Marketing Design and Innovation Dissertation Example | Topics and Well Written Essays - 3000 words - 1

Marketing Design and Innovation - Dissertation Example Influence of insurance on the business industry provides a clear indication of the significance and value to the global economy. With the emerging insurance sector worldwide, policy holders as well as investors are exposed to a wide range of products (Augustine & Chandrasekhar, n.d.). The insurance industry contributes to economic growth and national prosperity in multifarious ways. Insurance helps to strengthen the effectiveness and resilience of the economy by minimizing risk. It helps individuals by reducing the financial impact of unpredicted and unwelcome incidents, and helps them to perform their work activities as well as organize their lives with greater certainty. Risk-averse people are able to enjoy greater utility from their assets. Today almost every conceivable asset can be insured such as car, motorcycle, business, travel and others (Wahi & Et. Al., 2010). 2.0. Synthesis and Review of Literature 2.1. Stylistic Change towards Insurance The insurance industry is considere d to be one of the major segments for economic growth and development. In other words, perceived benefits compared to actual benefits are the backbone for marketing of insurance services. Over time, the insurance industry has found new and innovative ways for expansion. ... The regular dissolution of conventional social structure also increases the demand for insurance. In this growing competitive insurance sector â€Å"customer is the king†. For this reason, insurance products are designed and customized in such a way that they can be tailored to the changing style of customer tastes. Insurance products are developed by considering various demographical factors such as family status, gender, age, employment and income level (Kumar, 2008). To illustrate the critical importance of insurance, HDFC Standard Life has developed ‘Super’ series products for the diverse need segments. This series has developed to meet changing needs and preferences of customers across various life stages. For example, ‘HDFC Young Star Super’ product caters for those customers who wish to provide for their children’s education, and ‘HDFC Pension Super’ for those customers who plan for retirement and save for key milestones (HD FC Standard Life Insurance Company Limited, 2009). Another example is ‘Oman Life Insurance Company’ which introduced ‘Property Owner’s Association Package Insurance’, a new product in the UAE insurance industry. This product will provide multiple insurance coverage including ‘Property Insurance’, ‘Third Party Insurance’, ‘Office Bearer’s Liability Insurance’, ‘Fidelity Guarantee Insurance’ and ‘Machinery Breakdown Insurance’. Oman Insurance Company believes that this policy will provide coverage to all in a jointly developed property, for instance, residential tower, commercial offices and villa communities. Both owners and renters will benefit from this insurance product (Mesbah, 2010). 2.2. Changes in Customers’ Taste, Need and Fashion In the past, younger generation was not