Dai-ichi Life Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Dai-ichi Life through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Dai-ichi Life Product Strategy:
Dai-ichi Life has a large number of life insurance policies for its customers. It has a ‘total life plan’ which determines the risk for life and gives advice relating to personal life planning. Hence Dai-ichi Life covers loss of income, medical treatment, education of children, death, retirement and nursing care as a part of its marketing mix product offering. There is also a premium rider program where customers don’t need to pay premium under certain conditions. There is income support rider which pays living benefit every year. They also have policies for women which cover women specific requirements like mastectomies, hysterectomies etc. Dai-ichi Life has a host of other policies that have been specially crafted for children, old age people and widows.
Image: company website
This concludes the product strategy in Dai-ichi Life marketing mix & strategy.
Dai-ichi Life Price/Pricing Strategy:
Below is the pricing strategy in Dai-ichi Life marketing mix strategy:
The insurance policies and packages by Dai-ichi Life are designed in such a way that they can be afforded by a large proportion of people which includes people from the lower strata of the society to the people form the upper class of the society as well. Thus, the pricing strategy is a differential one.
There are different premium plans for the customers which fit different customers. The company thus wants to reach out to a lot of people through its services and hence wants to keep its pricing flexible.
Dai-ichi Life Place & Distribution Strategy:
Following is the distribution strategy in the Dai-ichi Life marketing mix:
Dai-ichi Life invests heavily on infrastructure. The offices comprise of entire buildings which belong to the company. The offices have a very corporate oriented design and are spacious. They form a professional impression in the minds of the clients when they first enter buildings. The headquarters also has a helipad on top of it for landing of choppers. Dai-ichi Life has 57000 employees and is present in about 100 countries.
The company provides comprehensive information about its history, services, financial results and corporate social responsibility on its website which acts as the first connection between the customers and the company.
Dai-ichi Life Promotion & Advertising Strategy:
The promotional and advertising strategy in the Dai-ichi Life marketing mix is as follows:
Dai-ichi Life has always put the customer first and has always been visible at the social scene. During the Japan earthquakes it was quick to pay the insurance claims of policyholders. It founded the Hosekai institute in Japan for treatment of Tuberculosis in 1935 as tuberculosis was a major cause of death in Japan at that time. Even today Dai-ichi Life continues to promote itself through its strong corporate social responsibility which aims to solve problems relating to health and the environment. It also promotes itself through TV commercials which can be seen in Japan. The company does not have a strong digital presence nor does it have brand ambassadors for its promotion. It is the trust of its services that drives the business for the company.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Dai-ichi Life.
People:
The Dai-ichi Life workforce of 57000 is highly skilled in their respective domain. For an insurance company it is important that its services are offered in the most effective manner. The agents and consultants who offer the services are trained in such a way that they develop great persuasive skills and have complete knowledge of the services. The office staff itself is very well organized and smart so as to handle different types of customers. The top management comprises of people having great experience and who have top universities as their alma matter.
Physical Evidence:
A lot of things fall form the physical evidence of Dai-ichi Life. The most important of them is the way the service providers make their customers feel. The company representatives who handle the customers play a vital role in creating an experience for the customers so that a trust is developed within them. The way in which grievances are handled and claims are settled goes a long way in developing a great physical evidence and creating a loyal customer base for Dai-ichi Life. This is one of the reasons why it has such a strong base which keeps expanding every year. Also, the experience of receiving the services in plush offices or in the comfort of their own homes forms the physical evidence of the company.
Process:
The process of a service of any insurance company is a long one. It starts with the customers fixing an appointment with the company’s consultants. Then comes the identification and selection of the right policy which fulfills the needs of the customer. The customers are always active throughout the process as the premium has to be paid from their side and the other relevant information has to be communicated from the organization personnel in a timely manner. The policies mature after certain amount of time and the customers can then claim the money. Till this point a whole lot of stakeholders are involved in the process. This concludes the marketing mix of Dai-ichi Life.
About Dai-ichi Life:
Dai-ichi Life is an insurance company founded in 1902 by Tsuneta Yano in Japan and is currently one of the top three life insurance companies in Japan by revenue. It is also one of the oldest companies founded and has remained in business for more than 100 years. Dai-ichi Life is headquartered in Tokyo, Japan and boasts of around 58000 employees worldwide. The message ‘Customer first’ lies at the heart of the organization and has played a fundamental role in its success.
Dai-ichi Life has 36776 billion yen in assets currently and faces competition from other top companies like Sumitomo, Nippon etc. in Japan.
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