Table of Contents

I. STATEMENT OF THE PROBLEM .....................................................................................1

II. OBJECTIVES .......................................................................................................................1
III. SITUATIONAL ANALYSIS ................................................................................................1
A. Internal Analysis .................................................................................................................... 1
B. External Analysis ....................................................................................................................... 2
Economic ...................................................................................................................................... 2
Political-Legal ............................................................................................................................... 4
Socio-Cultural ............................................................................................................................... 5
Technological................................................................................................................................ 6
Natural ........................................................................................................................................... 8
IV. MARKET ANALYSIS .........................................................................................................8
V. COMPETITIVE ANALYSIS ..............................................................................................10
VI. TARGET MARKET ANALYSIS ......................................................................................12
A. Results of Quantitative Research......................................................................................... 12
B. Results of Qualitative Research ........................................................................................... 14
VII. SWOT ANALYSIS...........................................................................................................15
VIII. MARKETING STRATEGY ............................................................................................17
A. Segmentation and Targeting ................................................................................................. 17
B. Brand Positioning Statement ................................................................................................ 19
C. The Marketing Mix: 5P’s ......................................................................................................... 19
B. Marketing Communication Strategy .................................................................................... 22
IX. DETAILED ACTION PLAN .............................................................................................24
X. PROPOSED BUDGET AND REVENUE SOURCES.....................................................37
XI. IMPLEMENTATION .........................................................................................................37
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PROPOSED MARKETING PLAN

FOR FWD Life Insurance Corporation

I. STATEMENT OF THE PROBLEM

FWD Life Insurance Corporation, based in Hong Kong, has recently entered the
Philippine market last April 2014. Currently, areas of operations are limited to Metro
Manila and Cagayan de Oro while key areas for expansion include the whole NCR
region, Baguio, Cebu and Davao. However, with general perception of Filipinos towards
insurance as slightly unfavorable, only 1 out of 3 are insured. Moreover, the country’s
current insurance penetration rate stands only at 1.7%1; the second lowest, standing
below the average of 3% in the ASEAN region. In addition, knowledge about insurance
in in key areas of NCR, Cebu and Davao is only at 56.8%. As a new player in the
category with an aggressive business ambition, it aspires to be among the top five life
insurance providers in the country. Thus, the challenge is to develop a marketing plan
that could effectively convince the target market to purchase an FWD Life Insurance
plan now.

II. OBJECTIVES

The marketing plan specifically aims to:

Increase knowledge about insurance from 56.8% to 80% in key areas (NCR,
Cebu, Davao)
Increase brand awareness from 14.7% to 75% in key areas (NCR, Cebu, Davao)
Establish a brand presence in Iloilo
To gather 35,779 sign-ups within the next four months in key areas (NCR, Cebu
Davao) and on area of consideration (Iloilo)

III. SITUATIONAL ANALYSIS

A. Internal Analysis

FWD Life Insurance Corporation is the insurance business arm of Pacific Century
Group Holdings Ltd. based in Hong Kong with its operations extending to Thailand,
Macau and Indonesia. With the objective of developing a world-class pan-Asian
insurance company, FWD entered the Philippine market last April 2014. Thereby
becoming the first foreign insurance company to be licensed by the Insurance
Commission of the Philippines in the last 10 years.

A new-entrant in the industry, FWD Life targets a well-defined group (Segment G- the
young, creative, vibrant and adventurous) of which other insurance companies do not
address. In order to further differentiate itself, it aims to defy the conventions of the
industry with a Vision “to change the way people feel about insurance”. It aims to deliver
the message “Get Ready to Live” and holds the promise of ensuring that their

1
Insurance Commission
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customers are able to celebrate life without worrying about the future. By leveraging on
technology, innovating continuously, and highlighting its customer-centric approach,
FWD offers products and services tailored to the diverse lifestyle needs of their
customers.

Basically, FWD has four main products that their customers can choose from based on
their coverage needs. Each enables customers to manage their financial goals on top of
their insurance coverage. It primarily includes basic features, such as flexible and
customizable insurance coverage, plans that are easy on the pocket and matched with
consumer’s financial needs. First of which is the “Set for Life Plan” payable with an
annual premium of P18, 000 and provides coverage up to 100 years. For customers
who desire convenience but with the same benefits mentioned, they can opt to pay the
premium once for P100, 000, with the “All Set Plan”. As for those who are still active
and enjoying their high income, the “All Set HIGHER Plan” includes investing in
premiums with no initial charges, with a single premium of at least P1, 000,000. FWD
also provides financial aid for cancer-related illnesses. The “Fight Plan” provides
financial support up to P2 Million and which will cover up to 15 years.

With its commitment on creating an enhanced customer experience, FWD leverages on

the use of technology to better its services. FWD equips their sales agents with tablets,
thus becoming the first insurance company to employ paperless transactions. Through
their website, Customer Connect allows clients to access their accounts and get real-
time updates of funds and investment prices. Last October 2014, FWD Life and Security
Bank announced their partnership. With Bancassurance, both companies are able to
extend coverage by bringing innovative insurance services to the Philippine market. As
of May 21, 2015, the company added a hub in the city of Cagayan de Oro.

Even though the company is already growing, FWD continuously aspires to further
penetrate the Philippine market by potentially expanding their scope to Baguio, Cebu
and Davao, and is aiming to be among the top 5 insurance companies in the Philippines
within the next five years, based on premium income.

B. External Analysis

Economic
The insurance industry has an important function in an economy. By offering various
financial security products to individuals and businesses, it can provide extensive
coverage at a reasonable cost for a wide range of economic activities and spread the
risk of loss throughout the economy. It can also play a major role in the overall
economic activity through its financial intermediation function (Skipper and Klein 1999
cited by Milo, 2003). Specifically in developing countries where traditional deposits are
the main financial saving instruments, life insurance can play a more important role in
mobilizing savings because of its greater familiarity, acceptance and accessibility
compared to money market instruments (Milo, 2003).

In the Philippine context, the insurance industry eyes a positive outlook for the next
years. Insurance Commissioner Emmanuel Dooc expected 2015 to be a record year for
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the industry after a moderate decline a year earlier. In a published report by the
Insurance Commission, in the year 2015 the Philippine insurance industry generated
over P 172.4 billion in total premium income with a 29.7% increase, the year before.
The insurance regulators’ positive outlook is anchored on the consistent growth of the
Philippine economy.

The said improvement is brought about by the steady growth of the country’s GDP
which posted the highest rate of 6.3% in the past decades. Moreover, the country’s
employed population has constantly increased which brought about the expansion of
the middle-class. According to Insurance Commissioner Dooc, this would then result to
a greater excess revenues for individuals and higher insurance sales or a penetration
rate of 3%.

However despite the recorded growth, insurance penetration rate stands only at 1.7%
and is considered to be one of the lowest penetration rates in the ASEAN region
according to a study conducted by Milliman, Inc. Furthermore, only 1 out of 3 Filipinos
are insured due to economic and cultural factors.2 The population is mostly composed
of minimum wage earners who are unlikely to buy insurance since they have more
important things to prioritize. Low-income individuals have affordability issues of getting
insured. If the goal was to increase the penetration rate of insurance, Filipinos’
disposable income has to increase as well.

Many industries consider millennials, also known as Generation Y or those born

between the early 1980s and early 2000s, as their largest market for growth (Mateo,
2015). According to Maybank, which is ASEAN’S 4th largest bank by assets, the
Philippines has a young population with a median age of 23 and a declining fertility rate.
This will lead to an increase in the number of working adults who will drive domestic
demand and spur economic growth. In this sense, FWD Life Insurance targeting the
Segment G, who has similar characteristics to millennials, serves as an immense
opportunity seeing as less than 50% of the population has an insurance policy.

