Marketing Plan For Pru Life UK A Masters

I.
CURRENT MARKETING SITUATION

A. Internal Analysis: The Company
1. History and Milestones
Pru Life UK is one of the leading life insurance companies in the Philippines, with
over 15 years of excellence in providing relevant and innovative life insurance products
designed to meet the specific needs of the public. The pioneer and expert in investment-
linked insurance products, Pru Life UK is driven by its commitment to always listen to and
understand the financial protection and wealth management requirements of the Filipino.
Pru Life UK started its operations in the Philippines in 1996. It is a subsidiary of

British financial services giant Prudential plc. Established in 1848, Prudential plc has an
extensive network of life insurance and mutual funds operations around the world, active
in the United Kingdom (UK), Europe, the United States (US) and 13 markets in Asia. It
has 26 million customers worldwide and manages £351 billion in assets as of 31
December 2011.
In the Philippines, Pru Life UK serves over 100,000 customers with a team of over
3,000 financial consultants offering an increasing portfolio of ordinary life, endowment*,
personal accident and investment-linked products. In 2010, Pru Life UK was recognized
as the fastest growing Prudential company in Asia by regional headquarters Prudential
Corporation Asia (PCA).
1996-Pru Life UK was incorporated as Pru Life Insurance Corporation of U.K. in January,
and the Insurance Commission granted the Company an operating license in the
Philippines in June. The first policy was issued in September 1.
1997-The Company was one of the first to be allowed by the Insurance Commission to
issue dollar-denominated policies.
1998-After only two years of operations, Pru Life UK was ranked among the top 10 life
insurance companies in the Philippines in terms of First Year Premiums (FYP).
2001-Pru Life UK was named the fastest growing life insurer in the country with a 63%
growth rate, first year ordinary life premiums.Pru Life UK acquired AllState Life
Philippines.
MARKETING PLAN ON PRULINK EXACT PROTECTOR | 1

2002-The Company pioneered unit-linked or investment-linked life insurance in the
Philippines with the introduction of the PruLink Investor Account and acquired ING Life
Philippines.
2004-The Company was recognized as the Outstanding Life Insurance Company in the
15th Annual National Consumers Awards by the Consumers Union of the Philippines.
2007-Pru Life UK hit the PhP1-billion mark in terms of Annualized Premium Equivalent
(APE), a 130% growth from 2006.Million Dollar Round Table (MDRT) agent qualifiers
reached an all-time high. The Company established its Partnership Distribution division,
expanding its distribution network to include partner banks and brokers.
2009-Pru Life UK placed third in the Chairman’s Challenge Prudential plc.’s global
volunteering program that recognizes projects that made the greatest impact to
communities, for the Pru Life UK - GawadKalinga Felicity Village.
2010-Pru Life UK was awarded as the fastest growing Prudential company in Asia by
regional headquarters Prudential Corporation Asia (PCA).
2011-Pru Life UK became the first private company in the Philippines to offer Metro Rail
Transit (MRT) commuters free rides, a thanksgiving treat to the public on its 15th
anniversary in the country.The Cha-Ching musical edutainment cartoon series was
launched over Cartoon Network in Southeast Asia, including the Philippines, by PCA in
September. It is the first multi-country, multi-platform financial literacy program for
children.
2012-Pru Life UK launched the PruLink Asian Local Bond Fund, the first of its kind in the
Philippine market, allowing Filipino consumers to piggyback on offshore funds from Asian
economies.
Pru Life UK launched the Cha-Ching Financial Literacy for the Youth Program in January,
an offshoot of PCA’s landmark financial literacy program, the musical edutainment show
Cha-Ching.

In April, Pru Life UK signed a Memorandum of Agreement with the Department of
Education to integrate the Cha-Ching Financial Literacy for the Youth Program in the
grade 2 curriculum of two pilot schools – Tagaytay Central School in Tagaytay City and
Upper Bicutan Elementary School in Taguig City, for the school year 2012-2013.Also,
sealed a partnership deal with Standard Chartered Bank establishing the general agency
Assurance Solutions Insurance Agency, Inc., marking the 11th alliance between
Prudential Corporation Asia and Standard Chartered Bank in Asia.
2. Vision, Mission and Business Philosophies
Mission and Vision
We take the risk out of people’s lives.
We are the trusted leaders who listen and respond to the financial needs of the Filipino
people.
We are committed to:

• dealing honestly and fairly with our public;
• exceeding customer expectation in services and products;
• caring for the well-being and development of our people;
• giving a fair return to our stakeholders; and
• contributing to the development of the Filipino community.
Our Guiding Principles
• We maintain and develop the Company’s reputation for integrity, fair dealing and
security.
• We work as a team, as a family, unified in purpose, treating each other with respect and
care i in an atmosphere of mutual trust and in a happy working environment.
• We promote the art of listening as it is only in listening to the needs of our customers
that we can know and understand their specific needs.
• We communicate openly and constantly with our customers and our own people.
• We develop ourselves continually to our fullest potential to keep improving the quality of
everything we do.
• We maintain a strong financial position to meet our promise of financial stability to all

our customers.
• We are accurate and timely.
• We have a strong sense of responsibility and will work toward the achievement of the
Philippines’ economic goal.
• PruFIRST
Our Logo
Prudence, one of the four cardinal virtues, is an enduring symbol of Prudential

since 1848, when a painting of Prudence by Sir Joshua Reynolds was used as the
company seal.
The face of Prudence is a longstanding symbol of integrity and security for

Prudentialplc and its subsidiaries, and a representation of the virtue of wise conduct that
the Company aims to instill among its customers and the public.
Rendered by Wolff Olins as a current corporate mark to suit modern sensibilities,

the stylized Prudence still bears the icons of the timeless virtue – combining knowledge of
the past, present and future to act with the authority
merited by memory, intelligence and foresight.
Serpent- ancient symbol of wisdom
The Arrow- signifying strength of purpose
The mirror- seeing the world and oneself as they really are
3. Current Products/Services Situations

Pru Life UK saves and protects your life's goals with wide range of comprehensive
plans. You will be able to tailor-fit protection benefits according to your needs and budget.
While giving you peace of mind against life’s uncertainties, our products also accumulate
savings that will get you through unexpected financial bumps and make your money work
for you. Pru Life UK is the pioneer and expert in unit-linked or investment-linked products
in the Philippines. Unit-linked policies are life insurance products that provide living and
death benefits and are ‘linked’ to investment funds. With investment funds managed by
Eastspring Investments Singapore (Limited), take confidence in the experience of one of
Asia’s most awarded fund-management companies.

PRULINK EXACT PROTECTOR
 Starts with a minimum premium of PhP3,000/month for the 5 -year payment

period or PhP2,750/month for 7, 10, and 15–year payment periods. A low-
premium variant of this starts at PhP1,500/month for 10- and 15-pay
 Enjoys life protection benefit equivalent to sum assured plus fund value
 An additional allocation of 10% (5% for dollar) of the annualized regular premium,
called Loyalty Bonus1 is added in the fund for free from the 11 th to the 15th policy
year subject to certain conditions
 Depending on your need or goal, you may attach additional benefits to your plan
by choosing from a wide range of optional riders available. Or, you may avail of
the PruLink Exact Protector packages which are customized to answer specific
needs such as education, travel and vacation, and even future big purchases
such as house and lot and brand new car
 Flexible options to increase or decrease your premiums, top-ups, withdrawals,

and fund switching
 Choice of PruLink funds, investing either in a single fund or multi-funds 2, to

customize a well-diversified portfolio that is professionally managed by Eastspring
Investments (Singapore) Limited (formerly known as Prudential Asset
Management (Singapore) Limited)
PruLink Exact Protector’s shorter paying periods allow for easier, more
efficient planning. It offers both insurance protection and savings that give you a
worry-free life. It is for clients who want lifetime protection and who prefer to pay
the plan in a limited period.
And because it is an investment-linked plan, it also allows you to align your
premium payments with your investment strategy, confident that your investment
is backed by the rich financial experience of one of Asia’s most trusted and
awarded fund managers – Eastspring Investments(Singapore) Limited.
4. Strategic directions
In 2010, Pru Life UK's new business sales grew 109% year-on-year, according
to results published by Prudential pic. Across the Asia region, Prudential pic

announced 24% growth in new business sales for the year, with the Philippine business
delivering the highest growth as a percentage.
OUR GOAL
To secure and enhance the economic future of Filipino families and enable them to
save systematically to achieve their dreams.
OUR SUCCESSES
Typhoon Yolanda relief and rebuilding effort

In response to the disaster in the Philippines following Typhoon Yolanda (International
code name: Haiyan), the Prudence Foundation, the charitable arm of Hong Kong-based
Prudential Corporation Asia(PCA), has pledged US$2 million to support the immediate
relief and long term recovery effort in the affected areas.
Cha-Ching is a financial literacy program that provides a platform for 7 to 12 year old
children to learn (with their parents) the knowledge, tools and practice they need to make
informed financial decisions to reach their own personal goals and dreams. Pru Life
UK signed a Memorandum of Agreement with the Philippine Department of Education in
April 2012 for the integration of the Cha-Ching Financial Literacy for the Youth Program in
the Grade 2 curriculum. They already conducted the Cha-Ching Financial Literacy
Teachers’ Training for partner public schools all over the Philippines
Pru Life UK extends money-smart learning in Central Luzon with CLARION School
British life insurer Pru Life UK deepens its commitment to financial literacy in
Central Luzon through a partnership with Christ’s Love and Righteousness Over the
Nation School (CLARION), Inc., Malolos, Bulacan to incorporate Cha-Ching lessons in
their Grade 2 curriculum. The CLARION School is the sixteenth private education
institution to integrate the Cha-Ching Financial Literacy for the Youth Program in their
grade school syllabus, and the 35th overall. Pru Life UK will provide all materials and
assistance necessary for the full and effective implementation of the program, including
comprehensive financial literacy training for the teachers.

Prudence Foundation, Pru Life UK increase disaster preparedness in Cebu through
'Noah's Ark'
British life insurer Pru Life UK, through its charitable arm, Prudence Foundation,
partnered with the Corporate Network for Disaster Response (CNDR) to support the
provincial-wide implementation of the 'Noah's Ark', a Disaster Risk Reduction and
Management (DRRM) project in Cebu. Launched in 2010, Noah’s Ark aims to increase
the capacity of local governments and high-risk communities to prepare for and cope with
disasters resulting from flooding. It is currently being implemented in different
communities across the nation, including Marikina, Rizal, Muntinlupa, Bacolod, Cagayan
de Oro and Iligan. The project will then culminate in an actual community flood drill to test
the effectiveness of their contingency plan.
OUR PRIORITIES
British life insurer Pru Life UK recently signed the Integrity Initiative, a multi
sector, global advocacy that promotes ethical and transparent business practices, good
corporate governance and the creation of fair market conditions."Pru Life UK has
always been an organization that follows the highest standards of doing business and
follow not only local rules and regulations, but also adhere to the business principles
laid out by our parent company in the United Kingdom, Prudential pic.
5. Market Focus
Building strong relationship with clients and focusing on what matters most to
them-the financial issues affecting people throughout their lifetime, providing need-
based, customer-focused life insurance solutions.
As a life insurance company offering financial protection to our customers, we

make sure that our operations are run with utmost prudence, with long term stability in
mind. It also bats for paying fair taxes, respecting the environment, following labor laws
and favoring long term sustainable development over short term gains.-

B. EXTERNAL ANALYSIS
1. Macro-Environmental Analysis
Macro environment is defined as the factors that a company is unable to control.

Thus, a macro environment analysis is conducted to help the company stay ahead of the
issue in the current business world. The table below presents the Politico-Legal,
Environmental, Socio-Cultural, Technological and Natural (PESTN) Analysis of the
company:
a. Politico-Legal
Development Threat/Opportunity Marketing Implications

• PD 612 Insurance Code of Opportunity: Customers will feel secure of
the Philippines investing their money in
Stringent policies towards
• BSP Consumer Education insurance companies.
the protection of both the
Committee
Insurance Company and the • The company can market
insurance holder its products well to the
public
• Review of internal
policies
The PD 612 otherwise known as the Insurance Code of the Philippines and the
BSP Consumer Education Committee initiatives provides a more stringent rules and
regulations towards the protection of the consumers. This implies that the potential
consumers of the Insurance Company will be more confident in transacting with them. On
the end of the company, the stricter rules will enable them to review their operating
policies and revise accordingly.

b. Economic

The province of Iloilo posted the Opportunity: It can affect the buying behavior of
biggest number of OFWs remittances enhance customers and the company can
numbering to 60,901 as household savings and leverage on its pricing strategy
member of OWWA (Sept. 2013) spending on education
and health care
Chaos in other countries where Threat: Decrease in potential market, market

OFWs from Iloilo are working Unemployment segmentation (look for other possible
(Libya, Egypt.. ) markets)
There are 3.3B-6B allocation for Opportunity: More investments, more competitors,
infrastructure projects Ease of doing business product differentiation
 Iloilo River Flood Control Threat:  The insurance company need to
Program Increased competition focus on its product
 The Circumferential Road differentiation or product
 Improvement of Jaro- flexibility
Leganes Road
 Metro Iloilo Radial Road
In terms of the economic environment, Iloilo being cited as the city with the
biggest number of OFWs (OWWA, Sept. 2013), is considered an opportunity since
remittances enhance household savings and spending on education and health care
which can affect the buying behavior of customers and the company can leverage on its
pricing strategy. However, the political instability and peace threats in countries like Libya
and Egypt where the Ilonggo OFWs are working is a threat of unemployment which could
decrease the number of potential market. The massive infrastructure developments in
Iloilo brought about by the 3.3B-6B allocation for infrastructure projects for Iloilo poses
both an opportunity and threat. An opportunity since investors are welcomed by the policy
on ease of doing business but since investments means more competitors thus the
insurance company need to focus on its product differentiation or product flexibility in
order to leverage against the potential competitors.
c. Socio-Cultural

As of 2010 the dependency Opportunity: A larger potential market population
ratio in Iloilo is 61:100 (62% of Potential market for for the company to tap
the population is within the personal insurance
working-age)
Iloilo functional literacy rate is Opportunity: It could mean that the company can
93.79% (NCSB, 2000) It will be easier for the focus more on providing the idea
company to communicate about insurance systems and taking
and provide information to less on how consumers comprehend
Ilonggos. They may also it.
be more responsive and
curious about the idea of
insurances.
Human Development Index in Opportunity: The company should take into
Iloilo is 0.642 There is a positive consideration, and come up with
development in life strategies to tap the increasing
expectancy, education andpopulation of the potential market.
income indices.
 Ilonggos receptive to Opportunity: With the increasing trend in the use
change and use of social The increasing number of of social media, the company can
media (based on Ilonggo Ilonggo internet users use it as a marketing channel for their
Netizens survey) allows the company to campaigns plus in creating value to
 Out of the 28,259,940 make use of online consumers
Filipino Facebook Users, advertisement
56,680 users are Ilonggos
Iloilo reflects adependency ratio of 61:100 (62% of the population is within the
working-age) which is an opportunity for potential market for personal insurance. The
functional literacy rate in Iloilo is 93.79% and Human Development Index in Iloilo is 0.642
(NSCB, 2000) provides an opportunity to the company by providing ease of
communication. Educating the Ilonggos about the value of insurance would be easier and

sufficing information about the product could spark their curiosity about availing insurance
policies. According to Ilonggo Netizens survey, Ilonggos are receptive to change and use
of social media. Out of the 28,259,940 Filipino Facebook Users, 56,680 are Ilonggos.
These numbers are a positive indication that Ilonggos are tech-savvy people which
positively welcome change and innovation thus an opportunity for the company to think of
promotional strategies using internet as the medium.
d. Technological

