driving brand awareness through integratedmarketing communicationsan evaluation onmanulife vietnamcampaignin 2014

HO CHI MINH CITY OPEN UNIVERSITY

UNIVERSITÉ LIBRE DE BRUXELLES
SOLVAY BRUSSELS SCHOOL OF
ECONOMICS & MANAGEMENT

MMCoM9
LU TRAN DINH
TRAN THI NGOC CHAU

DRIVING BRAND AWARENESS THROUGH
INTEGRATED MARKETING
COMMUNICATIONS:
AN EVALUATION ON
MANULIFE VIETNAM CAMPAIGN IN 2014
MASTER FINAL PROJECT
MASTER IN MARKETING AND COMMUNICATIONS MANAGEMENT

Academic Tutor: Prof. Nguyễn Quang Trung
Practicing Tutor: Mr. Lê Minh Đức

Ho Chi Minh City
Mar 2016


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STATEMENT OF AUTHENTICATION
This thesis belongs to the requirements of our Master in Marketing and Communications
Management course to implement training knowledge and practical know-how
knowledge into a master final project. With this specific aim and our interests in

integrated marketing communications for brands, this thesis was consequently came in.
Due to the requirement of non-disclose information from the company, some figures
and statistic results featured and used in this thesis were subject to be modified. We,
however, commit that the information provided will be sufficient to the thesis without
revealing confidentiality to the brand and Manulife Vietnam.


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ACKNOWLEDGEMENTS
We would like to express our gratitude to all professors of Solvay Brussels School of
Economics & Management and Ho Chi Minh City Open University for valuable
knowledge that you all had walked us through in our course of Master of Marketing and
Communications Management, academic year 2014- 2016.
We are also sincerely grateful to our tutors, Prof. Nguyen Quang Trung – academic tutor
and Mr. Le Minh Duc – practicing tutor for their aspiring guidance and valuable
constructive inputs to fulfill this thesis.
We also want to show our warm thanks to our families to give us supports and
encouragement during our course and during the time doing this thesis.


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CONTENTS
CHAPTER 1: INTRODUCTION
1.1
1.2
1.3
1.4
1.5

Rationale and Background
Executive Summary
Objective of the Thesis
Scope and Constraints
Structure

CHAPTER 2: LITERATURE REVIEW
CHAPTER 3: MARKET AND COMPANY REVIEW
3.1 Market Overview
3.2 Company Review
3.3 Manulife Vietnam Business Model Canvas
3.3.1 Customer segment
3.3.2 Value proposition
3.3.3 Customer relationship
3.3.4 Channels
3.3.5 Revenue
3.3.6 Key activities
3.3.7 Key resources
3.3.8 Key partners
3.3.9 Cost structure
3.4 Competitive Analysis
3.4.1 Porter 5 Forces analysis
3.4.2 SWOT analysis
3.5 Customer Analysis
3.6 Product Analysis and Distribution Channels
3.6.1 Product
3.6.2 Distribution Channels
3.6.2.1 Agents
3.6.2.2 Partnership Distribution

3.6.2.3 Direct Marketing & Tele Marketing (DMTM)
3.6.2.4 Micro Insurance channel


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CHAPTER 4: MARKETING REVIEW
4.1 Marketing Objective
4.2 Marketing Campaign in 2014
4.2.1 Campaign objective
4.2.2 Campaign integrated channels
4.2.3 Campaign microsite
4.2.4 Campaign timeline

CHAPTER 5: MARKETING CAMPAIGN ANALYSIS
5.1 Macro-model of Communication Process
5.2 Micro-model of Consumer Responses
5.3 KOTLER’S EFFECTIVE IMC MODEL
5.3.1 Target Audience
5.3.2 Objective
5.3.3 Design Communications
5.3.4 Select Channels
5.3.5 Establish budget
5.3.6 Decide on marketing communication mix
5.3.7 Measure communication result
5.4 CONCLUSION

CHAPTER 6: ASSESSMENT AND RECOMMENDATIONS
6.1 Strategy
6.2 Implementation Plan

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ABBREVIATIONS
AMA
APE
B2B
B2C
CEM
CPC
CRM
CSR
DMTM
FB
GDN
GDP
IMC
IoT
KPI
MDRT
MVL
OOH
PR
SEM
SEO
STP
TVC
WOM