In order to successfully break into the Philippine market, the size of the population is not
the only consideration, but also the people’s capability to buy insurance policies.
According to Ayllon, insurance is not bought as a product but is sold as one. This
means that unlike shoes and other commodities which people seek out to buy,
insurance plans are the opposite. There should be a selling action before consumers
even consider a purchase for insurance is not considered as an immediate need. Thus,
insurance companies are also competing with malls, mobile phone companies, and
others in trying to attract consumers to exhaust their disposable income in their products
(Generali.com, 2005). Therefore this becomes an issue of how Filipinos can prioritize
their spending to include insurance as part of their disposable income.

2
http://www.philstar.com:8080/cebu-business/2015/07/07/1474214/low-insurance-penetration-due-philippine-culture-economy
 4

Political-Legal
The Philippines is governed by a body of decrees that ensure the regulation of the
insurance industry in the country. These laws were made with the main objective to
provide protection and financial security to the Filipinos.

INSURANCE COMMISSION

The Insurance Commission is the regulating body, established under the Department of
Finance, which supervises the insurance and pre-need industries in accordance with
the provisions of the Insurance Code and the Pre-Need Code of the Philippines. Their
objectives are to promote growth and financial stability of insurance companies,
professionalize insurance services and develop insurance consciousness among
the general populace, establish a sound national insurance market, and to
safeguard the rights and interest of the insuring people.

The IC is responsible for the promulgation and implementation of rules, policies, and
regulations governing the operations of entities engaged in insurance and pre-need
activities. They give licenses of insurance, reinsurance, and its intermediaries.
Moreover, the regulating body examines and verifies the financial condition of business
entities and prepares statistical reports, studies, and annual reports relative to insurance
and pre-need matters.

The Pre-Need Code of the Philippines, RA 9829, is the policy to regulate the
establishment of pre-need companies and to place the operation on a sound, efficient,
and stable basis to derive the optimum advantage from them in mobilization of savings,
and to prevent practices prejudicial to public interest and the protection of plan holders.
It is stated under the code that the supervision is bestowed under the regulation of the
Insurance Commission.

The Philippine Insurance Code, RA 10607, seeks to strengthen the Philippine

Insurance Industry and re-align Philippine law with global developments in the
insurance sector. Among other reforms, the amendments brought about by RA 10607
include the recognition of financial products such as bancassurance. Compliance with
recent bancassurance provisions/rules as well as sound supervision by the IC will equip
Supervised Entities in the Philippines to implement prudent business practices, manage
insurance business risks, and continue to be globally competitive amid dynamic
developments in the insurance industry.

With the efforts geared towards creating a stronger insurance market, the government
has also established several legislations to promote insurance growth and
competitiveness through literacy programs.

The Youth Entrepreneurship Act, RA 10679, is aimed to promote the sustained

development of young Filipinos whose aptitude and skill in the field of finance and
entrepreneurship shall be encouraged and honed through education and specialized
training programs. Specifically, Sec. 4 of this act (“Youth Entrepreneurship and
 5

Financial Literacy Program”) encourages that youth entrepreneurship and financial

literacy programs shall be inculcated in all levels of education nationwide.

Moreover, the creation of the Philippine Development Plan 2011–2016 provides a

blueprint for a resilient and inclusive financial system. It seeks (i) the establishment of a
regulatory environment that balances financial inclusion objectives with financial stability
goals; (ii) the promotion of use of alternative products and delivery of financial services
in underserved and unserved areas of the country; (iii) the promotion of financial literacy
and consumer education; and (iv) the continuing development of new loan products and
other banking services aimed to address the special needs of the poor, women, and
persons with disabilities.

Albeit these efforts of the government to financially educate Filipinos, the Philippines
was still ranked 68th globally in terms of the financial literacy index (Asian Development
Bank, 2015). It may have been that the country’s national strategy for financial literacy is
ineffective or that the existing programs are lagging compared to the rest of the world.
Other than BSP’s resilient efforts, individual sectors in the country should also promote
financial literacy in the workplace as well as the rising necessity for educational
institutions to start incorporating these programs as early as possible in their curriculum.
Otherwise, poor financial literacy will keep on hampering the Philippine’s growth.
Socio-Cultural
Although the country has seen economic growth which seemed to be favorable to the
thriving insurance industry, the low insurance penetration rate can be partly attributable
to cultural factors.

Generally, Filipinos tend to be short-sighted and are not long-term thinkers. According
to a BPI Asset Management study (2011), half of the problem points to our country’s
population dynamics. When we have a higher percentage of young dependents
compared to the working population, it makes it more difficult for us to save and invest.
The other half may be attributed to our rather relaxed and, to a certain point,
procrastinating behavior when it comes to saving and investing - the “Mamaya Na
Habit" as we often call it. When we promise to save more for a retirement or an
education plan and yet surrender to the lure of a “Midnight Sale” or when we find it very
easy to develop spending habits today and yet labor to give up the unnecessary habits
for the future and when we compromise our long-term goals for gratification in the here
and now- we are practicing the "Mamaya Na Habit".

With this, many do not perceive insurance to have a positive impact on the achievement
of one’s dreams. In addition, Filipinos are coined to have this nasty spending habit
wherein they even prefer impulsive purchases over savings when they have money.
They have this preconceived notion that insurance is only for the rich and/or for old and
dying. There is also the factor of lacking in financial literacy, and distrust brought
about by scam traumas that contribute to the country’s low insurance penetration rate.
The country’s penetration rate of 1.7% compared to the 3% average may be because
insurance is still not seen as a necessity and that Filipinos currently do not fully
appreciate and understand the benefits of insurance (Philippine Star, 2011).
 6

But despite these, industry players are optimistic on the growth potential of the
Philippine insurance sector brought about the emergence of the millennial market. As
the youngest group of adult consumers, millennials are the most underinsured
generation (Nielsen, 2015). In addition, millennials as the fastest-growing generation of
consumers and employees, have captivated the consumer marketplace today and are
becoming the workforce of the future.

Millennials grew up in a period of economic prosperity and optimism which can also be
reflected in some aspects of their buying habits. They are very ambitious and money-
oriented with 81% wanting to make as much money as possible to enjoy better life
experiences. Moreover, their ambitions include exploring the self and the world and
having dreams for the future (Connecting with the Millennials, a Visa study). They are
also pioneers of the YOLO mindset and “Walang Forever” theme which both entail that
millennials are well aware of the impermanence of things thus they are experiencers.
Brands targeting them should therefore deliver the promise of providing experience and
enjoyment. In the case of insurance, enjoyment should be promised when millennials
retire and their policies mature. YOLO will be about putting themselves first and
therefore they should be investing in themselves first. If they are about experiences,
they can save for each specific goal by creating a purposeful savings strategy.

This technologically-heightened generation are more aware about their purchases

because they have more access to information. Social by nature, referrals weigh heavily
in their buying decisions. More than half of them asked family and friends for insurance
advice, followed by reviews of social media sites to compare with their
recommendations. The said social media sites also stand as their primary source of
information, followed by the word-of-mouth, newspaper, television and radio.

“One of the biggest challenges that our industry faces is relevance. However, it is also
one of the biggest opportunities,” Grimes said. As the baby boomer generation starts to
retire, the challenge is for insurance industries to think about how they can attract the
fastest-growing consumer base and workforce. The rise of millennials requires a
strategy in a way they attract, serve and retain this younger generation.

Technological
Technology is increasingly integrated in almost all aspects of our everyday lives –
including businesses. And with a connected world, the insurance industry also stands to
reap the benefits. The interconnectivity between insurance technology and consumers’
lives is facing sweeping changes driven by a confluence of business and technology
forces fueled by innovation.

The impact of technology and digital world had greatly carpeted the way Filipinos
shaped the way they communicate, learn, work and live. According to Asia Digital
Marketing Association (ADMA) and the World Statistics, Philippines is considered as the
front liner of digital economies in the Asia Pacific Region with over 33 million users. In
addition, Google’s Managing Director in Southeast Asia had even concluded that the
 7

country has a very substantial digital marketing ecosystem that will grow exponentially
to twice its size by the year 2016. Also, based on the recent survey conducted by
Philippines Statistics Authority, activities for obtaining information through internet had
spurred up to 55.6%.

