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Insurance marketing is basically just the marketing of insurance products. Marketing of this sort is an important tool when it comes to the business of insurance. The marketing of insurance readily happens in the life insurancedepartment as well as the non-life insurance department. What type of advertising and marketing is most suitable for your insurance business? This is not a one size fits all deal. You must consider how much of a budget you have and work from there. You also need to know what your target marketis. For example, are you going to sell one type of insurance such as life insurance or a variety, such as health insurance, auto insurance and house insurance? What is the demographic you are aiming for? The more you know the better able you will be to figure out what type ofinsurance marketing you should do to grow your business. Online advertising is one marketing tool that is worth the money. As the Internet takes on more power and influence all of the time, having a web presence will put you on the cyber map and get you noticed. It has been found through studies that 75 percent of all households have access to a computer and Internet resources. Find out what you need to do in order to get online before that percentage gets any higher! Block line advertising in trade journals, industry publications and periodicals is the way to go. This is because industry professionals read these publications to keep in the know. You are an industry professional so you need to get your business in one or more of these publications as well. Television ads and print ads are excellent forms of insurance marketing. However the downside is that both can be very expensive. You may go way beyond your advertising budget if you decide to use either one of these methods. However if you can afford it then your best course of action is to either consult with an external advertising agency or hire one to help you develop a campaign that is conducive to what you need most. Your goal of course is to gain exposure and to increase your sales. If you decide that print ads would suit your style and your budget just fine then colored ads are the most expensive to produce but can be very appealing to the eye. You can also choose a “reverse type” for youradvertisements. Think back to what black and white television looked like. The ad would have white lettering on a stark black background. The black background sets off the lettering and gives it that catchy effect.
4 Important Strategies
in ON LI NE MAR KE TI NG
These are the 4 most important strategies for online insurance marketing. First, building links to your website is the best thing you can do to help your website rank better. The reason links are so important is because they count as a “vote” for your site to the search engines. When search engines rank websites they take into account the number of links (votes) pointing at that site and the quality of those links. To maximize your results from link building, your marketing plan should include building links from a number of different, yet relative, online sources. Some places you can get these links are from forum posts, blog comments, local directories for your city, or even writing articles for article directories. Make sure to choose to build links at websites that are also “trusted” by Google that will be seen as “high quality” by the engines. Links from “spammy” looking sites won’t do you a bit of good.
The concept here is to write 400 to 500 word articles about an insurance topic and post it at various article directories. If you are afraid you won’t know what to write just focus on the questions that you are most commonly asked by your clients and start writing from there. Pretend you’re answering those questions as you write each article. You create the link back to your website through these article directories by using the resource or author’s box located beneath the finished article that is provided by the website. So, you’re getting a trusted back link and sharing some of your insurance acumen.
There are a lot of bad websites out there on the Internet today and unfortunately the word “bad” doesn’t refer to the graphic design or appearance, but something more important. In order for your website to rank well for, lets say “Your Town Auto Insurance”, you need to have that keyword in the right quantities on your website. You should add the key phrase to your site’s meta description, meta keywords, the h1 headline tag and the page’s title tag. While it’s true that only about 20% of how the search engines view your website comes from the website itself (the rest is from those back links), it would be short sighted to correct this easy problem. Every little bit helps, especially when your site’s rank is on the line.
Posting at online forums can be a fun way to add back links to your site. Find a forum for your niche (maybe your town has a forum, or find an insurance forum) and contribute to that community with your knowledge. Most of the online forums provide a space for you to add a link in your signature line. While this may seem pretty straight forward, some have abused this technique and just spammed these website with junk comments and posts. You should be careful not to fall into that trap. Try to be a trusted insurance professional (shouldn’t be a stretch) while answering peoples’ questions. Don’t just promote your site with stuff like “hey, if anyone wants a quote, visit blahblah.com”. Not only will you probably be ignored but you’ll also very likely get banned. There are other insurance marketing techniques to get your website to the top of the search engines. But the four that I’ve outlined here are my personal favorites. Plus, if done correctly will protect the reput
Exclusive Insurance Leads
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Sure, we can send 1,000′s of people to your website everyday, but if you aren’t collecting those insurance leads, then it is a largely wasted effort. Our team will create a custom quote form for your website that compels insurance buyers to fill out a quote request. These insurance leads will pay for themselves once you begin your localinsurance marketing system with us. Our quote form is designed to help you quantify exactly how much business we are bringing to your agency. If you are getting more clients and making money by working with us, we think you’ll want to continue with our insurance makreting services. By the way, these are the same lead capture forms that we use in our agency.
Tagged as: insurance leads, lead capture forms
Marketing of Insurance Products in the Indian Context
Friday, June 11, 2010
By Mrs. Reshmi Augustine & Dr. K. S. Chandrasekar
During the nineteenth century during the freedom struggle, British insurance companies dominating the market serving mostly large urban centers. After the independence, the Life Insurance Company was nationalized in 1956, and then the general insurance business was nationalized in 1972. Only in 1999 private insurance companies were allowed back into the business of insurance with a maximum of 26 per cent of foreign holding (World Bank Economic Review 2000). The entry of the State Bank of India with its proposal of bank assurance brings a new dynamics in the game. On July 14, 2000 Insurance Regulatory and Development Authority bill was passed to protect the interest of the policyholders from private and foreign players. The private insurance joint ventures have collected the premium of Rs.1019.09 Crore with the investment of just Rs.3,000 Crore in three years of liberalization. The private insurance players have significantly improving their market share when compared to 50 years Old Corporation (i.e., LIC). The industry is divided into life and non-life. The main driver of growth in the life segment is the Unit Linked products; In the case of non-life insurance, the motor and health insurance portfolios have been expanding rapidly. Inspite of an impressive growth in the life premium, there has been a decline of 8% in the number of policies issued. The decline is primarily attributable to the drop in the number of policies issued by the LIC though it registered a 22% increase in premium. The reasons for this decline in policies require to be examined in detail. In the case of general insurance, out of a total increase in premium of Rs. l900 crores in 2004 - 05 over last year, motor and health account for Rs. 1500 crores. In view of the large increases in these portfolios a proper management of the portfolios is critical to sustain the level of growth. The expanding market demands a large agency force. The insurers have, therefore, been recruiting agency force on a continuous basis. As the end of March 2005, there are 20 lakh individual agents and 4711 Corporate Agents. A significant development during 2004 was the arrangements entered into between the insurers and Commercial Banks for marketing the contracts either as Corporate Agents or on referral basis providing database to the insurers. As per the figures compiled by IRDA, the Life Insurance Industry recorded a total premium
economic variables such as the ratio of premium to GDP.87 Crore.11 Crore in 2003-04. private sector accounted for only 3.019. which is indeed comparatively low in India. 9. As per the Annual Report 2003-04 of IRDA.77 per cent as compared to 96. this ignores the difficulties of approaching this population. The reforms in the insurance sector leading finally to the opening of the insurance sector for private participation have brought in its wake major changes not only in the . Global market conditions have also resulted in driving down premium rates/charges in respect of certain products and in improving the quality of services offered by the insurer.89% in South Korea. 10. contribution of insurance funds to the financial savings was 14.48% in the US. Insurance sector is a major contributor to the financial savings of the household sector in the country. The ICICI Prudential topped among the private players in terms of premium collection.23 per cent share of LIC (The Economic Times. Much of the demand may not be accessible because of poor distribution.71% in the UK or 9. 21 March. 2. 2004). But the fact is that the large part of the India's (the number of potential buyers of insurance) is certainly attractive. 12.77% against 4. insurers have introduced innovative product and tailor made products which are absolutely sit to rural population. 1. The premium underwritten has grown from Rs.707.. 45. large distances or high costs relative to returns. private non-life insurance companies have not yet started addressing the retail market. translating into a market share of 90 per cent.9 Crore and a market share of 25 per cent. In terms of number of policies and schemes sold.8 Crore with a market share of approximately 15 per cent each.7 Crore and Max New York Life with Rs. private players contributed to Rs. Of this.645. viz. Efforts at increasing consumer awareness and putting the regulatory framework for protection of policyholder's interest have been made both the industry and regulatory level. Unlike their counterpart in the life insurance business.688. After liberalization of insurance sector. However. For example.9 per cent in 2003-04.written Rs.57 Crore in 2000-01 to Rs. Life Insurance Corporation of India (LIC). 170 Crore and a market share of 15 percent. accounting for 10 percent. followed by Birla Sun Life with a premium under . which are further channelized into various investment avenues. 364.2 per cent of the GDP at current market price. continued to lead with a premium collection of Rs. HDFC Standard with 132.677. 76.09 Crore. It recorded a premium of Rs.96 Crore for the period under review. India's life insurance premium as a percentage of GDP is 1. While estimating the potential of the Indian insurance market we often tempt to look at it from the perspective of macro . 83. the public sector giant.underwritten of Rs.