American Marketing Association
Annual Premium Equivalent
Business to Business
Business to Customer
Customer Experience Management
Cost per Click
Customer Relationship Management
Corporate Social Responsibility
Direct Marketing & Tele Marketing
Facebook
Google Display Network
Gross Domestic Production
Integrated Marketing Communications
Internet of Things
Key Performance Indicator
Million Dollar Round Table
Manulife Vietnam Limited
Out Of Home
Public Relation
Search Engine Marketing
Search Engine Optimization
Segmentation - Targeting - Positioning
Television Commercial
Word of Mouth


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LIST OF FIGURES
Figure 1.1: Correlations between awareness and image

Figure 1.2: Integrated Marketing
Figure 1.3: Marketing Metrics
Figure 3.1: Business Model Canvas
Figure 3.2: Vietnam Life-Insurance Market Share
Figure 3.3: Porter 5 Forces analysis
Figure 3.4: SWOT analysis
Figure 3.5: Value Proposition Canvas
Figure 4.1: Manulife branding roadmap
Figure 4.2: IMC Campaign timeline
Figure 4.3: Microsite is the landing page of IMC Campaign
Figure 5.1: Element in the Communication Process
Figure 5.2: Response Hierarchy Models .
Figure 5.3: Top 100 valuable brand by Interbrand (2015)
Figure 5.4: Brand Metrics
Figure 5.5: KOTLER’S EFFECTIVE IMC MODEL
Figure 5.6: Possible levels of Segmentation
Figure 5.7: IMC master plan timeline
Figure 5.8: Cost Effectiveness of three different communication tool
Figure 5.9: Advantages and Limitations of Major Media types
Figure 6.1: IMC STRATEGY mind map
Figure 6.2: Start-Up search trend in Vietnam
Figure 6.3: IMC implementation timeline


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CHAPTER 1: INTRODUCTION
1.1 RATIONALE AND BACKGROUND
With only five percent penetration, Vietnam’s insurance industry is still in its infancy and many
of the country’s 90 million people still don’t understand the value of life insurance. This makes

life insurance market hugely potential. There are more than 15 players in the life insurance
market: Prudential, Bao Viet, MVL, AIA, Dai-ichi, ACE, Hanwha, Cathay, Great Eastern…
Prudential has protected its market leader position over the past years, followed by Bao Viet
and MVL ranks the 3rd, competing closely with Dai-ichi and AIA.
MVL, the first foreign-owned life insurer when it expanded into Vietnam 17 years ago, has
realized the country’s potential. Recent surveys showed that to capitalize on that potential, we
needed to connect with potential clients to deepen their emotional connection with the brand
and engage with them to build trust. MVL has started to focus on marketing activities since
2012 with the first-ever launched roadshows in 13 cities nationwide to celebrate the 125th
anniversary of Manulife Financial. The roadshows were a successful start for a series of
integrated marketing campaign in the following years. In 2013 : the series of Kids Day Manulife
Dream with Kids Roadshow at 13 cities, series of PR articles on kids’ education plan and cancer
prevention tips from Dr. Nguyen Chan Hung.
In 2014, MVL celebrated its 15 years anniversary, in order to commemorate and honor its
successful journey in the past 15 years, an advertising campaign to both internal and external
customers is needed.
1.2 EXECUTIVE SUMMARY
Manulife is the 1st foreign-owned life insurer in Vietnam in 1999 and has started Marketing
activities and brand awareness building since 2012. However, integrated marketing campaign
had only been executed in 2014 – the year marked the company’s special 15th anniversary.
This thesis focused on reviewing the 1st year (2014) of MVL’s implementing the IMC campaign
in the whole strategy and plan to build brand awareness. From that, assessment and
recommendations were taken for more successful IMC campaign in the years to come.
The thesis started with some literature review mainly on branding and IMC planning and
implementation to give basis for the assessment. Then the introduction on the market and the
company review supported by business model Canvas are stated to give further understanding
about MVL business model and elements that affect to the business success. Porter 5 Forces
and SWOT models were used to further analyze and to have a full picture of the company’s
competitiveness. Customers, products and distribution channels were also elaborated to fulfill
the company review.