The government had also increased its efforts on making internet accessible. DOST-
ICTO prepares for an upcoming project named “Juan Konek” or the Free Wifi Internet
Access in Public Places which aims to provide internet to 7,118 public places in 1,016
localities across the country. As of January 2016, We are Social reported that there was
an increase of internet and social media penetration in the country, reaching 47.13
million active users of internet and 48 million active users of social media. Moreover,
according to Tech in Asia, 88 percent of the total mobile internet population is between
the ages of 18 to 35.

Furthermore, the growing digital device ownership of Filipinos had further helped them
to access internet and social media. As reported, 87% of the population have a mobile
phone, 55% have smartphones, 43% have laptops/desktop and 24% have tablets.

Philippines tops time spent on the internet through laptop and desktop along with Brazil
with 5.2 hours. Among all countries, Filipinos spend the most time on social media with
an average of 3.7 hours each day. These users are mostly engaged in different
activities like using mobile messengers (33%), watching videos at 26% games in
mobile, banking in mobile and mobile map services at 25%. Facebook was boasted as
the top social media platform being used in the country. Top users are from the
millennial generation, ages 20-29 years old (23 million users). Aside from social media
sites, they are actively using alternative platforms such as Chat apps. Facebook
messenger, Skype and Viber had even ranked higher compared to social media sites
such as Twitter and Instagram with only 16% and 14% users respectively.

Filipino millennials love convenience enabled by technology. The trend is “everywhere-

you-go” mobile devices that enable them to perform their tasks more efficiently and that
will provide them with information or update they need literally a click away.
Furthermore, online communities and shopping had become a hit. These is because
technology reliance and trust became stronger among millennials. According to Nielsen,
almost 66% of the circle trust advertisements and consumer’s opinions posted online.
Even Mr. Jamieson, Visa country manager for Philippines and Guam, foresee digital
currency as a trend for mode of payment used by Filipino millennials. 8 of 10 of them
believed that in the future, they can engage shopping and bill payments via online.

Furthermore, different businesses which are in inclined to technology had been spurring
in the country. Technology start-ups, BPO Industry and other Information Technology
and Business Process Management (IT-BPM) and global in-house center (GIC) industry
in the Philippines have grown at an annual rate of 30 percent over a decade.

Technology especially plays a key role for small insurance companies who uses it as a
leverage in providing customized services to ensure the highest of customer satisfaction
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in terms of service. Paperless transactions or simply storing documents and data

digitally can dramatically increase efficiency and speed of operations. Online services
like having a website that contains forms, information about insurance, the company
and ability to update their information on their accounts can provide both benefits for
their customers and insurance agents in terms of convenience.
Natural
Philippines is situated near the Pacific and is considered as the most exposed country
to tropical cyclones in the world. It has an average of 20 typhoons per year, 5 of which
may considered as destructive according to PAG-ASA. Last 2013, the country was hit
by one of the strongest tropical cyclone even recorded named Typhoon Haiyan and a
killing of at least 6,300 people. Albeit having prepared for the calamity in comparison to
previous disasters, political factors like the lack of a strong central government and
provincial governors have virtual autonomy in dealing with local problems exist.

Still, non-communicable diseases are reportedly the leading cause of death in the
Philippines. Heart attack was recorded with the highest mortality rate with109.4 per
100,000 population. This is followed by diseases in the vascular system which were
caused by smoking, and then followed by cancer. However, accidents are also in the
rise with a number of more than 35,000 deaths. The accidents were more on a traffic-
accident-related deaths of ages from 10 to 24 group.

Non-communicable diseases are reportedly common to call center agents with ages up
to 35 with high incidence at 60% according to the Department of Health. The grave yard
shifts that caused stress and had pushed some agents to smoke are the major factors
that the DOH Representative had identified why some agents are prone to such
diseases like stroke, cancer and heart disease. DOH said smoking incidence is directly
proportional to the rising numbers of BPO workers.

A source (IMoney.com) even stated that call center agents ranks 3 rd in the types of jobs
that needs health insurance with construction workers ranking 1 st. Then again, these
agents are of the younger population which makes them less inclined to having
insurance.

Noting the effects brought about by outrage of Mother Nature, with we don’t have any
control of, a proactive stance should be taken in order for Filipinos to better prepare and
protect themselves – as of which getting an insurance may be considered.

IV. MARKET ANALYSIS

The Philippines has one of the fastest-growing life insurance segments in Southeast
Asia. In a published report by the Insurance Commission (IC), the Philippine insurance
industry recorded strong annual growth rates of 31% in 2013 and 42% in 2015
respectively (in terms of premium income).
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However, despite the recorded growth, insurance penetration rate stands only at 1.7%
and is considered to be one of the lowest penetration rates in the ASEAN region,
according to a study conducted by Milliman, Inc.

Noting the very low penetration rate, with less than 50% of the population having no
insurance, FWD sees this data as an opportunity to grow. Moreover, FWD also aims to
increase its market share by specifically targeting the large population of the Segment G
(which has similar attributes to millennials), taking into account that this market
comprises almost 60% of the approximately 100 million population of the country- a
market segment which is not tapped by traditional insurance companies.

Currently, areas of operations are limited to Metro Manila and Cagayan de Oro while
key areas for expansion include the whole NCR region, Baguio, Cebu and Davao. The
table below summarizes the computation of the potential, available and the target
market in each of the key cities including the area of consideration (Iloilo):

Key Areas Potential Market Available Market Target Market

NCR 2,180,757 1,836,197
Baguio 55,554 3, 277
Cebu 149,376 26, 738
Davao 241,250 26, 537
CDO 100,279 9, 526
Iloilo (area of 70,331 14, 769
consideration)
=62.2% (data from
survey) x Total of
Available Market
TOTAL 2, 797, 547 1, 917, 044 1,192,401

The Potential Market would include the Total number of Filipinos aged 25 to 34 years
old because they are the ones considered as millennials. This means that there are
2,797,547 consumers who can be potentially served by FWD Life Insurance.

The Available Market is Total Percentage of Target Social Class (middle class, upper
middle class and upper class) x Potential Market. It is assumed that the Total
Percentage of the Target Social class per Key Area is equal to the
data in in the region it belongs to (Albert, Gaspar and Raymund 2015). There are about
1, 917, 044 consumers who can be potentially served and has the sufficient income to
purchase FWD Life insurance. (See Appendix A for the summary of income distribution)

The Target Market is the Total Rate of Segment G Which Are Not Policy Holders in Key
Areas plus in Iloilo City x Total Available Market. This means that there are 1,192,401
consumers who can be targeted by FWD Life Insurance given that they have sufficient
interest and income to purchase their product.
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V. COMPETITIVE ANALYSIS

PhilAm Life
Philam Life is the most recognized brand in the local insurance market. For over 65
years, the company has helped generations of Filipino families by providing solutions to
various financial needs including life protection, health insurance, savings, education,
retirement, investment, group and credit life insurance. Essentially, its products are
categorized into two: Individuals and Businesses/Organizations.

The insurance company continued to capitalize on the strength and expertise of its
subsidiaries – BPI-Philam Life Assurance Company as its bancassurance channel, and
Philam Asset Management as fund manager of the underlying funds of its unit-linked
products. It envisioned “to have a Philam Life policy in every Filipino home,” which has
become the driving force behind the dynamic growth of the company. The target market
consists of diverse groups from OFWs to Filipino-Chinese communities to Philippine-
based families.

Philam Life is set to become the first local insurance company to use an iPad-based
Interactive Point of Sale (iPoS) — a paperless platform that allows proposal
presentations, filling out of policy owner details, and even signing of applications to be
done through the financial adviser’s iPad. Moreover, it is also launching ePlan, a
convenient customer self-service online facility for policy inquiries, transactions and
payments. Philam Life policyholders can now choose to go online, instead of calling the
hotline, for faster and real-time transactions.