Social Networks and Media Opportunity: Useful in Product Development:
Strategy (Existence of used as key points in  Insurance company can scan
Facebook Twitter, Google+ and value chain social networks to interact with
other web 2.0 like Tumblr) customers and funnel the input to
product development
Useful for Marketing and
Communication:
 To create marketing material
through viral marketing like adding
viral videos
Useful for Targeted Marketing &
Selling campaign:
 Use social networking to join
individuals with common interests,
allowing for targeted marketing
and cross-selling
 The company can use it for group
specific insurance needs identified
through online communication.
Opportunity: Useful for assessing targeted
used as key points inenvironment:
value chain and valuing  Insurance company can use social
interaction with networks aggregators to get risky

consumers or target behavior data
consumers Useful Customer support:
 Through interaction in real time,
the insurance company can use
this service for real-time customer
support and feedback
Threat: Useful In Addressing Claims:
If users use it to post for  Can be used to publicly address
negative feedbacks that negative information relating to
can affect the reputation of claims and other processes
an insurance company
Rise in usage of SaaS Opportunity: To speed up insurance distribution
(Software as a Service) to enable the insurance processes across multiple channels.
solutions distribution process Develop pricing models that can be
across directly related to extent of system
multiple channels usage.
Threat: To assists insurers in pilot testing the
since software as a usage of new technologies such as
service is costly to mobile and social media channels as a
implement pre-cursor towards understanding the
respective impact of these channels.
Such capabilities can help design a
comprehensive strategy around
development of each new
platform/channel.
Rise in Usage of Opportunity: Insurance firm face the need to
Technological Solutions to constantly come up with improved
(Example is the e-access on Automate the products in the marketplace to
insurance premiums payment Underwriting differentiate them from competition. At
status or Life Insurance Process and Increase the same time, insurers also need to
Apps) Direct Sales ensure that they are complying with
existing regulations. Automated
underwriting solutions help insurers

achieve both these objectives while
keeping overall costs low—a factor that
is driving the use of automated
underwriting in insurance.
Rise in Usage of Opportunity: Under currently developed automated
Technological Solutions to underwriting systems, insurers aim to
Automate the achieve straight-through processing of
Underwriting transactions while maintaining
Process and Increase transparency throughout the process.
Direct Sales This one is essential in boosting the
transparency and emphasizing it on
marketing material campaign.
To identify additional market segments
that is conducive to automated
underwriting.
Therefore, Insurers should focus on
increased adoption of this channel to
generate new product sales and also to
provide related services to their
customers. They should also use it to
provide customer service and collect
customer feedback. The online channel
can also be leveraged to provide
claims management and related
services to customers.
Easy access to the internet Opportunity: Come up with innovative ways to
via computers, mobiles, and Customers now use these leverage the mobile and internet
other hand-held devices devices to easily obtain channels to sell their products and also
information and updates to better attract the millennial
on insurance products andgeneration customers. Enhanced
services—a trend that is capabilities of browsers and websites
expected to continue to help create better product illustrations
grow in the near future. and help in easy retrieval of policy

information.
The online channel is Make insurance product information
attracting both insurers available online to increases
and customers and is transparency of the costs associated
expected to have a long- with each policy.
term impact on how
information is gathered
and how products are
sold.
In terms of Technological environment, Social Networks and Media Strategy

(Existence of Facebook Twitter, Google+ and other web 2.0 like Tumblr presents an
opportunity for the company as it can serve as key points in the value chain. It is useful in
Product Development since Insurance Company can scan social networks to interact with
customers and funnel the input to product development. More so, for Marketing and
Communication to create marketing material making use of viral marketing like adding
viral videos which could spur the interest of the market. It is further useful for Targeted
Marketing & Selling campaign through the use of social networking to join individuals with
common interests, allowing for targeted marketing and cross-selling. The company can
use it for group specific insurance needs identified through online communication. The
Social Networks and Media Strategy (SNMS) likewise is an opportunity and a threat as it
can be used as key points in value chain and valuing interaction with consumers or target
consumers. It is useful for assessing targeted environment since Insurance Company can
use social networks aggregators to get risky behavior data and in terms of Customer
support, the insurance company can use this service for real-time customer support and
feedback. On the other hand, SNMS poses a threat if users use it to post for negative
feedbacks that can affect the reputation of an insurance company whilst, the threat can
be turned into something positive as the company can use online rant in Addressing
Claims in which they use online medium to publicly address negative information relating
to claims and other processes. The rise in usage of SaaS (Software as a Service)
solutions presents both an opportunity and threat. An opportunity for itenables insurance
distribution process across multiple channels for the insurance company to develop
pricing models that can be directly related to extent of system usage. While it can pose a
threat since software as a service is costly to implement. It is on the other hand an
opportunity for the company to assist insurers in pilot testing the usage of new
technologies such as mobile and social media channels as a pre-cursor towards
understanding the respective impact of these channels. Such capabilities can help design
a comprehensive strategy around development of each new platform/channel. The Rise
in Usage of Technological Solutions (Example: the e-access on insurance premiums
payment status or Life Insurance Apps) is an opportunity for the company to Automate
the Underwriting Process and Increase Direct Sales. Insurance firm face the need to
constantly come up with improved products in the marketplace to differentiate them from
competition. At the same time, insurers also need to ensure that they are complying with
existing regulations. Automated underwriting solutions help insurers achieve both these
objectives while keeping overall costs low—a factor that is driving the use of automated
underwriting in insurance. Under currently developed automated underwriting systems,
insurers aim to achieve straight-through processing of transactions while maintaining
transparency throughout the process. This one is essential in boosting the transparency
and emphasizing it on marketing material campaign. Further, it enables the company to
identify additional market segments that is conducive to automated
underwriting.Therefore, Insurers should focus on increased adoption of this channel to
generate new product sales and also to provide related services to their customers. They
should also use it to provide customer service and collect customer feedback. The online
channel can also be leveraged to provide claims management and related services to
customers.
Lastly, the easy access to the internet via computers, mobiles, and other hand-
held devices where customers now use these devices to easily obtain information and
updates on insurance products and services—a trend that is expected to continue to
grow in the near future provides an opportunity for the company to come up with
innovative ways to leverage the mobile and internet channels to sell their products and
also to better attract the millennial generation customers. Enhanced capabilities of
browsers and websites help create better product illustrations and help in easy retrieval of
policy information. Further, to make insurance product information available online to
increases transparency of the costs associated with each policy.
Natural

Natural calamities “Acts of Threat: Insurance company can give a
God” money allotted for savings leeway or extension date for the
might b used for recovery premium due.
Opportunity: To add value to AOG feature on their
more individuals are now product or insurance offerings
looking for insurance
companies that includes
AOG
Iloilo is less susceptible to Opportunity: Targeting will be focused on the
climate-induced disasters and there will be higher Province of Iloilo to gain a bigger
geophysical disasters such as possibilities that money market share.
earthquakes, volcanic eruptions earned will be put on Marketing material
and landslides. (I.D.E.A and savings. about disaster management
Bayan Telecommunications, and financial preparedness
Inc.) 1 can be done by the company
Natural calamities or “Acts of God” poses both an opportunity and a threat to the
company. A threat since the money allotted for savings might be used for recovery. For
this, the insurance company can give a leeway or extension date for the premium due.
On the other hand, it is an opportunity since more individuals are now looking for
insurance companies that include AOG. To leverage, the company can add value to AOG
feature on their product or insurance offerings. The topography of Iloilo is less susceptible
to climate-induced disasters and geophysical disasters such as earthquakes, volcanic
eruptions and landslides. (I.D.E.A and Bayan Telecommunications, Inc.), is an opportunity
for the insurance company since there will be higher possibilities that money earned will
be put on savings. Targeting will be focused on the Province of Iloilo to gain a bigger
market share. To promote public relations, marketing materialabout disaster
managementand financial preparedness can be done by the company.
1
Study conducted by the Institute of Development and Econometric Analysis commissioned by Bayan
Telecommunications Inc. as to the susceptibility of Regional topographies to climate-induced disasters and
geophysical disasters such as earthquakes, volcanic eruptions and landslides.

2. Market Analysis
Size, Market Trends and Growth Potentials
As of 2010, the population of individuals between 15-54 years old is 167, 741 from
Iloilo city and 650,438 from the province of Iloilo. Note that data for Iloilo province and city
are separate and exclusive of each other; both are used in computations without double
counting. It is presumed that 46.70% of the population from the city and 43.60% from the
province are married individuals. 21% of the working population in Iloilo city and 11%
from the province earns more than Php.15, 000.00 monthly.
For overseas workers population, 10,734 are from the city and 48,170 from the
province. For Iloilo city, 95% of the OFW’s are married, while there are 97% of the OFW’s
from Iloilo province. All OFW’s are assumed to earn more than Php.15, 000.00 per
month. Iloilo city’s population grows 1.49% and province’s population at 1.48% annual
rate. So by 2015 potential consumers’ population could grow to 21,636 for Iloilo city and
70,484 for Iloilo province.
Demand Estimation
To estimate the demand, data presented above have to be considered as

assumptions. To calculate the total potential buyers, population of individuals 15-54 years
old both for Iloilo city (167, 741) and province (650, 438) have to be multiplied by the ratio
of “Php.15,000.00 and up” earners (21% for city and 11% for province) and then by the

percentage of married individuals (46.70% for city and 43.60% for province). The number
of married OFW’s both from Iloilo city (10, 734 multiplied by 95% married rate) and
province (48, 170 multiplied by 97% married rate) is added up. City total target population
size is population of employed and self-employed plus overseas workers’ population, 9,
897 + 10, 197 = 20, 094. The same process is with the total target population for Iloilo
province, 18, 767 + 46, 725 = 65, 492. Since all the data are from year 2010, this
population would grow by 2015, so population growth rate is also considered. The total
target population size for Iloilo city and province is added to have an estimated total
target population. It is shown from the next table.

1.) Iloilo City
Growth rate (based on 1.49%

data gathered as of 2010)
The working-age 15 to 64 years
population in Iloilo City
2010 Under Working age Total Size OFWs Age Group Size
Group
25-29 37449
30-34 32882
35-39 27178 25-29 1829
40-44 25967 30-34 2009
45-49 23654 35-39 1799
50-54 20611 40-44 1383
45-over 3714
Total Size for 25-59 y.o. 167741 Total 10734
Employed Under 25-

54
Employed (64% Labor 100913
Participation Rate with
94% employment rate)
With Income 15k-above 21%
(based on profession)
Total Targeted Employed 21192
Individuals for Iloilo City
Married Individuals 46.70%
Percentage
Total Targeted 9897
Employed, Married

Employed Under 25-
54
OFWs 10734
Percentage
Total Targeted 10197
Employed, Married
Total Target Population

Size for Iloilo City
Individuals 25-59 y.o with 9897
15k-above monthly
income, married
OFWs 10197
Total Target Population 20094
Size for Iloilo City
Year Growth Rate Total Target

Population Size for
Iloilo City
2010 1.49% 20094

2011 299 20393
2012 304 20697
2013 308 21005
2014 313 21318
2015 318 21636
2.. Iloilo Province
Growth rate (based on data 1.48%

gathered as of 2010)

The working-age population 15 to 64 years
in Iloilo Province
2010 Under Working age Total Size OFWs Age Size

Group Group
25-29 138491 Below 20 1004
30-34 123138 20-24 3851
35-39 109769 25-29 10182
40-44 104150 30-34 9967
45-49 93799 35-39 8093
50-54 81091 40-44 5907
45-over 9166
Total Size for 25-59 y.o. 650438 Total 48170
Employed Under
25-59
Employed (64% Labor 391304
Participation Rate with 94%
employment rate)
With Income 15k-above 11%
(based on profession)
Total Targeted Employed 43043
Individuals for Iloilo Province
Percentage
Total Targeted Employed, 18767
Married Individuals for Iloilo
City
Employed Under
25-54
OFWs 48170

Percentage
Total Targeted Employed, 46725
Married Individuals for Iloilo
City
Total Target Population Size

for Iloilo Province
Individuals 25-59 y.o with 15k- 18767
above monthly
income,married
OFWs 46725
Total Target Population Size 65492
for Iloilo Province
Year Growth Rate Total Target

Population Size
for Iloilo City
2010 1.48% 65492

2011 969 66461
2012 984 67445
2013 998 68443
2014 1013 69456
2015 1028 70484
For the year 2015 the population size for Iloilo City is 21,636, and 70,484 for Iloilo
Province. Therefore, by the year 2015, the total size of the target population is 92,120.
To get the monetary demand estimate, the size of the target population in 2015 is
multiplied by the average price multiplied by the quantity of purchase. The average
monthly payment is Php.4,358.00. If the average amount paid annually is used, the total
target population size, which is 92,120, multiplied by the average monthly payment
multiplied by twelve, to make it yearly, multiplied by the average quantity purchased; in

this case it is just one. It could be calculated that the demand estimated for the year 2015
is Php.4,817,502,799.00.
3. Consumer Analysis
To identify the needs, buying situation and factors that affect consumer behavior we
do consumer research. Those individuals are residing in Iloilo City and Province.
Below is the demographics table of the surveyed consumers.
Demographics Percentage
Age Group
25-34 64%
35-44 20%
45-54 12%
55-64 4%
Total 100%
Gender
Male 20%
Female 80%
Total 100%
Marital Status
Married 60%
Single 40%
Total 100%
Occupation
Employed 88%
Self-Employed 12%
Total 100%
Monthly Income
15,000-29,000 72%
30,000-49,000 0%
50,000 and above 28%
Total 100%
Table 3.1 Demographics Table
As you will see above most of them belong to 25-34 age group, mostly are females,
married, employed and with income Php 15,000-29,000.
QUANTITATIVE ANALYSIS
UNDERSTANDING AND CONFIDENCE IN RELATION TO PURCHASE OF

FINANCIAL PRODUCTS
Aside from the demographics we have measured also their understanding and
confidence in relation to purchase of financial products.
In terms of financial decisions as stated above mostly are married individuals, we can
also see that 60% also are jointly responsible, 28% are solely responsible, 8% are not
responsible for it and 4% answer for a don’t know.
In terms of knowledge about financial products, it shows that about 56% only knows a
fair amount it, 24% knows a little and only 20% know a lot about financial products.

