MARKETING OF INSURANCE

Marketing is part and parcel of our daily activities. Everyone either directly or indirectly market something without even realizing it throughout his or her life. An individual or an organization that wants to win a competition or contract must understand and practice the art of marketing, more so the ability to communicate and influence it's target markets efficiently and effectively and at the same time master the ways to develop a sale-able brand out of it's products and services. Marketing is the process by which an organization identifies the needs and wants of the public,  then satisfying such, and in the process achieve their objective of making adequate returns. 

Learning marketing formally from scholars/professionals will most likely help such individuals or organization to understand and put to practice the proven ways of doing professional marketing. This is usually easy for an individual, because an individual can be seen and assessed physically, and the same goes for tangible products. But the same cannot be said about services, because services are intangible and as such cannot be assessed physically but a level of satisfaction derived from them. Services are characterized by certain features called the 5 i's of services (intangibility, inventory, inconsistency, inseparability and involvement).

Financial institutions are organizations established for the purpose of providing financial services to its target markets with the main objective of making adequate returns or profits on the funds invested and being socially responsible to the society. Such institutions can includes: Insurance firms, Banking firms, Stock brokerage firms, Insurance brokerage firm, pension fund administrators e.t.c. Since services are a bit different from tangible products, it requires an additional knowledge for it to be successfully marketed, which is why this course was introduced at both university and polytechnic level to help equip them with the required theoretical and practical knowledge of marketing of financial services. 

INS 217: Marketing of Financial Services is an ND II Full-Time and ND II Yr III Part-Time three (3) units core course for undergraduate students undergoing Insurance Programmes. The course consists of Twelve (12) substantive and relevant topics. The present textbook for the course is written by Dr, S. A Raji, and it has been developed to suit undergraduate students of Federal Polytechnic Offa, and other higher institutions of learning, and even post graduate students undergoing insurance as a discipline as well as students undergoing marketing as a discipline in any institutions by adopting an approach that highlights the key areas of financial services marketing at both local and international level.

Student who successfully completes the course will surely develop a positive attitude and deep understanding of financial services marketing. Students are required to avail themselves of the opportunities that abound in modern libraries such as the Internet, E-mail and some current collections of textbooks on financial services marketing.  

This course guide briefly explains to students what the course is all about, the course materials to will be used, and how students are expected to cover the course. There will be regular lecture classes that are linked to the course and students are advised to attend the sessions.

Outline of Marketing of Financial Service Marketing

1. MARKETING IN MODERN ENTERPRISE
2. OPERATING ENVIRONMENT
3. FINANCIAL SERVICES MARKETING
4. MARKET RELATION
5. MARKETING RESEARCH
6. MARKETING PLANNING
7. MARKET SEGMENTATION
8. MARKETING COMMUNICATION
9. MARKETING SPECIALIZED SERVICES
10. TOTAL QUALITY MANAGEMENT
11. THE LEGAL ASPECT OF MARKETING
12. INSURANCE BROKING
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ASSIGNMENT LINKS

- MARKETING ASSIGNMENT 1 (Link closed)

- MARKETING ASSIGNMENT 2 (Link closes on 30/1/2017)