Manulife
Manulife Financial Corporation is a leading international financial services group
providing solutions to help people with their big financial decisions. They provide
financial advice, insurance and wealth and asset management solutions for individuals,
groups and institutions. Along with this, it also provides their customers plans on
protection, retirement, education and health. Established in 1901, Manulife aims for
customized financial solutions with the focus on placing clients' needs and interests first.

Manulife is not unique among major financial institutions in seeing the importance of a
strong digital relationship. So within that larger industry trend, the company introduced a
new element to their strategy to change the way they view their customers, structure a
personal relationship with them and deliver more value to them, on a 24/7,
anytime/anywhere basis.

Currently, the company announced the launch of ManulifeMOVE, an innovative

program that rewards customers with discounted premiums for living a more active
lifestyle. This new approach to insurance is designed to appeal to an increasingly tech-
savvy customer base conscious about staying active and healthy.

Insular
Established on November 25, 1910, Insular Life is the first Filipino life insurance
company in the country. It takes pride in safeguarding the lives of Filipino families. Its
 11

products – from ordinary whole life, endowment, and limited-payment plans, to pension,
college education, group, and investment-linked plans – are packaged to suit the
changing needs of individuals as they move through different life stages. These provide
them with the means to successfully plan for and achieve their family’s financial
security. They categorize their customers by their status whether they are single,
married, already a parent, empty-nester or retired. They are committed to serve the
Filipinos as shown by its low premiums which cater the needs of low income-earning
Filipinos. However, aside from being a local company, it also takes some insurance
plans a longer application method since it requires policyholders to go Manila to process
their documents.

AXA Philippines
AXA Philippines is a joint venture between the AXA Group and the Metrobank Group,
one of the country’s largest conglomerates with diverse interests in the banking,
insurance, real estate and automotive industries among others. They are one of the
largest and fastest growing life insurance company in the country that offers financial
security to more than 690,000 individuals through their group and individual life
insurance products.

AXA Ph capitalizes on middle-income earners in the Philippines. Recently, their

campaign “Failproof your future now” focuses on customization of financial solutions
through a simple financial needs analysis program to assess individual’s current
financial situation and bridge financial gaps according to your budgets, risk preferences
and priorities.

AXA iON is the Philippines' first online insurance store. It lets you apply for coverage
and buy life insurance online with its simple and secure process. AXA is adapting
intelligently to a changing world by strengthening its connection with customers in both
the enterprise and consumer spaces. They also start to leverage by launching
innovative solutions, and enhancing the capabilities to better serve their customers
which includes acceleration of digital transformation initiatives, investments in
technology labs and start-ups, as well as its new partnerships in the digital and sharing
economies.

Sunlife Financial
Sun Life of Canada (Philippines), Inc. pioneered life insurance in the Philippines in
1895. Today, they are one of the largest and most trusted insurers in the country with
almost half a million policy holders to date. SunLife Financial distributes a range of
protection and savings products largely through career agency sales force and
bancassurance channel. SLF offers individual and group life and health insurance
products to individuals and businesses through a wholly-owned subsidiary, Sun Life of
Canada (Philippines), Inc., and through a joint venture with the Yuchengco Group, Sun
Life Grepa Financial, Inc., in which the Company has a 49% ownership stake. The
Company also offers mutual funds through another wholly-owned subsidiary, Sun Life
Asset Management Company.
 12

Sunlife targets the Dreamers, the one who value independence and wants something to
achieve for himself specifically the one who saves for adventures and things for himself.
This year, Sun Life Asset Management Company, Inc. (SLAMCI) is ringing in the Year
of the Fire Monkey with the launch of a new product that will help Filipinos conveniently
grow their money: the Sun Life Prosperity Card. The first of its kind in the market, the
Sun Life Prosperity Card is a gift card worth P5, 000 which may be invested in any of
the peso-denominated mutual funds managed by SLAMCI under its Sun Life Prosperity
Funds.

In order to provide a more comprehensive and a quantitative comparison of the

competition, the team used the tool of Comparative Profile Matrix. (See Appendix B for
the summarized assessment of competitiveness of each of the company in comparison
to all its industry rivals.

VI. TARGET MARKET ANALYSIS

A. Results of Quantitative Research

A quantitative survey was conducted to measure the level of awareness, behavior, and
perception of the Segment G found in the key areas (NCR, Cebu, and Davao) and the
possible area of expansion (Iloilo). Given a 6% margin of error, there are 545
respondents; 100 out of the total respondents are from NCR, 100 respondents are from
Cebu, another 100 respondents reside in Davao, and the remaining 245 respondents
are from Iloilo. The team used convenient sampling and surveyed the respondents
through creating online forms and sending out survey sheets to the different key areas.
Summary tables of the survey results are found in Appendix C.

On Consumer Awareness
According to the survey results, 88.1% (480 respondents) are aware of what an
insurance plan is all about. Out of the 480 respondents who are aware, only 42.9% has
an insurance plan. The most number of insurance plan purchased is the life insurance
and then followed by health insurance. Information about these kinds of insurance
policies came from word of mouth efforts, and then followed Internet and then School.
Specifically, only 13.8% of the respondents are aware of FWD Life Insurance.

On Consumer Behavior
The major key drivers for the Segment G to choosing an insurance company are the
benefits the company has to offer, the reliability of the company or security of their
investment, and the accessibility to payment. These three features scored the highest
mean between the range of 4.33 to 4.57 (Important to Very Important).

Moreover, respondents seek more importance on positive consequences on insurance.

They highly believe that investing in insurance helps them (1) attain financial security,
(2) gives them security for their beneficiaries, (3) helps their money grow, (4) gives
lucrative returns, and (5) gives them personal satisfaction. These consequences scored
 13

the highest mean ranging from 3.73 to 4.04 showing that they somewhat agree to the
consequences are most likely to happen when purchasing an insurance plan.

Consumers will more likely to purchase an insurance to a reputable company or if a

person he/she knows who has a professional integrity recommends an insurance
company.

On Consumer Attitude
When it comes to allocation of their money, about 13.95% falls to savings and large
portion falls to food expense (34.35%). Among the Segment G’s important stages of life,
most of them decided to buy an insurance at the time when they have had their first
employment. It is then followed by life stages of experiencing of a change in financial
status and owning a new property. Some of major reasons why they purchase
insurance are for the purpose of individual risk coverage, future investment, and for the
family’s security and protection.

On Consumer Influencers
Segment G, when deciding on purchasing an insurance plan, mostly relies on their own
decision. Their own decision almost influence half of their degree of influence to
purchase an insurance (51.75%).

Their significant influencers are their family members, their friends, and their colleagues.
Although these people are considered as influencers, their degree of influence ranges
from having little influence to average. Moreover, the segment will, most likely, not
comply with his/her influencers wishes when it comes to purchasing an insurance plan

Other Areas of Consideration

Reasons to buy?
Three top things that may provide a significant added value along the value chain are
the added benefits (83.1%), good customer service (54.4%), and the travel perks
(49.7%). Consumers believe that the most effective way for them to learn about
insurance is through orientation done by a Human Resource employee of the company.

What hinders them?

The top reasons why they hold back from investing insurance are the limited sources
income composing almost half of the pie (48%) and lack of knowledge about insurance
(43.7%). Moreover, they are not convinced by the importance of insurance plans
(31.6%), and would want to avoid the complicated transaction and payment process
(31%) as well unaffordable (30.8%).

How would we be able to reach them?

Their main sources of information are coming from the contents found in the Internet
(76.2%) and Television (14.8%). The most frequent electronic device used by the target
market is the Smartphone (89.5%). The smartphone is then followed by the PC/Laptop
(57.5%) and the tablet (17.9%).
 14

The average hours of usage and visits of social media networks such as Facebook,
Instagram, Twitter, and Youtube is about one to three hours.

B. Results of Qualitative Research

Focus Group Discussions (FGD) and in-depth interviews were conducted to gain a
better insight and understanding of the target market’s perceptions towards insurance
which leads to identifying key drivers that encourage the target market to avail of life
insurance packages. Shown below are the results of the qualitative research, which is
presented using the Means-End Chain framework.

