The Marketing Strategies of a Non-life Insurance Company

Abstract

The purpose of this study was to assess the marketing mix strategy of a non-life insurance company and the level of satisfaction of their consumer policyholders which is essential to achieve the company’s goal. The respondents were randomly selected consumer policyholders of Standard Insurance Cabanatuan Branch. Data was gathered through survey questionnaires, tabulated and analysed. Most of the respondents were 28–37 years old, male, married, have Bachelor’s degree, working in private firms, have P8,000.00-P17,999.00 average monthly income, and non-life insurance policyholders for 1-3 years. Motorcar insurance was the most availed coverage. The respondents assessed their level of satisfaction on the marketing mix strategy of the non-life insurance company in terms of product, price, place, and promotion as Satisfied. The result also showed that there is a significant difference in the respondents’ level of satisfaction when grouped according to age and average monthly income, sex in terms of place and promotion, highest educational attainment in terms of promotion, type of employment in terms of product, price, and place. Whereas, there is no significant difference when grouped according to a number of years as the policy holder, sex in terms of product and price, highest educational attainment in terms of product, price and place, and type of employment in terms of promotion. Based on the findings, it was recommended that the non-life insurance company should offer more competitive pricing or packages that would attract different demographical segments. Improving promotions and advertisements should also be done especially on social media.