research and education. The post-liberalized insurance industry panorama in India is witnessing dramatic changes in terms of a slew of latest products and services. Then there is impact of visible socio-economic changes like greater urbanization. the Finance.import trade. competitive environment. the employment outlook remains extremely healthy. with a positive overall Net Employment Outlook of +27%.design of the products available in the market but also the manner in which they are marketed. as a service facilitator etc. impact of globalization. greater job mobility. sectoral structure. There is also the phenomenon of noticeable shifts in consumer preferences impacting the product mix being offered by insurers. to open their branch in our country. For the first time since the Survey was launched in India. This has encouraged many overseas insurance companies. Insurance underwent rapid and massive changes in all aspects of their business: product and services. Insurance and Retail industry sector emerged as the most optimistic sector for a quarter with a Net Employment Outlook of +32%. the new entrants in order to obtain volumes in the market have to follow certain guidelines. weakening of traditional family structure.T. surpassing the Services sector. Health insurance is another segment with great potential because existing Indian products are insufficient . Manpower India today released the Manpower Employment Outlook Survey for the first quarter of 2006 revealing sustained positive hiring intentions of employers in India. greater use of I. All in all. We have today a host of products coupled with a large number of intermediaries who market them. interesting things are happening in the Indian insurance scene. Even though this figure represents a decrease of 13 percentage points from the fourth quarter of 2005. having a required amount in their reserve. new channels of distribution. They can introduce innovative products offering a right mix of flexibility / risk / return depending which will suit the appetite of the customers. growth of the services industry. There is no doubt that the potential market for the buyers of insurance is significant in India and offers a great scope of growth. It is believed that the information sharing has not taken its expected shape in the insurance industry for the purposes of practices. market segmentation. etc.100 Crores in the reserve of government. India continues to lead all 23 countries surveyed this quarter. According to Nitin Tanted. Privatization of insurance sector has allowed insurance companies to work in the market by depositing Rs. Greater attention is also being bestowed on the areas like Agricultural Insurance and risk coverage of export .
They can target specific niches. Similarly. This may be huge market for new private entrants. Neither do they cover a potential loss of earnings through disability.5 million people. For example. which are poorly served or are not served at all. Even the person with high net worth is not interested in getting insurance due to low awareness. Buyers could be allowed to switch funds before the annuities begin and to invest different amounts at different times. organized sector sales of TVs. crop insurance. auto finance. cyclone insurance. Health insurance is another segment with great potential because existing Indian products are insufficient. Indian products do not cover disability arising out of illness or disability for over 100 weeks due to accident. rainfall insurance. etc. The challenges before the Indian insurance companies whether in public or private is that the market is conservative and complex. Making pension products into attractive saving instruments would require only simple innovations already prevalent in other markets. Being the agrarian economy again there are immense opportunities for the new entrants to provide the liability and risks associated in this sector like weather insurance. Only a negligible portion of these purchases is insured. their returns might be tied to index-linked funds or a specific basket of equities. Hence. The financial sector is aggressively targeting retail investors. credit cards and consumer loans all offer an opportunity for insurance companies to introduce new products like creditor insurance etc. current penetration is poor. By the end of the GIC's Mediclaim scheme covered only 2. washing machines and audio systems. Potential buyers for most of this insurance lie in the middle class. refrigerators. However. The lack of a comprehensive social security system combined with a willingness to save in India will lead to a large demand for pension products. some of the private players have devised new strategies like: . Housing finance.
is opening the 13 new branches across India in major cities including Delhi and Mumbai. which offers investment in three unit linked funds . put Malayala Manorama Onam Annual in your media plan. single premium investment cum protection plan. So. there is no better way than Malayala Manorama Onam Annual.1% of the population. In fact. Bajaj Allianz sponsored the India-Pakistan Cricket Series. The company has also launched a new unit linked. . fast paced Malayalees go on a shopping spree for weeks on end. named the Allianz Cup. The season of joy and celebrations. Tata AIG deliberately stayed away from the 'trust' platform most other financial companies took and touted its innovative schemes instead. And relish the taste of Onam with millions of Keralites. as well as allowing lump sum investments to be made. Packed with articles. This will help in allaying fears over any issues on this subject. reducing the cost per customer to mere pennies. When the educated. it is often the advertising that initiates the response from the clients when faced with uncertainties. The state of Kerala for example covers 1. ICICI Prudential and MetLife are seen in the advertising hemisphere. thousands. Onam marks the beginning of a new season. features and literary pieces. or millions of customers at a time.balanced. that the World Bank has titled Kerala as 'The Model for Human Development' in the third world which puts onerous task for the sales people in insurance at large.2% the area of India and is home to 3.Personal selling is extremely labor intensive but is the best form as far as insurance is concerned. its agency have designed the trophy. but cost per thousand potential customers. In Kerala. Even though Personal selling is the best measure to reach the customers. The Physical Quality of Life indices in Kerala are much higher than the national averages and indeed the highest in the developing world. And to catch the market savvy Malayalees in the best of their spirits. TBWA. Hence it is important to reach the market with prudent insights. dealing with one customer at a time. When it began advertising. Some of the other strategies planned include that of Aviva which is an Indian partnership between Aviva and Dabur. The LifeBond Plus product offers flexibility on premium allocation within these funds. advertising costs are determined in part using a formula to determine not cost per potential customer. Some of the major players in Kerala have seemed to opt only for personal selling via financial advisors and agents. this collector's edition has long become an indispensable part of Malayalee's Onam feast.Little wonder then. Only LIC. Advertising deals with hundreds. LifeBond Plus. secure and growth.
''we have approached you and not the other way around. 2. 8. Those calling in are told the they won't have to go through any verification because.25 Crore in 2004. Banks.31 Crore. In a special campaign. Mutual Funds were the highest spenders with Rs.66 Crore in the print media in 2005. Some of the promotional schemes in Malayalam magazines where insurance companies can take part as joint promotional activities are: Some of the following facts reveal the importance of creating promotion and awareness on insurance: General insurance companies were the third largest spenders (after housing/construction loans and personal/professional loans) on TV advertising in 2005 they spent Rs. Tata AIG sent out direct mailers about a personal accident insurance plan (It has used the HSBC database for addresses). a pleasant voice informs them.Tata AIG and ICICI-Prudential also have an arrangement with rediff. spent Rs. the fifth biggest spenders (after auto loans). The pleasant voice also makes a follow up call. 38. 10. .66 Crore compared to Rs.'' Premiums can be paid by credit card or the company can even arrange a free courier pick up.com by which one can e-mail a request for a visit by company agents.
spending Rs.with a premium of over $500m . Concluded. Until now. At the same time. Recently. In conclusion. following Chairmen's speeches (Rs 6. . Fire. In its report titled 'Run for Cover?' KPMG has said 81% of large insurers .tune their marketing strategies. companies there are looking at expanding in high-growth markets such as India. In such an event. as operations of foreign insurers are not significant enough to result in monopolistic power post-acquisition.6 Crore.Banks came third. for the past three years. acquisition strategy has been driven by increasing profit and top line growth. then every player in the Indian insurance sector have to offer the best . 1. 6.are actively seeking acquisitions. The report also points out that with some markets such as Australia losing momentum. a merger would result in better product range/services being made available to consumers and better market reach for the foreign acquirer. The Insurance Australia Group is one such company looking at India among other Asian countries. The drive for this growth is being fuelled by insurance companies' expectations of increasing competition and new entrants.8 Crore).6 Crore spends in print in 2005. the Indian market came close to witnessing one of these possible scenarios with UK insurer Aviva making a bid for Prudential. there needs to be immediate activity on the marketing front by all those who have stake in it. Global consolidation is good for Indian consumers. the possibility of Mergers and Acquisitions looming large on the Indian insurance sector given its potential. travel and agriculture insurance together accounted for Rs.
pictures and symbols that give life to the vision Implementation • • Aligning strategy. Services include: Corporate Vision Development • • • • Unlocking organizational strengths Stimulating people to think beyond the status quo and see new opportunities Creating a forward-looking perspective by identifying customer and marketplace trend Developing a clear point of view about the future and how the company will be positioned to responds Buy-In/Communication • • • • Creating a picture of the future that people can see and connect with Communicating your vision in a way that inspires people to act Getting managers to internalize and live the vision Developing the stories. building a corporate vision is an intuitive and creative process – one that defies linear thinking. structure and process with the vision Establishing measurements that indicate whether progress is being made Typically. Services Our proprietary process provides the framework and support for vision creation and effective implementation. Management teams whose strengths lie in analysis and fact-based decision-making often struggle with the process. the future has never been more unclear. but at the same time. Without different tools and expertise. people. we work with clients in one of two ways: 1) as an advisor and resource to the CEO. it has never been more .Seven Questions To Ask In Evaluating A Vision . The Challenge For Leaders Seeing your organization's full potential and communicating it in a way that energizes people is a challenge for many leaders. Done right.Why Vision Matters More Than Ever Strategy CIM helps insurance executives identify and implement strategic opportunities that deliver immediate and sustainable results. many companies fall short of a compelling corporate vision and settle for a growth goal and incremental improvement of the status quo. and/or 2) as a facilitator in a collaborative mangement team vision-building and planning process. tools and support services to help insurance organizations build and implement compelling corporate visions.. Resources: . The Challenge For Leaders For most business leaders.Vision We provide the vision expertise.
