Marketing Plan: Mobile Insurance
Nyker Matthew C King
Tina Mate
Jewemars Riano
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Abstract
The mobile microinsurance marketing plan boasts itself as it highlights the overview of the mobile microinsurance industry, its current market condition, its external and internal factors driving and affecting its growth, its competition arena, and its key players through the lenses of different stakeholders. The paper describes the current marketing situation of the mobile microinsurance industry as it gives a thorough narrative on the market trends of the said industry both in the perspective of the local and international arena. It gives a bird’s eye view of the current battlefield of the said industry by illustrating the interconnection of various players and its roles in the industry. Moreover, the paper prides itself in showing the target market’s behavior which can be later used in formulating strategies for capturing the target market. The paper also emphasizes various macro and micro environmental forces that can greatly affect the mobile microinsurance industry. As such, pertinent examples are also illustrated in order to prove that such factors should not be overlooked in order to maximize the benefits it may enjoy on successful mobile microinsurance product launch. After discussing the foregoing concepts, the paper moves on to propose appropriate and winning marketing strategies based on grounded principles and proven success stories in other countries with similar situations and challenges faced by the existing regulatory environment of the Philippines. The proposed marketing strategy also identifies clear marketing and financial objectives so as to position the mobile microinsurance product well that can attract customers. It also seeks to have the firm cross the technology chasm in the shortest possible period while maximizing and enjoying the benefits of such strategies. Furthermore, the proponents recommended various marketing mixes that clearly define the advertising and branding strategies that are founded on marketing principles across the diffusion curve. The proponents well understand the value of effective pricing strategies for mobile microinsurance aim for low-cost, high-volume business. As such, this paper gives suggestions for various pricing options that can cater the marginalized and low-income earners which are the target market of the mobile microinsurance industry. Moreover, the paper gives an in-depth market research that is sourced from consultations and interviews gathered from various relevant stakeholders from the regulatory sector, mobile microinsurance providers, down to its potential customers. An in-depth financial forecast of sales and revenue for the next 3 to 5 years is also included in this paper. It analyses the possible profit and losses of the firm and how marketing could affect these movements of the firm’s money. A marketing budget is proposed in this paper to allow insight on the different activities that will entail in the marketing plan, coupled with the equivalent costs for each activity. Finally, the aforementioned strategies, after taking into consideration various concepts and all reasonable risks, the paper gives detailed implementation measures and contingency measures should the plan fail to materialize. GCash Insure provides a way to protect every Filipino through affordable comprehensive insurance. It uses microinsurance to bridge the lower financial bracket to a better financial plan. In this paper, we propose an integration of GCash Insure to the GCash mobile application by creating a separate module for monitoring and control of the user’s policy. Through the module, users can avail a microinsurance policy, upgrade their current policies, pay for their policies, view and monitor their policies, add dependents, and inquire more about GCash Insure. Different technologies were advised to be included in the module to empower users with the best customer experience. This paper also includes the current pricing strategy and what needs to be enhanced and considered for the long run. Activities internal and external to the organization were also proposed to have a strong primary and secondary brand knowledge.
