MKT203 Service Marketing Analysis of Insurance Service: Final Report

This report provides a comprehensive service marketing analysis of an insurance company. It begins by defining the core, facilitating, and supplementary elements of the service, followed by a discussion of its key characteristics, including intangibility, perishability, simultaneity, and heterogeneity. The analysis delves into the company's current service marketing mix, applying the 7 Ps of services marketing to evaluate existing strategies. The report concludes with recommendations for improvement and proposes new service marketing mix strategies to enhance the company's performance. References to relevant sources are also provided. The assignment is a part of the MKT203 Services Marketing course.

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]