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  The IUP Journal of   Brand Management :
Relevance of the 4E Marketing Model to the Indian Insurance Industry
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The insurance sector in India is at a crossroads. Traditionally, insurance companies have relied on a large team of human agents to sell their products. However, the internet proved that customers are willing to purchase insurance products online. Going digital is therefore the key to future business. Companies willing to disrupt conventional beliefs will be the ones that will retain a competitive edge. However, in order to succeed, companies also need to move beyond a product-centered approach to a customer-centric service-focused approach. Insurance is more intangible than tangible. And thus, service becomes a key to customer satisfaction and delight. This paper attempts to look at how insurance companies, using ‘pull’ strategies, can attract and retain customers. Starting with the conventional 4P model of marketing, it examines how this can be adapted into a ‘4E model’ to be in tune with the current digitally-oriented business environment.

 
 
 

According to Eric Clemons, professor of operations, information and decisions at Wharton, “the key is to create a ‘forgetting organization’” (Knowledge@Wharton, 2015). In other words, an organization which is willing to question entrenched beliefs and “discover how technology can disrupt them”. The recent Toyota express maintenance television commercial is different, in that it focuses on after-sales service—60-min quality service, less than the time it takes for a lady to get ready; rather than selling the product—a Toyota vehicle. And this, when an automobile is as hard a product as can get. That is how important good customer service is.

 
 
 

Relevance of the 4E Marketing, Indian Insurance Industry