MARKETING OF FINANCIAL SERVICES CASE STUDY UPS insurance is a Ghanaian multinational insurance company headquartered in Accra. It is the sixth-largest insurance company in the country measured by net premium income and has around 1.7 million customers. It is a strong number 3 in both general insurance and life and pensions in the Ghanaian market behind SIC and Unique Insurance. The company currently has around 200 employees and Ghc 200 million of assets under management. The Company recently came up with a new insurance service product-Students contents and possessions insurance targeted at students in tertiary institutions. Student Possessions/Contents Insurance provides cover for student belongings, whilst living in halls of residence and private rented accommodation in Ghana, such as shared student houses and student flats. Details below: SUM INSURED (Ghc) 5,000 COVER DESCRIPTION PERSONAL POSSESSIONS WITHIN THE INSURED ADDRESS DESKTOP COMPUTER EQUIPMENT POSSESSIONS IN TRANSIT RENTAL PROTECTION LANDLORDS PROPERTY PERSONAL ACCIDENT ACCIDENTAL DEATH OF A PARENT OR GUARDIAN REPLACEMENT LOCKS ACCIDENTAL DAMAGE (ROOM ONLY) LAPTOP COMPUTERS MOBILE PHONES PEDAL CYCLE ALL RISK SPECIFIED ITEMS 1,000 / 2,000 5,000 500 1,000 10,000 10,000 250 INCLUDED OPTIONAL INCLUDED OPTIONAL OPTIONAL INCLUDED INCLUDED INCLUDED INCLUDED INCLUDED INCLUDED OPTIONAL OPTIONAL OPTIONAL OPTIONAL OPTIONAL OPTIONAL OPTIONAL 1,000 / 2,000 1,000 / 2,000 1,000 500 Up to 2,500 Your Task: UPS insurance aims to achieve market leadership in the tertiary student in more than 2 years by providing superior customer experience for its target and generating profits by means of customer satisfaction. Demonstrate in your report to your Marketing manager how UPS insurance can formulate an ideal mix so that achieves this objective.(20 marks) MARKETING OF FINANCIAL SERVICES CASE STUDY UPS insurance is a Ghanaian multinational insurance company headquartered in Accra. It is the sixth-largest insurance company in the country measured by net premium income and has around 1.7 million customers. It is a strong number 3 in both general insurance and life and pensions in the Ghanaian market behind SIC and Unique Insurance. The company currently has around 200 employees and Ghc 200 million of assets under management. The Company recently came up with a new insurance service product-Students contents and possessions insurance targeted at students in tertiary institutions. Student Possessions/Contents Insurance provides cover for student belongings, whilst living in halls of residence and private rented accommodation in Ghana, such as shared student houses and student flats. Details below: SUM INSURED (Ghc) 5,000 COVER DESCRIPTION PERSONAL POSSESSIONS WITHIN THE INSURED ADDRESS DESKTOP COMPUTER EQUIPMENT POSSESSIONS IN TRANSIT RENTAL PROTECTION LANDLORDS PROPERTY PERSONAL ACCIDENT ACCIDENTAL DEATH OF A PARENT OR GUARDIAN REPLACEMENT LOCKS ACCIDENTAL DAMAGE (ROOM ONLY) LAPTOP COMPUTERS MOBILE PHONES PEDAL CYCLE ALL RISK SPECIFIED ITEMS 1,000 / 2,000 5,000 500 1,000 10,000 10,000 250 INCLUDED OPTIONAL INCLUDED OPTIONAL OPTIONAL INCLUDED INCLUDED INCLUDED INCLUDED INCLUDED INCLUDED OPTIONAL OPTIONAL OPTIONAL OPTIONAL OPTIONAL OPTIONAL OPTIONAL 1,000 / 2,000 1,000 / 2,000 1,000 500 Up to 2,500 Your Task: UPS insurance aims to achieve market leadership in the tertiary student in more than 2 years by providing superior customer experience for its target and generating profits by means of customer satisfaction. Demonstrate in your report to your Marketing manager how UPS insurance can formulate an ideal mix so that achieves this objective.(20 marks)
