Strategic Marketing Plan for Pru Life U.K. Philippines / Bantolino, Mediatrix; Nicolas, Ana Dominica M.; Opimo, Judylyn Mei B.; Perucho, Crisel P.; Romano, Franchezca L.; Salmiti, John Norbert F.; Suarez, Treena Marie M. and De Villar, Latrell Austin C. 6

Marketing Plan (BSBA major in Marketing Management) Pamantasan ng Lungsod ng Maynila, 2016. 56

5

EXECUTIVE SUMMARY:

Life Insurance in the Philippines is a massive industry providing the benefits of being prepared for the future's assurance, a contract between an insurance policy holder and an insurer and the beneficiaries, where the policy holder promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person or the policy holder. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses such as can also be included in the benefits.

Life-based contracts tend to fall two major categories:

Protection policies designed to provide a benefit, typically a lump sum payment, in the event of specified event. A common form of a protection policy design is term insurance.

Investment policies where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms variable life insurance policies.

There are various life insurance companies that offers quality service and satisfaction such as Sun Life, Insular Life, Manulife, Axa Life and Pru Life that plays the top 5 spot in the industry, according to facts and unbiased financial reviews but only a number of them are known by the mass due to different types of advertisement they offers such television commercial that requires influential celebrities, sponsorship and other events that these companies are engaged.

Pru Life UK is one of the leading life insurance companies in the Philippines, with over 18 years of excellence in providing relevant and innovative life insurance products designed to meet the specific needs of the public. The pioneer and expert in investment-linked insurance products. Pru Life UK is driven by its commitment to always listen to and understand the financial protection and wealth management requirements of the Filipino.

In the Philippines, Pru Life UK offers an increasing portfolio of ordinary life, endowment, personal accident and investment-linked products. In 2010, Pru Life UK was recognized as the fastest growing Prudential company in Asia by regional headquarters Prudential Corporation Asia (PCA).

Base on the survey conducted, 37% have life insurance while 63% don't have it. After asking those who don't have life insurance if they are willing to invest, 28% answered sure while 17% answered I don't want while other respondents preferred not to answer. When ask about their priorities for getting insured, 45 people answered Health is their priority, 44 responded that education is also one of their priorities, 26 said medium to long term is also a priority lastly, 12 people answered retirement is their priority.

As for the factors respondents consider in choosing an insurance company, Benefits of the Insurance ranks first with 66 people consider it. Quality of Service ranked second as 63 people also choose it. :Credibility of the Company ranked third with 43 respondents consider it. In the fourth place are Interest Rate and Price of the Premium with 33 people for each factor chose it. reviews and Feedbacks ranked fifth with 20 people. Finally, Celebrity Endorsement ranked last with only 3 people considering it.

Respondents were asked how they knew about different life insurance companies, 56% said that they were informed by advertisement such as TV commercials, prints and billboards, 41% said that because of social media they know about life insurance companies. 35% responded that because of the word-of-the-mouth they recognize a life insurance company and 27% answered it's because of a financial consultant from that company. Respondents were also asked about how many times they saw an advertisement company, 65% told us that they see an advertisement less than 5 times a day. 25% answered that they have never seen as advertisement of a life insurance company. Lastly, 10% said that they saw an advertisement more than 5 times a day. When asked how much they are affected with advertisements, 61% told us they are not much affected by it. 23% said that they are much affected, 13% responded that they are not all affected by the advertisement and 2% answered that they are very much affected.

We have designed different advertising strategies to attain our marketing objectives. 1.

Pru Life Facebook Page Revamp-The focus of this strategy is to refine the facebook page and make it more eye catchy and interesting to the netizens. Using this page, facts about the significance of insurance will be posted as well as its rewarding benefits. Life insurance industry growth in the company of the Philippines will also be posted and updated. Facebook page revamp will start on June 4, 2016. In addition, the facebook page will also be interactive by holding quick and easy contests. Some of these are: 1.

The Man from the Pru version 2.0. On July 4, 2016, exactly one month after introducing the newly designed facebook page. This is the first quick and easy contest for facebook users and likert 2.

Turn unnecessary wants into saving! The post with most number of likes and shares will win an exclusive gift pack worth Php3,000. •

Twitter and Instagram Account. Aside from Facebook, another great tools in promoting on social media are by the use of Twitter and Instagram. This time, Pru Life UK will have its own account both on Twitter and Instagram to reach a wider market and to increase the number of its appearance on a customer's mind. We will also have the same interactive games as we have on Facebook but for different audience, the followers. We will utilizing the top 3 business newspapers in the Philippines. Namely, Manila Bulletin, Philippine Daily Inquirer, and Philippine Star. We will advertise on their newspapers every other month as much as possible every Sunday. Starting from March 2016 to March 2017. Pru Like UK Sponsored Event. Pru Life UK will be entertaining event sponsorship for life insurance related seminars. Pru Life UK needs exposure to grab its potential customers, sponsoring for events can lead to more customers knowing your products. Video Commercials on Youtube. A youtube channel for Pru Life UK will also be made. In the channel, short films about the use of life insurance and its benefits will be uploaded monthly. Top viewed short films will be cut and then will be advertised on youtube. Iploading of short films will start on August 2016.