Means-End Chain

Attributes Functional Psychosocial Higher Ordered

Benefits Benefits Value

•A flexible and • Allows you to •Creates a •To achieve

customizable choose an sense of financial
insurance insurance plan security, freedom and
coverage that that can empowerent in peace of mind
is sold with provide value decision- resulting from
affordable to your making and the a life lived
premiums and investment capability to without
includes whle suiting fullfill worries and
essential your lifestyle obligations limitations
benefits needs

FWD Life Insurance. FWD Group spans Hong Kong & Macau, Thailand, Indonesia
and the Philippines, offering life and medical insurance, employee benefits, and general
insurance across a number of its markets. FWD is focused on creating an enhanced
customer experience with easy-to-understand products supported by leading digital
technologies. Through this customer-led approach, FWD will achieve its vision to
become the leading pan-Asian insurer that changes the way people feel about
insurance. Established in Asia in 2013, FWD is the insurance business arm of
investment group, Pacific Century Group. They entered the industry as a challenger
brand two years ago. In order to build a desired brand attitude and image, FWD
targeted a well-defined group. To defy the conventions of the category FWD took on the
“Get ready to live” campaign as a proactive and positive stance in facing the future. In
achieving their vision, they are diving away from the usual approach of trying to sell
insurance by invoking the fear of uncertainties.

Based on the Means-end chain, the following consumer insight was derived:

Consumer Insight:
Segment G tend to be more optimistic and well-informed when it comes purchasing
decisions. However, through the means-end process, we were able to uncover that they
value immediate benefits from their investments. They see insurance as a commitment
that will lead to the fulfillment of their obligations in the long-term.
 15

Additionally, the target segment being risk-averse creates an opportunity for FWD Life
Insurance to create a campaign that can encourage them to make a move or transition
to a potentially better life. With this, the “Leap Forward” campaign was crafted by the
team with the aim to move the segment in the insurance purchasing process from
learning to engagement to activation and finally pledging as the final purchase
decision.

VII. SWOT ANALYSIS

STRENGTHS Marketing Implications

Strong financial support from Pacific As a subsidiary of an international

Century Group Holdings Ltd., the
company behind FWD Life Insurance.
The brand infancy of FWD entails
flexibility and adaptability to market
changes.
FWD Life Insurance leverages the
effective use of technology in their
operations.
FWD Life Insurance differentiates itself in
targeting a specific and untapped market
(Segment G).
FWD Life Insurance ensures an excellent
customer experience through easy-to-
understand and innovative products and
digital delivery
company, FWD can have a strong
impression to customers, with the
financial stability established by their
mother company. This is one attribute of
the company that can earn the
customers’ trust.
For competitors, being older players in
the industry, have been used to
traditional practices, it may be challenging
for them to easily adjust or adapt in
market changes. FWD has the advantage
to capitalize in aspects and adapt
innovative business practices.
Sales transactions are easily and quickly
done through the agents’ tablets; updates
can be easily accessed through the
company’s internet portal. This provides
convenience which is highly valued by
the target market.
Unlike most insurance companies which
offer products to a relatively older
segment, FWD set its own path. Having a
unique target market, FWD is able to
efficiently deliver its marketing campaigns
that cater to the target market’s
psychographics (tech savvy, aspirational,
optimistic).
With these kinds of customer experience,
the company is able to accumulate good
feedback from customers. These also
help the FWD brand to build its loyalty
from the consumers.

WEAKNESSES
Has only two years of operations in the
Philippines.
Products are limited to life and health
insurance (specifically cancer insurance).
Areas of operations of FWD are limited to
few cities such as NCR and Davao.
OPPORTUNITIES
Consistent growth of the Philippine
economy, growing by an average of 6.3%
the highest growth rate in the past
decades
Only 37.8 % of the survey respondents
have insurance policies but 59.1% have
expressed their interest in acquisition.
The Philippine millennial population
comprises a huge chunk of the
opportunity market; approximately
comprising 60% of the approximately 100
million population
Philippines is considered as the front liner
of digital economies in the Asia Pacific
16
Marketing Implications
Competitors in the market have been in
the Philippine insurance industry for more
than a century or decades. FWD as a
new player in the industry, customers do
not have much knowledge in terms of the
trustworthiness of the company.
Since competitors offer a wide range of
insurance plans, consumers have many
options. In the case of FWD, as they have
limited plan packages to offer to
consumers, it limits their opportunity to
capture more consumers.
Compared to other competitors, FWD is
serving a small population of customers.
This means that they have limited reach,
low familiarity and low penetration in the
country.
Marketing Implications
This trend is equated to an increase in
disposable income in the population.
Greater excess revenues for individuals
could lead to higher insurance sales, thus
spurring market penetration. FWD Life
Insurance should take this as a chance to
convince Filipinos to purchase insurance
by creating marketing campaigns.
A significant portion of the target market
is interested in acquiring insurance
policies, but may lack knowledge and
influence as to getting one. FWD life
Insurance should take into account of
covering these percentages to further
increase market share.
Considered as the fastest-growing
generation of consumers and employees,
the most technologically heightened and
underinsured generation, FWD Life
Insurance should create marketing
campaigns that are well suited for the
generation’s needs and should make use
of technology as a leverage to fully reach
this generation.
With over 33 million users of digital
media, FWD Life Insurance should
 17

Region strengthen their platforms through the use

Based on the external analysis, the
government supports programs that
promote financial and insurance literacy.
THREATS
The Philippines is recorded to have one
of the highest poverty incidence in the
ASEAN region
of technology as well as using non-
traditional media for communications.
Extension of government support entails
greater ways of establishing credibility
and trust. FWD Life Insurance can benefit
from this support and likewise, can
collaborate with the government for
proposed or planned programs which
specifically aims to spur financial literacy
in the country.
Marketing Implications
Majority of the low-income population do
not consider the purchase of insurance
as a priority and an urgent need. FWD
Life Insurance should address the
challenge of relevance to innovate and
create a campaign which relates to the
market

Lack of insurance literacy among Filipinos FWD Life Insurance should also include
Based on the competitive analysis,
competitors are well-known and have
aggressive marketing programs
insurance literacy programs in their
campaigns to educate Filipinos about the
necessity of having insurance policies.
Since Segment G have high online
presence, FWD Life Insurance could
leverage on the use of different social
media platforms (such as Facebook,
Twitter, Instagram, Youtube, etc.) in
promoting their programs and in
engaging more customers towards the
brand.

VIII. MARKETING STRATEGY

A. Segmentation and Targeting

The market is segmented using appropriate segmentation variables such as
geographic, demographic, economic, psychographics, aspirations, benefits sought and
media habits.

The following table summarizes the profile of the target student-participants for the
Leap Forward campaign.
 18

Geographic NCR, Cebu, Iloilo, and Davao

Demographic 25-35 years old
Economic Middle to Higher Income Bracket
Psychographics Experiencers and Innovators
Aspirations See my children graduate from university
Start my own family
Get married
Motivations I don’t get enough cover at work
To feel proud that I’m actively taking care of my family’s health
To feel proud that I’m preparing for the future of my family
Social Media Main source of information is from the internet
usage Sharing photos
Chatting and Posting Updates
Reading other people’s updates
Networking

To effectively penetrate the areas of which Leap Forward: To More, Tomorrow

Roadshow will go through, 10 universities and 10 corporations from each city will be
invited to attend along with other interested participants. The students and employees
will be the targeted participants of the seminar and pledgers for FWD Life Insurance.

