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Insuranceline

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by

Shelby Lee

on 8 November 2011

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Transcript of Insuranceline

FUNERAL INSURANCE A contract obligating the insurer to pay a designated sum of money in the event the insured individuals death (Ibis World, 2011). WHAT DO THEY SELL? Unlike other high involvement products, consumers aren't purchasing a tangiable product.
What they are buying is piece of mind and reassurance that things will be okay, in the event of death in the family (Merkel, S. 2009). InsuranceLine policies are insured by TAL Life Limited, formally known as TOWER Australia Limited (InsuaranceLine, 2011).
TAL life is the largest non-bank life insurer in Australia.
But still only makes up 2% of market share (Australia Trade Commission, 2009
Won the 2010 Platinum Award-Life Company of the Year. THE MARKET CONSUMER INSIGHT The Australian population is aging, with the proportion of the population aged 60 and over steadily increasing each year (Healy, J. 2004)
Consumers that purchase funeral plans are typically on incomes that are low by community (GWA,2007)
Target market is family oriented
Target market enjoys puzzles to keep their brain agile (Roy Morgan Research, 2011)
As a high involvement product consumer will base their dission on fact.
Regulated by the Life Insurance Act 1995 (Cth). The Australian Prudential Regulation Authority (APRA) supervises life insurance companies authorised under the Life Insurance Act to ensure that these companies are able to meet their obligations to policyholders (GWA, 2007)
Death is a sensitive topic, must be approached delicately
Is it ethical to use guilt as an advertising technique?
CONSIDERATIONS TARGET AUDIENCE Ad is targeted at over 60's with children and grand children
TARGET TYPE Peter and Joy Thompson

aged 78 and 75

Retirees

3 children and
6 grandchildren

Middle class

Want to well remembered by family and friends

Do not want to leave their family in debt
ROY MORGAN RESEARCH Tradition Family Life - 20% of population Strong focus on family. Their focus is on rebuilding relationships with one another
likely to be heavy readers of the daily newspaper.
do not tend to be magazine readers although their interest in gardening leads to a high readership of Better Homes & Gardens, Burke’s Backyard, Gardening Australia
television viewing habits suggest an interest in solving problems or puzzles and keeping mentally agile, but in a safe, vicarious way.
They tend to be heaviest watchers of the ABC.
They are one of the segments least likely to listen to commercial radio (Roy Morgan Research, 2011). ADVERTISING STRATEGY guilt the audience into considering funeral insurance
portray funeral insurance as a neccessity for any good family oriented person
uses facts and key points to create the impression that having funeral insurance will be less expensive than paying for a funeral outright


Affection & Persuasion. INSURANCELINE'S CURRENT MEDIA SELECTION Television
Radio
Magazines; Burke's Backyard, Reader's Digest, Royal Auto, Take 5, That's Life & Woman's Day (Australian Securities and investments commission, 2000). INSURANCELINE FUNERAL PLAN TVC SUCCESSFUL CAMPAIGN? Although the ad does use facts to persuade and indicates an understanding of the importance that their target market places on family, there is little else positive about this ad.
The ad uses over-dramatic mood music that alienates the target audience, making them feel uncomfortable.
Bad acting cheapens the appearance of the company
The spokesperson creates an unpleasant inforercial atmosphere, portraying an unlikeable untrustyworthy image for the brand.
The closing jingle is contridictive to the rest of the ad, almost in parody style- Although it does create recall.
Funeral insurance belongs to the safety level of the pyramid MASLOW'S HIERACHY OF NEEDS This strategy is based solely around the insight that consumers don't want to be a burden to their families. SUGGESTIONS Television in a strong medium for the target demographic: it reaches a large audience, the target market is shown to watch more television than other segments and it gives the brand a little bit of credibility. Roy Morgan Research also indicates that they tend to watch ABC and news programs more than anything else. Consider more advertsing on ABC and during news hours.
Radio is not reccomended, as this group are the least likely to receive radio ads.
Consider newspapers as part of print media, as well as magazines to further engage consumers: Take advantage of the fact that print media allows for more detail and copy. More information is reccomended for a high involvement product such as funeral insurance
Funeral Insurance FCB GRID INSURANCE INDUSTRY Due to the Brisbane floods and other natural disasters that occurred around Australia earlier this year and the publicity surrounding insurance companies that didn't pay out as promised, consumers have developed trust issues with all insurance companies (Bryant, N, 2007)
Highly competitive insustry (competitors include bank insurers, prepaid funeral plans and life insurance) (GWA, 2007)
Insurance ads are flooding our television (CPSA, 2011) CREATIVE STRATEGY High involvement products are usually an indicator of cost, usually only purchased after long and careful consideration (L, Higgins, n.d.). This campaign uses resonance of emotion and situation to relate to their target market. Not only do they use emotive content, but also facts and figures, in attempt to appeal to both the head and the heart. RECOMMENDATIONS InsuranceLine should consider changing their creative strategy. I would reccomend a transformation to establish a safe, secure, reliable brand identity and develop a trusting relationship with their target market, especially given the negative publicity that has surrounded insurance companies in the media over the past year. I would also suggest not trying to appeal to both the heart and the head, just one or the other. In my opinion, a soft sell approach that creates resonance with the target audience would achieve a positive response and then perhaps provide. This transformation would help reposition where InsuranceLine sits in relation to the market leader. They media selection they have made based on the channel they think will reach there target audience with the least amount of noise disrupting the consumer decoding the message (Australian Trade Commission, 2009)
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