Marketing Plan

Marketing Plan

PATAWARAN INSURANCE SERVICES: BPI/MS INSURANCE

I. Introduction

Situation Analysis

Patawaran Insurance Services is a registered insurance agency that caters to non-life insurance particularly motor vehicle, fire, marine, accident, bonds insurance. It was developed due to the desire of the owners to cut back on insurance expenses of their other business, HilCres Builder’s Center, where the owners decided to acquire and franchise BPI MS Insurance. The owners chose BPI MS Insurance because of their great reputation for being a stable provider of non-life insurance ranking 3rd in premiums earned, 5th in assets, 3rd in net worth, 3rd in gross premiums and many more in the Philippine Insurance Commission statistical data gathered from the previous year.

BPI MS is a joint venture of the Bank of the Philippine Islands (BPI), a member of the Ayala Group of Companies and one of the country's most respected banking institutions, where it owns fifty-one percent of the company, and Mitsui Sumitomo Insurance Company, one of the largest non-life insurance companies in Japan, owning the rest of the forty-nine percent. On its 3rd year of operation, BPI/MS booked P2 billion in premiums and P185 million in net income, 8% and 18% higher than the previous year, respectively. Sales targets were achieved from the combined contribution of both the local and Japanese business channels. The local business was generated by the brokers and BBI. Sales from the brokers force grew by 30% and accounted for 60% of total business. BBI’s insurance portfolio of BPI clients in Metro Manila and other urban centers likewise increased by 11% and reached 16% of total portfolio. The Japanese accounts, which comprised 24% of total business, also showed an improvement of 16%.

Performance

Patawaran Insurance Services is currently in the development stage and not yet operating. The company plans to open its office in San Fernando, Pampanga where many insurance companies...