IC21: Marketing

1. Marketing strategy

We offer low cost insurance products that meet the needs of our customers.

We educate our customers about the insurance products through FAQ (frequently asked questions) posted in our website.

We keep our products simple, so that it is easy for the consumers to understand. It allows us to reduce the cost of selling and administering the product.

2. Lower cost

We are able to reduce the cost of our products by 5% to 15%, compared to similar products in the market.

This is achieved through higher productivity in the sales and administration. We pass the savings to the consumers.

We ask our customers to introduce their friends to us, so that their friends can also enjoy the benefit of our lower cost. This helps to increase our sales productivity.

3. Advice

We provide advice to our customers through agents (who contact the customers) and through our contact center (when customers call us).

We offer the same premium rate through both channels. They allow us to serve two different markets.

The customers receive clear and consistent advice through the FAQ, with explanation given by the adviser.

More complicated issues are escalated to an specialist to provide the right answers to the customer.

4. Introducer

We encourage our customers to introduce their friends to us. As our customers have bought the product and knows the advantages (i.e. lower cost and transparency), they will be helping their friends to enjoy the same benefits.

We provide a modest incentive to the introduer for each successful introduction. This can be used to offset their future premium.

5. Potential customers

We will register a potential customer in advance of their decision to take up insurance with us.

We wil provide relevant information to the potential customer and educate them on the appropriate insurance product. This will be free of charge.

They can decide at a later date on whether to buy our product and enjoy the cost saving and other advantages.