Fire Insurance Marketing Plan
Fire Insurance Marketing Plan
Everything nowadays is prone to damage when it comes to certain different circumstances. Some shortcomings and misfortunes come when unexpected while others can be predicted. Carefully knowing the right measures to take to be cushioned against any shortcoming is the best for this. Measures should be taken before anything of any sort happens. Insuring everything is the best to be cushioned against such in future. For insurers, carefully identifying the specific items to insure becomes very crucial and correctly marketing your services will be the key to your success. Nothing beats the right information being given to the public as asserted by (Besley & Hall, 1996). Marketing thus plays a great role with this respect. A good marketing plan that focuses on all the aspect is desired. For a case of fire insurance, knowing all the details and the previous history of the customer taking the insurance plan is very crucial. Carefully marketing these services to the people will play a very great role in bringing the insurance service to those who are not yet insured and making those already insured change their plan to suite yours because there is an already big market out there that has already tapped them. Offering extra services and having a pretty good and clean track record will make your services grow and also bring in a good number of customers.
For a specific case of offering fire insurance to the customers, they need to be exactly taught on how they are going to be compensated before anything happens. This should be part of the introductory when it comes to this department. Fire cases are normally many and so many people will most likely opt to take such insurance because of its nature. It should be targeted to everyone who plans to invest in it and thus make the final product plausible and well with the
people that are taking it. No one wants to risk their hard earned money with insurance company that is not that very strong and up to its task. Reputation is also the key to succeeding in this fire insurance business. Many people have had cases in the past that involved fire and have lost some of their things forever to such disaster. This is because some of them never insured themselves a lot while other were never compensated because the terms of compensation were not clear as earlier planned or organized by the parties involved. Reaching out to the people that have not yet insured themselves will be the solution to handling the issue of those who are not yet insured. To those that completely lost their property though they were insured and want to insure with the new company, they should be well informed of all the terms of compensation and benefits so that they do not damage the reputation of the company when an incident like this happens. They should be adequately informed before taking the insurance (Ackland, 1898).
The market place that this insurance policy targets is the average American market where there are already insurance companies that offer such services. This is a country where the insurance market already developed and people signed up long ago. There are also a few people who are investing in houses and structures that need to be insured against fire though few. Tapping into this new though small is very crucial for the insurance company. This is an easy target to convince to sign up with the insurance company though they might prefer old companies that are already established. The people who already took up the insurance policy must also be enticed with more benefits when compared to the other companies offering the same services. This will make some of them change their minds and even prefer to come and insure their properties with you. Being transparent will have to proof to be the key when doing this. The best way of thriving in such a market is by identifying the weakness of individual existing insurers and banking on them. Research should include the initial phases to identify exactly what the people want and are not getting. This service could then be offered to the people without compromising on the quality of services that is offered so that they can attract more and more people to this initiative (Frankel, 1911).
In line with this situational detail on the ground, there are specific details that the company offering this fire insurance should put in place so that everything is well ironed out according to the requirements of the industry. This is the SWOT analysis where the company puts into detail its strength, weakness, opportunity and threats. All of these should be put into focus so that the insurance company can achieve the best that is possible from it. The strength of the company is very crucial in attending to all the required needs. It is very important for a company to identify the strengths that it has so that it can use it to overpower other competing companies. For a company that deal with fire insurance, the loopholes that are in the present companies will form the strength of the company by focusing more on the developmental aspect of it. This ensures that company grows and invites other customers who are not satisfied with the services they are getting from their present service providers. This could include providing and paying for extra services and even helping them restore the burnt property. This will motivate more customers because it will take away the burden of putting up a new house. Apart from providing the amount of money equal to the property, offer them to restore and build it once more similar one or even a better structure as per the agreement (Ackland, 1898).. Such motivations and extra services beyond just insuring will help the customers a lot to like the new company. Providing other tied services to the insurance plan is also a strong hold that will be put into action. Other tied insurance plans like offering car insurance and other insurance covers that the customer will prefer is also the best way. The customers will opt for one company that they
trust to offer them with all the services of insurance they require will proof beneficial to the company. When many customers come for their different activities here, it will be beneficial to the company at last.