The strongest companies find the opportunity in challenging times to strengthen their positions. customer loyalty is one of the few sustainable sources of profitable growth. facilitate your business processes and improve the customer experience. Experience shows that is not true. Our focus is on: • Corporate strategy – Business conditions are forcing all companies to re-evaluate strategy. preserve capital and weather the storm may feel like the wisest choice. product innovation and entering new businesses. We work with companies to build a unique. But this imperative takes on new meaning during an economic downturn. sustainable and valued place in the minds of their target audiences and to measure the effectiveness of their brand strategy. The Challenge For Leaders Companies always want to keep good customers and attract new ones. Brand strategy – The ability to provide a branded customer experience is a crucial tool in attracting and retaining quality employees and profitable customers. leaders need better insight . Customer Insight Research CIM helps companies gain customer insights that create new opportunities for growth. As budgets tighten and customer demands increase. • • Growth & innovation strategies – We help companies evaluate multiple options for growth.important to take action. mergers. • Customer retention strategy – In a marketplace where products and prices are easily matched. We help companies assess: – Where the company should invest its efforts and why – Where the value the company brings to the table aligns with market needs – What industry changes and customer needs the company should respond to – Core competencies and distinctive capabilities that can be better leveraged – Where the company can step outside traditional positions into new market segments or value propositions – Synergies that can be created between operating units • Organization strategy – Executing your strategy effectively with the minimum amount of friction depends on having the right organizational structure –. We help companies use the levers that drive customer loyalty and consistently deliver highly satisfying customer experiences across the organization. The decision to cut expenses. strengthening customer relationships and building competitive advantage. including: organic growth. Studies reveal that the greatest changes in companies' relative positions in their industry occur in times of economic upheaval. Services We work with leaders in identifying and evaluating the opportunities for strengthening their positions given their resources and the economic and competitive pressures they are facing. Most leaders intuitively know that the company that understands and best responds to its chosen customers' needs wins. acquisitions and affiliations. credible.given current conditions and opportunities. We design organizational structures that align with your strategy.
from a customer's perspective or in supporting the corporate brand. We work with companies to develop the clear. attitudes. Research consistently shows that customers need to be "totally" satisfied in order to increase "purchase" and "sales per customer" rates. Our focus is on uncovering what customers feel versus what they say. • Identifying and managing the levers that drive customer loyalty – Every interaction an organization has with a customer provides an opportunity to strengthen or hurt the relationship.into what drives their customers and which customer satisfaction measures are worth pursuing because they translate into bottom-line results. Case Study: Uncovering The Real Opportunity . Measuring standard industry buying decision criteria like price. not thoughts. we deliver the insights and actionable recommendations that. Our research concentrates on identifying and measuring "total" satisfaction. correlate with buying behaviors. • Measuring & tracking "total" satisfaction – Customer satisfaction surveys are a core tool for customerfocused businesses. The process enabled the company's executives to see the real-world problems their agents face and to experience the impact corporate decisions and policies have. repositioning or entering a new market. Case Studies Executive Emersion Study Creates New Perspective The challenge was helping a regional insurer find ways – beyond product and price – to deliver value to their network of independent agents. These changes significantly increased the ease of doing business from their agents' perspective and allowed the company to grow profitably in a soft insurance market cycle. CIM helped the company see their business through the eyes of their customer by putting senior executives to work in agencies where they could observe operations first-hand. significantly improve performance. and 2) improving customer loyalty. • Identifying emerging customer needs – Current economic conditions are changing how customers think and act. because feelings. We help companies maximize resources by identifying and excelling at the moments that create memorable branded customer experiences and ultimately impact the bottom line. The problem with measuring satisfaction is that it sets the bar too low and doesn't actually impact a company's results. buying patterns and work habits. restructuring. actionable customer insights they need to make informed decisions. when implemented. Services As specialists in insurance. Using a variety of methodologies and tools. But all opportunities are not created equal . We concentrate on two areas: 1) helping companies identify customer needs in new and existing markets. We work with companies to find opportunities in changing customer needs. we have the ability to dig deep and get beyond the conventional wisdom and familiar patterns of thinking that tend to dominate the industry. Typical research assignments include: • Understanding customer needs – Whether an organization is launching a new product. Moving early to anticipate and serve new needs can establish strong customer loyalty and create a sound base for future growth. convenience and service can give companies a false reading on where and how to best invest their resources. The customer emersion experience led the company to make major changes in operations. the greatest source of risk in business is the failure to understand the needs of the customer.
the more productive it is and the easier it is to make rapid progress. Never has the pressure on leaders been greater. Retooling the messaging and sales focus – with a new emphasis on the coverage differences – helped the association increase their market penetration by 28% within six months. Research shows that a . disengaging people. Based on customer feedback.The challenge was helping a professional association increase sales of their insurance agents' E&O product. maximize profit opportunity and minimize financial risk. marketplace and your strengths as a leader. • Management controls – Extremely challenging business conditions are forcing leaders to make decisions with a level of uncertainty at a speed that feels uncomfortable. Never has the job been tougher. Weaknesses within the organization – whether they are people. The higher an organization's ARL is. We work with leaders to put controls in place that keep the organization on track. The association was rapidly losing market share to a key competitor. procedures.5 increase in ARL typically increases productivity by 16%. structure. or process – pull the CEO into operational issues. people resources and organizational structure. tracked and improved. communicate candidly and constructively and are skilled in making rapid. Services • Executive team evaluation – Many leaders diminish their effectiveness because they are compensating for weaknesses at the senior management level or lack of confidence in the team. Yet the stronger and more independent team members are. It is something that can be measured. This drains valuable energy and takes time away from critical leadership responsibilities. collective commitments to action. most are under-utilizing their strengths. At a time when leaders need to operate at full capacity. the association was convinced the problem was pricing. Research revealed that the problem was something different – a lack of understanding of the coverage being purchased and how it differed from competing products. complementary skills and sense of urgency you need based on your strategy. . • Optimizing executive team performance – Shared commitment at the top is necessary for responding successfully to change. nervous boards and concerned customers and employees. We work with CEOs to build teams that are closely-knit. • Organizational Energy Assessment – All organizations have an Average Resonating Level of Energy (ARL). unbiased perspective as to whether your structure is the best fit based on your strategy and the current business environment. slowing progress and limiting results. Learn more about how shifting energy can significantly improve results. Leadership Edge We help leaders use their talents to the fullest by optimizing their personal strengths. The Challenge For Leaders Executives are under intense scrutiny from wary investors. We provide an objective assessment of your key people that tells you if your team has the talent. they had not taken the time to understand the product they were purchasing. CIM has a proprietary process that measures organizational energy and assesses the business practices. quantified. • Structure assessment and development – Often a company's structure is a barrier to progress and the results executives seek. We provide a fresh. the more challenging collaborative decisions can become. and cultural characteristics that are creating obstacles. Even though agents were knowledgeable insurance professionals.
investors/owners . shareholders.rating agencies and analysts .• Strengthening communication – The need for leaders who communicate with clarity. We work with leaders to effectively position themselves and their organizations with: . The challenge for leaders is cutting through the clutter and getting their message across in a way that connects and resonates with people and creates the desired result. customers.media ommunication We help companies use effective communication to support strategy and achieve business goals. Services We work with companies to communicate effectively with their key audiences. confidence and sensitivity has never been greater.customers . community. . investors.boards of directors . boards of directors.employees . Seventy percent of people say they are overwhelmed with information. The Challenge For Leaders The typical professional person reads one million words per week – the equivalent of one and a half full-length novels per day. including: employees. integrity.
