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M&C General Insurance Ltd. Customer Analysis
Introduction M&C General Insurance Co. Ltd., a subsidiary of a well-respected conglomerate in the Caribbean Island of St Lucia, sought to profile their existing customers and therefore tailor the products/services offered to successfully meet their clientele’s needs. In understanding your customers’ needs, you are better able to alter your product making it more attractive to the target market. Recognizing that they sought to satisfy their business and personal clientele, researchers adapted questionnaires for each type of customer.
The objectives of the study included evaluating:
- Customer demographics
- Competitor analysis/ ranking against competitors
- Purchasing decisions details– process, inputs and patterns
- Brand loyalty and collateral
- The ability to stay competitive as the needs of the customer changes
- Customer service levels
- Satisfaction with the products/services available
Methodology
The selection of respondents was chosen through stratified sampling. Through examination of the existing customer list, A.I.M was able to determine business and private individuals who were viable candidates. The sample size was quite reflective of the clientele base for M&C General Insurance Co. Ltd. covering approximately 40%. In cases where customers owned business and had personal insurance policies with the company, they were provided with both questionnaires. Surveys were distributed through the organization’s personnel and results of which are pending.
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