Evaluating Problems and Prospects for Insurance Service Marketing

This dissertation examines the problems and prospects for marketing insurance services, using MetLife Insurance Limited in Hong Kong as a case study. The research investigates the conceptual framework of marketing in the insurance sector, identifies key issues and opportunities faced by MetLife, and assesses the impact of marketing problems on business performance. The study explores research questions related to marketing challenges and proposes solutions to improve profitability. The methodology includes interpretivism philosophy and a descriptive research design to gather in-depth information. The findings of this research are significant for insurance firms, researchers, and policymakers, offering insights into devising effective marketing strategies, identifying root causes of problems, and formulating effective policies and standards. The dissertation reviews existing literature on marketing in the insurance sector, focusing on issues such as consumer trust, competition, and regulatory challenges.

DISSERTATION
(To evaluate problems and prospects for marketing of insurance
service)

Table of Contents
RESEARCH PROPOSAL...............................................................................................................1
Background of the study.............................................................................................................1
Rationale of the study..................................................................................................................1
Aim and Objectives.....................................................................................................................2
Research Questions.....................................................................................................................2
Significance of the research........................................................................................................2
Literature Review........................................................................................................................3
Research methodology................................................................................................................5
Ethical Consideration..................................................................................................................7
Plan of Work...............................................................................................................................8
REFERENCES..............................................................................................................................10

RESEARCH PROPOSAL
Background of the study
Marketing is considered as one of the essential elements that support in analysing market
condition and planning activities properly. The main objective of marketing activities is to make
people aware with products and services of company and generate value for customers (Peck and
et.al, 2013). It is the tool that is beneficial for entity in generating high revenues in organization.
Impressive marketing tactics support in increasing the market share and gaining competitive
advantage. Today's business of Hong Kong is highly dependent upon the marketing functions.
Insurance industry always takes support of promotional activities in order to grow well. Over the
period of time, drastic changes have taken place in insurance market of Hong Kong. Needs of
population and economic condition have changed scenario of this sector (Diacon, 2016).
There are many attributes which are needed to be included in marketing functions by
insurance firms such as needs of clients, quality of services, consistency and ability to pass claim
. There are many people who do not prefer to buy insurance policies. It is because; they think
that it is not a profitable investment (Srinivasan, 2014). These persons look at the insurance as
investment purpose but it is more than this. Choice of marketing channel, mistrust, ineffective
promotional tools are the major problems faced by insurance sector in its marketing process.
Present study is based on MetLife Insurance Limited in Hong Kong. It is the global
provider of life insurance (Kiragu, 2014). It has approx. 90 million clients in more than 60
countries. Apart from insurance products, it also offers investment and annuities products and
services. Study will discuss problems for marketing of insurance services faced by MetLife in
Hong Kong. Furthermore, impact of these marketing issues on performance of business unit will
be described in this research project.
Rationale of the study
Market is changing with the rapid speed. It has become essential for entities to modify
their operations as per the market condition (Raina and Roebuck, 2016). For providing
satisfactory services to them, company has to market their products well so that people can get
attracted towards it. Trust of consumers is decreasing from the insurance sector of Hong Kong.
People have invested into insurance with the purpose to get high returns but due to changes in
economic position, firms were unable to provide good returns over their investment. In such
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condition, trust of the persons get decreased. This can support in the growth of insurance sector
and in generating higher revenues (Andersson and Mattsson, 2015). Currently, insurance sector
of Hong Kong is not able to market their services effectively due to which premiums are
increasing but new policies are not taking place in companies.
Aim and Objectives
Aim
“To evaluate problems and prospects for marketing of insurance services - A case study of
MetLife Insurance Limited in Hong Kong”
Objectives
 To explain the conceptual framework of marketing in insurance sector of Hong Kong
 To identify problems and prospects that are faced by MetLife Insurance Limited in Hong
Kong
 To evaluate the impact of problems for marketing of services on business performance of
insurance companies
 To suggest the ways to minimize problems for marketing services of MetLife and
improve its profitability
Research Questions
 What is conceptual framework of marketing in insurance sector of Hong Kong?
 What are the major problems and prospects that are faced by MetLife Insurance Limited
in Hong Kong?
 How problems impact on business performance of insurance companies?