About 44% said that the need for professional advice depends on the product or
situation. Then about 32% need for professional advice while 24% don’t need help in
terms of financial decisions and products.
When they are asked if they enjoyed finding out about new investments and savings
schemes, most of them definitely agreed on it with 48%, 32% tend to agree, 12% who
neither agree nor disagree, 4% tend to disagree and a 4% refuse to answer. And they
mostly answer for definitely agree when it comes to shopping around the best deal for
financial products with 56%, 32% tend to agree, and 4% to neither agree or disagree
and definitely disagree and refuse to answer.
They are also asked if they find it difficult to understand financial leaflets and material
but results shows that about 40% tend to disagree with this, 12% definitely agree on
this, 20% to tend to agree and undecided, 4% definitely disagree and don’t know.
About 48% tend to agree when they asked if they have a clear idea on the financial
product that they need, 32%, definitely have clear idea, 8% who neither agree nor
disagree, 4% who tend to disagree and 16% who don’t know.
CONFIDENCE IN THE FINANCIAL SERVICES INDUSTRY
Another thing that was measure is the confidence in the financial industry. They were
asked if which of the following types of financial firms have contact them on the past,
they can actually code all that apply. And below are the results.

As you will see above most of the votes went Banks with 48% and we can see that
they are much confident in banks than in life insurance Company. And when they are
asked if most of these financial firms treat their customers fairly, 44% tend to agree
and 32% definitely agree. Aside from that when they are asked if they can trust
financial services firms to have their customers’ best interests at heart, 48% tend to
agree and 20% definitely agree, so for the agreement level we can have it around
78%.
When it comes to financial services they are also asked if who influence them to
engage on it. See Figure 3.3 for the results.

As we can see in Figure 3.3 most of them are influenced by experience of family or
friends and also with their own experience, so it means that experience within a
financial industry truly matters.
INSURANCE BUYING BEHAVIOR
From the respondents 52% have insurance policy and 48% have none and they are
asked if what type of insurance policy that they have.
Figure 3.4 Type Insurance Investment They Have
45%
30%
15%
10%
(a)Education (b)Savings (c)Protection

(d) Retirement/ Life Insurance
Most of them invested in an insurance Policy under Protection which includes

health, accident benefits, hospitalization, or coverage for critical illness, followed by
retirement, then by education and finally the savings plan. Among their Providers are
Sunlife, Manulife, Insular life, company, Malayan and PRU life. And if they are asked
if they are satisfied with their current provider, they answer for a yes and the reason
for this is that they have good service and financial adviser and benefits. And most of
them get insurance at the age range 22-35 years old they are influenced by their
friends and relatives or family member.
Figure 3.5 Reasons Why They Don't Have Insurance Policy
(a)Too expensive
(b) Don't need it
(c)Don't understand it
For the 48% respondents being asked the reason why they don’t have insurance
policy, most of them answer for the option that insurance is too expensive, but they
are also asked if they wish to avail an insurance policy and most of them answer for a
YES.

They are also asked if what their priorities in choosing an insurance policy are. Most
of them answer that cost of premiums, policy coverage, service, and company
branding, history and earnings matters the most.
This study also shows that most of them want to have an insurance policy that can be
customized. See Figure 3.8 for the results.

For those having no insurance policy and wanted to avail they were asked if what plan
they want to participate. And most of them opted for a savings plan. See the results
below.
Respondents are also asked for the reasons why they wanted to have an insurance
policy and it shows that the highest percentage was given to financial support in case of
emergencies with 28%. See Figure 3.10 for other reasons.

They are also asked to rank the types of insurance policy based on their priority with 1 as
the highest and 10 as the lowest.
Type of Insurance Policy Rank
Savings 1
Life insurance 2
Health Insurance 3
Pension 4
Income Protection 5
Home Insurance 6
Funeral Insurance 7
Travel Insurance 8
Car Insurance 9
Gadget Insurance 10
Table 3.2 Insurance Policy Priority Rank
It only shows that most of the respondents wanted to have an insurance policy with
savings plan as top priority.
Since most of the respondents wanted to have an insurance policy, they are asked if how
much they are willing to pay and it shows that most of them wanted to pay at the range of
Php 1500-3000.

They are also asked if they wanted to receive or check for updates, most of them opted
for a yes with 83% and only 17% for those who don’t want. And most of them wanted to
receive updates through text and email. Aside from that Figure 3.12 shows other options.
When they want to deal with an insurance agent of a financial consultant, survey shows
that they prefer to deal with them personally.

CLAIMS HANDLING (FOR LIFE INSURANCE)
They are asked if how they process their insurance claims and most of them answer they
wanted to process it personally.

92% of them also answer that they wanted to wait for their insurance claims, like in
hospital reimbursements after their hospitalization and only 8% are willing to wait for one
to two weeks.
FOR SAVINGS & PROTECTION
From the respondents 88% are savers and 12% are non-savers. For savers most of them
save 5-25% from their salary. And when they are asked if where they are saving Figure
3.15 will show the answers.
Figure 3.15 Where They are Saving their Money
72%
20%
12%
8%
banks
Most of them spend on thecooperatives
banks and mostly their reasons are because it’s safe,
secured, can be easily monitored, convenient, insurance
have high interest and can be withdrawn in
personal pocket
case of emergencies.Figure 3.16 shows their willingness to save. Most of them are willing

to save Php 1,500/month for 10-15 years.
Aside from in the survey are also asked if they have invested money outside a savings
account (eg. stocks and shares, funds or bonds) and only 28% have invested while 72%
are not yet. And for those who are not investing they were asked if they are willing to
invest outside a savings account and figure 3.17 shows that most of them are willing.
Figure 3.17 If NO, Will You Consider Investing?
74%
26%
Yes MARKETING PLAN ON PRULINK EXACT PROTECTOR | 35

No
From the survey they are also asked for the following:
 In case you lost your job or became ill and unable to work, do you think you have
enough savings in place to survive on for the foreseeable future?
52% answer for a yes and about 48% answer for a no, this only implies that there is still a
big percentage for those who are not prepared in life and one their common reasons is
that they don’t have savings.
 You may not want to dwell on it, but what would happen if you die? If you have
dependants, how would they cope financially without your income and if you have
a mortgage, who would continue with the repayments?
Most of them answer family as the one that will continue their repayments. And some
answer that they can continue it through their savings.
QUALITATIVE ANALYSIS
REASONS FOR SAVINGS
In analyzing the reasons for savings we have seen that married and single individuals
have varying answers, therefore we do the analysis separately for them.
Table 3.3 Savers and Non-Savers according to Marital Status
1. Do you save? If No, answer #’s 4-13

ONLY.
Choices Married Single
Yes 87% 80%
None 13% 20%
The table above shows that both are actually savers, but we have separated their
reasons for savings because of the following reasons.
FOR MARRIED INDIVIDUALS THEY ARE SAVING FOR THE FOLLOWING PRIORITY:

1. Saving for their Future
2. Children’s Education
3. Emergency Use
4. Life Protection
5. Retirement
6. Needs
7. Wants
8. Business/Investments
9. Financial Security
And below are their common answer based on the survey.
Why they are saving for their future?
Quoted answers : “it will not be hard for my family, I want to have a stable and happy life,
so that I have source of funds when I need it the most, to be prepared of what might
happen/security, financial stability after retirement”, those are the common answers.
Since they wanted to have a future that: (the following are the most common answers)
 “I want to have a life wherein everything is stable. I want my daughter to

experience all the things that this life can offer”
 “to become successful’
 stable, can manage to buy the things I want and needs of my family
 to have a family business
And when they are asked if why they wanted that kind of future some of the most
common answer are the following:
 to enjoy life to the fullest
 no worries, no headaches
 my family will have an easy life
 To sustain daily needs of my family.
And when they are asked if how does it feel if that future has been fulfilled through your
savings?, the following are their common answers:
 Contentment and the feeling of being successful

 very happy and fulfilling
 satisfied
 Good job!!! Fruit of my labor! Success!

Additionally here is the married perspective based on their common answers on priority of
saving. As you will notice, the 9 reasons of saving are combined here:
“I’m married, I have kids, I save for lots of reasons. I save for my future,
my kid’s education, emergency use, and life protection, retirement, for our needs,
wants, investments and financial security. I want to have stable and happy life in
the future which is free from financial problems. I save for my kid’s education
because I want them to have a good future someday, making sure that they can
finish their education and experience happiness in life wherein they can be ready
to manage their own lives, through saving I will not worry with their tuition fees
and when they finished it also spells my success. Aside from my kid’s education
sometimes, emergencies, arises, therefore saving is truly vital especially in times
of hospitalization, therefore I wanted to be prepared. My preparation in life doesn’t
stop for saving for emergency purposes it is also vital to save for retirement and
life protection. I want my love ones not to worry about me when something
happen to me or when I retired. Also in my golden age I want to have a relaxing
life, simple yet stress free. Saving can also help in times I have some needs to
buy like our food, clothing and etc. It is also an important factor in buying decision
for my wants like a new house or traveling with my family to see the beauty of the
world. Overall I save for my family’s future because I want a worry free life, a clear
mind about financial problems. I save to have happiness, security, and a fulfilling
life together with my family.”
Or in summary we can have this as insights for married perspective:
“As a married individual I save because I want financial freedom and free
my mind from worries about what if’s of my married life.”
FOR SINGLE INDIVIDUALS THEY ARE SAVING FOR THE FOLLOWING PRIORITY:
1. Saving for their Future

2. Wants
Why they are saving for their future?
Listed below are the common answers for single individuals:

 in order that I can have an easy life
 so that I can do what I want
 for security purposes, to have a peaceful mind
 to be prepared
Since they wanted to have a future that: (the following are the most common answers):
 it is easier for me to get what I wanted and have my own investment
 sufficient funds to support the lifestyle I want
 abundant ,better and brighter future
 stress free life
And when they are asked if why they wanted that kind of future some of the most
common answer are the following:
 for my self-fulfillment
 growth and reaching my full potential as well as comfortable life
 for comfort and security
 better future
 fuller self-expression,
And when they are asked if how does it feel if that future has been fulfilled through your
savings?, the following are their common answers:
 Contentment and the feeling of being successful

 accomplished
 happy and fulfilled
 very happy and stress free
Additionally here is the single perspective based on their common answers on priority of
saving. As you will notice, the 2 reasons of saving are combined here:
Single Perspective:
“While I am young, I want to save for my wants and my future. I want to buy the
things that I want, a new car, a new gadget, shoes, clothes, and someday to build
a new house that I can live comfortable. I also want to discover the world and see
its beauty someday. Saving is very important habit this day since it can lead to a
worry free life in the future and because someday spending for my wants
becomes part of my lifestyle. In the future all I want is a stable life, self-fulfillment

also believe that what will happen today, will not happen tomorrow, that’s why if I
have extra today, I will save for tomorrow.”
Or in summary we can have this as insights for single perspective:
“I’m single. I save for my future and wants because all I wanted is to have
an easy and comfortable life.”
From the compiled insights above we can see that married and single individuals have a
huge different. For married perspective, they save because they wanted to be prepared
and have no worries in all what-ifs of life while for single they are only thinking about their
own future and wants since they want to have an easy life.
Added in qualitative survey also is that the non-saver are asked if why they are not
saving. For married non-savers, they don’t because of financial problem; they have other
priorities like education, emergency need, house and lot, while for single they don’t save
because the salary is not enough since their priority is mostly on their needs and wants
and aside from that it is only enough for their expenses. When they are all asked if they
have plans in saving for the future, all answer for a YES, since they all believe that
savings is important.
In summary:
a. Consumer Needs and Wants:

 For Married Individuals they need a financial security product or a saving plan that
can answer to their future goals, children’s education, emergency use, life
protection, retirement, needs, wants, business or investments while for single
individuals they need it to answer for their future dreams and wants. And they
wanted to have it personalized wherein they can choose various components.
b. Situation:
 Most are saving in the banks, and then second option is through cooperatives and
third is through insurance company. We see that most of them are saving in the
bank because it is safe and secured. They are willing to save for Php 1,500/month
for 10-15 years and have willingness also to save outside of a savings account
eg. Stocks and shares, funds or bonds.
 Most of them invested on insurance because of its good customer service,

financial advisers and great benefits and they invested because of their friend,

relatives or family. Another reason for investing in an insurance policy is that they
wanted it to be a financial support in case of emergencies.
 Currently, when it comes to financial product they have a fair knowledge about it.
c. Factors that affect Consumer behavior:
When they are going to invest in a financial firm they consider the following: Cost of
premiums, policy coverage, service (payment method accessibility), company branding,
history and earnings. Knowledge about a financial is also important to consider.
Consumer behavior is also affected by the influence of previous experience, like most of
them are influenced by their family or friend experience. We can also see here that salary
mostly affect them in saving together with their priorities in life. So, it is an implication that
cost of saving or willingness to save matters here plus the customer experience like
updating them through text or email or giving them good service and most importantly
their knowledge about this financial product. The use of information materials like leaflets
is also an important consideration when it comes to informing them about a financial
product or saving plan
4. Competitor Analysis
 Direct Competitors
Pru Life UK’s direct competitors are Sun Life Financial Canada (Philippines), Inc.,
AXA Philippines Insurance, BPI-PHILAM Life Assurance Corporation, Insular life,
Manulife Financial, and PhilAm Life. These insurance firms are among the top Life
Insurance Companies in the Philippines according to total premium income as of
December 31, 2012 reported by the Insurance Commission. Pru Life UK ranked
second.
 Sun Life Financial Canada (Philippines), Inc.
Sun Life Financial Canada (Philippines), Inc is the number one insurer in the
Philippines. It offers a wide spectrum of products that include Life Insurance,
Accidental Insurance, Pension Plans, Education Plans and Mutual Funds. Sun
Life Financial Philippines is represented in the country by its life insurance arm,

Sun Life of Canada (Philippines), Inc. (SLOCPI); its mutual fund manager, Sun
Life Asset Management Company Inc. (SLAMC); and its pre-need business
distributor, Sun Life Financial Plans Inc (SLFPI).SLOCPI pioneered life insurance
in the Philippines in 1895. Today, it is one of the largest and most trusted insurers
in the country with almost half a million policy holders to date. (retrieved from
www.sunlife.com.ph) Sun Life offers individual life insurance products to fit your
lifestyle. Its differentiation strategy “It’s time for a brighter life” gives its clients
assurances of putting their family above all, providing for the present while
covering the future, preparing for a children’s education, own home and a family
vacation and the need to get a life insurance and an investment portfolio. It offers
lifetime financial security & protection and wealth management to individuals.
Their actual products for savings are Sun Acceler8 and Sun Dream Achiever.
 Sun Acceler8 is a protection and savings product in one that provides guaranteed
cash benefits at specific periods throughout the duration of the policy plus a lump
sum maturity benefit at the end of 20 years. What makes this product unique is
that both the insurance coverage and the guaranteed cash benefits accelerate
over time, addressing potential loss of value of one’s money brought about by
inflation. Sun Acceler8 offers an 8 year guaranteed period, guaranteed cash
benefits starting at the end of the 8th year and every two years thereafter, until the
20th year; total guaranteed cash benefits equals 200% of the face amount; cash
benefit starts at 8% of the face amount, increasing by 2% of the Face Amount
every two years, up to a maximum of the Face Amount. The Sun Dream Achiever
is a life insurance product and savings in one with guaranteed education benefits
paid in four (4) annual installments starting on the year chosen by the insured,
regardless of school and course. Sun Dream Achiever offers guaranteed
education benefits. It provides four (4) annual cash payouts that increase by 15%
every year regardless of school or course chosen, where total cash benefits equal
to 100% of the insurance coverage. Sun Life sells directly to consumers through
personnel, telephone and the internet. It has a total of 32 branches, 11 sales
offices, 25 International Sales Offices (ISOs) and five financial stores nationwide.
Augmented products include supplementary benefits or riders to enhance basic
insurance like accidental death benefit and waiver of premium upon death of initial
owner.

