An integrated marketing communications campaign for Cebu Pacific Air piso protect

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ID: 286800
2022
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Abstract
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
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Authors Tiozon, Kaira S.
Journal Malay Journal
Year 2022
DOI
DOI not found
URL
https://animorepository.dlsu.edu.ph/etdm_market/56
Keywords Keywords not found

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