CIM's services include: • • Messaging Communication program design • Design of communications tools (see samples below) • Communication skills training (executive. manager and frontline employees) • Evaluating communication effectiveness Clients .regulators and rating agencies.
Co. Certain Underwriters at Lloyds Chubb CIGNA Clair Odell Insurance Group CNA Colorado Casualty Ins. of Prof. Burns & Wilcox CastlePoint Holdings. Ins. Ltd. Inc. Assoc. GoAmerica Insurance Golden Eagle Insurance GRE Insurance Group IVANS JLT Re Solutions Inc. of Hawaii Folksamerica Reinsurance FTI Consulting. Mkts. Schinnerer . Inc. JPMorgan Chase Kinloch Holdings Liberty Mutual Magna Carta Insurance Group Marsh Medical Liability Mutual Ins. Victor O. Michigan Millers Insurance Co. Commercial Life Compass Technology Mgmts. as well as investors who focus on insurance and businesses that serve the industry. National Assoc. Continental Insurance Cresta Insurance Distinguished Programs Drake. Merchants & Business Men's Mutual Mechants Group. Co. Inc. Goodwin and Graham Fireman's Fund First Insurance Co. Inc.Our clients represent virtually every segment of the insurance and financial services. Bank of America Brokers Reins. GAN Asssurance Gerling Global Reinsurance Gill and Roeser. Mitsui Sumitomo Insurance Group Montgomery Mutual Ins.Co. Co. Ohio Hospital Association One Beacon Peerless Insurance PriceWaterhouseCoopers Princeton Insurance Company Ranger Insurance Company RLI Insurance Company Rough Notes Securitas Capital. The following is a list of some of the organizations with which we have worked: ACE Accenture Aetna AIA AIG Automated Installment Systems American Medical Association American Resources Ins. Agents National Underwriter OHIC Insurance Company Ohio Bureau of Worker's Comp. LLC Selective Insurance Summit Holdings Southeast Tokio Fire & Marine Tower Group Companies Transatlantic Reinsurance Travelers USA Risk Group.
you have to focus on top states and serve online shoppers through a website. . it’s easier to get a license and sell policies to other states while you’re also selling policies in your city of residence. This also might be due to them being “uninsurable”. a big portion of that are southern women. As part of a study conducted recently. In states like Florida. half of them were purchased through the internet. Texas. This happens because they might have a preexisting condition or had a body mass index of 39 or higher. You might like to look at providing for insurance that cover maternity. In the group of females who are uninsured. pre-natal and the like for female customers. you’re more likely to make an actual sale and provide a great necessity for people in need. there would be two who are women. The internet fosters this and by focusing on providing policies that are good for female southerners in between the age of 20 to 39. You would want to be part of the group that provides people with insurance before then and if you want to dominate the market. there are many active insurance shoppers that you could reach with a website. you have to understand who possible customers might be and the shopping methods they have. The only thing that’s stopping you from setting an insurance market on the web is the question of who would be going online to shop for insurance. It was found that in a group of three uninsured southerners. In many of the studies for who buys insurance. with females. it’s seen that it’s mostly women. etting To Know the Likely Candidates for Health Insurance REGISTER NOW and take advantage of our lead-generation sytems to begin maximizing your conversion rate today. You might have heard it a thousand times and are probably convinced to go at it. shopping was done using the internet. if not. Also. It was seen that of all the individual health insurance plans bought. California. If you’re looking to succeed in insurance marketing. Further studies and an in depth look at records of leads generated by various insurance companies show patterns that producers should know about to succeed. you have to cover a wider base and reach more target clients. It might be due to the simple fact that with regard to population females outnumber males in every age. New York. By 2011. In order to succeed in insurance marketing. that percentage is seen to rise to 90%. Washington and others. it has been found that the chances of getting customers who are female aged 20 to 39 who live in the southern states is high. You might also like to have insurance policies that cater to needs of women. With the internet on your side.Guy Carpenter Hermitage Insurance Horan Goldman Indiana Insurance Co. they are less likely to be insured. Insurance Company of Hanover Wells Fargo Zurich American Insurance Co.
Do you think that the private players would be able to make a significant difference to the market with their strategies in the long run? Give reasons to support your stand. Indian insurance industry Questions for Discussion: 1. pricing. which highlights the lack of innovative product development strategies and consumer-friendly pricing practices in the Indian insurance industry. The case examines the pricing and product development strategies being adopted by the new. Indian insurance industry. The case provides a detailed account of the kind of products that private players and the pricing strategies they adopted. year 2000. their features. . marketing front. Critically comment on LIC's decision to shuffle its portfolio in response to the product/pricing moves of the new companies. Issues: Understand the various kinds of insurance products available in the market. The case also discusses the changes taking place within LIC and examines the implications of the changes in the pricing and product development strategies. 3. product development strategies. lack of innovative . Analyze the different kinds of innovative products being offered by various insurance companies in India in the early 21st century. private players. » Key words: Three-part series. taking place all over the insurance industry. private players. 2000. changes sweeping. pricing practices. private players. Discuss the evolution of the Indian insurance industry over the decades and critically comment on LIC's products and pricing practices. Why do you think the average Indian insurance customer has largely been a buyer of money back and endowment policies? 2.Life Insurance Marketing in India Product & Pricing Norms Abstract The case is the last of a three-part series about the changes sweeping the Indian insurance industry on the marketing front after the sector was opened up for private players in the year 2000. A brief history of the Indian insurance industry before 2000 is provided. product development. highlighting the essential differences as compared to LIC's product portfolio. and the reasons for the development of such products. consumer-friendly. Indian insurance industry. sector.
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and new value-priced products in the next year. • • • • Knowledgeable. and plans for the upload and download of insurance policies. The Keys to Success and critical factors for the next year are. providing products suitable to the economic and social climate. Establish good working relationships with the present insurance markets by meeting with their decision makers and plotting a mutual plan for success. Acme believes personal contact and service is the cornerstone of our success. Acme will focus on developing the following tools. available. and that are affordable. Its customers are mostly rural. Get commitments for support and products that Acme can market in the trading area starting April 1st. Therefore our goals are: • • To re-establish Acme Insurance. and understandable. Acme Insurance. Inc. Investigate new markets that meet the marketing criteria by ○ ○ ○ • • • committing to small rural brokerage. A commitment to an annual insurance review for all of our clients. Acme has noticed as the clients become better informed about insurance that there has . is dedicated to providing insurance products that provide quality protection with value pricing. Formulate plans to acquire another brokerage. lower income families or long-time resident senior citizens who demand value-priced insurance premiums in keeping with their lower and fixed incomes." Begin the "Insurance Partners" program. but recently Acme has had a declining market share and this must be addressed. Provide small businesses with an affordable basic business package. Acme wishes to establish a successful partnership with the clients. Inc. Acme Insurance plans to increase gross sales by 10% and profit by 15%. service.Executive Summary By focusing on its strengths. Complete inspection of all Pilot homeowners within one month before renewal date. A phone call is more than any direct mass marketer offers. • Provide sales incentives to staff to meet sales goals. staff members. and expertise. Acme Insurance is a privately incorporated company in thethe Smalltown district and is licensed to transact both Life and General Insurance. mostly family-run seasonal operations primarily focused on the tourist trade. its present client base. Acme will also provide insurance to small business. and insurance companies. Acme has stressed to the insured the importance of good communication between the broker and client to insure proper coverage is in place. friendly staff that can empathize with our consumers' needs and circumstances. that respect the interests and goals of each party. as the market leader in quality and value-priced insurance products in the Smalltown district. Policies and endorsements delivered on time with minimal errors. Policies that meet or exceed the expectations of our clients. Acme Insurance. In order to implement our strategic goals. in order of importance: • • • Identify "Target Markets. Incorporated has been profitable. 2003. especially in handling a loss. The shares are held equally by John Smith and Peter Smith. Success will be measured by the clients choosing Acme because of their belief in Acme's ability to meet or exceed their expectations of price. Acme Insurance primarily markets and services Personal Lines Insurance.