 Sun Life Financial sells directly to customers through personnel, telephone and
the internet. The company is boosting its promotions through TV, print and
internet advertising and YouTube ads. It is endorsed by Piolo Pascual. Part of
their corporate social responsibility, the company created Sun Life Foundation to
help alleviate the plight of those most in need. There are three programs under
Sun Life Foundation. It’s Time is a pioneering financial literacy advocacy, SUN
SHORTS is the award-winning digital film collection and Legacy of Light Village
which is a model relocation community. Sun Life creates direct connections with
carefully targeted individual consumers through the company's website. It has
over 4,000 agents in the Philippines. It has alternative channels by which you can
access information on your account, the SunLink IVRS. This is Sun Life's
interactive telephone facility which allows you to access your account information
through the phone using a unique Telephone Identification Number (TPIN). To
enroll your account in this facility, customers may call 849-9888 or toll-free at 1-
800-10-SUNLIFE (7865433) from any PLDT line and press "0" to talk to a
Customer Service Associate. The company has a company building, company
logo, stock certificates, recruitment flyers and company brochures.
 AXA Philippines Insurance
AXA Philippines is redefining the market by challenging the present and always
looking for solutions that better meet the financial needs of its customers or
modify its services to adjust to their changing preferences. AXA Philippines made
a search of “Redefining Standards”. This quest made AXA Philippines the
innovator behind the development of bancassurance and the introduction of
variable life products into the market. AXA Philippines is determined to give
customer’s needs, the way they want it. Currently AXA Philippines is offering
financial security to almost 500,000 individuals through its group and individual life
insurance products. As the pioneer in the market, AXA Philippines is offering the
second generation variable life products that provide the clients even better
financial security and improved returns. It targets young high potential prospects,
leaders and managers of tomorrow, aged 25 and up with a net spendable income
above 25,000 a month and the managers and leaders of today looking forward to
secure their financial future. Through market segmentation Philippine AXA is able

to provide unique and changing preferences of different customers by providing
easy and affordable solutions.
 The company’s Savings EXentials is an easy and alternative savings plan that
allows customers to seize their dreams while securing their future. It is available in
4 savings plans with a flexible one time Income benefit payment based on a 15 to
20 year maturity period of their choice. In case of a total and permanent disability
during the first five years, their payments are waived and they will receive their
one time income benefit based on the maturity period they have chosen. The
different plans can be the dream vacation, own business, family plan, and
emergency fund. Savings Exentials is as low as Php. 1,500.00 a month, pay for 5
years to guarantee Php. 106,000.00 cash benefit. The customer’s will receive one
time payout on the 15th year depending on the choice of payment; clients can
receive as much as Php. 427,000.00. It also offers a pay annually, pay less
promo. The company’s financial executives are available and serving at 560
Metrobank branches nationwide and covering 28 agency branch offices. AXA
Philippines provides payment convenience through Credit Card, Auto-Debit or
Check payments (Visa, Mastercard, Metrobank, BPI, BDO, and PNB, Online,
Phone-banking and Electronic Payments (Bancnet Online, Metrobank Direct,
PSBank Remote Banking, PNB Personal Internet Banking, Megalink Online, BPI
Online and BDO Online) and Over-the-Counter Payments (Metrobank, LBC, and
PNB).
AXA Philippines advertises on NAIA Terminal 3 Aerobridge branding,

newspapers, Internet (News websites, Philippine AXA website, Social Networks,
downloadable online brochures) and TV Ad. It has Financial Executives serving
Metrobank branches nationwide. It has exclusive agents. AXA Philippines is a
formidable partnership between two financial giants, Metrobank and AXA. 470
Financial Executives is serving 620 Metrobank branches nationwide and 1,800
exclusive financial advisors, 385 operations and support staff and 35 direct sales
staff. AXA Philippines has a nationwide coverage through 600 Metrobank
branches, which are being serviced by 470 financial executives and 28 AXA
branch offices that are the home to its growing network of 1,750 exclusive
financial advisors. In updating policy information, customers should update their
records with AXA every time there is a change in their personal information such
as changes in their name (applicable for married females), changes in billing
address, changes in contact details, among others. They may fill up a request for
policy amendment form reflecting their updated information. They will receive a
notification from AXA sent to their designated address once their information is
updated in the records. The company has a company building, company logo,
flyers, brochures.
 BPI-PHILAM Life Assurance Corporation
BPI-Philam Life Assurance Corp. is a strategic alliance between two leading

companies in the country, the Philippine American Life and General Insurance
Company (Philam Life) and Bank of the Philippine Islands (BPI). Philam Life is the
premier life insurance company in the Philippines and the market leader for over
60 years. BPI is a leading commercial bank in the country with over 160 years of
experience in the local banking industry an extensive branch network of more
than 800 branches and 1,500 ATMs.(retrieved from www.philamlife.com.ph)BPI-
Philam Life Assurance Corp. targets Individuals with paying capability of securing
the future of those who matter to them most through peso investment.
BPI-PHILAM Life Assurance Corporation offers financial security to individual

customers. Its actual product, Build Plus Peso, provides options anytime through
additional premiums called top-ups with 500% protection coverage of the annual
premium plus 125% of top-ups less 125% of each partial withdrawal or a
percentage of the account Value, whichever is higher. The company also offers
optional riders such as medical reimbursement and weekly income riders; regular
pay peso-denominated variable life; protect the investor until age 100 while plans
in force; guaranteed premium bonus equal to 5% of the annual premium starting
at the end of the 10th year; with accident & health coverage until age 72. It offers
a minimum premium of P50, 000.00 for 0-70 yrs old and a minimum regular top-up
premium of P5, 000. It augments its products with free professional fund
management by BPI Investment Management, Inc. with financial advisory
services provided by Bank of the Philippine Islands through the Asset
Management & Trust Group (BPI-AMTG), Self service facilities: 24/7 Call Center
BPI Express Phone and email account in case policy holders have concerns

regarding their policy, phone insurance facilities and paper less transactions as to
change of information and the like.
BPI-PHILAM Life Assurance Corporation has Bancassurance Sales Executive

and Corporate Relationship Executives employed in over 800 BPI branches and
can also be reached through customer call center hotline. The company has a
website, Facebook Page and Youtube Channel. It also caters to Sponsorships in
Wealth Expo "Employment of Bancassurance Sales Executive and Corporate
Relationship Executives. BPI-PHILAM Life Assurance Corporation as to payment
has OTC- Over the Counter Payment thru any BPI or BPI Family Bank
nationwide, BPI Check Free Payment Facilities (BPI Express Phone, BPI Express
Online, ATM), Auto Charge Arrangement thru BPI credit cards, Automatic Debit
Arrangement thru BPI Current Account/Savings Account. It has a company
building, company logo, flyers, brochures.
 Insular Life
Insular Life was established on November 25, 1910 at a time when the Philippines
was flexing its wings as an independent country. Today, as the Philippines’
leading and largest Filipino life insurance company, Insular Life prides itself with
its role in securing the lives of Filipinos families for close to a century. Its roster of
products from its ordinary whole life, endowment, limited-payment, college
education and insurance plans, to pension and investment plans not only offers
the best cost- benefits ratios among insurance plans in the market. More
importantly, these are designed to allow individuals to wield control over their
family’s financial security.Magandang Araw is an Insular service, a personalized
and friendly service. The company understands the Filipino culture, which is why
they provide the warm, friendly Filipino brand of service that makes Insular Life
unique. Insular Life length exists for 103 years in the insurance industry. It is the
only Filipino insurance company makes it to the top 10 making it as the largest
Filipino insurance company. The company offers best value for money-dividends
and cash values. Its policies generally pay dividends and build up cash values. As
a Filipino mutual life insurance company, all Insular Life policyholders are part
owners of the company. They have voting rights and their policies earn dividends.
Insular Life offers low-priced or competitively priced product lines that are geared

towards a wide market segment spanning the A, B and broad C socio-economic
class to provide every Filipino the opportunity to secure the financial future of his
family. It also offers convenience with its no medical exam requirement and no
lengthy application form. It is positioned as the protector and the guardian "Insular
Life is your far-sighted guardian” that its attributes can be associated with an
eagle. Insular life strength was on strength lay on our heritage, size, strength and
stability, experience, being Filipino who is the local champion. As the far-sighted
guardian, they share their experience and knowledge to help their customers lay
solid foundations for the future. (retrieved from www.insularlife.com.ph)
 Insular life offers financial security plan for wanted future lifestyle. The "Insular
Direct- Sure Cash For Me” provides a 5-pay investment plan that gives
guaranteed yearly cash payouts and a lump sum cash benefit for client’s travel,
sports and leisure activities or to help clients save for their business. The plan
guarantees to provide yearly guaranteed cash payouts, 10% of your maturity
value at the end of the 5th year up to the end of the 14th year, giving you as much
as P 100,000* per year for 10 years, no medical examination, guaranteed lump
sum cash payout, an additional P1, 000,000* guaranteed lump sum cash payout
or 100% of your maturity value at the end of the 15th year, which clients can use
for anything they want, built-in life insurance protection, life insurance protection
coverage equivalent to 100% of the maturity value starting from the 1st up to the
3rd year and doubles to 200% starting from the 4th up to the 15th year and waiver
of premium payment. In case of Insured’s total and permanent disability within the
5-year paying period, all unpaid premiums will be waived and the policy will be
considered fully-paid, extra cash for financial emergencies, you may avail of extra
cash through a policy loan in case of financial emergencies anytime after two
years of premium payment. Insular life has plan 100, 200, 300 and 500. The rates
depend on age, terms and face amount. P2, 434.00 is the lowest monthly
premium. The company’s augmented product is Insular Customer Support, i-
EAGLE (Insular Effective Access to Gateway Link Electronic System) Customer
Portal for online viewing of policy information and details, phone insurance
facilities, paper less transaction, financial advisory and 30 minute express
processing time.

Insular life sells directly through their 60 regional and branch offices and their
financial advisors. They have advertisements like Magandang Umaga and
Magandang Kinabukasan campaign with Lea Salonga as their Ambassador. They
promote on Unang hirit in GMA 7. It has a website for getting valuable information
about the product. It also promotes the Magandang araw movement using
Facebook and Twitter. The company has YouTube videos for sharing of the latest
episodes and magandang araw movement videos and press releases online. It
has press releases for newer company developments or product. Currently they
have their magandang umaga movement through magandangaraw.com.ph. They
designed a contest, The “Magandang Araw Movement”, to spark nation
positivism. The “Magandang Araw Movement” is a positivism campaign that will
be launched this 2014 with weekly challenges captured in photos to be submitted
in Insular Life’s Magandang Araw Microsite: www.magandangaraw.com.ph.
Advisor and customer support trained for Magandang Araw Service and customer
support are present. Insular life’s has an issuing of policy contract within 30
minute using express processing time. The company has a company building,
company logo, flyers, brochures.
 Manulife Financial
Manulife has been conducting business in the Philippines for over 100 years. One
of the oldest life insurance firms in the country, Manulife received its license in
1907 to operate in Manila, 20 years after the company was first established in
Toronto, Canada in 1887 by Sir John A. Macdonald, who had concurrently held
the post of Prime Minister of Canada. The first foreign company to list in the
Philippine Stock Exchange, Manulife is among the top life insurance companies in
the country today. A dedication to client service has paved the way for the
company's growth and increased financial strength throughout the years. The
Manufacturers Life Insurance Co. (Phils.), Inc. ("Manulife Philippines") is a wholly
owned subsidiary of The Manufacturers Life Insurance Company, the insurance
company of Manulife Financial Corporation (MFC). On August 24, 2000, Manulife
received approval from the Philippine Securities and Exchange Commission
(SEC) to operate its pre-need affiliate – Manulife Financial Plans, Inc. (MFP).
MFP, a subsidiary of Manulife Philippines, is committed to offering high quality
pension and education plans to the public. (retrieved from www.manulife.com.ph)

Manulife targets working individuals including government and private working
professionals, OFWs and business organizations. The company provides a broad
portfolio of financial planning and wealth management products and services
tailored to both individual and group customers in Asia. Manulife’s focus is
providing its clients with strong, reliable, trustworthy and forward-thinking solutions
for their most significant financial decisions. These four pillars have guided our
company and have helped establish Manulife as one of the most dynamic and
progressive financial organizations in the world.
Manulife Financial offers financial security to individual customers. The

