Insurance Service: Overview, Elements, and Description

This presentation provides an overview of insurance services, including its elements and description. It discusses the core, facilitating, and supplementary elements of insurance services, as well as its features such as perishability, simultaneity, and heterogeneity.

SERVICE MARKETING
Insurance Service

OVERVIEW OF SERVICE BUISNESS
 Insurance Service is availed by people for the
protection against any loss. Companies that
provide these services vary from each other
in the type of services or products offered.
Australian Associated Motor Insurers limited
is a general insurance provider offering
travel, business, car, life, and home
insurance in Australia (AAMI, 2018).

ELEMENTS OF SERVICE
A service can be classified into three elements
i.e. Core, facilitating, and Supplementary.
 The core element of an insurance service is to
provide protection against any loss such as
damage, fire, theft, etc.
 The supplementary element of an insurance
service is warranty, the return of premium, and
insurable interest
 Facilitating element of insurance service is the
guidance provided by the insurer in choosing
the type of insurance, warning and reminder
emails for the payment of premium by the
company.

DESCRIPTION OF SERVICE BUSINESS
 Insurance is an intangible service that could not be
possessed. Thus, measuring the value or quality is
very tough difficult at best.
 One of the crucial problems experience by
marketers of an insurance company is the factor of
perishability. It has been said that services possess
Zero Inventory and once sold; could not be repaid
(Bhasin, 2018).
 Insurance possesses simultaneity feature, as it is
comprised of repayment of premium after some
specified period.
 Heterogeneity is another feature of Insurance as it
is of different types such as a vehicle, home,
business, life, etc.

REFERENCES
 AAMI (2018) One App, Many Benefits
[online]. Available from
https://www.aami.com.au/ [accessed 17
September 2018]
 Bhasin, I. (2018) Perishability in services
marketing [online]. Available from
https://www.marketing91.com/perishability-s
ervices-marketing/
[accessed 17 September 2018]