The recession has curtailed insured from properly maintaining their homes and automobiles. . The company's strength lies in the quality and depth of our products and staff. in most cases. The past few years have seen tremendous upheaval in the insurance industry. outlook. still do not care or know which company they are placed with. and refusal to write new auto business by some markets. they now may find themselves in competition with some of the traditional broker distribution companies that are setting up direct marketing facilities and branches. Acme believes that the independent broker will survive. Based on these changes in the goals.000. The banks now have announced they will open stand alone insurance offices to retail insurance. quotas. contract cancellations. The offices. Acme is more automated than most service industries. regardless of some insurance companies' attempts to sever the traditional broker-client relationship. are open six days a week. The number of players has decreased in both the broker and company communities. helps with market value and replacement cost analysis when required.been a tremendous increase in clients wishing in-depth discussions about their policy coverage and how they can get the most value for their insurance dollar. They trust Acme's judgment in selecting the proper coverage and company. The company does not anticipate any cash flow problems. In spite of the above.000 by year three of the plan and a net profit of $170. Brokers are concerned that in spite of commission reductions. The Real Estate division. The clients. and company culture. and insurance fraud has become a major issue for the entire insurance industry. unlike the competition. Acme anticipates that they will be able to make revenues of approximately $750. Because of Acme's larger staff. which is a separate company. they are able to service the clients even when a client's broker is busy or out of the office on inspections. Acme is close to the customer.
php#ixzz1BOF5k6uR .Read more: http://www.mplans.com/insurance_agency_marketing_plan/executive_s ummary_fc.
The business has done well over the years. Acme has built a loyal customer base selling primarily life and general insurance that includes auto insurance as well as packages for small businesses.281 1.00% 8. effective relationships with clients is a priority at Acme and a competitive edge.186 9. Market Summary Having operated in the same town for over 64 years. Four generations of Smiths have worked at Acme. and learning the most efficient and effective means of communicating with them.Situation Analysis The original incarnation of Acme Insurance was created as a sole proprietorship in 1938. The need to establish close.945 1.00% 8.383 10. Market Analysis 2010 Potential Customers Senior Citizens Lower Income Families Small Businesses Growth 7% 8% 8% 8. The basic market need is a comprehensive insurance brokerage that has developed clear lines of communication with the client.345 8. meeting their specific needs. Acme will be able to offer better value to our customers by addressing their true needs. but the current principals desire to take Acme to the next level.044 1.098 9.448 9.999 10. With better communication.688 1.494 2011 2012 2013 2014 CAGR 7.00% . Acme has developed good information about the common attributes of the most prized and loyal customers.699 11.383 1.134 10. This information will be leveraged to continually collect information about the customers in the "holy grail" of better serving them.734 8.
Only 37% of the customers have attended some college. Acme is more automated than most service industries. many clients have turned to wood heat and started doing their own repairs and maintenance that may have increased the number and severity of claims. close-knit community.000. For the auto insurance and life insurance products. contract cancellations. If this is accomplished. with a year-round population of 13. . Knowledgeable staff. The clients.52% 17. Insurance fraud has become a major issue for the entire insurance industry. regardless of some insurance companies' attempts to sever the traditional broker-client relationship. and behavior factors: Geographics: • • • • • • • • • • • • The immediate geographic target is Small town. The average household income is $34. Brokers are concerned that in spite of commission reductions.Total 7. Are a part of a close-knit community. word will spread fast within this small. They trust our judgment in selecting the proper coverage and company for them.The ability to offer a wide selection of insurance products to the rural population of Smalltown.52% Market Demographics The profile for Acme Insurance's customer consists of the following geographic. in the mind of the public.876 19.Customer's expectations must be exceeded. become unaffordable. the ration changes to 64:36 male:female. quotas. The recession has curtailed insured from properly maintaining their homes and automobiles. demographic. Market Trends The past few years have seen tremendous upheaval in the insurance industry. The total targeted population is 17. and to exacerbate the situation. Acme believes that the independent broker will survive. they now may find themselves in competition with some of the traditional broker distribution companies that are setting up direct marketing facilities and branches.876. the ratio of male to female is 54:46. rural. Most social activities are sponsored by social organizations within the community such as Kiwanis and Rotary. in most cases. The automobile product has. The unemployment rate is 8%. The traditional close relationship with our companies has been strained.000. • • • Selection. and impossible to understand. close communication advising/brokerage relationship for insurance products. will continue pressure on the government and now have announced they will open stand alone insurance offices to retail insurance.1 children. Acme seeks to fulfill the following benefits that are important to their customers. Customer service. In spite of the above.219 20. For the small business products.216 23. and refusal to write new auto business in some markets. unavailable. A 100-mile geographic area is in need of our services. Acme is closer to the customer. Demographics: Behavior Factors: Market Needs Acme Insurance is providing their customers with a personalized.887 7. and a summer time population of 25. The number of players has decreased in both the broker and company communities. Most business decisions are based on a trust relationship established by being an active member of the community. 3. Male and Female.000. The banks. The average age of the customer is 54 years old.663 22.This benefit is very important to the insurance brokerage business as the interaction between staff and the customer is what Acme is truly offering. still do not care or know which company Acme places them with. even though thwarted by the federal government in its last budget to retail insurance from their premises. The family composition of the customers is two adults.
. improve efficiency and accuracy. A profitable automobile product will entice the companies to aggressively seek new sales and more brokers will see companies offering contracts. Other insurance such as life and home is not required but is a very sensible way of reducing risk. and available to the clients. 87% of the population have some form of insurance. Within Canada. the national insurance market was a $43 billion industry. Companies that truly value and trust the broker distribution system will align themselves with professional brokers and grant more underwriting authority similar to Lloyds.The new federal government is close to adopting a new automobile contract that hopefully will make it affordable. understandable. the insurance industry will be a growth industry for years to come. including our own. Because of the large rate of adoption and its mandatory nature in some segments. This will cut costs. Insurance sales are forecasted to grow at 6% for the next four years. Insurance is a part of life in the Canada. Upload/download capabilities are in many broker's offices. and help us meet the competition from banks and direct writers. Some insurance is required such as automobile. Market Growth In 2001.
Local Independent Brokers • • Cal Roberts. Weakness . Comprehensive customer insight. Opportunities Participation within a growth industry.Not local and largely unknown to the clients at the present time. Patrick C. one-man operations that do not have the backup or finances to aggressively impact the marketplace. Strengths • • • • • • • • • • • • Well trained staff.Group pricing. that still continue to give low prices. Public Employees . A single of series of huge. Johnson. Competition Competition is found in five forms: local indeendent brokers. unexpected.Teachers. As the company continues to grow. especially small farm mutuals. the ability to decrease fixed costs over a growing customer base. Weakness . Weaknesses A limited number of people inhabiting Smalltown. In-depth knowledge of the industry.Most are smaller. do not appear to be very knowledgeable or aggressive. Staff.A still untried. Rob Champlain Strengths .SWOT Analysis The following SWOT analysis captures the key strengths and weaknesses within the company and describes the opportunities and threats facing Acme Insurance. mass merchandise programs and group plans. Also they have large capacity to write certain risks. since we insure very few of the professions." Group Plans . Threats Competition from local brokerages that respond to Acme's superior offerings. The struggle to stay ahead on the technological adoption curve in a small.Alternate markets.Price. mass market providers. still continue to write wood stoves. Their commercial business is difficult to compete against in some cases because they seem to not have the same restrictions on underwriting as our markets. Agents (such as Co-operators) • • Mass Market Providers • • • • • • Mass merchandise programs heavily advertised over the radio such as "Gray Power. unknown quantity.Large advertising budget and very competitive prices. Strength . Increased sales through an expansion of the current service offerings. rural community.Large advertising budget and competitively priced products. Weakness . agents. Strengths . Weakness. The high costs of switching current insurance consumers from a competing firm to Acme. Strengths .Very little obviously. traumatic events that put significant strain on the financial health of the insurance industry as a whole. because of salary. A significant slump in the economy that will likely have a correlated effect on the industry. Strengths . and allow discounts and underwriting terms.One small operation that does not have the same hours as Acme's offices. Weakness .