Universities Corporations
Luzon leg (National Capital Region)
San Beda College (host) Accenture Inc.
UP Diliman Convergys Philippines
DSLU Services Corp
ADMU 24/7 Customer Philippines Inc.
FEU Shell Business Services Asia
UST SM Investments Corporation
PUP Coca-Cola FEMSA
Lyceum of the Philippines University P&G
Miriam College Unilever
Adamson University SGV & Co.
UA&P Nestle Philippines
Visayas leg (Cebu and Iloilo)
University of San Carlos (host) Sykes
Cebu Technological University NCR
Cebu Normal University Accenture
University of Cebu Convergys
Cebu Doctors University Qualfon
University of the Philippines Visayas Teletech
University of San Agustin Monde Nissin
West Visayas State University Aegis People Support
Iloilo Science and Technology University Teletech,
St. Paul’s University Iloilo Transcom
University of Iloilo SPi
Mindanao leg (Davao)
University of Southeastern Philippines Convergys
Ateneo de Davao University (host) Teleperformance
 19

Holy Cross of Davao StaffRIGHT Solutions Inc.

University of the Immaculate Conception SSI Phils Inc
Rizal Memorial College VXI Global Solutions
Davao del Norte State College Coca-Cola FEMSA
University of Mindanao
University of the Philippines Mindanao

B. Brand Positioning Statement

FWD Life Insurance is targeted to Segment G, aged 25 to 35 years old, who belong to
B-C income bracket and are young and carefree. They are creative, aspirational,
optimistic, forward thinkers and tech savvy. This segment value self-esteem, self-
fulfillment and a sense of belongingness. FWD Life Insurance is focused on creating an
enhanced customer experience with easy-to-understand product supported by
leading digital technologies. FWD challenges the traditional norms in the insurance
industry. Their key differentiator is their commitment to delivering the message “Get
Ready to Live” and depart from the conventional idea of fearing future uncertainties
that are typical in this category.

C. The Marketing Mix: 5P’s

Product and Price Strategy
FWD Life Insurance helps you manage your financial goals and coverage needs and
enables you to choose the add-on benefits because of its flexibility. They provide
different packages or set of life plans that would tailor fit to every unique consumer.
Currently they have four life plan packages: (a) The Fight Plan, (b) “Set for Life” Plan,
and (c) “All Set” Plan, and (d) “All Set Higher” Plan.

“Fight” Plan Financial support upon diagnosis of any Php 8, 210/year

form of cancer (male)
Quick and easy application with no Php 9,080/year
medical checks (female)
Up to 2M benefit amount
You are covered for the next 15 years
Offered to 30-year old females
Payable for 10 years
“Set for Life Provides coverage of up to 100 yrs old Php 18,000/year
Plan Loyalty Bonus
Annual Premium as low as 18K
Payable in 5 to 10 years
Add-on benefits to choose from:
Accidental Death Benefit, Hospital Cash
Benefit, Critical Businesses Benefit,
Waiver of Premium Benefit
The money you earn with this plan will
keep on earning (investment funds)
“All Set” Plan Provides coverage of up to 100 rs old One-time payment
 20

Loyalty Bonus of Php 100,000

Premium as low as 100K
A Life Benefit in which the money
earned will continue to grow (investment
funds)
Worry-free issuance for eligible
applicants.
Add-on benefits to choose from:
Accidental Death, Hospital Cash, Critical
Illnesses – to choose from
“All Set Assistance with Professional Investment Php 1,000,000
Higher” Plan Managers
Loyalty Bonus
No initial fees
No medical examination required
Adjust your asset allocation online as
your needs change, free of charge

Place Strategy
FWD Life Philippines Facebook page will be utilized as a platform for the following
campaigns: There will be four FUNancials infographic videos to be posted on FWD Life
Philippines Facebook page from July to August 2016. Also, the Orange Bucket List will
solely revolve on the same platform.

To More, Tomorrow: Four key areas shall be utilized in this roadshow specifically
NCR, Cebu, Iloilo and Davao. San Beda College will be tapped as the host school for
the whole NCR region. Along with this, the NCR leg will be joined by ten (10)
corporations namely Accenture Inc, Convergys Philippines, Services. Corp, 24/7
Customer Philippines Inc, Shell Business Services Asia, SM Investments Corporation,
Coca-Cola FEMSA, P&G, Unilever, SGV & Co. and Nestle Philippines and ten (10)
universities specifically UP Diliman, DLSU, ADMU, FEU, UST, PUP, Lyceum of the
Philippines University, Miriam College, Adamson University and University of Asia and
the Pacific.

In Cebu, University of San Carlos will be tapped as the host for the roadshow. At the
same time two (2) other universities from the area will also be invited such as Cebu
Technological University and Cebu Normal University. Iloilo leg will be participated by
University of the Philippines Visayas (host), University of San Agustin, West Visayas
State University, ISAT-U, St. Paul’s University and University of Iloilo.

For the Davao leg, on the other hand, will be joined by eight (8) universities namely
University of Southeastern Philippines, Ateneo de Davao University, Holy Cross of
Davao College, University of the Immaculate Conception, Rizal Memorial College,
Davao del Norte State College, University of Mindanao and University of the Philippines
Mindanao. Ateneo de Davao University will be assigned as the host school in this area.
There will also be six (6) companies to be invited specifically Convergys,
 21

Teleperformance, StaffRIGHT Solutions Inc., SSI Phils Inc., VXI Global Solutions and
Coca-Cola FEMSA.
The team also proposes a livestream of this roadshow using the latest Facebook
Livestream feature. This will automatically notify all their followers/likers of the
livestream.

Orange Bucket Challenge: This campaign will mainly revolve around departure areas
in airports of all key areas. In NCR, Ninoy Aquino International Airport Terminal 3 will be
utilized for this. Mactan International Airport for Cebu and Davao International Airport for
Davao. Throughout the activity, a media team will document and upload the
documented video on FWD Life Philippines Facebook page.

Process Strategy

Application of Confirmation of
Invite prospective
Accreditation of
Seminar on CHED speakers speakers

* Sending invitations to
Confirm final list of college students by tapping
participants from online, school organizations
school organizations and *Sending invitations to
Human Resource professionals by tapping the
Division Human Resource Divisions
of some companies
Release of
publications about
the Leap Forward
roadshow through
social media.

Seminar Proper Publicize result of the

Move to the next
FUNancials Seminar
(Leap Forward: To through social media
place to held the
More, tomorrow) FUNancial seminar
and media partners

Release of Publicize the success

different of FUNancial Seminar
TOUR through social
marketing media and media
strategies partners

Information about Leap Forward: To More, tomorrow will be available online after
CHED releases accreditation to conduct a seminar and after the confirmation of invited
speakers. Invitations and publications will be sent through school organizations and
Human Resource Departments of some companies in order to reach the target
participants, which are the college students and the professionals. The success of the
first seminar tour will be publicized through online and with the help of media partners.
This is created to start buzz marketing in order to further increase the number of
 22

participants on the following tours on the different cities. The Leap Forward Roadshow
will be then followed by the release of the different marketing strategies.

Promotion Strategy

A. Marketing Communications Objectives:

To increase current awareness of FWD Life Insurance by 75% in key

areas- NCR, Cebu and Davao.
To build 50% interest out of who are aware of FWD Life.
To develop 25% desire out of the 50% who are interested in getting an
FWD Life Insurance Plan.
To acquire 20% who will choose FWD Life as their preferred insurance
provider out of the 25% who desires to get an insurance plan.
The table below is the approximated captured market for FWD Life insurance in the first
four months of campaign implementation:
Total Number of NCR Cebu Iloilo Davao
Segment G per 1,836,197 26,738 14,769 26, 537
key city
Awareness(75%) 1,377,148 20,054 11,077 19,903
Interest(50%) 688,574 10,027 5,539 9,952
Desire(25%) 172, 144 2,507 1385 838
Purchase(20%) 34,829 505 277 168
Total 35,779

B. Marketing Communication Strategy

b.1 The Big Idea

What does it mean to grow up?

Did it intend to slowly forget the exhilarating feeling that comes with taking chances?
Can we even remember how it felt when we used to make those seemingly impossible
leaps just to win a simple game of hopscotch?
Or how we strongly believed then, that we were the masters of our own destiny in a
world of infinite opportunities?

Still, isn’t growing up a constant attempt to become better versions of ourselves?

We never really lost the chance, this is the chance.