"Seasons100” is a participating whole life insurance product that provides
substantial benefits and returns of one's lifetime. Its key features include among
others a guaranteed coverage up to age 100, a guaranteed cash benefit payout
options, long life bonus options and a guaranteed lump sum cash benefit which
will be available at age 100. Freedom is a participating 15-year, 20-year or at age
65 endowment product providing life insurance, protection with guaranteed cash
values and accumulated dividends. It comes with fund accumulation option that
gives guaranteed competitive return as a value-added proposition. It also has an
option that gives lifetime coverage (up to age 100) even after the lump sum cash
benefit is given on the 15th year, 20th year or at age 65. Manulife FlexiSure is a
participating whole life insurance product with a variable life add-on feature that
provides clients with guaranteed life protection coverage and also optimizes its
earning potential through investments made in any one or a combination of our
professionally-managed funds. Manulife financial solutions depend on individual
needs and income. It has state- of- the art offices located near business centers
like banks.
Manulife Financial offers bancassurance partnership with Chinabank to sell the
product and services through assigned financial sales associate. It advertises
using company website which includes videos, testimonies, ads, facebook page,
YouTube and TV ads using known actor Richard Yap. The company’s public
relation uses plan holder’s testimonials. It employs 3,000 to provide professional
and high quality services to millions of customers world-wide. Manulife Financial
has accessible payment facilities, auto debit affiliation with major banks
(BDO,BPI,Metrobank), easy-access forms/downloadable forms necessary to

facilitate policy change request. It has a company building, company logo, flyers,
brochures.
 PhilAm Life
Philam Life exists to provide customers with financial protection, security, and a
comfortable future. “Anong Plano mo? Usap tayo” is thecompany’s campaign to
gain deeper insights that enable them to offer a range of insurance and wealth
management products that fit the needs of the individual by genuinely engaging
with people’s real lives. Over the last 90 years, the company has built its business
upon serving the ever-changing needs of people and companies in Asia.
(retrieved from www.philamlife.com) The company targets working individuals
including government and private working professionals and OFWs. It has
developed products and implemented marketing programs that fit the needs of
their customers based on their life plans.
PhilAm Life offers financial security to individual customers. The company’s

product for savings is Money Works Life Insurance Benefit. It offers that incase
anything happens to the plan holder, dependents get the higher of plan’s account
value or life insurance coverage equal to 25 times your yearly payments. A price
ranges for as low as Php 1,670 per month with the regular-pay variant. The
company has sales persons communicating with potential customers through
internet and telephone. It has a corporate unit agency (CUA) distribution channel
which aims to recruit companies or organized groups who can offer Philam Life's
financial services to its network or affiliations. Philam Life has financial advisors or
planners who guide consumers regarding their financial needs.
PhilAm Life promotes through personal selling bancassurance sales executives

that are assigned in BPI branches nationwide to render financial advisory
services. It has print, broadcast and internet advertising (facebook fan page,
YouTube ads). It uses multimedia campaigns, real people, real stories,
empowering song BASTA’T MAY PLANO, KAYA MO YAN, performed by
Bamboo. It has raffle promos for plan holders and uses testimonials for public
relations. PhilAm Life’s accessible and downloadable forms can be accessed in
their website http://www.philamlife.com. It has payment facilities that include auto-

debit arrangement with BPI, BDO, Security bank, online banking, phone banking,
ATM payments, over-the-counter payments, and overseas payments. There are
online guides to filing of claims and benefits. The company has a building,
company logo, flyers, and brochures.
 Indirect Competitors
Commercial Banks
Commercial banks are considered as indirect competitor of Pru Life UK
because of their product and service offerings to clients. Banco de Oro (BDO),
Bank of the Philippines Island (BPI) and Metrobank are considered as the top 3
commercial banks based on assets, deposits, loans and capital. These banks has
the power to accept drafts and issue letters of credit, discount and
negotiate promissory notes, drafts, bills of exchange, and other evidences of debt,
accept or create demand deposits, receive other types of deposits and deposit
substitutes, buy and sell foreign exchange and gold or silver bullion, acquire
marketable bonds and other debt securities, and extend credit.
 Banco de Oro (BDO)
BDO is a full-service universal bank in the Philippines. It has the ability to provide
a complete array of industry-leading products and services including Lending
(corporate, middle market, SME, and consumer), Deposit-taking, Foreign
Exchange, Brokering, Trust and Investments, Credit Cards, Corporate Cash
Management and Remittances in the Philippines. Through its local subsidiaries,
the Bank offers Leasing and Financing, Investment Banking, Private Banking,
Bancassurance, Insurance Brokerage and Stock Brokerage services. BDO’s
institutional strengths and value-added products and services hold the key to its
successful business relationships with customers. On the front line, its branches
remain at the forefront of setting high standards as a sales and service-oriented,
customer-focused force.BDO has one of the largest distribution networks, with
more than 800 operating branches and over 2,300 ATMs nationwide.
 BDO has a range of Peso Savings Accounts to suit your needs. These are Peso
Passbook Savings Account (with or without ATM), Peso ATM (without passbook),
Optimum Peso Savings Account --- Personal, Optimum Peso Savings Account ---

Corporate, Junior Savers, Power Teens Club, Prime Savers and Direct Deposit
Peso Savings Account. Through selective acquisitions and organic growth, BDO
has positioned itself for increased balance sheet strength and continuing
expansion into new markets. As of 31 March 2014, BDO is the country’s largest
bank in terms of total resources, capital, customer loans, total deposits, and
assets under management. BDO is a member of the SM Group, one of the
country’s largest and most successful conglomerates with businesses spanning
between retail, mall operations, property development (residential, commercial,
resorts/hotel), and financial services. Although part of a family conglomerate,
BDO’s day-to-day operations are handled by a team of professional managers
and bank officers. (https://www.bdo.com.ph/about-bdo/corporate-profile)
 Bank of the Philippines Island (BPI)
Bank of the Philippine Islands is the oldest bank in the Philippines still in operation

and is the country's third largest bank in terms of assets, the country's largest bank in
terms of market capitalization, and the country's most profitable bank. It is owned by
the Ayala Corporation - the largest conglomerate in the Philippines, and is based
in Makati's Central Business District, on the corner of Ayala Avenue and Paseo de
Roxas. BPI also pioneered rural banking in the Philippines, as its countryside banking
operations preceded that of many other banks' rural banking operations by many
years. Today, it maintains a large rural branch network, with some branches dating
back to the Spanish or American colonial periods. Its branch network of 831 branches
is by far the largest branch network of any bank in the Philippines. BPI positioning is
“Let’s Make It Easy”. Through the years, BPI has been a beacon of financial
confidence. Its strong heritage in responsible banking is evidenced by the many
accolades the Bank has gained both from industry experts and ordinary
customers. BPI’s savings account products provide its customers the utmost
convenience in safekeeping, managing and growing funds. It offers express teller
savings and jumpstart savings for individuals and maxi-saver saver savings account
with free life insurance.

 Metrobank
Founded in September 5, 1962, Metropolitan Bank & Trust Co. (Metrobank) has since
become the premier universal bank and among the foremost financial institutions in
the Philippines. It offers a full range of banking and other financial products and
services, including corporate, commercial and consumer banking, as well as credit
card, remittances, leasing, investment banking and trust banking. Metrobank
currently spans a consolidated network of over 1,400 ATMs nationwide; over 760
domestic branches; and 38 foreign branches, subsidiaries, and representative offices.
Metrobank remains dedicated to fulfilling its vision to be the best bank for all
stakeholders – from its customers to the community. With people dedicated to
product quality, service excellence, solid work ethics, and good governance,
Metrobank has established a reputation of stability, strength, and leadership. It
adheres to international best practices, careful strategic planning and prudent
decision-making, focused on further improving earnings quality and increasing
shareholder value by constantly reinforcing a customer-centric strategy built around
the commitment of its people.
A recognized leader in the country’s banking industry; Metrobank has become
regarded as the trusted banking partner, staying true to its brand promise of “You’re in
Good Hands.” (https://www.metrobank.com.ph/about.asp)
Metrobank gives it clients the option to keep their money safe and earns interest
depending on their goals. It offers Passbook Savings Accounts, Metrobank ET
Savings Account, Metrodollar Savings Account, Other Foreign Currency Savings
Account and Fun Savers Club (FSC).
Marketing Channels and Logistics Analysis

Figure 5.1: Marketing Channels for Insurance Industry
As competition in insurance industry is intensifying together with the continued

environmental, operational, and technological changes, insurance companies move
towards the development of multiple distribution channels (as seen in Figure 5.1). They
no longer rely solely on traditional channels such as agents and physical presence of
their offices, but have developed new alternate channels to drive sales and customer
convenience while keeping costs low and maintaining profitability. These factors are
leading to the emergence of additional channels such as telemarketing, mobiles, and
web.
Changes in customer behavior and preferences around products, distribution

channels, and processes are also acting as catalysts for the development of alternative
channels. Like in the case of Philam Life and BPI, Philippine AXA and Metrobank;
insurance companies are now partnering with banks and affinity groups to help drive
policy sales.

With advancements in technology, insurance companies have also started
exploring ways to develop newer distribution channels in the online space. As customers
continue to integrate the use of the internet in their daily lives, this has become an
attractive medium through which insurance companies advertise and distribute insurance
products as customers make use of the internet in their decision making and product
buying process. Insurance companies are also effectively using technology to better meet
customer demands by integrating technology with the whole policy sales cycle to include
payment schedule and updating of customer information and policy composition. They
are focusing on speeding up the complete insurance distribution process while also
identifying processes that can be automated—improving efficiency and profitability.
These initiatives are enabling insurance companies to scale up their business models by
strengthening their internal processes with a goal of better customer service.
II. STRENGTH, WEAKNESSES, OPPORTUNITIES AND THREATS (SWOT)

ANALYSIS AND CRITICAL ISSUES
C. SWOT and Marketing Implications

Table 2.1: SWOT Analysis with Marketing Implications
STRENGTHS WEAKNESSES
 Pru Life UK is a subsidiary of

British financial services giant
Prudential PLC operating for
 Conservative approach to
almost 166 years already
promotional activities
 Prudential PLC has
penetrated Asia long before than
its competitors
 Pru Life UK is the pioneer and
expert in investment-linked
 Heavy Reliance on direct
products in the Philippines
selling to reach target market
managed by Eastspring
Investments Singapore (Limited),
one of Asia’s most awarded fund-
management companies
 Pru Life UK's savings plan
offers customization of the policy
one may want to invest in. It
offers a lot of choices that one
can tailor-fit acording on his
wants and budget (the premium,
single or combination of funds to
be invested in, options to
increase/decrease your premium,
and the freedom to spend it into
anything you want)
OPPORTUNITIES
 PD 612 Insurance Code of  The company can create a

the Philippines and the BSP marketing campaign focusing on
Consumer Education Committee the importance and value of
saving backed with security
 Iloilo functional literacy rate
is 93.79% (NCSB, 2000)
 Natural calamities “Acts of
God”  The company can
 The province of Iloilo posted maximize the use of the
 The company can develop a
the biggest number of OFWs internet and social media in
special strategy to tap the OFWs
numbering to 60,901 as member promoting the company’s
market in Iloilo
of OWWA (Sept. 2013) Savings Plan product thru
 The company can promote videos, teasers and slogans
easy access of information re
 Easy access to the internet company’s products, customer
via computers, mobiles, and account updates through the use
other hand-held devices of the internet via computers,
mobiles, and other hand-held
devices
 An innovative campaign must
 Standard packages offered be created to highlight the
by competitors as to savings flexibility and customization of
plan Pru Life UK's savings plan
package
 The company can emphasize
reliability as Pru Life UK Phil is a
 The company has strong
THREATS subsidiary of Prudential PLC,
points that must be
having an extensive network of
emphasized to its market;
life insurance and mutual funds
thus marketing activities
operations around the world
should be given serious
 Joint ventures of large since 1848; and managed byone
attention
companies to strengthen their of the Asia’s most awarded fund-
positioning in the market e.g. management companies-

BPI and PhilAm Life; AXA and
Metrobank EastspringInvestments
 The company must develop
 Aggressive promotional an integrated marketing
campaigns of other insurance campaign to spread the Pru Life
companies (competitors) UK's advantage over its
competitors
Table 2.1 presents Pru Life UK’s strengths, weaknesses, market opportunities and
potential threats with corresponding marketing implications that can be applied given
certain conditions, as seen in the inner quadrants.
Pru Life UK has strengths that it has relied on to acquire the success that it has
realized in the Philippine market for more than 17 years. One of its great strengths is the
long British history of its mother branch Prudential, a 166 year old company in the
financial industry. The 166 years of reliability is a huge sell point for Asian markets that
wipes out the uncertainties of unreliable insurance companies experiencing bankruptcy.
Strength of Prudential is the fact that it was very early to market in Asia. Prudential
anticipated Asia's high opportunity for growth long before its competitors, which has
allowed them to have a history in Asia. Prudential has the reliability to combine its British
history with its history in Asia giving it the benefits of a foreign company without the
normal drawbacks- and this is how Pru Life UK has successfully penetrated the
Philippines. Pru Life UK is also the pioneer and expert in investment-linked products in
the Philippines managed by Eastspring Investments Singapore (Limited). Policy holders
then are confident that their investments are in good hands as these are being managed
by one of Asia’s most awarded fund-management companies. In addition, Pru Life UK’s
savings plan stands out from the rest because of the flexibility that it offers to the market.
This product offering gives freedom to the market to tailor fit their plan at their own
preference.
Moreover, despite the strong background of Pru Life UK in fund management, its
existence in the Philippines specifically in Iloilo has not been maximized. The company
has been very conservative that it failed to invest much on its promotional activities.
Rather it relied on the traditional direct selling approach to reach out its prospective
clients. Its macro-environment condition however shows opportunity areas to tap a
greater market given the 93.79% functional rate of the Ilonggos and a good number of its

OFWs. Moreover, the macro environment condition also showed a positive inclination of
the Ilonggos to social media which the company can maximize to promote their product.
Looking into the SWOT Analysis matrix, it can be derived that Pru Life UK can
maximize its brand positioning thru investment on marketing activities promoting its
financial reliability and product flexibility. And with the interest of the Ilonggos to the
internet, the company can take full advantage of the online channel to increase
awareness and sales opportunities to attract the millennial generation customers. Only
then can the company capture more policy holders while protecting it from the strategic
alliances and aggressive campaigns of its competitors.
D. Critical Issues
Insurance as an intangible product is a great challenge for the companies to

market as they are selling an “invisible product” that is hard for the consumers to
measure the value of satisfaction and benefits that they can get out of purchasing a policy
package.
A number of insurance companies are in existence in the market but still, many
are reluctant to avail due to lack of proper knowledge and understanding about the
product and with the assumption that all insurance offerings are the same. Thus,
appreciation of the product’s advantage and uniqueness are not properly conveyed to the
target market.
Based from the market’s survey, 76% of the market wanted customization for their
insurance package. In opposite with the competitor’s analysis, all other companies offer
standard packages for the consumers. And this is the gap that the group would like to
address. The group would like to promote a product package that offers flexibility to the
consumers giving them the freedom to tailor-fit their insurance package according to their
budget, to their wants and to the dreams they would like to reach in the future.
Pru Life UK however, despite the unique product offerings that it upholds failed to
convey this message to the market. Its conservative approach to marketing hinders it to
reach more of the potential market. This failure in promotion is the critical issue that the
group will address in our integrated marketing plan in order to reach our objectives.

III. FINANCIAL AND MARKETING GOALS/OBJECTIVES
a. Financial Objectives
 To generate a Total Annualized Premium of P 33,156,000 by the end of 2015
representing a 44% increase from the projected annualized premium of P
22,956,021 in 2014
b. Marketing
 To capture at least 2 % of the target market by the end of 2015
IV. MARKETING STRATEGY

a. Marketing Strategy
Market Share
The following market share percentages were assumed based on the ranking of
life insurance companies in the Philippines according to premium income (Philippine
Insurance Commission, 2012)
Company Premium Income

Sun Life 17%
Pru Life UK 13%
Philam Life 12%
Philippine AXA 10%
BPI-Philam 10%
Insular 8%
Manulife 5%

As presented in the pie graph, Pru Life UK ranks second with a market share of
13% to the leading Sun Life Financial that has 17%
Insurance Companies Market Sharing

8.19%
Sun Life
10.07%
Pru Life UK
21.95%
Philam Life
12.55% Philippine AXA
17.07%
BPI-Philam
13.44%
Insular
16.74%
Manulife

As to the market share, SunLife has 21.95% share, followed by PRU Life UK with
17.07%, closely followed by Philam Life with 16.74%.
Strategy Development for Growth
To develop effective marketing strategies, it is needed to determine what

should be the goals of the marketing efforts to be taken.
PruLink exact protector is an existing product and has an existing market.

