Are you looking for a Marketing Strategy for GIC Re? Then you are in the right place as we got you covered with a comprehensive study of the marketing strategy of GIC Re.
In this blog, we will get involved in the Marketing Strategies of GIC Re. The entire General Insurance Business in India was undertaken by the GIC Re (General Insurance Corporation of India Limited).
Marketing is the most effective way to reach the desired audience, so we must first understand each distinct marketing strategy that will be revealed here. We will know in-depth about the marketing strategy of GIC Re. As more people go digital, so has marketing. If you’re interested in learning more about new-age digital marketing, IIDE’s Free Masterclass on Digital Marketing 101, taught by our CEO and Founder, Karan Shah, is a great place to start.
In this blog, we will go over the entire marketing strategy of GIC Re. But, before we get into the meat of the investigation, let’s take a look at the company’s history, target market, and online presence.
About GIC Re (GIC)
The General Insurance Corporation was incorporated on 22 November 1972 by the 1956 companies act. The registered office and headquarters of GIC are in Mumbai. The company is owned by the government of India with net assets of US$15 billion.
The GIC Re (GIC) was established following Section 9(1) of the GIBNA. GIC was established to supervise, control, and carry on the general insurance business. As soon as GIC was formed, GOI transferred all of its general insurance company shares to GIC. Concurrently, the nationalized enterprises were transferred to Indian insurance companies.
Following a merger process among Indian insurance companies, four companies were left as wholly-owned subsidiaries of GIC National Insurance Company Limited. The New India Assurance Company Limited is a company that provides insurance in India. Oriental Insurance Company Limited is a company that provides insurance in China. United India Insurance Company Limited is a company that provides insurance in India.
|CEO||Shri A. K. Das|
|Market Share/ Revenue||11.17TCr|
|Vision||sustainably profitable and growing non-life insurance.|
Marketing Strategy of GIC Re
Segmentation, Targeting and Positioning
Basically in GIC, they have different types of insurance like health, travel, motor, and home insurance so they don’t only focus on one part of life at a time but on all the different sectors of life as possible and their main motto is to protect its customers in times of difficulty.
There are many insurance policies in the market but they only focus on one insurance at a time whereas GIC has differentiated it and made life easy for their customers. Their main target is working citizens because they are the upcoming future of India so it’s necessary to make them aware of this insurance policy to make them and their familys’ future secure.
GIC is well-positioned in the market to gratify the needs of the customers as it offers unique services to its customers. It has been walking the long road keeping up with its competitors.
Paytm forms a joint venture general insurance company
Paytm and General Insurance Corporation formed a collaborative venture in which it has committed to invest Rs 950 crore over a time of 10 years. The proposal to set up a joint venture firm Paytm General Insurance Limited (PGIL) was approved by the board on May 20, the company said in a regulatory filing.
International Biodiversity Day
To celebrate biodiversity day on 22nd May 2022. General insurance corporations posted a post on their social media to celebrate the day. Each species & organism in this world operates jointly in ecosystems to conserve balance & support life, much like a complicated web. Everyone is dependent on each other for their existence. We should understand that every part of biodiversity is priceless.
Happy Children’s Day
India celebrates Children’s Day on the occasion of Pt J Nehru’s birth anniversary. Children are the seed of a better future let’s immense potential to contribute to society. Keep alive the child within each one of us. Open yourself up to the possibilities of anything & everything.
Social Media Marketing
Twitter: GIC Re (GIC Re) on Twitter:
Facebook: GIC Re (GIC Re) – Home | Facebook
LinkedIn: (17) GIC Re (GIC Re): Overview | LinkedIn
Instagram: General Ins Corp of India (@gic_re) • Instagram photos and videos
The marketing strategy of GIC inculcates social media marketing as well. The company is present on all social media platforms like Instagram (370 followers), Facebook (240 followers), Twitter (2,888), and Linkedin (3,264). The company doesn’t have a YouTube account.
As you can see, the most active and followed account of GIC is on Facebook. The content of the company ranges from promotional to informational. In totality, GIC has a well-maintained account but the content posting is not frequent on many platforms which justifies the less reach resulting in less engagement on these platforms.
To put it another way, good SEO boosts your online presence. This means that as more people visit your website, the more online traffic you’ll have and the more probable you’ll be able to offer your product or service to a broader audience.
It has over 6K organic keywords in total, which is outstanding work by the GIC SEO team. The site also has organic monthly traffic of around 1,32,480 lakh plus viewers, which is ideal for an organization like GIC to showcase its mission and vision to its customers. The website’s traffic fluctuates between October 2021 and March 2022, but it never returns to the starting point.
GIC doesn’t have any type of influencer marketing. They are a kind of financial institution that gives insurance policies, they already have a big brand name so they don’t give attention to this marketing strategy to increase their business. It is an insurance giving institution. It’s better to have an organic audience and do marketing with different terms and in different ways which will gather an organic audience.
This is an insurance firm with many different insurance companies under it, so they have both online and offline portals for their customers. In today’s era, this is the best way both for the receiver and giver. In the online method, old age people can do the necessary tasks in the comfort of their home while in offline mode there is more rush. The insurance industry in India, in particular, has been slow to adopt e-commerce due to a lack of appropriate software infrastructure, customer apathy, and security concerns.
Content Marketing Strategies
Content Marketing is yet another important aspect of a good marketing strategy. Content marketing is a very important and effective aspect of the marketing strategy of GIC. GIC has been relatively less active in this section than others by posting different articles on their website.
They have to focus on posting amazing blogs on their website which keeps their clients and investors engaged in their activities and deals. They also have to share some amazing content on LinkedIn so that the followers will get engaged on their accounts. A good content-producing medium can build goodwill and give you a unique spot among your competitive peers in the industry.
This ends our elaborative marketing strategy of GIC Re. Let us conclude our learning below from the marketing strategy of GIC Re.
What’s unique about GIC’S Marketing Strategy?
The marketing strategy of GIC is one of a kind. We have mixed responses to this, as the marketing strategy of GIC is good compared to other companies in the same business, but since marketing gives life to a business and is an important aspect of a business, an effective system of marketing and promotion is necessary.
With an impressive SEO strategy, marketing mix, appropriate segmentation, positioning, and targeting, GIC derives positive results from its marketing strategies. It is very important for the company to understand the importance of digitalization and how it is changing the whole meaning of marketing.
With the increasing importance of digital marketing, learning about the growing field is an important step. If you would like to learn more and develop skills, check out IIDE’s 4 Month Digital Marketing Course to learn more.
We hope this blog on the marketing strategy of GIC Re has given you a good insight into the company’s marketing strategies.
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