KEK Insurance Brokers Ltd Case Study
Context
This answer is based on KEK Insurance Brokers Ltd (KEK), my employer, a Ghanaian insurance broking company which has been the No. 1 insurance broker since 1992. It has affiliations with several local and international insurance organisations and provides services of general, life and non-life insurance products to both business and personal line customers. The company was registered as a limited liability company in 1985, and obtained the license to operate as an insurance broking and consultancy firm in 1990. Over the past 26 years, it has managed insurance placements of a wide array of local and multinational firms. (KEK Insurance Brokers, 2015)
Over the next five years, it has strategic objectives of expanding to further regions of the country and strengthening its position in the West African sub-region in order to provide excellent, quality and …show more content…
For example, KEK has fashioned a Bankers Blanket insurance policy which incorporates a variety of risks in one policy for the convenience of Financial Institutions customers. Other segments in KEK are Natural Resources customers, Global customers, Corporatecustomers, Small to Medium Enterprises (SMEs) and Personal Lines.
In addition to segmentation based on behavior, it is critical to identify customers that will contribute to the company's profitability. Effectively segmenting customers by value provides the best growth opportunity and is the solution for KEK identifying its key type of customer.
One key type of customer KEK identifies to be quite significant is the Small to Medium Enterprises (SMEs). This is because the SMEs are a fast growing sector of the insurance market and are key to the distribution of the company's brand and growth.They are also estimated to account for approximately 70% of Ghana’s GDP (eServices Portal, Government of
This answer is based on KEK Insurance Brokers Ltd (KEK), my employer, a Ghanaian insurance broking company which has been the No. 1 insurance broker since 1992. It has affiliations with several local and international insurance organisations and provides services of general, life and non-life insurance products to both business and personal line customers. The company was registered as a limited liability company in 1985, and obtained the license to operate as an insurance broking and consultancy firm in 1990. Over the past 26 years, it has managed insurance placements of a wide array of local and multinational firms. (KEK Insurance Brokers, 2015)
Over the next five years, it has strategic objectives of expanding to further regions of the country and strengthening its position in the West African sub-region in order to provide excellent, quality and …show more content…
For example, KEK has fashioned a Bankers Blanket insurance policy which incorporates a variety of risks in one policy for the convenience of Financial Institutions customers. Other segments in KEK are Natural Resources customers, Global customers, Corporatecustomers, Small to Medium Enterprises (SMEs) and Personal Lines.
In addition to segmentation based on behavior, it is critical to identify customers that will contribute to the company's profitability. Effectively segmenting customers by value provides the best growth opportunity and is the solution for KEK identifying its key type of customer.
One key type of customer KEK identifies to be quite significant is the Small to Medium Enterprises (SMEs). This is because the SMEs are a fast growing sector of the insurance market and are key to the distribution of the company's brand and growth.They are also estimated to account for approximately 70% of Ghana’s GDP (eServices Portal, Government of