Page 115 - MEDICAL AND HEALTH INSURANCE

MEDICAL AND HEALTH INSURANCE

7.2.2 IDENTIFY GETTING THE PRODUCT PROPOSITION TO THE CUSTOMER

The insurer plays a main role to determine how the product is to be distributed, by identifying

the specific distribution channel in reaching out to the target segment whether distributed by
intermediaries or mass communication to maximize returns for the company.

7.2.3 IDENTIFY THE PRODUCT PROPOSITION TO THE CUSTOMER

Basically, insurance company need to determine how its product is to be distributed

by examine most effective distribution channel in reaching out to the target segment.

For example, insurer can use their agents or brokers to distribute brochures to

prospect customer to get their attention for buying the product. Another example,

insurance company can use mass communication like social media to send message to
public about their new product promotions. As we know, everyone is familiar and

using it in daily life so insurance company can brand their product through advertising

and launch it via social media such as Facebook and monitor the responses to the
advertisement so that it will appeal to as many people as possible and maximize

returns for the company

7.2.4 IDENTIFY THE PROPOSITION AND ITS PRESENTATION

The sales brochure must follow the Guidelines on Product Transparency and

Disclosure issued by Bank Negara Malaysia as well as the Guidelines on Medical and

Health Insurance Business (Revised). Insurers need to improve product transparency
of their marketing and sales material by providing sufficient detail of the salient

features of the product to enable prospective customers to make informed decisions.

The marketing department responsible to create a marketing sales kit for their

marketing staff for effective presentation, highlighting the following:

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