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The next part (chapter 4) focused on reviewing particularly 2014 marketing campaign with
details on the campaign objective and activities on each channel for a better understanding on
how an integrated campaign was deployed.
From the information from Chapter 4, Chapter 5 concentrates on the Marketing campaign
analysis by using effective communication models: macro model of communication process and
micro model of consumer response. Kotler’s Effective IMC model was analyzed to reinforce and
deep-dive analyze on MVL integrated campaign. From all the findings and analysis, it came to
the conclusion with and campaign results evaluating.
The thesis closes with the assessment and recommendations on strategy and implementation
plan recommended for the coming year. The implementation plan was detailed with the
recommendation on each channel should be used to further leverage brand awareness as well
as new trend should be captured in order to have an even more successful IMC campaign
1.3 OBJECTIVES OF THE THESIS
To evaluate Manulife Vietnam’s driving brand awareness through IMC campaign in 2014
and to give recommendations for a more successful campaign in 2015 and for the years
to come.
1.4 SCOPE AND CONSTRAINT
This thesis was developed based on the scope of 2014 integrated Marketing campaign
which was restrictedly deployed in 3 key cities: Ha Noi, Da Nang and Ho Chi Minh city
(due to the population concentration and advantages of these cities to the campaign).
Besides, the campaign was also performed in both internal and external communication
channels. However, with the limitations in time and experience, this project was only
focused on analyzing external activities for external customers.
1.5 STRUCTURE
The thesis was divided into 6 chapters:
Chapter 1: Introduction

Chapter 2: Literature Review
Chapter 3: Market and Company Overview
Chapter 4: Marketing Review
Chapter 5: 2014 Marketing campaign analysis
Chapter 6: Assessment and recommendations


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CHAPTER 2 : LITERATURE REVIEW
Brand Awareness
Kaferer (The new Strategic Brand Management 4th Edition,2008)
Brand awareness is not a mere cognitive measure. It is in fact correlated with many valuable
image dimensions. Awareness carries a reassuring message: although it is measured at the
individual level, brand awareness is in fact a collective phenomenon. When a brand is
known, each individual knows it is known. This leads to spontaneous inferences. As is shown
in Table below, awareness is mostly correlated with aspects such as high quality, trust,
reliability, closeness to people, a good quality/ price ratio, accessibility and traditional
styling. However it has a zero correlation with innovativeness, superior class, style,
seduction: if aspects such as these are key differentiation facets of the brand, they must be
earned on their own merit.

Figure 1.1 : Correlations between awareness and image (source : Schuiling and Kapferer, 2004)


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Integrated Marketing Communications
Kotler (Marketing Management 14th Edition,2012)
The American Marketing Association defines integrated marketing communications (IMC)

as “a planning process designed to assure that all brand contacts received by a customer or
prospect for a product, service, or organization are relevant to that person and consistent
over time.” This planning process evaluates the strategic roles of a variety of
communications disciplines—for example, general advertising, direct response, sales
promotion, and public relations—and skillfully combines these disciplines to provide clarity,
consistency, and maximum impact through the seamless integration of messages.
Using an integrated communication strategy means choosing communication options that
reinforce and complement each other. A marketer might selectively employ television,
radio, and print advertising, public relations and events, and PR and Web site
communications so each contributes on its own as well as improving the effectiveness of
the others. Each must also deliver a consistent brand message at every contact.

Figure 1.2 : Integrated Marketing (source : Marketing Management 14th Editon, Kotler,2012)


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Porter 5 Forces analysis
Michael E. Porter(Competitive Strategy, 1980 )

Michael Porter has identified five forces that determine the intrinsic long-run
attractiveness of a market or market segment: industry competitors, potential entrants,
substitutes, buyers, and suppliers. The threats these forces pose are as follows:
Threat of intense segment rivalry—A segment is unattractive if it already contains numerous,
strong, or aggressive competitors. It’s even more unattractive if it’s stable or declining, if plant
capacity must be added in large increments, if fixed costs or exit barriers are high, or if
competitors have high stakes in staying in the segment. These conditions will lead to frequent
price wars, advertising battles, and new-product introductions and will make it expensive to
compete. The cellular phone market has seen fierce competition due to segment rivalry. 