“Leap Forward” is anchored on the idea that as adults, we can still experience those
reminiscent childhood emotions of being confidently invincible and boundless in our
decisions. Thus by being able to get an insurance plan, it will involve taking on the
challenge of facing what is ahead of us.
 23

Leap is defined as to propel oneself quickly, upward or a long way. Along with the
YOLO mindset which embraces the enjoyment of life despite its challenges, leap
becomes fundamental when it’s applied to the understanding that today is the best day
to start investing; start learning about money and start building the actual YOLO life. If
we only live once, why not make sure the decisions we make support a healthy and
financially stress-free lifestyle? Hence, FWD Life exists to remind us that “Tomorrow is
as real as today” or that planning for tomorrow is as valuable as enjoying the present.

In the “Leap Forward” campaign, we learn the first steps to financial security while
engaging in activities that encourage a dynamic and healthy lifestyle. These will aid in
activating the brand to life and encourage devoted participation from the segment.
Hence, it will lead a pledge to act and leap forward

b.2 Campaign

We have distributed our specific tactics to the different phases of the campaign.
Following the AIDA model the acronym LEAP was used in order to attain the following
Marketing Communication’s objectives:
 24

IX. DETAILED ACTION PLAN

Creating Awareness
Phase 1) Learn

A. Insurance Literacy Roadshow

The goal of the Financial Literacy Roadshow is to help students and professionals
improve their understanding of financial concepts and services so they are empowered
to make informed choices and take action to improve their financial well-being in order
to make more leaps in life. The roadshow aims promote financial literacy across the
nation. It will be executed through an experiential learning program. Experiential
learning integrates classroom learning with practical application.

In order to create awareness for FWD, seminars will be conducted to selected schools
of key areas (Metro Manila, Iloilo, Davao). To be called “Leap Forward: Here’s to More,
Tomorrow”, the “new take on financial literacy” roadshow will invite students and
professionals who will serve as participants of the seminar.

Roadshows will be held in key areas namely Manila, Cebu, and Davao. Topics to be
discussed include:
(a.1) Setting Priorities: The Millennial Must-haves
Mainly discusses about practical “must haves” in every stage life of a consumer
creating list of priorities in order to climb up a ladder of a more stable and
secured living without compromising fun and adventure along the way.
(b.2) Insurance: A Breakthrough to Financial Independence
As Millennials, young as we are, we want a sense of fulfillment in different
means. One of them is to be able to carry out ourselves financially without asking
help from our parents. There is no enough knowledge gained from differentiating
“Saving” and “Investing.” However, Research suggests that there is interest in
learning ways to properly allocate their available funds.
(c.3) The YOLO Financial Mindset.

“YOLO is about putting yourself first and therefore you should be investing in you
first.” Millennials pay more importance on experiences so for each specific goal
there has to be a purposeful creative strategy. There is nothing wrong with
spending but overspending would lead you to debt. Thus, debt would hinder you
from living the life you want. This topic mainly discusses about the ways to enjoy
things life’s to offer by being a wise spender.
 25

Step 1.) Personal Selling

Under this tactic is the sending
of letters and email of invites to
target corporate and
academic participants.

Step 2.) Publish promotional materials online

integrate content in social media platforms
especially on facebook. The header will now be
changed to Here’s to More, Tomorrow.
 26

LeapFWD.com

A new website linked from the official FWD.com.ph website will be made for the Leap
Forward campaign. It will be optimized for mobile browsing, which will feature
continuous scrolling. The sub components of the website will be a) Roadshow b) Here’s
to More, Tomorrow c) Articles on insurance literacy, d) FWD experience and e) Live
stream feed

Page 1 Page 2

Upon visiting a pop up will appear encouraging them to take an insurance literacy quiz.
They could then link their Facebook account with the site to publish the result of their
quiz.
 27

Step 3.) Secure Media Cosponsor

The event will be promoted and covered by Rappler and wheninmanila.com as
Media Cosponsor. Before the event an article shall be published regarding the
roadshow, during and post.

Step 4.) Event Program

The event program will be an interplay of lectures and experiential activities to
ensure maximum learning and retention. The prepared experiential activities will
be a mix of tools that would need application of the learned concepts.

Step 5.) Experiential Activity

The following experiential activity will be done succeeding every lecture.
a.) Budget Planning b) Goal Setting and c) Scenario/Case Analysis

Step 6.) Financial Planning Kit

Each participant will get a Financial Planning Kit by FWD

Step 7.) Pledge to Leap Forward

Participants are then invited to Pledge to Leap Forward to be discussed on
Action Phase 4) Pledge.

B. 10 Leaps Forward

To further increase social media engagement on FWD’s Facebook page, we will create
short, practical and informative videos that viewers can relate to. Potential policy-
holders are likely to learn and grasp information through visual demonstrations. Most
importantly, the videos will encourage viewers to consider purchasing an insurance
plan. The videos are limited to a maximum duration of only 3 minutes, due to the short
attention span of Millennials.

Different videos will encompass relatable topics to different life stages that will bring
excitement to plan for their future. This will become a constructive suggestion that
acquiring an insurance plan is vital in the preparation process. The articles released will
be linked to the LeapFWD.com website where they could sign-up and subscribe for
more articles.
 28

The following topics are considered for the content of the 10 Leaps Forward videos:
o 10 Things to do After College
o 10 Things to Spend on Your
First Blood
o 10 Things to do Before
Settling Dow
o 10 Things Your Future Child
Deserve

All content will then be integrated to suit the facebook page of FWD Life Insurance
Philippines. The official hashtags #LeapFWD and #ToMoreTomorrow will be used
whenever new content is uploaded. This is to maximize the buzz of the campaign. Aside
from the 10 Leaps Forward, there will also be regular content on facts about the
insurance industry and FWD as an insurance company to keep people informed about
the latest updates.
 29

Building Interest
Phase 2) Engage

A. “#OrangeBucket Challenge”
Guerilla Marketing

Aiming to strike our consumer at a more personal and memorable level, the team will
create a guerilla marketing that will further compliment the LEAP campaign. This also
aims to create a load amounts of social buzz and that later will create valuable
impression.

“Ever dreamed about the day that you will reach your dream destination? What if we
told you that day is to day?” Always inspired to help customers to fulfill their dreams and
aspirations, the proposed FWD’s #OrangeBucket Challenge will happen
simultaneously within three (3) airports from Luzon, Visayas and Mindanao (MIA for
Luzon, Mactan International Airport for Visayas and Davao International Airport for
Mindanao). The challenge is imposed to those passengers who have already their ticket
tucked in with them, and they would be asked to swap their current ticket with a ticket
from the orange bucket that contains an instant getaway to one of the top dream
destinations in the country (Vigan, Siargao, Coron, Bukidnon and alike) which is good
for 3 days. The getaway trip will happen within the afternoon of that day and all
expenses will be shouldered by FWD Company.

The first person for each airport that will accept the challenge will be held as the
winners. After then, a documentation of the challenge would be posted online to create
buzz and to trigger interest from customers towards FWD.
There will also be Pledge Booths in those airports where people could Sign-up and
inquire through financial advisors about FWD Life Insurance.
 30

B. Ambient Marketing Efforts

To effectively capture the

interest of the Segment G, there
will be a series of simultaneous
execution of all sorts of Guerilla
Marketing in each key area. Aside from the aforementioned
#OrangeBucket Challenge, we need to reach each consumer
touch points such as providing interactive guerilla marketing efforts in places
where the Segment G is commonly found. Guerilla marketing will be found at:

(b.1) MRT, LRT and LRT 2 for NCR

Orange cozy chairs will be installed in the transit to catch the
attention of the commuters which will, in turn, capture curiosity
and interest to discover what the orange chairs are all about.
The back board will then contain a statement: Come sit with
us. Let’s talk about leaping forward. A QR code is also
provided right beside the FWD Logo in order to redirect them
to the Leap Forward website.

(b.2) The #OrangeBucket List Wall for Iloilo City

There will be a setup of an interactive orange wall in Iloilo. The
wall will then contain a collected list of to-dos of people who
participated in the event by writing their “bucket list.” The list
might be their goals, aspirations, and dreams. There will be a
question written at the top saying “What’s in your bucket list?” A
QR code will also be mounted on the wall that will redirect them
to the website.

