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STP Analysis For Term Insurance Market in India: Segmentation
STP Analysis For Term Insurance Market in India: Segmentation
Segmentation:
Targeting:
Target Segments Unspoken Needs Pain Points
Recently Married need is to secure their partner with Support spouse financially after death
the best of the life cover plans until they find alternate income source
New Parents more price sensitive (than 1 )and want Financial support till spouse/children
more life coverage and amount find other means of income
New Homeowners Look for high life coverage amount Financial support to cover installation of
and digital home loan and family’s basic needs
Retired look for low premium and more life Look for minimal financial support to
(Financial Change) coverage spouse and children in old age
Positioning:
Target Segments Product Placement Price Promotions
Recently Married Less premium with fixed website, tie-ups Based on TV advertisements,
high insurance coverage with Corporates, Income and Online Advertising,
amount matrimonial Age charge Community Events,
offices premium Guest blogging
New Parents Less premium with fixed Vaccination Based on TV advertisements
high insurance coverage centres, maternity Income and by Celebrity, Print
amount wards, insurance Age charge Ads, Online Ads,
agency website premium community events
New Homeowners High premium with high Outside real- Based on TV /print Ad,
life coverage amount estate brokers, Income & Community events,
website, interior Age charge YouTube ads,
designers, bank premium
home loans
Retired Moderate premium with Community parks, High Price TV/radio/print ad,
(Financial Change) less life coverage yoga centres community event
Ref:
https://www2.deloitte.com/content/dam/Deloitte/us/Documents/strategy/us-cons-life-insurance-consumer-study.pdf