Threat of new entrants—The most attractive segment is one in which entry barriers are high

and exit barriers are low. Few new firms can enter the industry, and poorly performing firms
can easily exit. When both entry and exit barriers are high, profit potential is high, but firms
face more risk because poorer-performing firms stay in and fight it out. When both entry and
exit barriers are low, firms easily enter and leave the industry, and returns are stable but low.
The worst case is when entry barriers are low and exit barriers are high: Here firms enter
during good times but find it hard to leave during bad times. The result is chronic overcapacity
and depressed earnings for all. The airline industry has low entry barriers but high exit barriers,
leaving all carriers struggling during economic downturns. 

Threat of substitute products—A segment is unattractive when there are actual or potential
substitutes for the product. Substitutes place a limit on prices and on profits. If technology
advances or competition increases in these substitute industries, prices and profits are likely to
fall. Air travel has severely challenged profitability for Greyhound and Amtrak. 

Threat of buyers’ growing bargaining power—A segment is unattractive if buyers possess
strong or growing bargaining power. The rise of retail giants such as Walmart has led some
analysts to conclude that the potential profitability of packaged-goods companies will become
curtailed. Buyers’ bargaining power grows when they become more concentrated or
organized, when the product represents a significant fraction of their costs, when the product
is undifferentiated, when buyers’ switching costs are low, when buyers are price-sensitive
because of low profits, or when they can integrate upstream. To protect themselves, sellers
might select buyers who have the least power to negotiate or switch suppliers. A better
defense is developing superior offers that strong buyers cannot refuse. 

Threat of suppliers’ growing bargaining power—A segment is unattractive if the company’s
suppliers are able to raise prices or reduce quantity supplied. Suppliers tend to be powerful
when they are concentrated or organized, when they can integrate downstream, when there


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are few substitutes, when the supplied product is an important input, and when the costs of
switching suppliers are high. The best defenses are to build win-win relationships with

suppliers or use multiple supply sources 

The Scope of Branding
Kotler (Marketing Management 14th Edition, 2012)
Branding is endowing products and services with the power of a brand. It’s all about creating
differences between products. Marketers need to teach consumers “who” the product is—by
giving it a name and other brand elements to identify it—as well as what the product does and
why consumers should care. Branding creates mental structures that help consumers organize
their knowledge about products and services in a way that clarifies their decision making and,
in the process, provides value to the firm.
For branding strategies to be successful and brand value to be created, consumers must be
convinced there are meaningful differences among brands in the product or service category.
Brand differences often relate to attributes or benefits of the product itself
Marketing Metrics
Tim Ambler, “What Does Marketing Success Look Like?” Marketing Management (2001)

Figure 1.3: Marketing Metrics (source : Marketing Management 14th Edition, Kotler,2012)


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CHAPTER 3: MARKET AND COMPANY OVERVIEW
3.1 MARKET OVERVIEW
The Vietnamese economy has been improving over time, and the country posted 7 percent
Gross Domestic Product (GDP) growth and the GDP per capita hit USD 2,200 in 2015 (source :
World Bank 2015). With positive changes in the global economy, the national economic
situation has shown many signs of recovery, and economic growth is forecast to remain stable
and fare better than previous years.
According to the data of the Ministry of Insurance Management and Monitoring, in 2015
Vietnamese insurance market has 29 non-life insurers (including 16 Vietnamese insurers) and 17
life insurers, 12 insurance brokers, over 700 branches at provincial level and over 2,000

transaction offices in non-life insurance; over 400 general agents and 500 transaction offices in
life insurance; over 220,000 life insurance agents, 60,000 non-life agents, 17,000 employees in
non-life insurance, 10,000 employees in life insurance.
Unlike non-life insurance which is dominant by domestic companies, Vietnamese life insurance
market is the playground of foreign invested companies lead by Prudential, followed by Bao
Viet, Manulife, AIA Vietnam, Dai-ichi Vietnam, PVI Sunlife, ACE Life,…
In 2014, the total investment from insurers was estimated at VND 131,371 billion, increased by
15.6% year to date. In which, life insurers invested VND 102,968 billion (increased 18.2%), nonlife insurers contributed VND 28,403 billion (increased 7%). In 2014, total revenue of the entire
market was estimated at VND 52,680 billion, increased by 14.2% as of 2013, in which revenue of
non-life insurance increased 10.5%, life insurance increased 17.9%.
In 2013, total new policies reached 1,179,265 policies (main product), increased 17% against the
same period last year, in which, Prudential had 356,835 policies, Prevoir had 260,020 policies
and Bao Viet Life had 217,318 policies.
Until the end of 2013, total number of agents in the market was 226,133, up 0.1%. The insurers
with largest number of agents were Prudential with 109,803 agents, Bao Viet Life with 33,852
agents and Dai-ichi life with 21,474 agents. The number of newly-recruited agents in 2013 was
132,961 agents, decreased 6.3%. The insurers which had the largest number of newly-recruited
agents were Prudential (42,838 agents), AIA (18,634 agents) and BaoViet Life (17,092 agents).
Officially presented in Vietnam in 1996, over the past 20 years, life insurance market in Vietnam
is perceived as a young market with the rapid increase in life insurance needs in the coming


