Marketing plan : the case of insurance industry

Résumé du document

Pure General Insurance (PGI) has strived to develop in a fast changing and highly competitive environment since the 1970s. As in many developed countries, the market has become either mature or saturated, with companies experiencing small growth or being out competed. It is then vital for a company to review its position and future goals. The following marketing plan, according to Jobber (1995), and Jobber and Fahy (2006), will help at first to analyze PGI's current position in the market considering its environment and competences. It will develop new strategies to remain competitive and ensure long-term profitability through a systematic approach.

Extraits

[...] Even if internet can be considered as a new place, consumers tend to use it mainly as an information research tool in the early stages of the Decision making process at the moment. Where are situated the trade union office/ location. Secondary affinity groups e.g. sport clubs. Less and less from located direct insurer offices as competition develop e-commerce. Technical : - -Convenience, comfort, quality and reliability e.g. seek for personal one-to-one after sales services e.g. if claim. Economic: -Price is important for most customers e.g. [...]

[...] Also use frequent mystery shopping to assess affinity groups' representative and online service interaction with the sales force. Conclusion Through this analysis of PGI's business and marketing planning, new strategies have been provided to ensure future growth. Consumers have been segmented and targeted considering PGI's marketing objectives. The solutions aroused seek to answer to an intensifying competitive rivalry and PGI's vital need to increase its product portfolio. Switching risks by selling several insurance policies to each customer should help to increase customer retention, also by improving before and after sales services. [...]

[...] But some influencers: - Trade Unions - Local Broker - Free Internet comparison website (Objective factor of influence) - Shop Steward. - Information search is high: Shopping around concept due to new entrants i.e. Direct insurers like Bullring. + Technology factor: shift from the telephone to the Internet. Evaluation of alternatives is high: because car insurances and moreover households ones are directly related to high involvement purchases. Post-purchase evaluation of the decision: Difficult for PGI as a broker and no evidence of a customer satisfaction program. [...]

[...] They want: Good reputation Mostly no product replacement/ a fair cash refund No exclusions/ a real full cover service Clear message with no technical words Motor insurance is a legal requirement so at the moment they buy it after a motor vehicle purchase because they have to. Household insurance is not mandatory but some external factors might push them to subscribe to it (Refer to external factors p. The Threat of entry is quite high, there are no evidence of barriers to entry here e.g. Direct Line and other direct insurers offered their services directly to customers cutting the “middleman”, brokers i.e. PGI. [...]

[...] and Zeithalm, V.A., (2006). Services Marketing : Integrating Customer Focus Across the Firm, 4th edition. Irwin : McGraw-Hill Education. Jobber, D. (1995). Principles and Practice of marketing. Maidenhead: McGraw- Hill Book Company Europe. Jobber, D. and Fahy, J., (2006). Foundations of Marketing, 2nd edition. Maidenhead: McGraw-Hill Education. [...]