We are in the middle of ages between 2015 and 2020, so for clarifying the whole situation it would be useful to review the past, analyze the present and make plans for the future. The question is: Where we are now and what will expect us as customers or companies themselves. Insurance sector is a specific industry field, which is influenced by different factors, such as new technology, new distribution models, changeable customer behavior, governmental regulations and other aspects, which carry disruptive effect.
One of the most effective ways to develop insurance market is the implementation of marketing in the insurers’ activities. The opportunities of marketing are enormous because marketing itself is a new philosophic style of business. The using of it will positively affect on both final results of company’s activity and the insurance market itself. Increasing the level of usage of marketing is really a perspective way of insurance market development in the nearest future in Azerbaijan. The earlier age of insurance market and swaying of the economy within the country really decreased the number of ways of marketing using, but it can not frame the quality of these steps on the purpose to develop insurance market and business.
At the same time, the crisis increased the level of competition, especially in the more perspectives parts of this market. As the result of it, the best option for the company for increasing its market share is to implement insurance marketing. Hence, there will be high demand and need in marketing knowledge and related skills.
Nowadays, it is highly popular to post different works concerned with the theoretical side of marketing and provide various discussions about international experience of foreign companies. Unfortunately, all these activities end with discussions and theoretical knowledge instead of implementing it in real cases within the country and talk about practical part of it with the purpose of analyzing the current situation and deciding what it needs to be done in the future.
There are different news and articles related to the insurance sector in Azerbaijan, but there are no people who really aware of the concrete situation and exact figures. So, the main purpose of my paperwork is to provide the reader with data and figures for the real cases in the insurance market gained through deep research and analysis.
There are various purposes of this thesis, which include deep analyze of insurance marketing as a specific term, showing the real situation within the world and Azerbaijan insurance sector, customers’ satisfaction and key elements of sales increasing by using insurance marketing. The market needs to be analyzed deeply inside, understanding the level of competition, the possibilities of expanding insurance market and implementing new ideas in order to become the leader within it.
The paper should cover the significance of insurance marketing for the sales increasing, there will be described the necessity and ways of implementation, the history of insurance marketing and how it became so productive till nowadays, it is very important to emphasize the similarity of the insurance market in most post-soviet countries and the steps of building this structure. In addition, there will be provided statistical data from the survey, which was targeted on the analyzing the level of consumers’ satisfaction of Azerbaijan insurance market. The survey was divided into two parts: general situation within the insurance marketing and the second part is the necessity of life insurance and opinion of Azerbaijan customers about this type of insurance. The questions are mostly oriented on understanding the needs and demand of customers and their opinion about the pros and cons of the insurance market. For the further stage, there was provided ranking of insurance companies, in order to update the old information about the companies within the market and put them in a row from the company with the highest amount of share capital to the company with the lowest, so the reader can easily understand to which company it will be or won’t be risky to trust his or her money.
As we know, the whole process is going around the aggregate relationship between insurant and insurers within the insurance market, where the insurers use different methods to attract insurant and communicate with other insurers. As the result of it, we can definitely consider that the object of the research is insurance market and the subject are relations between all participants in the frame of insurance market.
As a real case and one of the successful insurance companies, there will provided statistical review from PASHA Life OJSC. Through which the reader can analyze and measure the level of success within the market.
The last part of this research is based on the face-to-face interview with the group of respondents at the age from 20 to 35. It is necessary to know opinion of the middle and young aged people in order to formulate the thoughts about pros and cons of the insurance market. The topic of face-to-face interview is oriented on analyzing the thoughts of Azerbaijanis about the life insurance, barriers to develop more and the ability of the society to accept insurance philosophy.
For the research below, there was used literature both of foreign and local authors, in order to compare the experts’ view on the past, present and future. The statistical review of the companies was taken from the latest information on their websites and reports provided by the companies. There were used 7 tables and 15 graphs.
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