Understanding the company’s weakness so that you can work on them is very critical according to (Marx, 2004). when it comes to marketing fire insurance to the people at large out there. Company weaknesses are the ones that the people focus on every time they are selecting an insurance company to insure them against anything. Weaknesses help customers judge for themselves very well to know if they deserve the company to insure them or not. Aligning them and working on them should be the order of the day when it comes to this in the insurance company. Carefully explain to the customer about anything and any question they might have so that they clear any doubts. Constantly asking the customers if they wish to be given more advantages or added benefit will be good for the company and the people at long last. Customers tend to be more observative and thus they should be used as a resource to look into the workings of the insurance company. The main weakness that this insurance company since it is new will be the touch with the people. People are normally very speculative when new products are in the market. With time, this can be smoothened out and common to the people out there. This will make the people understand well the intentions of the company.
There are several opportunities out there that will play a critical role in the success of this insurance plan. If well tapped, they will be a great resource to the company to the company to invest in. Fire is normally common in different and many places either at home or industries (Yereance, & Kerkhoff, 2010). This is brought about by the very many causes that can ignite and bring about it. The use and mishandlindling of gas in a home a bring fire. This is one major opportunity to cash in for the insurance and inform the people that even if they mishandled it, they were still covered by the insurance company. There are also fire cases that are commonly brought about by electricity. Naked wires when put together can cause fire and thus damage of property thought it. Explaining to the customer how such cases will be handled will keep the customer at bay and in preparation for any eventually. Taking care by insuring such unplanned acts will lead to the customer satisfaction and thus the growth of the insurance company because the customer will know well the services that are being offered (Ackland, 1898). There is also an opportunity in the industries. In an industry, there are cases where there are a lot of chemical reactions. These reactions lead to fire and hence finally causing massive destruction. Correctly advertising to them will make them insure in the insurance company that will even offer more services than just compensating for the damages. All the causes are as stipulated by (Yereance, & Kerkhoff, 2010)
To such a company that is new and well-targeted to challenge every shortcoming in the future, there are very many challenges that it is likely to be faced. The first being; the market is already present and already established. There are already players that are in the field and thus this is facing the threat of being ousted by the big boys with better revenues. This is a very crucial challenge to be focused on and thus need more time and resources to overcome. Once there is a good customer base, this challenge will be no more and thus will be very good and plausible to the people (Frankel, 1911). There will also be a challenge in the marketing of these services since the people targeted might not directly understand them. The potential customers might have a feeling that they are being offered the same services. Correctly marketing off the services will make it easier for these services to sell. The main issue will be focused on the added services that the people will receive. They will majorly be the marketing tool and the object on focus here. The other challenge that the marketing department is likely to face is the steep competition. The insurance companies that are already on the growing will not be willing to let go and see their customers being taken away by new emerging companies. They will come in and invest a lot of money into it. They might overpower the present company on the ground since they have the full resources and equal potential. They might as well be focused on bringing by introducing similar benefits that will support their present customers and prevent them from moving away. The other main challenge for a startup company is the resources that will be devoted into doing this and getting the people to know about it. This is a very risky adventure businesswise because you are not hundred percent certain of its eventuality. Each and every business should risk a lot to get what they want from it. The fire insurance won’t be an exception to this. Doing everything right and putting priorities where they belong will be the major issue here.
