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Island Life Insurance Case Study

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Submitted By andrea756
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Island Life Insurance Mission Statement
What do we do? Provide Life Insurance
How do we do it? ??
Whom do we do it for?
What value are we bringing? Core Problem

* Selling Concept

* To achieve 5% of market in 20th year, currently only 3% has been achieved. The other 2% must be achieved in the next 2 years

Strengths * Reputation * Financial Stability [Island Life Insurance and Island Life General and Casualties

Weakness * No marketing department, not enough promotion (insurance needs a lot of insurance since it is not a sought out product/good by most people. A new product cost $100,000

Opportunities * Offer current policies holders a package update to keep them from surrendering their policies or lapsing.

* Female Market * Current economy has improved and life insurance is selling again

Threats * 25 long term life insurance companies / competition / larger and more established companies

Alternatives * Promotion
Use a marketing strategy that would draw customers to their insurance company. Since the idea is to get the word out then advertising can be done via websites, billboards, and newspapers. Also, by referrals

Pros
This can be very effective for unsought goods such as insurance. This strategy lets prospective customers know what you are selling, which can capture their attention and query further either by calling in or going to one of the locations.

Cons expensive and time consuming

* Market Research
· To find out why customers surrender their policies and why they lapse.
· Employment Rate
· Increase Age Range from 25-45 to 25-65
· Saving component
· Policies to target construction and production industries. Distribution
Highest population is in Port of Spain, San Fernando, Arima, Country St. George

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