Sagicor Group Jamaica (SGJ) is a financial services conglomerate acknowledged for improving the lives of people in the communities in which they operate and boasts an outstanding history and reputation for leading innovation. It is also a member of the wider Sagicor Financial Corporation headquartered in Barbados with a proud history dating back to 1840; This dynamic Group has been redefining financial services in the Caribbean. Sagicor now operates in 22 countries within the Caribbean, Latin America and the United States. The company commenced operations in 1970 as Life of Jamaica (LOJ) Limited, the first locally owned life insurance company and the first life insurance company to be listed on the Jamaica Stock Exchange (JSE). SGJs portfolio of offerings is diverse and spans the areas of Banking, Life & Health Insurance, Investments, Real Estate, Asset Management and Retirement Planning. Sagicor Life Jamaica Limited is the leading life and health insurance provider in Jamaica; Sagicor Bank Jamaica Limited is one of Jamaicas largest commercial banks and Sagicor Investments Jamaica Limited is one of the top investment companies in the country. In summary, SGJ is comprised of the following subsidiary companies: Sagicor Life Jamaica (life and health insurance and annuities) Sagicor Insurance Brokers (facultative brokerage) Sagicor Investments (investment banking) Sagicor Bank (commercial banking) Sagicor Property Services (real estate and property management) Sagicor Pooled Investment Funds (pension fund management) Sagicor Re-Insurance (Cayman) (property and casual insurance) Sagicor Life of the Cayman Islands (life insurance and annuities) Employee Benefits Administrator (pension administration) Sagicor X Funds (St. Lucia) Sagicor Costa Rica (health insurance services) Sagicor St. Lucia Sagicor Insurance Administrators In recent years, SGJ was declared the Jamaica Stock Exchange's second most profitable listed company and Christopher Zacca, President & CEO is reported to have said, Our core business Sagicor Life Jamaica Ltd continues to be the market leader in individual life insurance, group health and life insurance, pension fund management and it remains the most profitable subsidiary in the group. All this despite grappling with formidable competitors such as, Guardian Group Insurance, Canopy Insurance Ltd and JN Life Insurance Company Ltd, among others. In February (2021), Sagicor Life once again pioneered a new life and health insurance plan and launched the first of its kind insurance plan for farmers and fisherfolk, essential members of the countrys food-chain. At the launch ceremony, Willard Brown, Executive Vice President, Employee Benefits Division, Sagicor Life, said, As a company committed to improving the lives of the people in the communities in which we operate, Sagicor believes it is necessary and tremendously important to continue to innovate and provide products that will add value to the lives of citizens. He further highlighted that the Sagicor Agri-Care Life and Health Insurance Plan is among several product innovations of the past few years from Sagicor. Brown shared that the plan offers customized bundle of insurance products for farmers and fisherfolk that they will be better able to access and afford health care and plan adequately for the future. In endorsing the plan, the Minister, commended Sagicor for responding to the call for this customized insurance plan for farmers and fisherfolks. Of note, the Minister shared that back in October 2020, he conducted an all-island listening tour and on the lips of many who participated, was the call for an insurance facility. He noted that There is no doubt that [Sagicor] shares the Government of Jamaicas vision about the necessity to provide financial protection for our food heroes, adding that as they are part of the backbone of the countrys economy and the reason for our food security, it is imperative that the necessary facilities are in place to reflect their importance and value to the society. In recent years, SGJ was declared the Jamaica Stock Exchange's second most profitable listed company and Christopher Zacca, President & CEO is reported to have said, Our core business Sagicor Life Jamaica Ltd continues to be the market leader in individual life insurance, group health and life insurance, pension fund management and it remains the most profitable subsidiary in the group. All this despite grappling with formidable competitors such as, Guardian Group Insurance, Canopy Insurance Ltd and JN Life Insurance Company Ltd, among others. In February (2021), Sagicor Life once again pioneered a new life and health insurance plan and launched the first of its kind insurance plan for farmers and fisherfolk, essential members of the countrys food-chain. At the launch ceremony, Willard Brown, Executive Vice President, Employee Benefits Division, Sagicor Life, said, As a company committed to improving the lives of the people in the communities in which we operate, Sagicor believes it is necessary and tremendously important to continue to innovate and provide products that will add value to the lives of citizens. He further highlighted that the Sagicor Agri-Care Life and Health Insurance Plan is among several product innovations of the past few years from Sagicor. Brown shared that the plan offers customized bundle of insurance products for farmers and fisherfolk that they will be better able to access and afford health care and plan adequately for the future. In endorsing the plan, the Minister, commended Sagicor