Acme also provides insurance services to non-clients. and are the largest multi-line insurance broker in our trading area. Acme has established what they consider to be an excellent reputation in our area. A commitment to an annual insurance review for all of our clients. especially in handling a loss. endorsements and process renewals. automobile. speedy claim settlement. such as lawyers and mortgages. Read more: http://www. Acme believes personal contact and service is the cornerstone of success. and automobiles. marketer offers.com/insurance_agency_marketing_plan/situation_an alysis_fc.php#ixzz1BOFLXiK9 . to ensure the mutual clients have proper coverage and binding notes in place for the purchase of homes. Acme has noticed as the clients become better informed about insurance that there has been a tremendous increase in clients wishing in-depth discussions about their policy coverage and how they can get the most value for their insurance dollar. Policies that meet or exceed the expectations of the clients.Service Offering Acme Insurance is committed to providing professional sales and service for its insurance customers. Acme Insurance provides home. A phone call is more than any direct mass Critical Issues Acme Insurance is an established. In the event of a claim. Like other independent brokers. Keys to Success Acme believes the keys to success in a small town insurance business are: 1. 2. Acme issues binders and new policies. ensuring that the growth strategy will never compromise service and satisfaction levels. The critical issues that we face are: • • Pursue controlled growth that dictates that payroll expenses will never exceed sales revenue. the clients know that Acme is there to provide help and counsel to ensure a fast.mplans. 4. available. Knowledgeable. 3. and understandable. businesses. Acme has stressed to the insured the importance of good communication between the broker and client to insure proper coverage is in place. Acme takes pride in knowing that for over 50 years they have helped clients to find the best coverage at the right price that suits their needs and expectations. and that are affordable. Constantly monitor customer satisfaction. and business insurance in the Smalltown district. family business that is pursuing new growth strategies. Policies and endorsements delivered on time with minimal errors. friendly staff that can empathize with our consumers needs and circumstances.
communicative relationships with clients. non-franchise business that does not have access to group insurance plans. Target small. develop the customer base. and constantly build customer loyalty and referrals. this business philosophy has been cultured within Acme and all of its employees. homes in poor repair. Because these types of relationships are so fundamental to Acme's practices. 3. This strategy will be implemented by communicating that Acme can better serve Smalltown's insurance needs. everyone in the firm practices them. We exist to attract and maintain customers. small family business. The stronger and more open the relationship is. Reinforce a market image as the finest service provider in the industry. 2. Positioning Acme Insurance is being positioned as a comprehensive. Our services will exceed the expectations of the customers.The business model is based on the staff developing close. wiring. . Acme will leverage our competitive advantages which consists of the following: • Knowledgeable industry participants. Increase profits by 2% a quarter. 3. Target Marketing The market consists of senior citizens. 4. Focus on senior. Increase market share by 1% per quarter. Investigate acquiring other brokerages in the area. 5. lower-income young families (many of who are on social assistance) and the small. 2. This message will be communicated through a variety of methods. Marketing Objectives 1. Decrease the costs associated with serving distant clients. Mission Acme Insurance's mission is to provide the finest level of insurance services. Emphasize service and support. Financial Objectives 1. The first method of communication is through advertisements in the Yellow Pages. Build a partnership business based on account selling.Having established the company in 1938. • Strategy Pyramids The main focus of Acme's marketing plan is the establishment of Acme Insurance as the premier. Hold customer acquisition costs steady. With a strict adherence to this maxim. and heating systems. Increase the ability to forecast which prospective customers are going to have the least number of claims and convert them into long-term clients. customer-centric insurance brokerage serving the Smalltown area. Having significant experience provides the entire company with a vast amount of industry knowledge that Acme is able to leverage and offer as value to the clients. Acme has amassed a huge amount of industry knowledge based in empirical experience. success will be insured. Acme will serve all of Smalltown. Close personal customer relationships.Marketing Strategy 1. 2. which is a widely dispersed. personal service. the more value and higher level of service that can be offered. A second method of communication will be the distribution of sales literature. rural community. Acme is cautious about encouraging business from lower income prospects since they tend to have wood heat. consciously and subconsciously. and many attempt to install and repair their own plumbing. well-run. 3. claims-free personal lines business and the profitable. The marketing strategy will seek to continually develop customer awareness regarding the services offered. While other insurance brokerages claim to offer closer personal contact. family-run business (many of which are seasonal and based on the tourist trade). personal insurance broker serving clients through close.
etc.payment on insured's preferred day of month. fire and burglar alarms. Additionally. Acme must begin to investigate alternate ways to put its name in front of the public. distribution of printed material and the hosting of free public seminars. Continued insistence by the industry on better proactive protection. and the company is based upon a new concept. Acme will be developing a "Now what do I do?" message to emphasize the need for dealing with Acme's insurance professionals so that in the event a loss occurs. Many of the larger insurance markets have increased minimum premiums to $1. profitable. you know you have the proper protection. involve seniors and cottagers. the clients still identify with the broker. i. Make contacts and support senior citizen groups and cottage associations. All clients should be contacted before renewal to ensure covers are current and adequate. 3. the client must also take his/her share of responsibility to insure the safety of his/her property by keeping it well maintained and using qualified professionals to update or change the heating. and care for customers. Pricing. ensure that there is an insurance market available for most risks. distribution. new insurance should be solicited. Also. the broker.Acme has depended in the past on a small advertisement in the local newspaper. but in the 2000's.. Primarily. the goal of the seminars is to introduce customers to Acme. Advertising and Promotion.This will occur both at Acme's offices as well as on occasion at the insured's home. Acme strives to provide the highest level of customer service. Identify sports and hobby groups that Customer Service. not the product. Not only do the broker and the company take responsibility for proper protection and indemnity in the event of loss. Insurance is a commodity-like purchase and it is the service of the broker that distinguishes providers. Acme is seeing the commercial markets now moving toward basic coverage and limiting the "bells and whistles. advertising and promotion. All advertising has to emphasize the differentiation points rather than just price. This should help stabilize pricing and.e. In spite of some companies' efforts to minimize the importance of the broker." allrisk products available to only those clients who have modern. Acme's in-depth knowledge. and word of mouth. not just to the company. the services provided.Acme has recently produced a pamphlet titled "Insurance Partners" that stresses that a successful insurance partnership between the client. They also encourage the clients to contact Acme about reviewing their coverages and promote other products and services Acme provides.000 for any commercial package policy. One aim is the education of the consumer to the different services that the insurance industry and insurance brokers offer. and accepting payment by credit or debit card.The reality of the insurance brokerage industry is that the service is the product. Distribution. electrical. Example . Acme must ensure that our price and service are perceived to be good value to the client. Our markets must offer several payment options to our clients that are convenient to the client. 2. well-managed. 4. listings in the Yellow Pages. even more important. Acme Insurance must improve and increase contacts with the clients. With this important fact recognized. and plumbing systems in his home. Marketing Mix Acme Insurance's marketing mix is comprised of the following approaches to pricing. . not on the company's. Some of the seminars will be targeting seniors. two other methods will be employed. Acme stresses that multiple claims or claims arising out of poor maintenance may adversely affect his/her insurance. has started to lower loss ratios. The Lloyds market should be able to accommodate these customers with a minimum premium of approximately $600. In addition to the above. others will be address a general audience. A third method of communication will be several insurance workshops that are offered throughout the year to the Smalltown community.The customers are especially sensitive to value. the brokerage uses a number of boilerplate letters on our computer system that are sent along with various types of policies explaining unique features or limitations in the contracts to avoid possible Errors and Omissions claims. The purpose of the workshops is multi-fold. low-risk operations. Many insureds are on a fixed income and receive their income on a set day of each month or a paycheck on a particular day. not the insurance company. upgrading of buildings. 1. Acme must sell the company.
Break-even Analysis The break-even analysis indicates that $21. The results of the surveys were that some of the originally held assumptions were confirmed. A total of 200 forms were handed out and 68 were returned completed. there were many different beliefs/ perspectives that were unexpected but observed in the surveys. An expert was employed to ensure the validity of the forms. The forms were designed by a graduate student in the statistics department. Additionally. expenses forecasts. Break-even Analysis . and how these link to the marketing strategy. Theses were given to current as well as prospective customers. Acme conducted primary market research. and Forecasts This section will offer a financial overview of Acme Insurance as it relates to the marketing activities. Budgets.com/insurance_agency_marketing_plan/marketing_ strategy_fc. Read more: http://www.php#ixzz1BOFViSDy Financials.mplans. sales forecasts. The market research that Acme collected was in the form of questionnaires. The goal of the questionnaires was to collect insight and perspective from our target customers.667 is needed in monthly revenue to reach the break-even point.Marketing Research While the most recent rendition of the marketing plan was being completed. Acme will address break-even analysis. the questionnaires were a valuable form of primary market research that has been instrumental in the completion of this marketing plan. Overall.