However, the goal of this marketing plan is to increase the market share. This is why it is
determined in the expansion grid that to be able to grow the focus of the marketing efforts
to be taken should be market development. It is determined that there are no further
enhancement necessary in the actual product and the pricing, so it will stay as it is. It is
necessary to have aggressive promotional strategies to boost awareness, knowledge and
liking. The integrated marketing communication strategy as well needs to be defined to
the target potential customers well. To spur growth, and knowing that the product and
pricing are already competitive, Pru Life UK needs to focus on having aggressive
promotions, improving process and people strategies.

b. Target Market
I am Jolly, 32, married, an HR manager in an outsourcing company in Iloilo

earning P28, 000/month, and a mother of one. I want to save because I want to have
financial freedom. I want to free my mind from worries about the what if’s of my married
life. I want a fulfilled life for my family. My friends told me to give it a try in insurance
companies. And I plan to have one. But what I want is a savings plan that offers
customization.
c. Brand Positioning
Providing you the power to customize your savings plan into a brand that frees all
the what-ifs of your married life giving you peace of mind while enjoying and fulfilling the
life that you dreamed for your family.
d. MARKETING MIX
i. Product
1. Product Strategy

3 Product Levels:
1. Core Product- what is the buyer really buying? The core product refers to the
use, benefit, or problem solving service that the consumer is really buying when
purchasing the product. In case of life insurance product it provides financial
security and freedom.
2. The actual product is the tangible product or intangible service that serves as the
medium for receiving core product benefits:
 Features include combinations of product attributes.
a. customized to answer specific needs such as education, travel and

vacation, and even future big purchases such as house and lot and
brand new car
b. Flexible options to increase or decrease your premiums, top-ups,

withdrawals, and fund switching
c. Choice of PruLink funds, investing either in a single fund or multi-

fundsto customize a well-diversified portfolio.Investment is backed by
the rich financial experience of one of Asia’s most trusted and
awarded fund managers – Eastspring Investments(Singapore)
Limited. The component of the funds is divided into two groups,
Stocks/equity(A stock or any other security representing an
ownership interest), Bonds(A written and signed promise to pay a
certain sum of money on a certain date, or on fulfilment of a
specified condition, with fixed interest rates and used by companies,
municipalities, to finance a variety of projects and activities.
Bonds Stocks (Top 10 Holdings)

Government Bond SM Investment Corp
Quasi Government PLDT
Corporate Bond Ayala Land Inc.

BPI
Aboitiz Equity Ventures Inc
Metrobank
BDO
Alliance Global Group Inc.
Energy Development Corp.
Choices of Funds include the following:
1. Bond Fund (100% government bond) – Investing on this fund is subject to minimal
risk. However, this may mean that real capital growth may not be not achieved on
theamount invested because of inflation.
2. Managed Fund (80% government bond, 20 % stocks) - This means that
investment have potential of some real capital growth and having this potential
need to take some risk with the capital invested.
3. Growth Fund (20% government bond, 80 % stocks) - optimize medium-to-long
term capital and income growth, greater focus of investment in shares of stocks
listed in the Philippines.
4. ProActive Fund –emphasis on dynamic asset allocation by fund managers
through investment in bonds and shares of stocks listed in the Philippines.
5. Equity Fund (100% stocks)- optimizes medium-to-long term capital growth through
investment in shares of stocks listed in the Philippines.
d. Enjoys life protection benefit equivalent to sum assured plus fund
value
e. Depending on your need or goal, you may attach additional benefits to

your plan by choosing from a wide range of optional riders available.
Optional riders include:

Protection against accident, death, and disability
 Accidental Death and Disablement - pays the benefit amount if life insured dies
due to accident
 Personal Accident - indemnifies the insured for injury or death due to accident
 Additional Term – pays the benefit amount if life insured dies
 Payor Term - pays the benefit amount if the Payor dies

 Waiver of Premium on Total and Permanent Disability – waives all future
premiums until the expiry date of premium payment term if the life insured
becomes totally and permanently disabled due to bodily injury or disease
 Payor Waiver – waives all future premiums until the expiry date of premium
payment term if the Payor becomes totally and permanently disabled
Protection against critical illness
 Crisis Cover Benefit (CCB) – advances the benefit amount from the basic sum
assured if the life insured has been diagnosed to be suffering from any of the 15
pre-identified critical illnesses or has undergone surgery due to critical illness
 Life Care Benefit (LCB) - advances the benefit amount from the basic sum
assured if the life insured has been diagnosed to be suffering from any of the 36
critical illnesses or has undergone surgery due to critical illness
 Life Care Plus (LCP) - pays the benefit amount if the life insured has been
diagnosed to be suffering from any of the 36 critical illnesses or has undergone
surgery due to critical illness, while keeping the basic sum assured intact
 Mulitple Life Care Plus (MLCP) - a benefit that pays multiple critical illness claim
paid on top of the basic insurance cover
 Life Care Advance Plus (LCAP) - a benefit that pays an additional amount on top
of the basic insurance cover upon early detection of any of the 10 listed critical
illness
 Life Care Waiver (LCW) - waives all future premiums until the expiry date of
premium paying term if life insured is diagnosed to be suffering from any of the
critical illnesses or has undergone surgery due to critical illness covered under
CCB, LCB, or LCP
Protection against hospital expenses
 Hospital Income Benefits - provides daily and lump sum cash benefits to the life
insured to cover the cost of hospitalization due to injury or illness
 The Brand name helps consumers position and identify the product.
a. Prulink Exact Protector

3. The augmented product consists of the measures taken to help the consumer
put the actual product to sustained use, including installation, delivery & credit,
warranties, and after-sale service.
a. Customer-oriented staff
Customer- focused financial consultants and staff that assist clients

regarding their inquiries, claims, and transactions.
b. Fast & easy processing
Financial consultants’ helps clients for fast and easy processing, in

cooperation with Business support group and staff that are accessible anytime.
c. Accessible Premium Payment Facilities

Customers can make their payment using their credit card (Visa,
MasterCard, and China Union Pay),Over the Counter payment to any PRU LIFE
U.K. Branch. To those who are residing abroad can pay through telegraphic
transfer. Automatic debit arrangement through the following banks BDO, BPI,
Metrobank, and HSBC. For Bancnet Online Bank Members they can pre-enroll
through Bancnet online facility.Bayad Center/LBC/SM Malls and Department
Stores.
-Hassle-free transactions
*warranty
a.15-day cooling off period- 15 days from policy delivery date in which client can
review the policy and if decided that it’s not suitable for his needs, he can return it and
we’ll refund the amount paid in full.
after sales service
*Existing
1. 24/7 Customer Service hotline
2. PRU Access (Online Customer Access)
3. PRU Text and Webmail (for Financial Consultants)
4. Downloadable Online Forms- These forms ready for download are provided in

Adobe Acrobat PDF format, which currently requires Adobe Acrobat

*New
Mobile App
Mobile Application
Login Interface Home
Mobile Apps is the new trend for modern organizations. These applications are
installed and run through androids and smartphones allowing its users to access
companies’ sites and other virtual places anytime, anywhere.
PruLink Exact Protector Mobile App will be launched to provide convenience to
PruLife’s techno-savvy plan holders. The app will be available for download on the
company’s website and the App Store for free. Once downloaded and installed, users will
register for an account and have a username and password of their choice for secured
log-ins and log-outs. Basic features will be:

1.) Payments –PruLink Exact Protector mobile users will be able to perform payments
using electronic fund transfers through Paypal, MasterCard, Visa and Megalink
accounts. A convenient but secured method to pay their premiums.
2.) Settings and Monitoring - Users can check their accounts, anytime, anywhere.
This could also help the company to be more transparent to their customers with
regard to their personal accounts.
3.) Notifications – Notifications will be sent to users as confirmation for every
transaction they successfully made. The company could also notify users when
payments are due.
4.) Updates – Users are informed about latest updates about the company’s policies,
reports, accomplishments, social responsibility activities and campaigns where
they could also provide donations.
5.) Tips & Quotes – They would also receive tips and quotes about life, parenthood,
planning for the future and the value of saving. This is for the company and the
customer to have a deeper relationship. Here, the company could also integrate
its marketing communication strategy.
6.) Customer Support – 24/7 customer support center will also be available for mobile
apps so users can send their queries and receive up to the minute response,
anytime and anywhere.
7.) Links – Users could also connect to other websites by Pru Life.
Development of this mobile app will provide convenience to the plan holders, as well
as to capture an additional portion of the market for the company and create an intimate
customer-company relationship.
2. Branding
The PaintYourFuture campaign gives freedom to married individuals to paint the

future they want for their families. The theme suggests that marriage is like grabbing a
blank canvass. You are not certain what will happen next. Everything has to be created.
And what make it more exciting are the challenges that come along the way that will test
your creativity in handling your life. The campaign gives you freedom to use the right
colors to create the mood that you want to portray. You can also use different sizes for
your brushes to create the right width and texture, and different shapes and lines to give
life to your masterpiece.

This is flexibility- and this is exactly what PruLink Exact Protector promises to its
policy holders. It is a limited- pay variable product where client can choose how long they
want to pay- be it 5, 7, 10 or 15 years. PruLink Exact Protector means investment and
protection product rolled into one where they can customize their coverage based on
benefits they want.PruLink Exact Protector’s shorter paying periods allow for easier, more
efficient planning. It offers both insurance protection and savings that give you a worry-
free life. It is for clients who want lifetime protection and who prefer to pay the plan in a
limited period.And because it is an investment-linked plan, it also allows you to align your
premium payments with your investment strategy, confident that your investment is
backed by the rich financial experience of one of Asia’s most trusted and awarded fund
managers – EastspringInvestments(Singapore) Limited.
With PruLink Exact Protector, you can choose whatever premium you want, the
combination of funds you want to invest in, the term for your policy and most importantly,
you can decide where to use your money upon its maturity at your own freedom.
ii. Price Strategies
Low-premium variant at starts at PhP1, 500/month for 10- and 15-pay, a minimum
premium of PhP3, 000/month for the 5 -year payment period or PhP2, 750/month for 7,
10, and 15–year payment periods. According to data gathered on the survey P 1,500 –
P3000 is the amount that customers are willing to pay. As per competitive analysis PRU
LIFE U.K. offers the lowest and affordable premium.
iii. Place
PRU LIFE U.K. Iloilo is located at Corner General Luna- Jalandoni Street Iloilo
City. Location is accessible to customers. Some polishing and make-over of the interior
can be done to enhance customer experience and comfort. Distribution channels include
banc assurance withStandard Chartered Bank establishing the general agency
Assurance Solutions Insurance Agency, Inc. Other partners are Bayad Center/LBC/SM
Malls and Department Stores and affliation for automatic debit enrollment through major
banks namely BDO, BPI and Metrobank as well as HSBC.
iv. Promotions

1. Promotions/Communications Objectives
a. To gain awareness from 80% of the total target Audience for the first 3
months
b. Knowledge- 50% of who are aware for the next 3 months.
c. Liking- 60% of who are informed for the next 2 months
d. Preference – 70% of who likes the product for next month
e. Conviction – 40% of who preferred the product for the next month
f. Purchase- 30% of who are convince for next last 2 months.
a. Website
At the start of 2015, to support the Paint Your Future Campaign of PruLink Exact
Protector and to start the awareness
campaign,
http://www.PaintYourFuture.com.ph is
created and will be used also to move the
target audience into the purchase funnel.
The website will serve as the main online
channel of Paint Your Future campaign.
Objective of having a Website to the

Paint Your Future Campaign:
1. To convert traffic (coming from

social media and web 2.0s or blog)
into leads by about 62% in 2015.
Features of the Website:
a. Landing Page for PruLink Exact

Protector Product serving targeted
audience; it will show the main
feature of the product and have
the personal touch to customize it
since they have option to input the amount of premium per month having Php
1500.00 as the lowest amount. They can choose on funds from bonds, managed,

growth, equity, to proactive. And they can also choose on what riders to add and
they can add beneficiary. It will also explain about the funds and riders.
b. Get free financial advice button that would lead the users or the target audience
to be prompted to contact us page.
c. This will also serve as a channel in helping orphans to have scholarship grants.
d. Provides updates, news, saving tips through the blog section
e. Have an app box where they will be redirected to Google play store to download
PRU Access.
f. Have social media buttons link to major social media accounts like Facebook,
Twitter, Instagram and YouTube.
g. Live feeds from Facebook and Twitter on its sidebar.
h. Have a newsletter sign-up box, wherein when the user get for an opt-in they will
receive free updates from blog , savings tips in a married life and related articles.
They will be updated also if there are some contests, being run by our social
media sites.
i. Contact page where the user have the ability to ask for customer support and the
help of a financial consultant.
j. Live chat support for online or active users, in order that their queries can
immediately be answered.
k. Video gallery for the testimonial on real experience of a PRULINK Exact Protector
Technical feature of the website:
a. Responsive Web Design – The design is fitted not only for desktop users but also
for mobile for users. So that anytime, anywhere, a user can check the website.
Figure 1.2 Responsive Web design

The features are
created in order that
it can support the
main objective of the
website and that is to
convert traffic into
leads. And also this
website has the
following ability that
is also helpful in
supporting our
promotional
objectives.
Highlight for the Product

Page:
As you will see for the

product page, you can see
how a user can customize
this saving plan. When they
are going to click for
example Bonds a window
screen will pop out
containing the meaning of
that kind of fund. Additionally on this page you will see that it has quick search, it is
actually the query box, wherein everytime a user will search, the content will just pop out.

b. SOCIAL MEDIA STRATEGY
SOCIAL MEDIA CALENDAR 2015
Social Media 1ST Quarter 2nd Quarter 3rd Quarter 4th Quarter
Tool
 Daily upload of  Daily upload of  Daily upload of
 Daily upload of quotes or tips on quotes or tips on quotes or tips on
quotes or tips on savings, spending savings, spending savings, spending
savings, spending and earnings with and earnings with and earnings with
and earnings with #paintyourfuture #paintyourfuture #paintyourfuture
#paintyourfuture
 Blog sharing  Blog sharing  Blog sharing
 Blog sharing
 Awarding of  Feature scholars  Feature scholars
 What do you think scholars
of our new website,  Feature of the  Screening, voting,
new FB page, new  Special features winner’s story in determination and
mobile app, jingle, About the transit the “Best couple awarding of prizes
#paintyourfuture advertising selfie contest” for the winner of
campaign? using the “Best Prulink
 Feature the #paintyourfuture Exact Protector
 Details for Mobile App Agent” using
scholarship #paintyourfuture
 Mall Exhibit
application
 Screening, voting,
 “Best couple selfie
determination and
contest” using
awarding of prizes
#paintyourfuture
for the winner of
campaign
the “Best couple
acceptance of entry
selfie contest”
using
#paintyourfuture
 quotes or tips on  Transit jeepneys  Prulink Exact  Prulink Exact

savings, spending Protector selfies Protector agents
and earnings with  Mall exhibit
#paintyourfuture  Prulink Exact  SIKAT pictures
 Mobile app Protector scholars
 SIKAT pictures
 SIKAT pictures  SIKAT pictures

 Company Jingle  Testimonials from  Prulink Exact  Prulink Exact
plan holder Protector selfies Protector agents
 Sikat ka Iloilo
episodes  How to use the  Prulink Exact  Sikat ka Iloilo
mobile app Protector scholars episodes
 Sikat ka Iloilo  Sikat ka Iloilo

episodes episodes
 Newsletters  Newsletters on  Articles on the  Articles on how

regarding the savings, spending mall event and people view the
#paintyourfuture ang earning participants on #paintyourfuture
campaign “Best couple campaign
selfie contest”
As an insurance company that paints the future, Pru Life UK’s FB and Twitter
page allows users to be creative in communicating their feelings. The user holds the
canvass in building and securing families’ future. The pages provide information about
Prulink Exact Protector and #paintyourfuture campaign. Colors, pictures and inspiring
messages can be found on the company’s FB and twitter page. The page is a simple that
it allows users to navigate and share information to their friends easily.
Facebook and Twitter
On the first quarter of 2015, the website www.paintyourfuture.com.ph will be

launched. Hash Tag, #paintyourfuture, will be officially utilized as the company’s hash tag
in FaceBook posts, tweets and instagram photos. A blogger and an internal IT specialist
will be assigned to upload daily quotes and articles on savings, spending and earnings

using the #paintyourfuture up to the end of the year. They will also analyze and track the
activity from different lists, followers and hashtags to streamline the media functions.
Customers’ responses will aid the company to continue, halt or improve its programs in
the future. To create traffic in the social networking sites, the #paintyourfuture will also be
used in billboards, newsprints, transit ads, television segments, leaflets and flyers.
Discussion like “What do you think of our new website, new FB page, new mobile app,
jingle, #paintyourfuture campaign?” will be made. The details on scholarship grant
applications for orphans will be posted on FB and twitter where interested parties can
immediately comment or ask questions to the host. The assigned IT specialist will a lot
time to answer queries from customers daily and refer them to persons in charged. The
“Best couple selfie contest” using #paintyourfuture campaign will be launched using
Facebook and Twitter. There will be acceptance of entry on this quarter in Paintyourfuture
FB page. Mechanics for the “Best couple selfie contest” will be as follows:
1. All participants should have a valid and existing account in Facebook.

