new business presentation for safety insurance
Post on 12-Sep-2014
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DESCRIPTION
This was a New Business presentation that my group and I did for our Account Management class. Out of the whole class, we had the best pitch for our business and "won" the A!TRANSCRIPT
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Safety Safety InsuranceInsurance
New Business PresentationNew Business PresentationAdvertising Management 419
Olivia Bennett Susan Brennan David Cebel Tiffany Feng Ashley Loranger Alyssa Palermo
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We are: SATADO, Worldwide.
Susan
Tiffany
Olivia
Ashley
David
Alyssa
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Today’s Agenda
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Safety Insurance Agency
Founded in 1980
Domestic asset insurance company based in Massachusetts
Offers insurance products for your auto, home, and business
Sold exclusively through a network of independent agents
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Company Insight Works with an agent business model, not direct business
model Committed to independent agents and the support they
provide to the customer Hand picked agents
Customer service is number one priority 24 hour customer call center Highest ranked technology support for agents VIP service to all Safety customers
The key to our success: Service
The key to our customer’s success: Safety
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Insurance Category
Property vs. Life Insurance Protects your auto, boat, home, and small business
Agent vs. Direct Model Independent agents place appropriate customers with Safety Direct model takes out agent and commission the company
would have to pay them
National vs. State Safety is a local company so you are never far from your agent
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Massachusetts Market Share
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Competitor: Commerce Insurance
Largest market share in MA with 30%
Founded in 1972
Part of the global organization MAPFRE
Asset insurance
Agent business model
Covers Massachusetts and New Hampshire
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Competitor: Liberty Mutual
#3 in market share in MA with 10.3%
Provides asset insurance and life insurance
Founded 1912
Typically not purchased through agents
National coverage
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Competitor: Progressive
2-3% market share in MA
Primarily direct buying
Covers auto, boat, commercial auto, motorcycle, and RV
Founded in 1937
National companies
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Research
How they spend their time Multi-task Don’t watch a lot of live TV
How they purchase Research Peers approval and opinions matter
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Research
Views on Insurance Geico and Progressive are top-of-mind brands Care about low prices Unaware of the role of agents
Open to understanding the benefits of having one Haven’t had first had experience with property damage 63% of parents still pay for their insurance
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SWOT: Strengths
Strengths:
Full service property and casualty insurance agency
Top, hand picked agents
Few claims are questioned because agents have brought the company honest clients
Award winning customer service
Committed to improving driver safety
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SWOT: Weaknesses
No established or memorable brand in the millennium age group
Product isn’t a common purchase among targeted age group
Not all branches of their product are applicable to targeted age group (i.e. small business insurance)
Cannot purchase online
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SWOT: Opportunities
Expand to new generation of potential customers
Revitalize the brand through non-traditional media to attract younger customers in new ways
Expanding to contiguous New England states
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SWOT: Threats
National companies with more established brand presence
Large direct buy companies use money saved from agent commissions towards advertising to build brand awareness
The economy is forcing people to sacrifice purchasing comprehensive insurance packages for cheaply priced alternatives
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Communication Objectives
Within the millennium generation:
Reach this younger target audience more effectively
Build brand loyalty and trust between consumer and company
Make Safety a top of mind brand by associating the company with safety
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Target Audience
Millennium generation Born 1980-2005
Currently overlooked as important customers for insurance
Millis are starting to form a life that needs insurance
Millis are interested in low prices and convenience
Millis are getting their advertising from new media rather than classic television commercials
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Sample Consumer
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Safety Customers’ Insights
“My vehicle is always at the top of your concern.”-Walter M.
“Why would anyone do it any other way?”-Carey B.
“Except service, I don’t know what they could do better.”-Sherol W.
“Safety made an unpleasant task easier. I would use this service again and would recommend others do also. When I picked up the car it was cleaner than when I picked it up from the dealer.”-Paul S.
“These days it's rare to have a totally fulfilling customer service transaction, and I can honestly say I was so impressed by the whole process that I've been telling everyone about it.”-Jordan M.
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Trends to Consider
Purchasing insurance online is becoming increasingly popular due to ease and accessibility
Millennium generation has a tendency to purchase the same insurance as their parents
Millis care about peer opinions and experiences when buying
Rise in demand for comprehensive packages because of increased number of vehicles on the roads
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Creative Strategy Statement
Superior Service for a Safer New England
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Communication and Marketing Strategy
Communicate through peers and age appropriate media
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Safety Nets
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Safety Bins
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Safety Bars
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Social Media
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Scheduling and Timing
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Budget Breakdown
Social Media: 10% of Budget $85,000• Facebook• Smartphone Safety Mobile App
Online: 30% of Budget $255,000• Hulu• Pandora• Google Ad Words
Guerilla: 60% of Budget $510,000• Fenway Park “Safety Net”• Fenway Park “Safety Parking”• Gillette Stadium “Safety Net”• Airport Security “Safety Bins”• Chair life “Safety Bars”
• Cannon• Stowe• Sunday River
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Any Questions?
Ask away!