 What are the ways to minimize problems for marketing services of MetLife and improve
its profitability?
Significance of the research
Current study will be beneficial for insurance firms of Hong Kong because they will get
to know issues that prohibited them to devise effective marketing strategies. It will support in
identifying the root cause of problems and finding solution of these issues so that insurance firms
can market their services (Jiwani and et.al, 2014). This research will be equally significant for
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other researchers because they will get to know ideas about issues for marketing of services in
insurance companies and they will be able to conduct further researchers on the same topic.
Government and policy makers will also get benefit from this investigation because they
will be able to formulate effective policies and standards that can support insurance firms in
marketing of services effectively (Djellal and Gallouj, 2013).
Literature Review
Marketing in insurance sector
As per the views of Tuten and Solomon, (2014)life and general are two main types of
insurance. Creation of “office of commissioners of Insurance” Hong Kong supports in smooth
functioning of these organizations. Companies have to offer quality insurance products and
services to consumers so that they can get attracted towards the brand and buy its services.
Foxall, (2013) argued that marketing of insurance products is the tool through which
companies can make people aware with the benefits of taking insurance. It is essential to market
services as per requirements and priorities of population. This can support in meeting with their
needs and satisfying them towards the brand. According to Irfan and Kee, (2013) Hong Kong has
developed the market of insurance. There are many insurance firms which are attached with
other insurance companies in other regions. In 2016 first half approx. 14% premiums were
collected by insurance industry. Worth of this premium was HK$207.5 billion (US$26.6
billion).
Mackey and Gass, (2015)stated that needs of consumers are getting changed, all the time
it is very difficult for the firm to meet with specific requirements of different users. Marketing is
the tool that helps insurance firm to identify particular needs of population and offering them
products as per their requirements. But non existence of development strategies, insufficient
experience is creating big troubles for insurance firms and due to which they fail to maker their
services effectively.
Problems and prospects that are faced by insurance sector in marketing of products and
services
As per the view of Anney, (2014) marketing of insurance services has become critical
task for insurance firms. The main issue faced by these entities is to transit selling to strategic
marketing activity. Companies are trying to market their products well so that sales volume of
these firms can get increased. In effective marketing strategies is the main problem in
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corporations. Due to this problem they are unable to generate funds and attracting new
consumers towards the brand. Promotion plays signification role in the success of entity. But due
to ineffective marketing policies entity fails to meet with its real objective.
According to Flick, (2015) marketing plays three major roles in the entity, inform,
persuade and remind. Earlier most of the companies were using traditional marketing methods
such as sales promotion, public relations etc. But as competition is high so entities are required to
change the perception of consumers by making them aware them unique feature of the products
and services. This can help in attracting new costumers towards the brand. But due to ineffective
promotional activity's insurance firms are facing problems It has changed perception of
population to great extent.
Gast and Ledford, (2014) .argued that mistrust in insurance relationship is the main
problem due to which insurance sector is unable to market their services in effective manner.
Earlier many people have taken interest in insurance policies, they thought they can get good
return over it and it can support in covering their risk. By taking these policies their family
members can get funds after death of the insured person. But in many of the case insurance
company of Hong Kong have refused to pass the claim. Apart from this, people those who have
invested in insurance to get high return they faced big loss. This has decreased trust of
consumers on insurance sector Anney, (2014) stated that many insurance agents have made false
commitment regarding returns and risk cover just to earn incentives. This has created situation of
mistrust and now people do not trust on marketing messages of the firm.
As per the view of Andersson and Mattsson, (2015) high competition in market is the
major element or problem in front of insurance companies. Due to which they are unable to
market their services successfully. Due to such intense competition these firms failed to provide
unique services to consumers. By this way their marketing objective is not been achieved. On
other hand Raina and Roebuck, (2016) argued that rigorous regulation are the major problem for
marketing of services. Government and commission of insurance have made some legislation
related to insurance products and its marketing. By this way companies are unable to disclose
their necessary features into their advertisement. Some times wrong interpretation can also
impact on the business unit. By this way company's fail to address needs of consumers
effectively.