2. The participant should like the www.facebook.com/paintyourfuture page
3. After liking the page, the participant can upload its “best couple selfie photo” on
Paintyourfuture FB page
4. A panel will be created to screen the photos. The administrator has the right to
approve or remove the photo.
5. After the screening, an album will be created with all the qualified photos.
6. Voting/"Like" button will start once the photo album is posted. The participants
should "tag" their own photos and share it on their Facebook Profile Wall.
7. Fans can vote for their favorite couple selfie photo by "liking"
www.facebook.com/paintyourfuture page then “liking” the picture and lastly by
posting comments.
8. Voting will end on May 31, 2015 at 11:59pm.
9. The participant with the highest likes will be chosen as the “Best Couple Selfie”
10. The winning couple will receive a one year free premium from Pru Life UK and a
free trip to Singapore for two or an Ipad mini.
11. Winners will be advised through email.
12. Prizes will be awarded during the mall event on July 2015.
Pru-Life UK will award the scholarship grant to an orphan in the month of April. A
technical committee will be created to evaluate the different applications. The awarding

will be highlighted in the FB and Twitter accounts’ cover page. The picture of the orphan
receiving the grant will be used as the cover photo. The scholarship will start on June
2015 since it is the nearest school year. Adding colors to an orphan’s life by sharing a
little amount from your resources will be the campaign using the #paintyourfuture.
Articles regarding the launch of transit advertising will be blogged and shared
through FB and Twitter. Latest information and updates on mobile application will also be
posted. Details on the upcoming mall exhibit will be highlighted on the pages. In the third
quarter of the year, the pages will feature the scholars and how the campaign
#paintyourfuture help add color to his or her life. The couple with the best selfie photo will
paint their story on the pages. At the end of the year recognition will be given to the best
“Best Prulink Exact Protector Agent” using #paintyourfuture campaign. The agent must
have painted different lives and must have outstanding sales for the year. Cash reward of
P20, 000 will be given to the employee. Accordingly, his or her story as an agent will be
featured on the company FB and Twitter pages. Additional scholars will also be
highlighted in this quarter.
The Twitter and FB accounts has link to sign-up forms for newsletter subscription.
The user will be asked to enter his or her name and email address. The company blogger
and IT specialist will send monthly newsletters to upon subscription. They can also
unsubscribe using the unsubscribe link.
Instagram

Every captured and colorful moment will be shared in Instagram using the
#painyourfuture. Daily picture quotes or tips on savings, spending and earnings with
#paintyourfuture will be shared. Colors that were added to transit jeepney owners and
drivers will be painted through the smiles and joys that they give back. Mall exhibit
photos, mobile applications screenshots, SIKAT pictures, best couple selfie, scholars
and agents were among the list of colorful moments that could help someone paint its
future.
YouTube
The YouTube account of PruLife UK will share multi-colored personal videos on

how it added color to someone’s life. In the first quarter, the company’s #paintyourfuture
will be emphasized through its jingle and Sikat ka Iloilo episodes. In the succeeding
quarter, testimonials of plan holders and an instructional video on the use of mobile
application will be posted. Winning moments of the best couple selfie, Prulink Exact
Protector scholars and best Prulink Exact Protector agents will be shared. Video links
will be posted in the website, FB and twitter pages.
E-mail and Social Media
Part of the social media campaign of #paintyourfuture is to have sign up forms for
newsletter. The link will be posted in the website and shared in FB and Twitter page.

Newsletters will be sent through electronic mails. Clients have options to have a daily,
weekly or monthly newsletter. Newsletters will include topics on #paintyourfuture
campaign, savings, spending and earnings. Third and fourth quarter issues will include
features on “Best Couple Selfie Contest”, “Adopt an Orphan” and “the Best Prulink
Exact Protector agents of the year”.
c. Advertising
Figure 1.3 Product Page Partnership with the Local Television Network (Sikat Ka! Iloilo, ABS-
CBN)
Sikat Ka! Iloilo is the regional morning show of ABS-CBN Iloilo. It has been
part of the Ilonggos’ morning habit and is aired from Mondays to Fridays, 6-6:30 in
the morning. The program showcases the rich culture of the Ilonggos, scenic
spots in Western Visayas and fascinating and inspiring stories of Ilonggos. It also
delivers the freshest news and the latest happenings in the city and province
of Iloilo and the entire Panay region.
The company will partner with the said morning show and will feature one
segment entitled “Buasdamlag”. The show shall run in a one-year period starting
in January 2015 until the end of the calendar year. However, this segment shall
be aired only every Wednesdays. The other days shall advertise quotes and/or
tips from Pru Life UK.
The 5-min-talk show shall promote the value of saving for the unexpected
happenings in life through investing in Pru Life UK. On the first month, all shows
shall revolve on the lives of married people, their priorities in life, their dreams for
their family and the means they planned to reach those dreams. The second
month shall promote Prulink Exact Protector featuring all its product attributes as
one way of reaching those dreams. The rest of the months shall feature the
experience of some plan holders, on how investing in Pru Life UK has changed
their lives and views for the future. Some episodes however shall feature the
events and activities conducted by PruLife UK whose scheduled airing shall be on
the week after the activity.
Sikat Ka! Iloilo has been part of everyday’s morning habit of the Ilonggos
and a good complement for a cup of coffee before leaving for work. The group

found this as an opportunity especially for married professionals to see and listen
on how Pru Life UK can turn their masterpiece (the painting on the future they
want to reach) into a reality.
d. Billboard Advertising
A Billboard ad featuring the Paint Your Future banner shall be displayed

along Benigno Aquino Ave, located near SM City and Y2K Carwash. The place is
visible to vehicles vis-a-vis Iloilo City Proper going to the Sta. Barbara Airport and
from Jaro Plaza going to City Proper via SM City for a one year contract.
SM City Iloilo is said to be the biggest and most popular mall in Iloilo
(http://www.exploreiloilo.com/guide/iloilo-malls/) thus driving traffic along the road.
The billboard ad is strategically located at the site to create greater visibility and
awareness among our target market.
Figure 1d. Billboard proposed site along Benigno Aquino Ave, located near SM
City and Y2K Carwash

e. Local News Ad Prints
To create more buzz to the working professionals, Pru Life UK shall make
a publication in Panay News, the number one local newspaper brand in the
region. This will feature a half-page colored banner of Pru Life UK’s
PaintYourFuture Campaign in order to create more awareness to the public and
drive them towards the website for more information. The print ad shall be
released daily in a one-week period in the month of January during the Dinagyang
Festival week. (Note: Panay News gives free newspapers at the event venue thus
will target other group of people).
In addition, another publication on the same newspaper brand shall be

published in the first week of June featuring the scheduled mall event on the
second week.
f. Transit Advertising
Figure 2d: Proposed Transit Design
Another promotional activity that will be used is the transit media

employing 11 (6-city; 5-provincial) selected provincial and city-loop jeepneys. For
city-loop jeepneys, these include Jaro CPU Ungka, Lapaz, Molo Baluarte,
Mandurriao, SM City Proper and Villa. For provincial jeepneys are San Joaquin,

Oton, Estancia, Maasin and Leganes. The 11 jeepneys shall carry with them the
PaintYourFuture banner painted at its sides. The objective of this medium is to
spread and reach out awareness to the target market in all parts of Iloilo. This
transit advertisement shall last in one-year.
g. Blogs
To capture the techno-savvy professionals and to create an impact with

them about the product, a group of Ilonggo bloggers shall be invited during the
long-week mall event and shall create an article/blog at the end of the week.Their
blogs shall revolve on how they see the product as a brand that will turn people’s
future into a reality.
h. Information Campaign
Starting on the month of January, target organizations/ associations of

professionals shall be tapped by the company for a scheduled information
campaign that shall be jived during the conduct of their meetings. These
organizations include BCBP (Brotherhood of Christian Businessmen and
Professionals), Couples for Christ, IVPD (Institute for Values and Professional
Development), Seaman's Wives and Allottee Associations, Home Owners
Associations and others as may be identified in the future. The campaigns shall
end in June and in a case to case basis depending on certain circumstances.
i. Leaflets
For the year round, leaflets shall be made available for distribution in the
office and shall be used as marketing paraphernalia during information campaigns
and other activities. The leaflet shall feature the PaintYourFuture banner in the
front page and a brief description about the campaign in the inner pages.

INNER CONTENT OUTER DESIGN
v. People
In the Philippines, Pru Life UK serves over 100,000 customers with a team of over
3,000 financial consultants offering an increasing portfolio of ordinary life, endowment*,
personal accident and investment-linked products. In 2010, Pru Life UK was recognized
as the fastest growing Prudential company in Asia by regional headquarters Prudential
Corporation Asia (PCA).
Main source of product distribution in Asia are trained and licensed- agents that
are all employed by PRU LIFE U.K. These agents are normally trained in large groups,
and then dispersed to sell policies. Also becoming popular in Asia is the distribution of
policies through Limited bank-assurance through financial institutions. This method has
proved to be highly effective because they gather clients from their partner’s bank due to
the banks biased recommendations.
Million Dollar Round Table (MDRT) agent qualifiers reached an all-time high. The
Company established its Partnership Distribution division, expanding its distribution
network to include partner banks and brokers. Sealed partnership deal with Standard

Chartered Bank establishing the general agency Assurance Solutions Insurance Agency,
Inc., marking the 11th alliance between Prudential Corporation Asia and Standard
Chartered Bank in Asia. Financial Consultants are trained by professionals and required
to complete Basic Training Course 1: which is about product basics, Basic Training
Course 2: Advanced Training Course, moreover touched some topics on Estate Planning.
To keep agents updated Weekly Huddle Session is conducted. Before the month end,
expertise on the product is enhanced through Product Recharge. To facilitate monitoring
in terms of sales and development monthly General Assembly is done.
To intensify the workforce of PRU LIFE and in order that they can promote
awareness and reach the quota of our targets, the following are being given:
 Internal Marketing Training– Quarterly internal marketing training is given in order

that they can be the best brand ambassadors of PRU LINK Exact Protector
 Rewards and Incentives – To increase their conviction in terms of selling, rewards
and incentives are to be given.
vi. Process
2. Filling out of Application- assisted by Financial Consultant, can take around 10 mins.
3. Payment- According to customer’s preference- can either be monthly, quarterly,
semiannually and annually. Monthly payment can be done through pre- enrollment on
Automatic debit through affiliated banks BDO, BPI, Metrobank, HSBC or using their
credit card (Visa, MasterCard, and China Union Pay), Over the Counter payment to any
PRU LIFE U.K. Branch, and partner payment centers- Bayad Center/LBC/SM Malls and
Department Stores.
4. Updates- Agents enrolled in PRU Text or Webmail updates can receive status on
application/s submitted and forward message to their clients. PRU LIFE U.K. also
provides access to agents regarding his/her clients’ policy, so they can provide updates
and that includes fund performance which follows fund switching. This is where clients
can switch their funds among the choices stated above, to which fund is performing well.
5. Claims- Stated on the policy contract signed by the client after policy has been approved
and released. Assistance of agent as to requirements that should be accomplished.
Upon completion of requirements PRU LIFE U.K. will do further investigation, after the
claim is considered valid, claims will be released immediately.

vii. Physical Evidence
Physical evidence refers to the environment that facilitates how a product is

delivered and communicated to its target market to create positive perceptions and
emotional connections using tangible materials.
Policy certificates and premium payment receipts bearing the company logo are
given among policy holders which form part of the physical evidence.
In addition, in the case of PruLink Exact Protector and as part of the promotional
activities, leaflets shall be given among the customers and target market. Ballpens with
the company’s logo shall also be distributed among the transacting members and those
during the conduct of information campaigns.
The office building shall also be branded with Pru Life UK’s colors of red and
white. An embossed logo of the company shall also be displayed outside of the building
to complement with the office branding. The interior design as part of the branding shall
also make use of the colors red and white. A huge painting/canvass of the
PaintYourFuture Campaign shall also be displayed at the receiving area to catch
customers’ attention.
These efforts are integrated to provide customer experience and brand image the PruLife
UK’s way.

V. ACTION PROGRAMS AND IMPLEMENTATION SCHEDULE
To develop awareness among target customers, the company will forge a

partnership with the Local Television Network (Sikat Ka! Iloilo, ABS-CBN). The show shall
run in a one-year period starting in January 2015 until the end of the calendar year airing
every Wednesday at 6-6:30 in the morning plus a daily partnership program ad. The
Marketing Department shall coordinate with the ABS-CBN Regional network as to the
details of the segment.
An outdoor advertising is implemented with the use of a Billboard ad featuring the

Paint Your Future banner which shall be displayed along Benigno Aquino Ave, located
near SM City and Y2K Carwash. The place is visible to vehicles vis-a-vis Iloilo City Proper
going to the Sta. Barbara Airport and from Jaro Plaza going to City Proper via SM City for
a one year contract with Steel Art Billboard.
To create more buzz to the working professionals, Pru Life UK shall make a
publication in Panay News, the number one local newspaper brand in the region. This will
feature a half-page colored banner of Pru Life UK’s PaintYourFuture Campaign in order
to create more awareness to the public and drive them towards the website for more
information. The print ad shall be released daily in a one-week period in the month of
January during the Dinagyang Festival week. In addition, another publication on the same
newspaper brand shall be published in the first week of June featuring the scheduled mall
event on the second week.
Another promotional activity that will be used is the transit media employing 11 (6-
city; 5-provincial) selected provincial and city-loop jeepneys. For city-loop jeepneys, these
include Jaro CPU Ungka, Lapaz, Molo Baluarte, Mandurriao, SM City Proper and Villa.
For provincial jeepneys are San Joaquin, Oton, Estancia, Maasin and Leganes. The 11
jeepneys shall carry with them the PaintYourFuture banner painted at its sides. The
objective of this medium is to spread and reach out awareness to the target market in all
parts of Iloilo. This transit advertisement shall last in one-year.
For the year round, 5000 pieces of leaflets and flyers shall be made available for
distribution in the office and shall be used as marketing paraphernalia during information
campaigns and other activities. The leaflet shall feature the PaintYourFuture banner in
the front page and a brief description about the campaign in the inner pages.

