Published by MBA Skool Team, Last Updated: December 23, 2017
Marketing Strategy of Zurich Insurance analyses the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). There are several marketing strategies like product innovation, pricing approach, promotion planning etc. These business strategies, based on Zurich Insurance marketing mix, help the brand succeed.
Zurich Insurance marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Zurich Insurance Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Zurich Insurance Product Strategy:
The product strategy and mix in Zurich Insurance marketing strategy can be explained as follows:
Zurich Insurance is one of the leading insurance companies of the world. Zurich Insurance has a wide range of products to offer. They offer general insurance as a part of its marketing mix for cars depending upon car model, cover price and driving habits. Home insurance based on factors like location, cause for damage etc. Zurich Insurance have general insurance for general liabilities which pertain to people having exotic habits or tastes. The general insurance also extends to travel, racing, boats etc. Zurich also offers life insurance and critical illness insurance. Zurich Insurance also offers insurance against investments and savings losses by managing the same in an efficient manner. It offers pension and retirement plans for the people willing to invest to get the retirement cover. All these come under Global Life. It offers services to business to handle claims. They provide insights, captive services and advice in managing risk to these businesses. It also offers services to farmers through their farmers insurance group which is the third largest in the US.
Image: company website
Zurich Insurance Price/Pricing Strategy:
Below is the pricing strategy in Zurich Insurance marketing strategy:
Zurich Insurance is present in a lot of countries and has diverse products.
Therefore, the prices are different in different countries. It also considers the incomes and the living standards of the different countries and prices its products accordingly. Therefore, the pricing strategy used is called differential pricing strategy. It is made sure that the services are affordable to all the various classes of the society. Zurich Insurance offers very reasonable service packages to its customers making the services attractive.
Zurich Insurance Place & Distribution Strategy:
Following is the distribution strategy in the Zurich Insurance marketing mix:
Zurich Insurance is headquartered in Zurich and provides services to a large number of countries. Its major operating areas are US and Switzerland. Most of the American farmers are covered by the services offered by this group. Zurich Insurance offices are plush and have state of the art interiors which give the place an extremely professional look. The offices are located in high-end complexes in upscale areas. The services can be availed by meeting the consultants at these offices or by personal appointments taken by them. Zurich also has its own site which gives comprehensive information about its products and services.
It also provides the facility to locate its offices in the world.
The promotional and advertising strategy in the Zurich Insurance marketing strategy is as follows:
Zurich Insurance promotes itself through collaborations and sponsorships. It has partnered with the World Economic Forum and other risk management institutions. It sponsors cultural events like Lucerne festival, Theatre St. Gallen the greatest theatre in Switzerland and Zurich Opera House for free for all Opera in Switzerland. Zurich Insurance also sponsors sports like ice hockey in Switzerland, endurance sports like marathons in Spain and the Olympic team of Germany for the summer and winter Olympics. It has also launched Vitaparcours course in Switzerland where people get to go jogging in the woods on proper paths which have been constructed. They have had brand ambassadors in golfers and sponsor a lot of golf tournaments around the world.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Zurich Insurance.
Zurich Insurance company employs 54000 people global and has stringent measures of recruitment of the right talent which is the best fit in its respective area in the organization. To ensure top quality service it has standardized procedures which are updated on a timely basis to get the best out of them. The workforce of Zurich Insurance is extremely disciplined, knowledgeable and hard working. They recruit from the best institutes or people who have the prerequisite expertise in their domains.
The physical evidence plays a key role in a competitive business market like insurance where there are so many players. The right physical evidence gives an edge to the organization in such a market. A sophisticated website like Zurich’s goes a long way in telling the quality and value of its services to the clients. Zurich Insurance offices’ location and the ambience talk about the professionalism and efficiency of the organization and attracts the clients when they are in these places. The end to end smoothness and accuracy of the service is the final part which completes the physical evidence of the company.
Zurich Insurance has several business processes. The process takes into consideration the aspects of the service as it takes place. It starts right from the first glance of the website and the offerings and ends when the end product is offered. It starts with the clients booking an appointment with the consultant over phone or email. Then the meeting takes place where the right services which solve the problem or requirement of the client are discussed. Then after selection of the service that is optimal the paper work is drawn up where the client fills forms and provides other documents. Then the monetary aspect comes into play according to the service. Once all this is done the client obtains insurance. During the entire process the behavior and expertise of the Zurich employee is also experienced. This gives an insight on Zurich Insurance marketing mix.
About Zurich Insurance:
Zurich Insurance also known as Zurich is one of the largest insurance companies in the world. It was founded in Switzerland in the year 1872 and since then has been in business expanding rapidly along the way. Zurich Insurance is divided into three core business segments namely Farmers, Global Life and General Insurance. It is headquartered in Zurich and has around 54000 employees providing services to more than 210 countries.
As of 2016-17 financial year it recorded a net revenue of 67 billion dollars. Zurich Insurance faces tough competition from other companies like Berkshire Hathaway, Aegon, Sun Life and American International Group.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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