Choosing a segment:
- For this assignment, I chose a segment of middle-aged individuals that have their own insurance policies. One, my dad, has his own insurance plan that covers his entire family, which is covered by his job as a police officer. My aunt, on the other hand, does not work and has her own insurance policy. Additionally, my grandma also has her own insurance policy that she has purchased from an insurance agency.
Interviews
- What I learned:
- I learned that capturing the demand for this product is going to be very difficult. Something I did not think about before is that a lot of people have their insurance provided through their jobs, and a lot of middle-aged individuals are insurance carriers for their entire family. Insurance is not necessarily the type of product that many customers seek out to find the best possible, especially employed individuals, who usually just deal with what is provided by their employers. So, I think I have to reevaluate the mission of the business of marketing it towards individuals that are seeking higher insurance deductibles, and purely market it towards insurance companies that are trying to optimize their screening of potential clients in order to increase their financial gain.
- How I would describe this segment:
- I think that there are a lot of individuals that struggle with the cost of insurance and think about how they can lower their rates. But, this segment may not necessarily have the means to pursue other insurance options unless they are employed individuals that do not have an adequate insurance plan through their employers or if they are unemployed individuals that had to purchase their own insurance policies.
Hi Meghan, I like the segment you chose to evaluate and tried to identify potential hiccups to your idea. The fact that some consumers have insurance that is provided to them from their employers is definitely an issue. However, if you do a good job of selling your product to multiple insurance companies, then those insurance companies that are used in employee plans might adopt your product. From a broader perspective, I think your potential customer pool is large enough even if you have a hard time penetrating an employer based insurance market.
ReplyDeleteHi Meghan, these interviews bring up some interesting points about your proposed idea. I think that something a little bit similar to what Matt said, if you were able to capture this demand with insurance companies, then employers may offer extra benefits in the form of bonuses, etc. for those employees who show they are healthy on their insurance plan using your service. Great idea though and I like the perspectives you got!
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