Impact of problems for marketing of insurance services on business performance
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According to Srinivasan, (2014) marketing is the great tool that helps entities in
spreading its band image across the world. Effective promotional strategies support in making
people aware and attracting them towards the brand. Whereas, ineffective strategies can
influence the mind of consumers. By this way will move to other insurance firm in order to buy
its services. Jiwani and et.al, (2014) stated that mistrust of consumes reduces sales of the entity
because in such situation people do not believe on the firm. It affects the productivity and
profitability of business unit to great extent. Ineffective marketing of services decrease brand
image which influence the mind of consumer to great extent. Promotion of products and services
is costly tasks because entity has to spend some amount into it and if fails to generate revues then
it may affect its financial strength to great extent.
Research methodology
Research Methodology are the tools and techniques which support a researcher in
gathering in depth information about the topic and conducting research in effective manner.
Research philosophy is the process or tool that support the investigator in carrying out study in
effective manner (Gast and Ledford, 2014). Present study will be based on problems in
marketing for insurance services. For that scholar will use interpretivism philosophy. As it would
be qualitative study thus, use of this technique will be correct for this study. By this way
researcher will be able to gather quality information about marketing in insurance sector and
problem faced by insurance firms. With the help of this tool researcher will be able to find
solution to minimize these issues and improving marketing activities of insurance companies.
Research design is another tool which is applied by scholar while preparing a
dissertation. This method helps the researcher in getting direction for the study (Challenges
affecting marketing of insurance services by insurance agencies in nairobi kenya , 2013). With
the help of this tool scholar will be able to describe each aspect related to problems in marketing
of services in insurance sector. Researcher has to collect information about various issues of
marketing in insurance companies. It is vast topic because working of insurance companies are
different from other firms. It is regulated by other bodies. In such condition scholar has to gather
information about various standards of marketing in insurance sector. For that researcher would
require developing understanding about the topic (Magasi and et.al, 2015). This is possible
through using descriptive research design. By this way individual will be able to interact with
respondents well and will be able to conduct investigation in effective manner.
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Research type is another technique of research methodology. This helps to researcher in
planning for the researcher. It is considered as general plan which supports a scholar in
answering questions in appropriate manner. Selection of research type completely based on its
objective and aim (A study on marketing problems and prospects of health insurance policies in
coimbatore district, 2007). As present research is on the problems faced by insurance companies
for marketing its services. For that investigator will go with qualitative type. Because this will
support in gathering quality information about the topic. Individual will have to take support of
theories and model for completing this study. So quality researcher type would be beneficial in
reaching to final results (Opportunities and Challenges of Insurance Industry in India, 2015).
Research approach is another tool of methodologies, it helps in identifying the way of the
investigation whether it is from specific to general or from general to specific. There are two
main approach are used in different types of techniques inductive and deduction. Selection of
appropriate approach is based on type of study. Present investigation is qualitative so use of
inductive approach will be beneficial for the research (Irfan and Kee, 2013). With the help of this
tool scholar will be able to involve human being in the researcher and will be able to draw valid
conclusion. Use of inductive approach will help the researcher in identifying pattern of
conducting this investigation and getting optimistic results.
Data collection is one of the important method in dissertation. This support the person in
developing understanding about the topic and conducting study in effective manner (Tuten and
Solomon, 2014). Primary and secondary are two main tools of data collection. In the primary
data collection sources individual collects information by own by involving human being into the
researcher of by observing things. On other hand secondary sources are already available in the
market, as many authors have conducted the investigation on the same subject so researcher can
use these books, journals in its study. In the present research, researcher will apply primary and
secondary both these sources (Flick, 2015). In the primary data collection sources individual will
use questionnaire techniques in which person will ask questions with respondents on issues faced
by insurance firm in marketing of its products and services. On other hand scholar will also use
some already available data in order to develop understanding about the topic.
Sampling is essential method which helps the scholar in selecting right people from the
universe who can give accurate information about subject matter. In this respect researcher will
use random sampling technique (Anney, 2014). This would be accurate tool because by this way
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individual will be able to minimizing biasness and will be able to gather quality data about issues
of marketing in insurance sector. Scholar will select 10 marketing managers of MatLife as
sample in this investigation (Magasi and et.al, 2015).
