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Product
Nick Pearce & Hemal Patel
Agenda
 Areas To Consider
 Factors Affecting The Policy
 Descriptions of each area of Insurance

 Should we specialise?
 Boston Matrix
 Product Life Cycle

 Potential Packages
 Potential USPs
Areas To Consider
 Public Liability

 Property Liability

 Employers Liability

 Cancellation & Abandonment
Source: events-insurance.co.uk
Factors Affecting The Policy
 Number of Attendees
 Value of Planes
 Modern / Vintage Aircraft

 Location – Over Sea / Housing
 Number of Exhibitors
 Terrorism
Public Liability
 Covers your liability against claims from the public if they are
injured or their property is damaged due to your
business/event.

 How many people attending?
 Potential problems?
 What value of cover?

 Minimum value is normally £1m up to £10m
Property Liability
 Covers the property used in the event – like planes, big
screens and audio systems.

 Value of property?
 Likelihood of Damage?
 Cover in transit and preparation days?
Employers Liability
 Covers your liability against claims from employee’s or
volunteers if they are injured.

 Number of Workers?
 What Role?
 What value of cover?

 Minimum value is normally £5m
Cancellation & Abandonment
 Covers potential losses due to cancellation &
abandonment.

 Potential Causes – Weather, Terrorism, Dramatically
Reduced Attendance (e.g Transport Strike)

 What level to cover? Air Shows are very susceptible to
the weather
Should We Specialise In One
Area of Insurance?
 Could give possibility to compete on price?

 Can attack a segment of the market?

 Competitors might offer a whole package?
 Market may not be large enough to only consider a
segment
Should We Specialise?
 Based upon the previous research, we have decided
not to specialise as we feel the market is too small.
Source – Cowan Global - http://cowanglobal.files.wordpress.com/2012/04/boston-matrix.png
Festivals
Bands & DJs

Air
Shows
Civil Partnerships

Firework Displays

Conferences

New Years Eve

Street Parties

Christmas Lights

Weddings

Source – Cowan Global - http://cowanglobal.files.wordpress.com/2012/04/boston-matrix.png
And http://www.events-insurance.co.uk/pages/policies/
Product Life Cycle

Source:
http://3.bp.blogspot.com/-bxqk0YysdPg/UjFZR1EUtdI/AAAAAAAAABo/KCp5x3GX1kE/s1600/Product+Life+Cycle.png
Potential Packages
One Size Fits All
 Basic Public Liability – Extended to cover Airside Liability
 Basic Property Liability
 Full Employer Liability
 Cancellation & Abandonment
Pros +

Cons -

• Easy to understand
• Simple Pricing

• No Flexibility
• Cant Adapt for Small
Shows
3 Tiered
 Bronze – Small Shows

30% of Max Value

 Silver – Medium Shows

70% of Max Value

 Gold – Large Shows

100% of Max Value

Pros +

Cons -

• Retains A Level Of Simplicity
• Allows for smaller shows

• No option for personalisation
• Customers may not feel they
are receiving quality service
Taylor Made
 Basic Inclusion of:





Public Liability to include Airside Liability
Property Liability – (Planes up to a specified value)
Employer Liability
Cancellation & Abandonment (not including acts of god)

 Option to add






Cover for weather cancellation – alternate rain days?
Additional car parks
Excess to cover planes over the specified value
Stall holders can purchase cover at a discounted price
Able to quote for any other options

Pros +

Cons -

•
•

•

High Levels of Personalisation
Very Flexible to Different Sized Air
Shows

Time Consuming to Build Packages
Potential USP’s?
 Be a ‘loyal’ company. We promise to never raise the
price of a quote if the cover you require year on year
remains the same.

 Only charge for the number of people that actually
attend?

 Unable to compete on price in the long run, due to the
size of the business, therefore focus on providing good
customer service.
Overall
 Decision not to specialise as the market is already relatively niche.

 Product will be a question mark in Boston Matrix, as it is low market
share but with potentially high growth for our company.

 At introduction stage of product life cycle

 Aim to offer a Taylor Made Package with several options, combining
ease of application with a high level of personalisation and efficient
friendly service
References
Annette Stephen. (2012). Product Life Cycle. Available:
http://annettestephenmarketingjournal.blogspot.co.uk/2013/09/product-life-cycle.html. Last
accessed 25th Feb 2014.
Cowan Global. (2013). The Boston Matrix. Available:
http://cowanglobal.files.wordpress.com/2012/04/boston-matrix.png.
Last accessed 25th Feb 2014.
Events Insurance. (2014). Event Insurance Policies. Available:
http://www.events-insurance.co.uk/pages/policies/. Last accessed
24th Feb 2014.
Hiscox. (2014). Event Insurance. Available:
http://www.hiscox.co.uk/events/. Last accessed 26th Feb 2014.

