Hi, I’m currently working on a marketing paper about wedding insurance for my marketing class. Here’s some information about my company.
Our company name: Honey Cover Insurance
A) Event Cancellation: Cancellation or postponement of your wedding or event due to family illnesses, severe weather, military deployment, ect.
B) Special Coverage: Insures your wedding rings, dress, tuxedos, gifts, photographs and more.
C) Wedding Liability Insurance: Liability Insurance is an optional coverage that can provide coverage for bodily injury, property damage and personal injuries to third parties at the location of your event.
I need some help on these parts…
1) Introduction of wedding insurance, our company, and history of wedding insurance (about 3 pages long, double spaced)
For wedding insurance history, see attached file (History_of_travelers_wedding_insurance.pdf)
2) Analysis on wedding claim data 2011~2015 (About 3 pages long, double spaced)
I have attached a file (Wedding_claim_data_travelers.pdf).
And this is the press release from the Travelers: http://investor.travelers.com/file/Index?KeyFile=3…
3) SWOT Analysis (About 4 pages long, double spaced)
I need you to write this part based on below list…
1. Specializing in wedding insurance allows out company to offer a more comprehensive product.
2. Wedding insurance in not subject to changing government regulations unlike health and auto insurance.
3. Wedding insurance is a one-time purchase unlike policies that require periodic, making it more a palatable payment for potential customers.
1. Younger couples may not want to spend more than necessary for their wedding.
2. The average wedding already costs $35,329. Young couples may not prioritize adding more expenses.
3. Since wedding insurance is a one-time payment, long term customers are not part of our business strategy.
1. Since wedding insurance is rarely advertised, this is a great opportunity for us to advertise wedding insurance to our target market.
2. Expansive presence on social media allows penetration the millennial market segment.
3. More people can become aware of financial coverages that can be provided on their wedding day.
1. Increasing expenses and lower profit margins have a more significant impact on smaller agencies.
2. Furthermore, stiff competition within the insurance industry can threaten the bottom line.
3. The market segment of millennials are displaying a downward trend of marriages compared to previous generations.