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+--- Thread: How to increase the attractiveness of business interruption insurance among small to medium sized companies? (/thread-43288.html)
How to increase the attractiveness of business interruption insurance among small to medium sized companies? - Khinny - 11-19-2012 02:11 AM
I am doing a general insurance project and I am stuck with this question..
Can you guys help come up with some suggestions on how to increase attractiveness for BI insruance?
Also, evaluate how IT or internet can be better utilized in the sale of business interruption insurance
Thanks
- Marcus Tan - 11-19-2012 02:19 AM
I've studied a little marketing and here's my effort to help.
Since your target consumer are small to medium companies, you should identify their needs, perception of value and your competitors and apply it to your 4Ps (promotion, product, price and place)
For price, small-medium companies would most probably prefer low price with high value. So if you are going into business with them, expect low profit or no profit. I don't really know about the demand elasticity of insurance but if it's elastic, you will get more demand if you lower your price and you will end up getting more profit. Also, you need to be mindful of what your competitor is offering.
For promotion, I am sure everyone needs some assurance when paying for something. So you have to in a way persuade them that they NEED your product. List out the interruptions that businesses have encountered and their loses. It is also good to have some testimonials from your existing customers. In marketing, promotion is the most important thing. Promotion determines whether your business fails or pass. therefore, you shouldn't skimp on it. Another tip would be to make your product a conversation topic. Make catchy advertisements that are funny or something.
For place, if you want to use the internet, you should probably get on forums or social networking sites. Maybe insurance forums or something. Don't get on advertisement sites, nobody would bother to read it. Plus if you create a social networking site, you could stay in touch with your customers and create a better relationship resulting in a customer who is more loyal. Loyal customers are important because they are like a free source of advertisement.
Hope I've helped.