(b.3) Human-sized Water Hoops Toy for Davao City

A famous 90s toy, the water puff will be installed in SM
Lanang. The toy has two buttons of arm-length distance to each
other. The goal is to be able to shoot all the hoops by pressing
the buttons. This game aims to heighten the interest to discover
more about FWD. The QR code along with the FWD logo will
also be provided.

As a whole, the guerilla marketing executions aim not only to create interest to people in
the key areas but also to create a buzz in social media by encouraging participants of
each activity to share the news and their experience.
There will also be Pledge Booths located next to these Ambient installations to
encourage sign-up and inquiries about FWD Life Insurance.
 31

Developing Desire
Phase 3) Activate

A. “#OrangeBucket List”
Facebook Photo Contest

Currently, FWD Life Philippines Facebook page struggles on a low engagement among
their consumers. Their page currently has 280 000+ likes however, their individual posts
only gain 50-250 likes. Since the ratio of post likes to page likes is very unfavorable, the
Team aims to build more interest and leverage on FWD’s Facebook page by holding an
online activity that will engage potential customers especially the target market.

Orange Bucket List will generally revolve around Facebook within September to
December 2016. For every week, one (1) Leap of the Week shall be posted on FWD
Life Philippines Facebook page. Facebook users will post their best picture of that
certain adventure/activity with the hashtag #LeapOfTheWeek(1/2/3..). The picture with
the most number of likes after one (1) week wins a limited edition 365 LEAPS
PLANNER by FWD. At the end of December, there shall already be fifteen (15) weekly
winners. Among them, a grand winner will be chosen by uploading all winning photos in
one album and the photo with the most number of likes after one (1) week will win one
(1) GoPro Hero 4+ Silver.

Step 1.) DTI Certification

a.) Fill out the Application Form authorized by the DTI 30 days before the start of
the promo.
b.) Submit Requirements for evaluation. Once all the requirements are submitted
to the DTI, they will evaluation the promotion.
c.) Pay the required fee. A fee has to be paid, which will range anywhere from
P500 to P5,000. Depending on the value of the prize to be given away during
the promotion.
d.) Wait for the permit number, given upon approval. Once your application has
been approved, your promotion will receive a Permit Number, and the
promotion permit will be issued.
 32

Step 2.) The Official poster will be released across social media platforms

Step 3.) The mechanics will be released through an infographic poster

 33

Step 4.) Every week a bucket list will be released on Facebook

Step 5.) Winners will be announced every week and will receive a 365 LEAPS
PLANNER by FWD

Step 5.) By the end of December the 15 winning entries will be uploaded on the
official FWD Life Insurance Philippines Facebook account and will be up for a like
blast contest to determine the grand champion for the #LeapoftheYear title.

Step 6.) The entry with the most number of likes after a week will be awarded as
the #LeapoftheYear and will claim will win one (1) GoPro Hero 4+ Silver.

B. Leap for Fun!

To increase engagement with the FWD Life brand in key areas, different games will be
set up in places where the target market usually visit and spend time. These
involvement activities will be simultaneously done to create buzz in the city. To address
queries and easy conversion to sign-up and sales, there will be respective Pledge
Booths in the areas with designated financial advisors to assist participants and
encourage purchase.
 34

(b. 1) BGC Frisbee

Bonifacio Global City (BGC) is the financial center of Taguig City. It is a highly
modernized district composed of young professionals belonging to the affluent upper
middle class segment.

To engage the community in BGC, FWD Life will conduct a short Frisbee training and
an elimination game with pro players. Everyone can sign up and appreciate the sport
and make it a part of their lifestyle. After a basic training and demonstration of how the
game is played, people who signed up will be divided into four teams. Teams will then
compete until they reach the elimination round, and one team will get to win sporting
merchandise from FWD. The losing teams will still be able to get an FWD jersey, as
compliment to their participation. The event will start with the basic training and demo at
2PM in the afternoon on a Saturday. This is an opportunity for the residents and people
from surrounding areas to learn a new sport and bond with their family, friends and
people who matters most to them.

(b.1) BGC (b.2) Cebu

(b.2) Cebu Hopscotch

Selected pedestrian lanes in Cebu’s IT Park will be designed and repainted into an
orange “hopscotch” pattern. The pattern on the street will be designed with big intervals
to encompass the whole crossing lane, thus making people leap through it. Onlookers
around the area will be interested to take photos and videos of the activity, and upload
them on their social media accounts.

This activity will create buzz not just for employees at the IT Park, but also on social
media sites. There will be QR codes strategically placed next to the installation to
encourage traffic to the LeapFWD.com website and lead to sign-up or sale.
 35

(b.3) Iloilo Jump Rope

The event for Iloilo City will involve setting up a big jumping rope at the entrance area of
the River Esplanade to promote and introduce FWD. Together with their group of
friends, participants will play a round of jumping rope wherein they will survive the
challenge. Segment G will remember this physical activity being played on the street
with their friends. Also, participants will then value the joy of friendship and working
together to survive the game. And as an incentive, they will be given free jersey shirts
from FWD.

(b.3) Iloilo City (b.4) Davao

(b.4) Davao Jenga

FWD Life will set up a life-size Jenga blocks (made of hard foam) game at SM Lanang
Prime, where there is high traffic of shoppers. Public relations agents will engage the
crowd by encouraging them to play the game. This will involve critical thinking and
physical ability as they will have to make sure that the blocks won’t topple down. As an
incentive, the winning participant will be rewarded with a tumbler and other sporting
merchandise from FWD.
 36

Invoking Action
Phase 4) Pledge
“I Pledge to Leap Forward”
Sign Up for FWD Life Insurance

In order to Induce Action a Pledge Booth will be put up during the Roadshow and will
be composed of 4 stations. Each station would require the participant to get involved
with FWD through 1) Signing Up for the Pledge to Leap Forward Campaign 2) Liking
FWD Life Insurance Philippines’ Facebook account 3) Capturing a Photo as an
evidence of Pledging and 4) Talking to a finance advisor from FWD

Station 1
> Laptops with database will be provided for registration of participants who are
willing join the “I Pledge to Leap Forward” campaign
> Registration comes in group of 4 or individual sign up. Collective sign up of four
people (Barkadas) can enjoy additional rewards from the “Leap for Rewards” which
will be discussed on another phase.
> Information such as their Name, Age, Address, Contact No., Occupation, and
Email Address will be asked from the participants

Station 2
> Pledgers will be asked to open their respective Facebook accounts and like the
FWD Philippines official Facebook page and follow FWD on twitter.
> They would then be encouraged to chat with FWD on facebook to get a chance
to be randomly selected as a winner of the 365 Leaps Planner by FWD.

Station 3
> A photo booth will be set where in Pledgers will take a group photo as an
evidence that they “Pledged to Leap Forward”. Their photo will then be uploaded on our
Facebook page and they will be tagged as well.

Station 4
>Pledgers who has the intention to purchase an insurance can have a free
assistance from financial advisors of FWD. Groups of 4 that could successfully
purchase an insurance with a full annual payment gets to avail the 4ever Promo.

4EVER Promo

In order to win the 4EVER Promo, each pledger (from the group) is initially required to
pay the one-year investment of FWD’s “Set For Life Plan” package worth P18, 000. If
complied, the Barkadas are already entitled to a free roundtrip ticket to Siargao
(accommodation and pocket money not be included). The 4ever Promo continues as
long as the Barkadas pay the term of the said plan without any lapse as a condition.
Once again, if the condition is met, they will be given a travel incentive every Leap year.
 37

For the summary of the Detailed Action Plan, please refer to Appendix D.

X. PROPOSED BUDGET AND REVENUE SOURCES

For the detailed budget proposal and revenue sources please refer to Appendix E

XI. IMPLEMENTATION SCHEDULE

For the detailed implementation schedule please refer to Appendix F.