CUSTOMER SEGMENTATION: IDENTIFY DISTINCT CUSTOMER GROUPS BASED ON BEHAVIOR AND DEMOGRAPHICS, ALLOWING FOR TARGETED CAMPAIGNS AND CONTENT FOR EACH SEGMENT

Abstract

In today's fiercely competitive economic climate, I see the insurance industry as having the most opportunity for growth and success. With growth rates of 70–80% and 12–15% respectively, the insurance and fast-moving consumer goods industries are the world's fastest-growing. I am attracted to this business and its potential for advancement since Life Insurance Corporation of India has given me the opportunity to work and gain experience in a highly competitive and enhancing domain. Distribution channels play a vital role in the success of many market companies that strive for a good market share by making items and services easily accessible to clients. Agents and agency holders are the only distribution channels available in the insurance market. If the correct amount of agents are employed, insurance companies such as MAX, RELIANCE LIFE INSURANCE, and TATA AIG may be able to capture an excessive piece of the market. Agents are the exclusive means by which insurance firms can disperse their benefits and goods. communicating the company's principles and goals to potential customers, particularly those from marginalized communities.