Company Name: Bright Life Microinsurance Company (BLMIC)

Service Name: Microinsurance

Group Members:

 Aragon, Stephanie G.
 Destura, Nadine E.
 Esmeña, Rose Anne

Service:
Microinsurance aims to help those low-income households to have their money or any valuable assets
secured for emergencies or future needs for unforeseen events, education, compensation for illness, death,
disability and more, in an affordable rate. Microinsurance helps protect households from risks such as selling
property or lending money and avoid risks that leads to poverty.
This service ensures the clients with assistance through financial assistance in exchange of low
payments according to the client's capacity to pay. Since most of low-income earners do not have the capacity
to avail the services to big insurance companies, microinsurance companies fill these lapses and provide poor
people with affordable financial assistance and life insurance.
Marketing Aspect:
This service targets the low-income earners, especially the construction workers, farmers and small
business owners as their customers, for this company aims to improve the connection between low-income
earners and the financial services. This business also aims to help those fresh college graduate or those who
are not yet earning enough money. It is better to help them start young in securing their future through
financial service like insurance.
With this kind of service, it is best to go to field and market the service personally. By this, the officials
can relate more to the potential customers and be able to explain more about the company's offered services.
Print advertising is also useful in promoting the business such as newspaper, posters, and flyers. Online
advertisement is also suggested specially for those target young individuals.
In the field of microinsurance, there are plenty of institutions that offers the same financial and
insurance services in the Philippines. We have Sun Life, Cebuana Lhuillier which also offers microinsurance,
and other local Microfinance Institutions. Internationally, we have the Asian Life & General Assurance
Corporation, SBI Life Insurance Company Limited and many more global financial companies that offers
insurance services.
Bright Life Microinsurance Company is a client-friendly institution, it focuses more on the benefits that
their clients deserve. It provides affordable access to insurance to insure the clients’ future events. The service
offered is closer to the clients and their situation, that will be enhanced with more skillful employees and
knowledgeable staff. The hurdles that the company is facing are the experiences and better service that
existing competitors offer to attract their customers. This could easily be resolved with proper market analysis,
staff trainings and proper implementation of strategic plans. As long as there are low-income earners who are
not capable of availing financial services from bigger institutions, microinsurance companies will serve as a
way to start insuring their future as soon as possible.

STRENGTHS OPPORTUNITIES
 The target markets  Growing Market
 Offers premium services at an  Young individuals
affordable rate  Use of technology in promoting the
 Skilled and knowledgeable employees business
WEAKNESSES THREATS
 Developing a better marketing  Other existing microinsurance company
strategy who offers the same features
 Maintaining loyal clients or customers  Lower profits
 Not yet known by most of the people  Fraud

This kind of service have lots of advantages to those underprivileged individuals or households that will
make this business effective and successful. Bright Life Microinsurance Company (BLMIC) will give
opportunities to the people especially to those targeted individuals to be financially secured. It also offers
premium services at an affordable rate especially to the underprivileged individuals according to their capacity
to pay. The business will also hire skilled and knowledgeable employees to have a standard quality of service.
The target markets and the purpose of this business are the strengths of this business because of its relevance
in today’s problems or issue like poverty.
Opportunities for the business are also abundant especially because the target market are those who
are low-income earners. It is an opportunity because there is a growing market - there are still many people
who are not privilege enough to afford insurance and this business will be the way to help them; if marketed
effectively, more people will be interested in acquiring insurance that will be an opportunity to the business to
improve and grow. Introducing insurance to young individuals is also an opportunity for the business because
they can help promote the business to their peers if they are satisfied with the service. Also, with the help of
technology, the promotion of the business will be much extensive and easier.
Problems, however, may be present as this business operate; there are weaknesses and threats that
the business may face that needs to be handled and managed. The marketing strategy of the business will be
its weakness if not developed and executed properly. Microinsurance is difficult to market especially because
the target markets are low-income earners which will be difficult for them to easily invest their money in a
financial service like insurance. Gathering and maintaining customers will be a challenge and a weakness to
the business. Creating a strong image of the business is also challenging. It will take some time to get people’s
interest especially because the business is just starting and not yet known by most of the people.
This business may also face threats from the start and along its operation. Other local microinsurance
companies are one of those threats that the business may encounter. Since there are other existing local
microinsurance companies, competition is inevitable. Lower profits and fraud are also threats to the business.
From the following reasons mentioned, there is a possibility that the business may experience generating low
profits as well as fraud.