To build on knowledge, an Information Campaign shall be implemented on the
month of January, where target organizations/ associations of professionals shall be
tapped by the company for a scheduled information campaign that shall be jived during
the conduct of their meetings. These organizations include BCBP (Brotherhood of
Christian Businessmen and Professionals), Couples for Christ, IVPD (Institute for Values
and Professional Development), Seaman's Wives and Allottee Associations, Home
Owners Associations and others as may be identified in the future. The campaigns shall
end in June and in a case to case basis depending on certain circumstances.
To stimulate liking, an intensive social media campaign will be started. In the

website www.painyourfuture.com.ph, it will highlight the Pru Life UK’s CSR campaign of
educating orphans. Each year, the company will allocate a percentage of its profits to
sponsor the education of 30 orphan students. Likewise, a youtube channel will be created
that will display the testimonials of Pru Life UK’s plan holders. A Mall Exhibit will be
conducted in SM City Iloilo on June 9-16, 2014. This week long event will showcase how
PruLink Exact Protector will paint someone’s future. There will be display monitors and
customers may select their desired insurance packages by clicking on the different
options. Financial advisors will be present to discuss plans chosen by the customers.
Awarding of “Best couple selfie contest” using #Paintyourfuture campaign will highlight
the said event.
To promote preference and to capture the techno-savvy professionals and to

create an impact in them about the product, a group of Ilonggo bloggers shall be invited
during the long-week mall event and shall create an article/blog at the end of the week.
Their blogs shall revolve on how they see the product as a brand that will turn people’s
future into a reality. A mobile application will be developed downloadable through google
play and apple store, which can be installed and run through androids and smartphones
allowing its users to access companies’ sites and other virtual places anytime, anywhere.
To drive conviction and translate into purchase, the consultants and financial
advisors will be aggressive in personal selling. The company will be building Internal
Marketing and provide corresponding incentives to motivate them. An after sales service
program will be integrated as part of the company strategy with the goal of increasing
positive post purchase behavior. This will be done through the consultants and financial
advisors of the Pru Life UK.

The table below details the implementation schedule, the activities, responsible persons
and corresponding budget.
Activities Implementation Responsible Budget Control Measures

Person
Start End
Awareness
Partnership with local TV 1-Jan- 1-Dec- c/o ABS-CBN 2,400,000 Segment rating
Segment 1 15 15
Billboard Ad 2 1-Jan- 1-Dec- c/o Steel Art 1,000,000
15 15 Billboard
Local News Ad Prints 3 25-Jan- 1-Feb- c/o Panay News 373,401
15 15
Transit Advertising 4
Jeepney (Interior and City 1-Jan- 1-Dec- c/o Mktg. Dept 85,000
routes) 15 15
Social Media Campaign 5
PruLife website 1-Jan- 1-Dec- c/o Mktg. Dept 120,000 no.of visits
www.paintyourfuture.com 15 15
Leaflets and Flyers (5000 pcs) 6 1-Jan- 1-Feb- c/o Mktg. Dept 25,000
15 15
Quaterly Internal Marketing 5-Jan- 1-Oct- c/o Mktg. Dept 500,000 no. of applicants
Training 15 15

Total 4,503,401
Knowledge
Information Drive 7 (tapping Jan-15 Jun-15 Consultants 736,960 no. of applicants
business
religious and community no. of referrals
groups)
Total 736,960
Liking
intensive social media campaign Jan-15 Dec-15 c/o PYF website
youtube testimonials from Apr-15 May-15 c/o Mktg./IT Dept 50,000 no. of youtube hits
plan holders 8
“Best couple selfie contest” Feb-15 Jun-15 c/o Mktg. Dept 30,000 no. of likes
using #Paintyourfuture campaign
9
Mall Exhibit (one week) 10 9-Jun- 16-Jun- c/o SM 211,150 no. of
15 15 applicants/referrals
291150
Preference
Buzz marketing through Jul-15 c/o Mktg. Dept 10,000 no. of views
bloggers 11
Mobile App 12 Jul-15 c/o Mktg./IT Dept 300,000 no. of downloads
310,000
Conviction
Personal selling 1-Jan- 1-Dec- consultants and 1,000,000 no. of customers
(Rewards/Incentives) 13 15 15 financial advisors

Purchase
Personal selling 1-Jan- 1-Dec- consultants and no. of customers
(Rewards/Incentives) 13 15 15 financial advisors

Increasing Positive Post Purchase
Behavior
After sales service consultants and no. of feedbacks
financial advisors

Total 6,841,511
Table 5.1 Implementation Schedule

1
1 partner sement plus short daily ad inserted
in the daily program =2400000
2
one-year contract with Steel-Art Billboard
3
(full page color P59, 270.40 * 7days less 10%) = P373, 401.00
4
(6 city-loop jeepneys * P10,000) + (5 interior jeepneys * P 5,000) = P 85,000
5
Web developer and maintenance
6
5000 pcs * P5/pc = P 25,000.00
7
36,848 target audience * P20/pax budget = P736,960.00
8
cost covers creation of youtube channel and OH costs in making video
9
cost covers prize for winner
10
(Rent Expense- 150,000 + ad & publicity - 20,000+personnel - 5000 +shipping & handling of materials -10,000+opening & closing
expense - 20,000 + 5% contingency) = P211,150.00
11
Cost covers food and tokens for bloggers during conference
12
Cost covers payment for mobile app developer, maintence and contingencies
12
Covers Iloilo Financial Consultant only

The table below shows the grant chart and its fulfillment with the objectives.
Activity name Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
Partnership with local TV
Segment
Billboard Ad
Local News Ad Prints
Transit Advertising Iloilo Jeepney

city and interior routes
Social Media Campaign
(www.paintyourlife.com)
Leaflets and Flyers (5000 pcs)

Information Drive
Intensive social media campaigns
youtube testimonials
“Best couple selfie contest”

Mall Exhibit (one week)
Buzz marketing through bloggers
Mobile App
Internal Marketing Training
Incentives and Rewards

Legend
Awareness
Knowledge
Liking
Preference
Conviction
Purchase
Table 5.2 The Gantt Chart

VI. METRICS
1. Financial Metrics:
In order to have a deeper understanding on the effectiveness of our marketing

strategies, we measure its efficiency in terms of its returns on sales and in our marketing
investments.
a. Return on Marketing Investment (ROMI)
o Return on Marketing Investment

= Net Marketing Contribution
Marketing Expense
= 13,178,234.32 / 15,117,580.16
= 1.19
The 1.19 shows how productive our marketing strategies are for it yields a
high return in our marketing investment. This means that our marketing spending is
effective.
b. Marketing Return on Sales
o Return on Sales
= Net Marketing Contribution
Net Sales
= 17,986,696.48 / 33,104,276.64
= 54%
This implies that 54% of our net sales is attributable to our net marketing
contribution.
c. Market Share
Due to limited data as to actual sales on savings plan specific in Iloilo, from
the 13% market share occupied by Pru Life UK in 2012, the group assumed an increase
to 20% market share in Iloilo by year end 2015 brought by the aggressive marketing
campaigns specific on the saving plan, PruLink Exact Protector.
d. Cost per Customer Acquired

o Cost per Customer Acquired
= Marketing ExpensePLAN ON PRULINK EXACT PROTECTOR |
MARKETING 90
# of Projected Captured Target Market
= 15,117,580.16/ 1,842
= P8,207.16
In relation to the marketing expense, each customer costs P8,207.16 High
customer cost is computed due to the aggressive campaigns made in 2015. In the
succeeding years however, cost per customer shall decrease as customers in 2015 has
indirectly assumed part of the expense of new customers for the next years.
Notes to the above computations:
o Marketing Expense ( Note: Sales Commission is 25% of Sales)

= Promotional Expense + Sales Commission
= 6,841,511.00 + 8,276,069.00
= 15,117,580.16
o Taxes (Note: Taxes is P1.56 per 1,000)

= (Sales/1,000) * 1.56
= 51,723.36
o Net Sales
= Proj Annualized Premium for 2015 – Taxes
= 33,156,000.00 - 51,723.36
= 33,104,276.64
o Net Marketing Contribution

= Net Sales – Marketing Expense
= 33,104,276.64 - 19,926,042.32
= 13,178,234.32
2. Non- Financial Metrics

a. Brand Performance
To measure the brand performance, we are going to find out the number of brand
mentions especially on the brand of the campaign which is Paint Your Future by
monitoring it monthly you will know if we are meeting the promotions objective. Brand
mentions can be retrieved from major social media networks and blogs. Using the Google
Webmaster tools also we can see if how many are using the brand name or brand URL in
the web.
Tools for Measurement:
1. Google Webmaster Tools’ keyword report
With this you will get an overview of the approximate clicks and
impressions in organic search results that the web pages have received.
Which define the reach of your efforts.
Key measurement data to benchmark:
 Impressions
 Clicks
 Keywords associated to page (you can manually select each web page to
view specific keywords that the page appeared for in search engine
results)

2. Bing Webmaster Tools: Bing also provides similar data in association to Bing search
engine results, and the information it makes available extends back for 6 months.
3. Social media post performance: Social media platforms have significantly improved
reporting data associated with activity measurement and benchmarking performance.
These data points help prove reach and engagement of an organization’s presence in an
applicable social media community.
b. Consumer loyalty
Using the Google Analytics Tool, customer loyalty or retention can be seen. Research
shows that customer retention is a key; the cost for acquisition on a per-customer basis
may be 5 to 10 times that of customer retention. Research also says there is a 5 to 20
percent chance of converting a prospect to first-time customer status, and a 20 to 40
percent chance of reacquiring a lost customer.
The metrics below can help tell you how you rate at customer retention.
o Number of returning visitors
o Average frequency of returning visitors
o Ratio of returning visitors to all visitors
o Frequency of visit
o Recency of visit
o Activity of retained visitors
o Views of key pages and contents
o Retained visitor conversion rate
o Customer retention rate
o Average frequency of return for retained visitors

VII. CONTROLS
In order to maximize the return of the marketing efforts, it is important to

constantly monitor and evaluate the company’s actual performance as against the
marketing and financial projections.
A monthly analysis shall be conducted in order to keep track with the company’s
performance and determine the current standing of the company in relation to the
objectives set in every phase of the marketing activities. This control measures shall help
the company in their decision making to determine the necessary actions that the
company should undertake in order to reach their target objectives or to make some
adjustments in their strategies and objectives, if the results gathered in the marketing
dashboard e.g. in terms of number of website visits, YouTube subscribers and views,
Facebook likes, twitter followers and the like showed the need to do so.

Marketing Plan For Pru Life UK A Masters

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Marketing Plan For Pru Life UK A Masters

Uploaded by

Copyright:

Available Formats

I.

CURRENT MARKETING SITUATION

1. History and Milestones

Pru Life UK started its operations in the Philippines in 1996. It is a subsidiary of

MARKETING PLAN ON PRULINK EXACT PROTECTOR | 1

MARKETING PLAN ON PRULINK EXACT PROTECTOR | 2

2. Vision, Mission and Business Philosophies

Mission and Vision

We take the risk out of people’s lives.

We are committed to:

Our Guiding Principles

MARKETING PLAN ON PRULINK EXACT PROTECTOR | 3

Prudence, one of the four cardinal virtues, is an enduring symbol of Prudential

The face of Prudence is a longstanding symbol of integrity and security for

Rendered by Wolff Olins as a current corporate mark to suit modern sensibilities,

3. Current Products/Services Situations

MARKETING PLAN ON PRULINK EXACT PROTECTOR | 4

 Starts with a minimum premium of PhP3,000/month for the 5 -year payment

 Flexible options to increase or decrease your premiums, top-ups, withdrawals,

 Choice of PruLink funds, investing either in a single fund or multi-funds 2, to

MARKETING PLAN ON PRULINK EXACT PROTECTOR | 5

Typhoon Yolanda relief and rebuilding effort

MARKETING PLAN ON PRULINK EXACT PROTECTOR | 6

As a life insurance company offering financial protection to our customers, we

MARKETING PLAN ON PRULINK EXACT PROTECTOR | 7

Macro environment is defined as the factors that a company is unable to control.

Development Threat/Opportunity Marketing Implications

MARKETING PLAN ON PRULINK EXACT PROTECTOR | 8

Development Threat/Opportunity Marketing Implications

Chaos in other countries where Threat: Decrease in potential market, market

MARKETING PLAN ON PRULINK EXACT PROTECTOR | 9

MARKETING PLAN ON PRULINK EXACT PROTECTOR | 10

Development Threat/Opportunity Marketing Implications

MARKETING PLAN ON PRULINK EXACT PROTECTOR | 11

MARKETING PLAN ON PRULINK EXACT PROTECTOR | 12

MARKETING PLAN ON PRULINK EXACT PROTECTOR | 13

In terms of Technological environment, Social Networks and Media Strategy

Development Threat/Opportunity Marketing Implications

MARKETING PLAN ON PRULINK EXACT PROTECTOR | 15

MARKETING PLAN ON PRULINK EXACT PROTECTOR | 16

Size, Market Trends and Growth Potentials

To estimate the demand, data presented above have to be considered as

MARKETING PLAN ON PRULINK EXACT PROTECTOR | 17

MARKETING PLAN ON PRULINK EXACT PROTECTOR | 18

Growth rate (based on 1.49%

Employed Under 25-

MARKETING PLAN ON PRULINK EXACT PROTECTOR | 19

Total Target Population

Year Growth Rate Total Target

Growth rate (based on data 1.48%

MARKETING PLAN ON PRULINK EXACT PROTECTOR | 20

2010 Under Working age Total Size OFWs Age Size

MARKETING PLAN ON PRULINK EXACT PROTECTOR | 21

Total Target Population Size

Year Growth Rate Total Target

MARKETING PLAN ON PRULINK EXACT PROTECTOR | 22

UNDERSTANDING AND CONFIDENCE IN RELATION TO PURCHASE OF

MARKETING PLAN ON PRULINK EXACT PROTECTOR | 24

CONFIDENCE IN THE FINANCIAL SERVICES INDUSTRY

MARKETING PLAN ON PRULINK EXACT PROTECTOR | 25

MARKETING PLAN ON PRULINK EXACT PROTECTOR | 26

INSURANCE BUYING BEHAVIOR