Data analysis is one of the most effective tool which supports the researcher in reaching
to the final results. Selection of tool depends upon the type of study if it is quantitative then
researcher can use statistical tool such as SPSS etc. But it is quantitative study so scholar will
apply thematic analysis method (Irfan and Kee, 2013). This would b more effective for this
project. With the help of thematic analysis tool researcher will be able to present its information
about problems for marketing in insurance sector in effective manner./ this will help in finding
solution to minimize these problems.
Ethical Consideration
Ethical consideration is considered as on of the main element in dissertation. In the
absence of ethical aspect researcher can not complete the study in effective manner. Scholar will
follow these ethical aspects properly so that individual can reach to final conclusion. Investigator
will not copy any data from any website. Individual will search content related to insurance
sector and marketing problems (Foxall, 2013). All these material will help the scholar in
developing knowledge about the topic. After that individual will write it in his own words. This
is the main ethical aspect that will aid in minimizing plagiarism issue.
Individual will gather information by using primary data collection sources. In this
individual will use questionnaire technique. Before sending questionnaire to the respondent
researcher will take their written permission or concern (Tuten and Solomon, 2014). This will
help in avoiding future complexity and conducting investigation in smooth manner. Scholar will
not force any participant to share their views. All people will get freedom to share their opinion
about problems in marketing of insurance services. Before conducting investigation on MatLife
insurance company. Researcher will take permission from high authorities of the company. This
will support in conducting research in ethical manner (Jiwani and et.al, 2014).
Researcher will source reliable and valid data, this will help in making this project more
authentic and getting optimistic results. Though, researcher will have to face some limitation.
Individual have limited financial resources and in such small amount it would be difficult to
complete this project but effective utilization of resources will support the person in completing
dissertation with pre designed budget (Opportunities and Challenges of Insurance Industry in
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India, 2015). Furthermore, scholar will have limited time which will be another limitation of this
study but by proper scheduling of activities individual will be able to complete this project with
stipulated time period (Challenges affecting marketing of insurance services by insurance
agencies in nairobi kenya , 2013).
Plan of Work
Week 1
week
2
week
3
week
4
week
5
week
6
week
7
week
8
week
9
week
10
week
11
week
Selecti
ng
topic
for the
resear
ch
Aim
and
Object
ive
format
ion
Condu
cting
meetin
g with
superv
isors
Revie
wing
literat
ures of
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other
author
s
Analy
sis of
data
Drawi
ng
conclu
sion
and
recom
menda
tion
Editin
g and
final
submi
ssion
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REFERENCES
Books and Journals
Andersson, P. and Mattsson, L. G., 2015. Service innovations enabled by the “internet of
things”. IMP Journal. 9(1). pp.85-106.
Anney, V. N., 2014. Ensuring the quality of the findings of qualitative research: Looking at
trustworthiness criteria.
Diacon, S., 2016. A guide to insurance management. Springer.
Djellal, F. and Gallouj, F., 2013. The productivity challenge in services: measurement and
strategic perspectives. The Service Industries Journal. 33(3-4). pp.282-299.
Flick, U., 2015. Introducing research methodology: A beginner's guide to doing a research
project. Sage.
Foxall, G. R., 2013. Marketing in the Service Industries: Marketing Service Inds. Routledge.
Gast, D. L. and Ledford, J. R., 2014. Single case research methodology: Applications in special
education and behavioral sciences. Routledge.
Irfan, S. M. and Kee, D. H., 2013. Critical success factors of TQM and its impact on increased
service quality: A case from service sector of Pakistan. Middle-East Journal of Scientific
Research. 15(1). pp.61-74.
Jiwani, A. and et.al., 2014. Billing and insurance-related administrative costs in United States’
health care: synthesis of micro-costing evidence. BMC health services research. 14(1).
pp.556.
Kiragu, S. M., 2014. Assessment of challenges facing insurance companies in building
competitive advantage in Kenya: A survey of insurance firms. International journal of
social sciences and entrepreneurship. 1(11). pp.467-490.
Mackey, A. and Gass, S.M., 2015. Second language research: Methodology and design.
Routledge.
Magasi, S. and et.al., 2015. Theoretical foundations for the measurement of environmental
factors and their impact on participation among people with disabilities.Archives of
physical medicine and rehabilitation. 96(4). pp.569-577.
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