1. To tap a particular segment of clients
  2. To launched a new product
  3. A proposed premium figure to be achieved
  4. All of these

 

 

 

Question No.  35        Marks - 10

________________________________________

Insurance advertisement shall contain       

Options                      

  1. Registered name of the Insurer
  2. Registered Intermediaries
  3. Licensed Insurance Agent
  4. All of these

 

 

 

Question No.  36        Marks - 10

________________________________________

In the intense competitive environment in Insurance market, which factor would play a dominant in creating new and retaining present customers?    

Options                      

  1. Price of the Product
  2. Pre & post sales quality of services
  3. Offering discount in the premium
  4. Communication with the Clients

 

 

 

Question No.  37        Marks - 10

________________________________________

Insurance marketing process would involve          

Options                      

  1. Analyzing the Insurance portfolio of Clients
  2. Developing the marketing risks
  3. Marketing planning
  4. All of these

 

 

 

Question No.  38        Marks - 10

________________________________________

Any advertisement about Insurance product may be made by   

Options                      

  1. Any person
  2. Licensed Intermediaries
  3. Any employee of the Insurer
  4. None of these

 

 

 

Question No.  39        Marks - 10

________________________________________

Insurance marketing plan refers to

Options          

  1. Segment & product wise annual business target
  2. Recruitment of marketing personnel
  3. Training of marketing personnel
  4. Motivational tools for marketing personnel

 

 

 

Question No.  40        Marks - 10

________________________________________

For Marketing Industrial Insurance covers which channel of marketing is most suitable?     

Options          

  1. Insurance Agents
  2. Banc assurance
  3. Online Selling
  4. Insurance Brokers

  Answers :-

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