Marketing communication strategy for life insurance : a case study of Thai Life Insurance Co., Ltd. | |
| Author | Jitvimol Mekingthong |
| Call Number | AIT RSPR no.SM-05-90 |
| Subject(s) | Thai Life Insurance Co., Ltd. Insurance, Life--Thailand |
| Note | A research study submitted in partial fulfillment of the requirements for the degree of Master of Business Administration, School of Management |
| Publisher | Asian Institute of Technology |
| Series Statement | Research studies project report ; no. SM-05-90 |
| Abstract | During the transformation of the Thai economy, the life insurance business in Thailand expanded substantially and contributed to the economic growth. The existence of life insurance results in great benefits to individuals and society. However, the percentage of the Thai population holding life insurance is still very low compared to other Asian countries. This research studied and examined the marketing communication strategy of Thai Life Insurance Co., Ltd., the first Thai owned life insurance company and ranked second largest in the market, in an attempt to build brand awareness and increase awareness toward life insurance. The main methodology was indepth interviews. The researcher interviewed the Vice President of Marketing Communication Department, and Assistant Vice President of Corporate Communications Department of Thai Life Insurance Co., Ltd. The researcher also interviewed the Director-General of Department of Insurance, the Business Director of Ogilvy & Mather (advertising agency of Thai Life Insurance Co., Ltd.) and insurance agents of Thai Life Insurance Co., Ltd. The study analyzed the marketing communication strategy of the company based on the SWOT analysis concept. Other sources of data are government and private institutions' statistical reports, Internet, previous research studies, etc. The research found that Thai Life Insurance Co., Ltd. targets all Thai people as its target market and positions itself as a Thai company for the Thai people. The company manages a communication mix consisting of personal selling, advertising, public relation, direct marketing, and sales promotion to serve many objectives, especially building brand awareness and increasing awareness toward life insurance. The effective communication tools to increase awareness of Thai people toward life insurance are personal selling, advertising on television, event & seminars, and sponsorship & social contribution. Even though Thai Life Insurance Co., Ltd. implements various marketing communication tools to increase Thai people awareness toward life insurance, there are some weaknesses and threats that may hinder the effectiveness of these tools. Thus, the researcher proposes recommendations that may help to facilitate, not only Thai Life Insurance Co., Ltd. but also the overall life insurance industry, to improve and develop marketing communication strategy in a better way. |
| Year | 2005 |
| Corresponding Series Added Entry | Asian Institute of Technology. Research studies project report ; no. SM-05-90 |
| Type | Research Study Project Report (RSPR) |
| School | School of Management (SOM) |
| Department | Other Field of Studies (No Department) |
| Academic Program/FoS | Master of Business Administration (MBA) (Publication code=SM) |
| Chairperson(s) | Dimmitt, Nicholas J. |
| Examination Committee(s) | Kauranen, Ilkka;Swierzeck, Fredric William |
| Scholarship Donor(s) | His Majesty the King's Scholarship |
| Degree | Research report (M.Sc.) - Asian Institute of Technology, 2005 |