The fire insurance organization mission is very clear and concise with the requirements of the customers. Its mission being; providing exceptional service beyond limit, well suited for such a company with extra services beyond just insurance. The mission by itself portrays the company in a light and convincing manner. Many people before choosing an insurance company to offer them their esteemed services will like first to know and analyze the company before finally going for it. Having a clear vision and a philosophy will help the company a great deal. Many people believe in the vision and mission statement of the company as a reflective of what they are offering to the customers. They should be very clear well marketed to the customers to boost its knowledge and awareness of the people. Having a clear initial customer relation that resonates well with the company’s mission statement will help a lot in also implementing it. This is very crucial especially the first move since the customers will make their judgment basing on the first impression. The first few customers will also act as the litmus test for other customers who will follow. Correctly treating them will lead to more and more customers in the future. Their satisfaction and customer oriented programs should be the key to marketing. Marketing should therefore be focused on the customer. The other best way to drive this marketing point home is through explaining to the customer and advertising it in the media. This will give the customer a sense of quality and more urge and courage to invest in the company. Their fire insurance will prove beneficial according to the mission and vision of the company (Frankel, 1911).
As it goes down in any marketing strategy, companies normally use this to be the best weapon in marketing their products. As also according to history, it has proofed to be the best and the one of the few things that a company should always focus their energy and efforts on. Careful marketing will be required to drive this product to the market and to the people at long run. The mission of the company will therefore have been achieved when people adopt this product. The long run and the final goal of the organization will have been achieved. For it to happen that way, people must therefore be involved in this. The workers of the insurance company should work together from the top managerial to the people who do that physical work should all be involved in doing this. The realization of the vision will involve all the stakeholders so that everything can be undertaken smoothly. The vision of the organization should also be well spelt out. The vision will always act as the driving force and the believe that people working in and for the insurance company will abide and stay by it all the time. A clear vision on the marketing strategy will also act as a driving force towards achieving the set vision. This is the goal that the insurance company wants to achieve in the long or the short run when anything is compared to the present situation (Ackland, 1898). When also this has been achieved, the vision will act as the guiding light and the principles that the insurance company will abide by. The philosophy of the company what the company believes in. this will motivate the people to take up insurance cover on the company and hopefully grow the company. This can be a very powerful weapon when marketing and bringing new products to the market. All these components of the insurance organization when combined together will lead to the success of the organization. The people that interact with the system will benefit in the long run.
The marketing plan for this product will start from the beginning when the service is launched. The top notch service will start from the employees being insured first. This will then officially start from the first customers that come to the premises to seek insurance. The plan will include television advertisement scheduled at hours that most people are at home and those that are peak hours. This will ensure that the message is well sent out to the right people at the right time. This will encourage them to take up insurance cover on the items found necessary to be covered. Television has proofed to be one of the most effective advertisement tool ever since its first use as asserted by (Frankel, 1911). Flyers should also be prepared by the advertising agent so that it can be distributed to the members of the public. These flyers should contain the information and all the services that insurance company provides. They will be given to a special team that will distribute it to the respective persons, the members of the public. This will also include everyone who visits any center where this insurance service is offered. The information here will also include the extra services offered by the organization. The differences with the existing services should be well spelt out. This will make the potential customers and everyone aware of the services offered by the insurance company. The other means of marketing this is using posters. The posters here will be placed by the most reliable advertising companies that are well knowledgeable in the American market. They will provide traveller with this information at different strategic position so that it can be visible to the members of the public.
As a new company with fire insurance service, everything possible should be done so that the members can recognize the brand and relate to it. Doing all this advertisement and marketing will require a huge junk of money so that the final goal can be achieved. The marketing department should implement all those to ensure that they reach the targeted members of the public. It will payback if it is properly done. The other major marketing section of this fire insurance should include various visits to the companies with their factories if any. The visit by the marketing team will try and convince the people responsible to take up the cover. The discussion will include how the services will be provided to the company itself (Besley & Hall, 1996). It is very important for many companies involved to be taking up insurance cover I this company because they will increase the final financial turnout of the company and thus making it easier for it to achieve its financial goals at the end of it all. The marketing department is tasked with the responsibility of taking care of this and several other persons that bring huge investments to the company. There are several tactics that can be employed to get things done the way it is and the way it should be. There are several companies that deal with giving these public relations services for companies. They could be hired so that their expertize can be netted in getting the clients required in this field of insurance. These companies have proven to be beneficial in their work in this field for other companies.