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Product presentation

  • 1. Product Nick Pearce & Hemal Patel
  • 2. Agenda  Areas To Consider  Factors Affecting The Policy  Descriptions of each area of Insurance  Should we specialise?  Boston Matrix  Product Life Cycle  Potential Packages  Potential USPs
  • 3. Areas To Consider  Public Liability  Property Liability  Employers Liability  Cancellation & Abandonment Source: events-insurance.co.uk
  • 4. Factors Affecting The Policy  Number of Attendees  Value of Planes  Modern / Vintage Aircraft  Location – Over Sea / Housing  Number of Exhibitors  Terrorism
  • 5. Public Liability  Covers your liability against claims from the public if they are injured or their property is damaged due to your business/event.  How many people attending?  Potential problems?  What value of cover?  Minimum value is normally £1m up to £10m
  • 6. Property Liability  Covers the property used in the event – like planes, big screens and audio systems.  Value of property?  Likelihood of Damage?  Cover in transit and preparation days?
  • 7. Employers Liability  Covers your liability against claims from employee’s or volunteers if they are injured.  Number of Workers?  What Role?  What value of cover?  Minimum value is normally £5m
  • 8. Cancellation & Abandonment  Covers potential losses due to cancellation & abandonment.  Potential Causes – Weather, Terrorism, Dramatically Reduced Attendance (e.g Transport Strike)  What level to cover? Air Shows are very susceptible to the weather
  • 9. Should We Specialise In One Area of Insurance?  Could give possibility to compete on price?  Can attack a segment of the market?  Competitors might offer a whole package?  Market may not be large enough to only consider a segment
  • 10. Should We Specialise?  Based upon the previous research, we have decided not to specialise as we feel the market is too small.
  • 11. Source – Cowan Global - http://cowanglobal.files.wordpress.com/2012/04/boston-matrix.png
  • 12. Festivals Bands & DJs Air Shows Civil Partnerships Firework Displays Conferences New Years Eve Street Parties Christmas Lights Weddings Source – Cowan Global - http://cowanglobal.files.wordpress.com/2012/04/boston-matrix.png And http://www.events-insurance.co.uk/pages/policies/
  • 15. One Size Fits All  Basic Public Liability – Extended to cover Airside Liability  Basic Property Liability  Full Employer Liability  Cancellation & Abandonment Pros + Cons - • Easy to understand • Simple Pricing • No Flexibility • Cant Adapt for Small Shows
  • 16. 3 Tiered  Bronze – Small Shows 30% of Max Value  Silver – Medium Shows 70% of Max Value  Gold – Large Shows 100% of Max Value Pros + Cons - • Retains A Level Of Simplicity • Allows for smaller shows • No option for personalisation • Customers may not feel they are receiving quality service
  • 17. Taylor Made  Basic Inclusion of:     Public Liability to include Airside Liability Property Liability – (Planes up to a specified value) Employer Liability Cancellation & Abandonment (not including acts of god)  Option to add      Cover for weather cancellation – alternate rain days? Additional car parks Excess to cover planes over the specified value Stall holders can purchase cover at a discounted price Able to quote for any other options Pros + Cons - • • • High Levels of Personalisation Very Flexible to Different Sized Air Shows Time Consuming to Build Packages
  • 18. Potential USP’s?  Be a ‘loyal’ company. We promise to never raise the price of a quote if the cover you require year on year remains the same.  Only charge for the number of people that actually attend?  Unable to compete on price in the long run, due to the size of the business, therefore focus on providing good customer service.
  • 19. Overall  Decision not to specialise as the market is already relatively niche.  Product will be a question mark in Boston Matrix, as it is low market share but with potentially high growth for our company.  At introduction stage of product life cycle  Aim to offer a Taylor Made Package with several options, combining ease of application with a high level of personalisation and efficient friendly service
  • 20. References Annette Stephen. (2012). Product Life Cycle. Available: http://annettestephenmarketingjournal.blogspot.co.uk/2013/09/product-life-cycle.html. Last accessed 25th Feb 2014. Cowan Global. (2013). The Boston Matrix. Available: http://cowanglobal.files.wordpress.com/2012/04/boston-matrix.png. Last accessed 25th Feb 2014. Events Insurance. (2014). Event Insurance Policies. Available: http://www.events-insurance.co.uk/pages/policies/. Last accessed 24th Feb 2014. Hiscox. (2014). Event Insurance. Available: http://www.hiscox.co.uk/events/. Last accessed 26th Feb 2014.