Master of Commerce (M.Com.) Insurance Marketing Syllabus - Mumbai University

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Syllabus for Insurance Marketing

Elective course · Semester 3 · M.Com. Banking and Finance · 4 credits · 100 marks

Module I: (2CREDITS)

Unit 1 Insurance Business Insurance Business: Components of business environment viz, economic, financial, demographic & social, taxation, legal and regulatory aspects. Needs and Social responsibilities of Insurance in India. Promotional and developmental role of Insurance sector in Indian economy. Liberalization of Insurance business in India – Malhotra Committee’s Recommendations. Present scenario including growth of insurance industry in India. IRDA;
Functions and working
Unit 2 Insurance marketing in India Overview of insurance marketing concepts and terminology, Historical perspective and evolution of insurance marketing, Special features, need, objectives and scope, Types of products. Unit linked life Insurance plans & Postal Life Insurance, Importance of marketing in the insurance industry, Marketing mix in insurance industry. Marketing strategies of selected Insurance players in life as well as non-life sector, their features & merits, Key challenges and opportunities in insurance marketing, Marketing information system and marketing Research in Insurance.

Module II: (2CREDITS)

Unit 3 Distribution Channels Overview of traditional and digital marketing channels in insurance, Direct marketing techniques: mail, phone, email, and online, social media marketing and content strategies for insurance, Developing effective marketing collateral and messaging, Distribution Channels- meaning and importance. Channels-In person-advisors and brokers, advisor’s edge. Distance mode-meaning, form, benefits, and guidelines. Multi distribution strategy. Cross selling. Channels for rural market- brick and mortar, hub and spoke, wrapping up with other products, and others. Selling Process- meaning and importance. Stages- prospecting-meaning, importance and methods
Unit 4 Bancassurance and Regulatory Considerations
Bancassurance: Introduction, evolution, merits for banks and customers. Various
Bancassurance models & present scenario in India. Recent trends, SWOT analysis, marketing issues in Banc assurance. Technology in Insurance. Current trends and issues
Legal framework and regulations governing insurance marketing, Compliance
requirements and avoiding deceptive practices, Ethical considerations in insurance
marketing: transparency, honesty, and consumer protection, Case studies and discussions on ethical dilemmas in insurance marketing.

References

1 "Insurance Marketing in India: Emerging Practices and Trends" by Rakesh Agarwal, Publisher: Taxmann Publications Pvt. Ltd.
2 "Insurance Marketing: Concepts and Practices" by Subhash Chandra Khanka, Publisher: PHI Learning Pvt. Ltd.
3 "Principles of Insurance Marketing" by Dinesh Mohan, Publisher: Excel Books.
4 "Insurance Marketing: Principles and Practices" by P. N. Mishra, Publisher: New Age International (P) Ltd. Publishers.

Reproduced from the University of Mumbai syllabus for M.Com. (Banking & Finance) under NEP 2020, in force from the academic year 2023-24. Wording is as printed in that syllabus. Module numbering is as printed there too.

The complete syllabus

This subject is cut from the University circular for its specialisation. Open a document here if you want the whole thing rather than a single subject.

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