Date of Publication

11-19-2022

Document Type

Integrated Marketing Communications Campaign

Degree Name

Master of Marketing Communications

Subject Categories

Marketing

College

Ramon V. Del Rosario College of Business

Department/Unit

Marketing and Advertising

Honor/Award

Nominated for Best Thesis

Thesis Advisor

Miguel Paolo Paredes

Defense Panel Chair

Joseph Emil Santos

Defense Panel Member

Yves Kangleon
Shiela Bascos-Orense

Abstract/Summary

CEB Piso Protect is a new product introduced by leading low-cost carrier Cebu Pacific Air. As the company diversifies into non-flight ancillaries to defend current market share, CEB Piso Protect, a personal accident microinsurance was introduced last March 2022. In partnership with AXA Philippines as its underwriter, CEB Piso Protect offers relevant all-year-round coverage with up to Php 250,000 accidental death and permanent disablement benefit, Php 1,000/ day hospital income benefit, and Php 5,000 surgical cash benefit, at an affordable Php 1/day premium. CEB Piso Protect can be quickly and easily availed online, via AXA Philippines’ website.

In light of the new normal, CEB’s business diversification objective strategically allows the Brand to further mitigate negative impacts of the Covid-19 pandemic to the aviation industry. The industry, as reported by Grand View Research (2022), is poised for a gradual recovery to its pre-pandemic levels only over the next five years. Conversely, the insurance industry reports a 55% increase in penetration rate (Statista, 2022) in 2020, as consumers recognized its importance more than ever. With this, CEB Piso Protect is anticipated to aid in maintaining CEB’s market position versus main competitor AirAsia, and create preference versus indirect insurance competitor Cebuana Lhuillier Microinsurance.

The researcher conducted an audit on CEB Piso Protect’s current marketing efforts and launched a Usage, Attitudes, Image (UAI) through an instrument based on the extended Theory of Planned Behavior (TPB). To understand the target markets’ motivations and factors affecting their intention to purchase a personal accident microinsurance, the study investigates the effects of Insurance Literacy, Perceived Usefulness, Attitudes towards insurance, Subjective Norms, and Perceived Behavioral Control, on their purchase decision. The results of the study served as the principal basis for the proponent’s recommendations on messaging, marketing executions, and media channels.

The results of the study revealed that awareness on CEB Piso Protect is very low with 90% of the respondents saying that they are not aware of the product. Moreover, the results suggest that Insurance Literacy or one’s knowledge on how insurances work, Attitude or the degree of favor or disfavor, Subjective Norms or the social pressure from family or friends, and Perceived Behavioral Control or the ease or difficulty on getting insured, affect and are determinants towards one’s intention to purchase an insurance. Meanwhile, perception towards insurance’s usefulness does not impact intention to purchase.

Hence, the researcher recommends an end-to-end omnichannel Integrated Marketing Communications (IMC) campaign for CEB Piso Protect. From the study’s learnings on target market’s media touchpoints, the campaign features executions on select above-the-line (ATL) and digital marketing channels, communicating key messages crafted from the extended TPB results. These are amplified through various strategic public relations (PR), sales promotion, and electronic direct mail (EDM) marketing executions. With an overall budget of Php 2,664,796 and a 3-month campaign duration from January to March 2023, the campaign’s poised to increase brand awareness and brand recall by 30% versus total audience universe (Universe: 30M, Reach: 21M) and achieve target 10,500 leads, through an efficient full-funnel awareness to conversion IMC campaign.

Abstract Format

html

Language

English

Format

Electronic

Keywords

Accident insurance—Philippines—Marketing

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Embargo Period

12-8-2022

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