The Marketing Strategies of a Life Insurance Company

Abstract

The Insurance industry has a very long history in the Philippines, particularly life insurance. However, it still seems relatively young due to its low penetration rate in the market. Compare to more developed countries; life insurance is deemed necessary as part of their basic financial need. Contrasting to this belief, although many Filipinos are aware of the importance of life insurance, it’s still not being prioritized. This research aims to determine the level of effectiveness of the marketing strategies used by life insurance companies by using the theoretical framework on the 7 Ps of Marketing Mix. My research findings indicate that the majority of the policyholders who participated in the study were Millennials (ages 26 –35 years old). Furthermore, the research reflects that the marketing strategies of a life insurance company were assessed as “Effective” on all aspects –Product, Price, Place, Promotion, People, Process, and Physical Evidence. Although, there’s a need to improve in terms of the promotional strategy of this life insurance company which is due attention in selecting the promotional tools when communicating to different age groups.In the country, most of the studies in the life insurance industry are done from the finance point of view and only a few from a marketing point of view. By researching the level of effectiveness of the marketing strategies used by a Life insurance companies towards its policyholders, it will help the industry to gain more insights that may help them improve their marketing efforts to reach out to more people.