Appealing to a specific market has always been a very crucial tool for any marketing adventure for any product. This will create a brand of loyal people where they can always be relied for the backbone of the company. This is mainly homes and companies. The two will provide the fire insurance company with a good stream of capital to make a meaningful investment. Companies will make the best because they normally have a huge investment in terms of capital and thus the company will be in a position to benefit from their insurance share. Insuring homes is also the best since everyone has a home. Influencing them to take a cover will take the company a great mile.
Based on the situations placed above, the future of such insurance plan seems to be bright. Careful analysis of the strengths, weakness, opportunity and threats prove that the fire insurance sector is brighter than many people can view it. There are people who do not see the importance of such insurance. They normally view its importance when a catastrophe falls upon them. Such people through the necessary education and campaign will take up the cover. This will make the company grow and thus its future will become plausible and determinable. The first year in the marketing plan might not yield a lot of revenues since the product and the company is at its initial stages. The marketing and the internal organization has just taken off. The staff will also be learning various challenges that are associated with it though they would have been drawn from places where they handled such in future. The first year might proof as a determining factor which will determine if the project will go on as planned or some modifications will suite the market needs. This is normally the determining factor which will determine if the product will proceed to its final stages or additions or subtractions to it made. The second year is mostly a year where take off should begin. There are customers who have already signed up and some are beginning to know about the product and taking cover. This is a year where marketing and advertisement should proceed as people are beginning to know about the unique products offered in here. By now, the company should have seen some financial income though if it doesn’t, there is still no big deal. If there is none, educating the people should proceed as usual. Advertising should also proceed as planned. The financial prospects of the company should be plausible and well framed out. Exploring other markets should be an option if it doesn’t take off within five years. There is no business that should continue if it is making losses (Besley & Hall, 1996) . This is in an event where the worst happen. This is never expected in any company though preparing for it is better if it seems to be inevitable. If the above is well planned and spelt out, this will never happen though mentioning in the plan is best for any marketing plan in an event of any eventuality.
In conclusion, the marketing plan should be implemented smoothly according to the plan above. The market itself is not congested and that gap should be taken into account and well utilized. Due to the increased incidences of fire in the recent past including forests fire that can go all the way to human premises, there is an opportunity here and it should always be tapped so that the company can get enough resources to grow. If each and every market segment is well exploited, you stand to benefit a lot from it (Frankel, 1911). My final recommendation will be that the company be constantly in touch with the people and respond adequately and accordingly to the people when the markets needs any assistance and when there is a gap in it. The fire insurance product should also be in a good position of looking for historical places where such cases of fire have been witnessed regularly and take their services close to that place as they are abound to see uptake in their customer base. Going to these people will also involve them first hand and therefore an uptake and performance in the services. My final recommendation should to this company is for them to ensure that they are always with the customer. They should always put their needs and requirements as first hand. They should also always be true to the customer and tell them if something is possible or not so that a customer is never heart broken. If all of this is put in place and implemented, the fire insurance marketing scheme will certainly take effect and be successful. Doing all these has proved to be successful for everyone who wishes to get to where they want. Persistence is also a very crucial tool in getting here.
Ackland, J. (1898). Fire insurance claims and unjust settlements: misuse of the average clause. Glasgow: Bryce & Murray ;.
Besley, T., & Hall, J. (1996). The demand for private health insuarance: do waiting lists matter?. London: Institute for fiscal studies.
Frankel, L. K. (1911). The Principles of Life Insurance. S.l.: Metropolitan Life Insurance.
Marx, C. (2004). The great Chicago fire of 1871. New York: Rosen Central.
Report of investigation agency, Ohio Department of Commerce, State Fire Marshal : file ID no., 2013-CA00030.. (2014). Columbus: State of Ohio, Office of the Inspector General.
Yereance, R. A., & Kerkhoff, T. (2010). Electrical fire analysis (3rd ed.). Springfield, Ill.: Charles C. Thomas.
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