Discounts of up to 25% for claim-free seniors who renew their home insurance with Acme. Acme knows their needs and their problems and has a local reputation to protect.500 Sales Forecast Acme wants to emphasize the benefit of dealing with professionals who live and work in the client's area. This may provide a chance to pick up all of the insured's business because. This theory is validated by the masse exodus of Andersen clients after the Enron scandal and during the Justice Department's investigation. The following table and related charts show our present sales forecast. especially for burglary. Acme is projecting sales to grow at 10% for the coming year and to continue into 2005. Competitive prices for our identified target markets.546 Assumptions: Average Percent Variable Cost Estimated Monthly Fixed Cost 70% $6. they contact Acme after being told by their previous broker that. they lose one client. They feel that if they have installed central alarms and bars. in many instances. Careful inspection and the judicious use of deductibles and warranties for insureds using wood stoves should help alleviate company concerns about solid fuel heating devices.Monthly Revenue Break-even $6. unlike an out-of-town market. . basic insurance coverage to our clients. in spite of their claim-free status. If the out-oftown broker fails to provide proper cover or advice. Business partners provide us the opportunity to sell lower-priced. Competitive pricing is not an important factor to attract business because competition is very limited for primary wood heat houses in our area. they can take the chance of self-insurance. Many clients have expressed interest in retaining part or all of the insurance risk. the broker doesn't want their house insurance. Acme could stand to lose many if the public perceives a professional failure on our part.
107 $237.550 $239.475 $166.579.643 FY 2012 $172.501.306 $339. There is an increase in sales of personal insurance during the summer months and sometimes continuing into the fall.585 $167.891 FY 2013 $1.789 $245.750.443 $2.862 Expense Forecast Marketing expenses are to be budgeted so that they are higher during the parts of the year when more insurance is sold. The marketing expenses will correspond with this sales trend.810 $1.559 $2.490 $246.383 $459.Sales Forecast FY 2011 Sales Senior Citizens Lower Income Families Total Sales $222.168 $321. .232 FY 2012 FY 2013 Direct Cost of Sales Senior Citizens Lower Income Families Subtotal Direct Cost of Sales FY 2011 $155.255.052 $171. There is an increase in business sales during the first quarter of the year.009 $485.
544 $800 $900 -----------FY 2013 $8. Implementation Milestones The following milestones identify the key marketing programs. Milestones Advertising Start Date End Date Budget Manager John Smith Department Marketing Plan Completion 1/1/2003 2/1/2003 $0 Department .012 $800 $940 ------------ $8.mplans.php#ixzz1BOFhvI7T Controls The purpose of Acme Insurance's marketing plan is to serve as a guide for the organization.com/insurance_agency_marketing_plan/financials.752 1. The following areas will be monitored to gauge performance: • • • • Revenue._and_forecasts_fc. Expenses. New customers as a percent of overall revenue.82% 1. Customer satisfaction.90% 0.244 $9.Marketing Expense Budget FY 2011 Advertisements Printed Material Other $6.775 $800 $810 -----------Total Sales and Marketing Expenses Percent of Sales FY 2012 $7.monthly and annual._ budgets.39% Read more: http://www.monthly and annual. It is important to accomplish each one on time and on budget.385 $9.
250 Department Public Seminar #1 3/1/2003 4/25/2003 $225 Department Public Seminar #2 5/1/2003 6/30/2003 $225 Department Public Seminar #3 7/1/2003 9/30/2003 $195 Department Name me Name me Name me Other Total Advertising Budget PR Name me Name me Name me Other Total PR Budget Direct Marketing Name me Name me Name me Other 1/1/2003 1/15/2003 1/1/2003 1/15/2003 1/1/2003 1/15/2003 1/1/2003 1/15/2003 $0 $0 $0 $0 $4.695 Department Department Department Department Start Date End Date 1/1/2006 1/15/2006 1/1/2006 1/15/2006 1/1/2006 1/15/2006 1/1/2006 1/15/2006 Budget $0 $0 $0 $0 $0 Manager ABC ABC ABC ABC Department Department Department Department Department Start Date End Date 1/1/2006 1/15/2006 1/1/2006 1/15/2006 1/1/2006 1/15/2006 1/1/2006 1/15/2006 Budget $0 $0 $0 $0 Manager ABC ABC ABC ABC Department Department Department Department Department .800 John Smith John Smith John Smith John Smith John Smith ABC ABC ABC ABC Department Advertising Campaign #2 5/1/2003 8/1/2003 $2.Advertising Campaign #1 2/1/2003 4/31/2003 $1.
Growth at a rate that exceeds current revenue. Significant regulatory changes in the insurance industry.Total Direct Marketing Budget Web Development Name me Name me Name me Other Total Web Development Budget Other Name me Name me Name me Other Total Other Budget Totals Start Date End Date 1/1/2006 1/15/2006 1/1/2006 1/15/2006 1/1/2006 1/15/2006 1/1/2006 1/15/2006 Start Date End Date 1/1/2006 1/15/2006 1/1/2006 1/15/2006 1/1/2006 1/15/2006 1/1/2006 1/15/2006 $0 Budget $0 $0 $0 $0 Manager ABC ABC ABC ABC Department Department Department Department Department $0 Budget $0 $0 $0 $0 $0 $4. Having to liquidate equipment to cover liabilities.695 Manager ABC ABC ABC ABC Department Department Department Department Department Contingency Planning Difficulties and Risks • • • • • • Problems generating new business. Significant market penetration of telephone/Internet based insurance brokers. The constant need for the highest level of training and recruitment of employees. Worst Case Risks May Include .
This is making the competition much tougher for the Life insurance companies as most of the companies offer similar types of premiums and facilities.Read more: http://www. The Life insurance companies also offer fliers and hanging banners. It is because of the ever lasting conflict between the insurancecompanies which want to profit the most and the insured person who wants to get as much compensation as possible from the insurance company. So it has become very important for the life insurance companies to concentrate on Life Insurance Marketing and attract as many people as possible towards their company. One can also offer free Life check in a reputed place to the insured for at least once..mplans. Also the insurance policy needs to be transparent so that the potential customer understands it totally and should not feel that they have been treated unfairly by the insurance company. One can also go to crowded places and advertise for the Life insurance company.com/insurance_agency_marketing_plan/controls_fc. If the policy holder does this at a regular basis then the company has a high chance of succeeding. The Life Insurance Companies prefer to go for Group Life Insurance for a group of people from a particular company or a family so that they get a group of customers and even if they compensate for some of them for various reasons they usually make it up . One should always give the life insurance policy holders existing a chance to prefer the marketing techniques that the insurance company is presenting. However nowadays the Life insurance premiums are almost the same for an young adult and an old person who just had a major operation. what one can do is to change the public perception about the Life insurance companies. php#ixzz1BOFpgaYU Life Insurance Marketing An Introduction To Life Insurance Marketing Life Insurance Marketing is one of the most strenuous jobs for those who are involved in the insurance marketing. Commissions for the Life Insurance companies are very high and they seldom make profits out of the policies. Reasons For Life Insurance Marketing The Life insurance companies were paid very little premiums by young children or healthy people and thus the scope for profit was very small and those who paid high rates of premium were the older beings who died and the Life insurance companies compensate for that. One can connect himself or herself with companies whose workers need a plan for Life Insurance. As the Life Insurance Marketing Companies already deals with this type of a scenario.
Life Insurance Marketing Strategies • A very common way to promote a Life insurance company through Life Insurance Marketing is to make the name of the company familiar to others by means of television commercials. One common problem that the insured persons face is that the insurance companies do not inform its clients about the hike in the premium rates. One can see the telephone companies send messages about various offers and they even make phone calls. Doing charity works also helps the Life insurance companies to come across various people who act as volunteers and can act as their potential Life insurance clients. handling out pamphlets. So to promote this type of policy they need to have social and industrial connections. So. • • • . People also like to deal with like minded people and companies and this is how many deals are made. Life Insurance market helps developing that. Eminent workers join local community institutions. Community Life Insurance Marketing is another different way to get promotion and a high recognition for the Life insurance company. Web Insurance Marketing is another good strategy to promote insurance policies. Telephone marketing is another way of Life Insurance Marketing. a client should be informed about everything related to his policy and the Life insurance company should keep the transparency as much as possible. They also get less papers to control and also they provide better facilities for their clients. One should listen to the existing Life Insurance Policy Holders as well as the potential Life insurance policy holders and listen to what people who actually matters have to say. and by signing up there one can help out various projects that take place. it is important to conduct a sound survey and then attract people.with other's premiums. Not only that. So before going for a Life Insurance Marketing one actually needs to know the market target and the desires of the people who are actually seen as potential insurance customers. These things should be kept in mind. The confusion about the way a Life Insurance Marketing conductor can draw the potential Insurance holder's attention evaporates fast if he knows his targets and aims clearly. such as Chamber of Commerce. These kinds of activities and social works on behalf of the Life insurance company helps the company to get free publicity as their names are published in news paper and in media also. The pop ups that one sees while using Internet are actually a very effective way of sending messages across the potential insurance customers. Even for other policies like term life insurance and permanent life insurance one needs to be aware of making people realize the profits of the policy by various means provided by marketing agencies. hanging banners in populated areas and by providing exciting offers.