for responding to the call for this customized insurance plan for farmers and fisherfolks. Of note, the Minister shared that back in October 2020, he conducted an all-island listening tour and on the lips of many who participated, was the call for an insurance facility. He noted that There is no doubt that [Sagicor] shares the Government of Jamaicas vision about the necessity to provide financial protection for our food heroes, adding that as they are part of the backbone of the countrys economy and the reason for our food security, it is imperative that the necessary facilities are in place to reflect their importance and value to the society. In recent years, SGJ was declared the Jamaica Stock Exchange's second most profitable listed company and Christopher Zacca, President & CEO is reported to have said, Our core business Sagicor Life Jamaica Ltd continues to be the market leader in individual life insurance, group health and life insurance, pension fund management and it remains the most profitable subsidiary in the group. All this despite grappling with formidable competitors such as, Guardian Group Insurance, Canopy Insurance Ltd and JN Life Insurance Company Ltd, among others. In February (2021), Sagicor Life once again pioneered a new life and health insurance plan and launched the first of its kind insurance plan for farmers and fisherfolk, essential members of the countrys food-chain. At the launch ceremony, Willard Brown, Executive Vice President, Employee Benefits Division, Sagicor Life, said, As a company committed to improving the lives of the people in the communities in which we operate, Sagicor believes it is necessary and tremendously important to continue to innovate and provide products that will add value to the lives of citizens. He further highlighted that the Sagicor Agri-Care Life and Health Insurance Plan is among several product innovations of the past few years from Sagicor. Brown shared that the plan offers customized bundle of insurance products for farmers and fisherfolk that they will be better able to access and afford health care and plan adequately for the future. In endorsing the plan, the Minister, commended Sagicor for responding to the call for this customized insurance plan for farmers and fisherfolks. Of note, the Minister shared that back in October 2020, he conducted an all-island listening tour and on the lips of many who participated, was the call for an insurance facility. He noted that There is no doubt that [Sagicor] shares the Government of Jamaicas vision about the necessity to provide financial protection for our food heroes, adding that as they are part of the backbone of the countrys economy and the reason for our food security, it is imperative that the necessary facilities are in place to reflect their importance and value to the society. The Sagicor Agri-Care life and health insurance plan is available to persons under the age of seventy-five (75) years and are registered with the Fisheries Resource Authority and the Rural Agricultural Development Authority (RADA). As a registered member, they will have the option to select from a suite of products that best fits their needs plus the flexibility to add additional benefits if needed. Some of the benefits under the plan include - Hospital Care Plan, Primary Health Care, Life Insurance, Critical Illness Plan, and Personal Accident. The Sagicor Agri-Care life and health insurance plan is available to persons under the age of seventy-five (75) years and are registered with the Fisheries Resource Authority and the Rural Agricultural Development Authority (RADA). As a registered member, they will have the option to select from a suite of products that best fits their needs plus the flexibility to add additional benefits if needed. Some of the benefits under the plan include - Hospital Care Plan, Primary Health Care, Life Insurance, Critical Illness Plan, and Personal Accident Question The Sagicor Group Jamaica is a highly respected full-service financial institution which is keen on continuing to build, measure and manage its Brand Equity in a structured way. to this end your team has been engaged in a consultative capacity and has tasked with preparing a proposal as to how the firm could follow the strategic brand management process in coordinating its brand equity building efforts.

steps - key concepts

1. identify and establish brand positioning and values - mental maps, competitive frame of reference, points-of parity and points of difference, core brand associations, brand mantra

2.Plan and implement brand marketing programs - mixing and matching of brand elements, integrating brand marketing activities, leveraging secondary association

3. Measure and interpret brand performance - brand value chain, brand audits, brand tracking, brand equity management system

4.grow and sustain brand equity - brand architecture, brand portfolios and hierarchies, brand expansion strategies, brand reinforce and revitalization

Questions

1a. In executing Step 1 of the Strategic Brand Management process, describe the underlying value implications of the Sagicor brand being driven by the Customer Based Brand Equity model. [CLO 1] [5 marks]

1b. Define the Competitive Frame of Reference that the Sagicor Group Jamaica operates within and has category membership for. Be sure to identify the three (3) main competing brands. [CLO 1] [5 marks]

1c. Outline the POPs that target consumers are likely to associate with the main players in the defined Competitive Frame of Reference? [CLO 2] [4 marks]