Abstract:
Provides a framework for the marketing of a new small scheme pensions product to the broker market. The study begins with a description of the insurance industry and Old Mutual's place in it. It then goes on to discuss the background to the development of Orion, the brand name for Old Mutual's small scheme product. A description is given of the marketing tools to be used to examine the primary target market for the launch of Orion. The target markets for the launch of Orion are analysed and described. A number of target markets exist because Old Mutual has different objectives for each market, and so different messages must be communicated to each market. A survey was carried out to find out what brokers thought were important attributes of a small scheme product, and what their perceptions of and preferences for competitive products were. Two factors emerge as being of interest. The first is that the majority of brokers rank four attributes, service, return on investment, cost of group life assurance and administration, as important. The second is that it is possible to determine on what basis brokers discriminate between products. The problem of converting existing small scheme business to Orion is considered. A recommendation is made as to the principles which should be incorporated in the launch programme.
