Pure General Insurance Case Study (PGI)

Pure General Insurance Case Study (PGI)



Pure General Insurance Case Study (PGI)

Interviewee(s)

1

2

3

4

5

6

/Question(s)

Male 46 yrs old

Female, 56 yrs old

Male, 23 yrs old

Female, 23yrs old

Male, 63 yrs old

Female,

43yrs old

1 - Would you be prepared to buy a household contents policy?

yes

no

yes

Most probably

yes

no

2 - What would you expect to find in a household contents policy?

insured

insured

insured

insured

insured

insured

3 - What features do you think are important?

accidental insurance cover

accidental insurance cover

accidental insurance cover

accidental insurance cover

accidental insurance cover

accidental insurance cover

4 - What features do you think are unimportant?

replacement product thing, nor those robotic voices

No hidden policies

frills they keep in policy

'ware and tear' reduction

telephone answering systems

exclusions

5 - Where would you find information about household content policies?

TV, news papers

TV

internet broker

TV, radio, newspapers and the net adverts.

shop steward

local insurance broker

Q1a

PGI has conducted a number of interviews to investigate the possibility of introducing a new general insurance policy. The company has asked for your help in analysing this interview data. You are required to carry out a process of data reduction on this interview data using any appropriate method of your choosing (you may wish to consider using the “large sheet of paper” method).

From our Marketing Analysis of PGI we observed that most of the respondents are interested to buy a household contents policy and wanted that it should have complete accidental coverage policy with out any hidden policies. According to them Insurance is bought in order to hedge the possible risks of the future which may or may not take place. This is a mode of financially insuring that if such a incident happens then the loss does not affect the present well-being of the person or the property insured. Thus, through insurance, a person buys security and protection.

A simple example will make the meaning of insurance easy to understand. A biker is always subjected to the risk of head injury. But it is not certain that the accident causing him the head injury would definitely occur. Still, people riding bikes cover their heads with helmets. This helmet in such cases acts as insurance by protecting him/her from any possible danger. The price paid was the possible inconvenience or act of wearing the helmet; this ie equivalent to the insurance premiums paid.

Though loss of life or injuries incurred cannot be measured in financial terms, insurance attempts to quantify such losses financially. Insurance can be defined as the process of reimbursing or protecting a person from contingent risk of losses through financial means, in return for relatively small, regular payments to the insuring body or insurance company.

Insurance can range from life to medical to general (residential,commercial property, natural incidents, burglary, etc).

Q1b

What advice could you give PGI about promoting to these customers?

Increased competition from their traditionally, “non-insurance” partners in the financial services industry has forced “insurance only” companies to enter areas once considered exclusively part of the financial services market. The melding of the insurance, banking, and brokerage industries into one composite financial service industry has created confusion in the minds of many ...