This kind of policy gives the Life insurance policy holders the feeling that they are being treated unfairly and also that the Life insurance companies are only looking for profits and not the betterment of customer welfare. People in this Life insurance industry should always try to keep in constant contact with the existing customers as well. The competition in the insurance market is so fierce today that no company wants to loose out on a customer to another company. the Life insurance company should help out the policy holder in processing out the paperwork. One should not let bureaucracy enter and make it so difficult for the one making the claim so that he gives his claim .This has always been a common tactic on the insurance company's part to avoid paying claims claimed by the policy holder. USA Insurance Lead. Feeling safe is about insurances and other things are most important as far as the insurance holder is concerned. Clients who are not contacted for a longer period of time normally fail to remain loyal to the insurance company and look for a different Life insurance company. May be the most crucial thing in insurance marketing is to always speak about unity and honesty while dealing with a business. Insurance Lead US. These things play a major role and can be considered as an effective Life Insurance Marketing strategy. that life insurance customers are going for products and services which are trustworthy to them. if a company remains loyal to its customers it will itself do Life Insurance Marketing for itself. insurance. This though makes a short term profit for the company but it hurts in the long run as the reputation of the company is hampered severely. Insurance Agency.com • • • ShareThis Related Links • • • • • • Insurance Agents. because the customers prefer safety more than anything else these days. A Life Insurance Holder can find so many frauds in various life insurance companies today. So. Insurance Agent Insurance Agency Marketing US Insurance Leads. To know more about Life Insurance Marketing one can go to christianet.com. So. When a Life insurance claim is filed. especially for a very big hefty amount.• A Life Insurance Company should not charge different Life insurance client different charges for the same policy. Insurance Lead USA Marketing Health Insurance Insurance Marketing Strategies Insurance Sales. The company can keep the records of the client's birthday and days like anniversary and sent him or her small tokens of love or loyalty at a regular basis. If the company can afford a little more it can send dinner coupons to the Life insurance policy holder. only by remaining loyal to its customers the company can do a world of good to its reputation and this would in itself bring more potential Life Insurance Holders to the company. Insurance Sale .
Mortgage Life Insurance Leads .• Life Insurance Leads.
purchase of automobile liability insurance is required by law in most jurisdictions the world over. including its technological. As an example. such as risk management.com/insurance-articles/insurance-marketing-creating-a-successfulmarketing-strategy-for-the-insurance-industry-in-sierra-leone-664153. its terms and conditions. limitations. new sources of production of business that includes new ways of selling old traditional insurance policies and products. in conjunction with the marketing of new services. loss control and loss adjustment services should be pursued by insurance companies. the failure of various insurance companies including the spectacular failure of the country's largest insurance company. Though several factors can be readily identified as drivers of this perception including the lack of adequate understanding of the insurance contract. Such is the refrain heard not only among insurance policyholders and customers but with alarming regularity from the general public. the National Insurance Company (NIC) to effectively introduce and market a national health insurance policy (NICARE) since 2004 is a case study of a monumental marketing failure requiring analysis in a future article.html#ixzz1BOGYaXUY Under Creative Commons License: Attribution INSURANCE MARKETING: A fundamental principle of insurance marketing dictates that insurance products and policies must be marketed and sold primarily on the basis of the need for security and the ability of the insurance product and policy to provide adequate financial security from fortuitous losses. However. Read more: http://www. and in most cases resort to fine prints embedded in these insurance contracts to either deny claims or substantially reduce claim payments. the focus of this article is how the role of insurancemarketing and sales. the technical knowledge of the agent. in some lines of insurance. the types of coverages and policies available and whether a claim is denied or underpaid in the event of an insured loss.articlesbase. There is thus a direct corollary between the marketing of insurance. thus resulting in recent spectacular failures in the introduction of new products and or failures in the market penetration of various new diverse policies into the insurance marketplace. thus resulting in the adverse and low penetration rate of insurance products and services in most African countries. can be utilized as an effective educational vehicle in changing not only the above perception but making the claims process more transparent and beneficial to the policyholders. exclusions and deductibles including the legal and regulatory framework in various countries. Moreover. a governmental-legal or regulatory compulsion to insure is the driving factor. The recently advocated proposed requirement of a title insurance policy in real estate transactions in Sierra Leone and a national health insurance or workers compensation insurance policy are all examples of such a legal mandatory requirement.insurance Marketing: Creating a Successful Marketing Strategy for the Insurance Industry in Sierra Leone OVERVIEW: A common perception about insurance in most African countries is that carriers generally fail to honor policy contracts when insured losses occur. regulatory and management strategies. For example. THE SALES FUNCTION: To be successful however an insurance producer/agent must develop other skills in addition to the sales skills to include: . coverages. To a large extent these have and continue to be the principles and services absent in the marketing mix of insurance products in Sierra Leone.
an insurance carrier can maintain and increase its market share. 2) Skills in the analysis of consumer needs through risk management identification techniques and the tailoring of insurance programs are a prerequisite. The exclusive agency system (also known as the captive agency system). For while the insurance industry can play a very significant and critical role in a nation's developmental process. accident. MARKETING CHALLENGES: The challenge thus facing the local industry is the need for diversification of insurance products better tailored and suited to meet the needs and development of the country. However. TECHNOLOGIES: With the gradual installation of computers in insurance companies in Sierra Leone. train and motivate producers/agents to sell to the selected market segments. The system primarily in use in the Sierra Leone insurance market is the direct writing system wherein individual carriers employ their paid agents and employees to exclusively market only their policies. healthcare providers. The demographic groupings may be further delineated by such characteristics as age. could be tailored and offered to such segments as civil servants. The direct mail system. The first step in managing a consumer's risk needs is through the identification and analysis of the loss exposures to which a customer is exposed or subjected to through an insurance survey.1) Technical expertise in insurance principles and coverages. With the utilization of such a technique for example. statistical analysis and rate making and issuance of policies and endorsements but also insurance marketing must be vigorously pursued by individual companies. occupation and sex. diverse insurance policy coverages covering health. Moreover. The same could apply to the security segment including policies specifically designed to meet the needs of the military and police forces. market potentials and sales forecasting. 2) The nature of the product/policy that will be most appealing to the selected market segments and most profitable to the insurer. if the insurance market in Sierra Leone is to survive and grow. charging a different price and by providing a different level of service than the competition. SALES MANAGEMENT: Generally. consumer attitudes. college lecturers. teachers.as customers usually depend on their agents for guidance in selecting the proper combination of insurance products and identification of gaps in coverages. These include: Independent agency system. The selection of geographic. as new players and products such as the national health insurance scheme and the national title insurance scheme are introduced into the . instruments and marketing techniques to serve as a basis for the country's sustained economic development. disability and workers compensation to name but a few. income. The use of computers for not only accounting. planning and studies including new products and services. In the United States there are four distinguishable systems for marketing property and liability insurance. The agent must educate and be able to impact sufficient knowledge of the client's loss exposures and available coverages and other non-insurance transfer mechanisms to the customer. 3) How best to select. The establishment of a marketing database by insurance companies separate and apart from the underwriting and claims databases must a step in the right direction in implementation the new marketing strategy. the challenge currently being faced is how our insurance professionals respond by creatively introducing insurance policies. the concept of sales management in insurance involves the active participation and direction accorded the sales force by management in ensuring the nature and amount of business desired by the insurance carrier. through utilization of product differentiation techniques in its marketing mix. medical. new technologies are poised to play a major role in the coordination of marketing strategies. Okada riders and farmers throughout the country. The direct writing system. This entails the determination by management of: 1) The segments of the available market that can be reached most effectively by the company's agents. These can be accomplished by changing the standard coverage provisions in the contract. parliamentarians. demographic and or industrial segments of the market to target in the marketing of insurance products ensures effective market segmentation and effective use of resources.
marketplace. marketing policies and strategies and implementation of an advertisement and promotion campaign. then the development of a new bred of producers. . agency and technology systems. agents and marketing systems must be pursued to forestall the failures of recent new policy introductions. To effectuate this new marketing goal a sales force must be recruited and trained into the intricacies of the insurance business and policies being introduced and marketed with realistic production objectives. These must include and incorporate the direct mail.
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