Developing a Marketing Strategy for an Insurance Company

Abstract

Both new and existing business ventures always require hard work in pursuit of potential and committed clients, although hard work alone will be in vain if not equipped with modern in-novative ideas and developed strategies. Empowering the sales personnel (sales agents in the case of insurance companies), through education and training which is very important, will ensure success in the entire industry.

The general understanding of insurance offerings by consumers is changing compared to earlier time say ten years ago, when insurance products were mainly about covering risks and lives. Today, the insurance sector is all about acquiring wealth while disrespecting the basic objective that is risk management primarily used to hedge against the risk of a contingent loss, although Consumers are seeking variety and customizability in their investment portfolios.

Marketing in recent decade is also changing and has turn to be complicated due to the changing trend of taste and fashion. More still, in today’s world, companies do not compete only with the quality because quality of the products starts to be equal only with minor differences.

Developing a marketing strategy for an insurance company is an attempt to break through the Cameroon insurance market, considering marketing models such as the four P’s(Product, price, place and promotion). It is worth noting the discovery of additional three P’s (People, Physical distribution and Process).

The research is base on the most recent ideas, on how to build the marketing sector of Beneficial General Insurance related to the modern marketing trend that exist. In an attempt to search long lasting strategy, which will enhance the modern society method of thinking and how to offer the best insurance services both in the short and long run.

Existing problems of this research is based on developmental ideas on marketing methods, redefine the essence of marketing Mix prior to the insurance sector.