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STP Analysis For Term Insurance Market in India: Segmentation

The document analyzes STP (segmentation, targeting, positioning) for term life insurance products in India. It segments the market into recently married, new parents, new homeowners, and retired customers. It identifies the unspoken needs and pain points of each segment. Products are positioned based on premium level, coverage amount, and placement channels for each target segment. The positioning considers factors like income level, age, and promotional activities.

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Mohit Verma
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82 views1 page

STP Analysis For Term Insurance Market in India: Segmentation

The document analyzes STP (segmentation, targeting, positioning) for term life insurance products in India. It segments the market into recently married, new parents, new homeowners, and retired customers. It identifies the unspoken needs and pain points of each segment. Products are positioned based on premium level, coverage amount, and placement channels for each target segment. The positioning considers factors like income level, age, and promotional activities.

Uploaded by

Mohit Verma
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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STP Analysis for Term Insurance Market in India

Segmentation:

Targeting:
Target Segments Unspoken Needs Pain Points
Recently Married need is to secure their partner with Support spouse financially after death
the best of the life cover plans until they find alternate income source

New Parents more price sensitive (than 1 )and want Financial support till spouse/children
more life coverage and amount find other means of income
New Homeowners Look for high life coverage amount Financial support to cover installation of
and digital home loan and family’s basic needs
Retired look for low premium and more life Look for minimal financial support to
(Financial Change) coverage spouse and children in old age

Positioning:
Target Segments Product Placement Price Promotions
Recently Married Less premium with fixed website, tie-ups Based on TV advertisements,
high insurance coverage with Corporates, Income and Online Advertising,
amount matrimonial Age charge Community Events,
offices premium Guest blogging
New Parents Less premium with fixed Vaccination Based on TV advertisements
high insurance coverage centres, maternity Income and by Celebrity, Print
amount wards, insurance Age charge Ads, Online Ads,
agency website premium community events

New Homeowners High premium with high Outside real- Based on TV /print Ad,
life coverage amount estate brokers, Income & Community events,
website, interior Age charge YouTube ads,
designers, bank premium
home loans
Retired Moderate premium with Community parks, High Price TV/radio/print ad,
(Financial Change) less life coverage yoga centres community event

Ref:
https://www2.deloitte.com/content/dam/Deloitte/us/Documents/strategy/us-cons-life-insurance-consumer-study.pdf

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