Factors Critical In Marketing Strategies for UK Insurance Companies

by

ACKNOWLEDGEMENT

For this research, I would like to thank my family, friends and specifically my supervisor, for supporting and guiding me throughout my journey of learning. Without their support, it would not have been possible for me to conduct this research.

DECLARATION

I, (Your name), would like to declare that all contents included in this thesis/dissertation stand for my individual work without any aid, & this thesis/dissertation has not been submitted for any examination at academic as well as professional level previously. It is also representing my very own views & not essentially which are associated with university.

ABSTRACT

As a financial intermediary and also being a business whose prime objective is to provide risk transfer and indemnification. An insurance industry increases economic growth by managing risks efficiently. Insurance companies are non-depository financial institutions negotiating, calculating, manipulating, and managing society's casualty risks, including both business and personal life risks. The insurance industry of UK includes both life insurance and non-life insurance sector. The life insurance sector of the industry includes morality protection and annuity. On the other hand, the non-life insurance sector of the industry includes accident and health, and property and casualty insurance segments. The insurance industry is dependent on various factors. These include economic as well as non-economic factors, which makes the future performance of the industry very difficult to predict. The forecast of the UK insurance given below provides a rough estimate of the direction the UK insurance industry is likely to move. The objective of this study is to provide the insurance companies operating in United Kingdom with the factors they should focus on in developing a marketing strategy. The research is conducted using primary quantitative methodology. Surveys were conducted from the employees working in the marketing department of insurance industry of UK. From the survey result it was found that education, political and economic conditions, purchasing power, life expectancy are the critical factors in marketing strategies of insurance industry of UK.

TABLE OF CONTENTS

ACKNOWLEDGEMENTII

DECLARATIONIII

ABSTRACTIV

CHAPTER 1: INTRODUCTION1

Background of the Study1

Overview of Insurance Industry of UK2

Research Aim and Objectives3

Significance of the Study3

Research Questions3

CHAPTER 2: LITERATURE REVIEW5

Marketing Concept5

Competitive Advantage through Marketing6

Marketing and Brand Equity9

Marketing Mix10

The Marketing Concept in the Insurance Industry11

Interpreting the Marketing Concept12

The Determinants of Demand for Life Insurance14

CHAPTER 3: METHODOLOGY16

Research Method and Design Appropriateness16

Primary Research16

Quantitative17

Justification for Chosen Method18

Research Design and Process19

Participants19

Research Instrument19

Informed Consent19

Confidentiality20

Data Analysis20

CHAPTER 4: RESULTS AND DISCUSSION21

Survey Result21

Discussion31

CHAPTER 5: CONCLUSION35

REFERENCES37

APPENDIX43

Survey Consent43

Chapter 1: Introduction

Background of the Study

As a financial intermediary and also being a business whose prime objective is to provide risk transfer and indemnification. An insurance industry increases economic growth by managing risks efficiently. Insurance companies are non-depository financial institutions negotiating, calculating, manipulating, and managing society's casualty risks, including both business and personal life risks. Ward (2002, p. 507) examines the signalling power of dividend increases by insurance companies. They find the fluctuating magnitude of the market reaction to be lower, as a whole, for life insurance companies when compared with that of other insurers or industrial firms, but higher when compared with ...