An Analytical Study, on the Relative Impact of Service Marketing Mix, on Persistency, in the Comparative Growth of the Life Insurance Companies in the Udaipur District

Abstract

This Study aimed to analyse the Relative Impact of Service Marketing Mix elements on the Persistency, and the Comparative Growth of Service marketing Mix in the Udaipur District. The Service Marketing Mix Framework, comprising Product, Price, Place, Promotion, People, process and Physical Evidence was examined, in the context of the Life Insurance Industry. The Research Employed a Descriptive design, collecting Primary Data through a Structured Questionnaire, distributed to the Life Insurance Policy Holders in the Udaipur District. Secondary Data was obtained from the Company Reports, Industrial Publications and the Regulatory Sources.

The findings revealed that the Product Diversity, Competitive and Transparent Pricing Strategies, Convenient Distribution Networks, Effective Promotional Campaigns, Competent Human Resources, efficient processes, and professional Physical Evidence significantly influenced Persistency rates and the customer Satisfaction. The Comparative Analysis indicated variations in Persistency and growth performance across different Life Insurance Companies, highlighting the importance of Optimizing Service Marketing Mix Strategies to achieve a competitive advantage. The study provides recommendations for Life Insurance Companies, such as continuous product innovation, adoption of Value driven pricing models, expansion of multi-Channel distribution, integrated promotional strategies, investment in Human Resource Development. Process optimization through digitization, and maintenance of professional physical evidence. Additionally the Research identifies areas for further exploration including expanding the geographical scope, conducting longitudinal studies, investigating the interplay between service Marketing mix and external factors and examining the impact of emerging technologies on persistency and customer experiences.

By addressing the relative impact of service marketing mix elements on persistency and growth, shis study contributes to the existing body of knowledge, and provides practical insights for Life Insurance companies operating in the competitive Market of Udaipur District.