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years. However, the fact is that insurance penetration in Vietnam is very low (1%) compared to
other countries in South East Asia (Thailand: 4%, Malaysia: 3% and Indonesia: 2%). Besides
issues in payment ability, another reason is that residents have been unaware of the importance
and necessity of insurance. This is such an opportunity yet a challenge for life insurers as the
race to gain the insurance market share is getting fierce. That is the reason why from the
company’s perspective, how to make customers aware and understand the benefits of life

insurance to increase sales and from the brand perspective, is to increase its brand awareness
and build brand trust among customers is very crucial
3.2 COMPANY REVIEW
Manulife is a leading Canada-based financial services group with principal operations in Canada,
United States and Asia with over 125 years of experience worldwide, offering financial
protection and wealth management products and services to millions of clients over the world.
Manulife Vietnam is a member of Manulife and its vision is to be the most professional financial
services organization in Vietnam. Established in June 1999, Manulife Vietnam is proud to be the
first 100% foreign-owned life insurer in Vietnam and became profitable after only 3 years of
operations. The Company is also the only foreign-owned life insurer in Vietnam that owns a
headquarters building worth USD 10 million investment in Ho Chi Minh City besides a network
of over 40 offices in 32 major cities, serving over 580,000 policies through more than 20,000
professional agents.
Besides its strong agency force, Manulife Vietnam is the market leader in bank assurance
through the partnership with leading foreign and local banks. It is also the only life insurer in the
market that has developed a micro-insurance program, in partnership with Vietnam Women’s
Union, for poor women in the rural areas. This meaningful program supports the government in
universalizing insurance knowledge, contributing to the social welfare, decreasing poverty and
instilling the habit of savings to the Vietnamese people.
The Company offers a wide range of innovative life insurance products which are supported by
the most effective and value-added services in the market today. Whatever their stage in life,
Manulife Vietnam can help its clients feel more financially secure with a life insurance plan that
meets their specific needs – whether it’s family protection, education, health, and pension or
investment solutions. An advantage of Manulife Vietnam is Manulife Asset Management
(Vietnam) Company Ltd – MAMV, which is one of the first fund management companies
established in Vietnam and professionally operates fund management and investments.


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Since its entry into the country, Manulife Vietnam has successfully built a strong reputation for
its high quality products and services and strongly maintains its position among the top 3
players in the Vietnamese life insurance market.
Vision
To be the most professional financial services organization in the world, providing strong,
reliable, trustworthy and forward- thinking solutions for our clients’ most significant financial
decisions.
Mission
To be the most trusted and professional partner of Vietnamese families in achieving their
financial goals in every phase of their lives.

3.3 Manulife Vietnam Business Model Canvas

Figure 3.1 : Business Model Canvas (source : Strategyzer)
3.3.1 Customer segment
B2C : Male and female aged 25 – 45, married with or without children with
stable income


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Concern about risks, health problem, look for protection and financial planning
for children
Internet users, exposed to traditional channels, especially TV
B2B : Corporate
3.3.2 Value proposition
We empower our customers to prepare for their future with confidence by
helping them with their big financial decisions.
3.3.3 Customer relationship
Personal assistance

Dedicated personal assistance
3.3.4 Channels
Owned channel: called center, online platform (website, Facebook fanpage)
Partner channel: agents, banks
3.3.5 Revenue
Financial services (insurance, investment)
Assets management
3.3.6 Key activities
Sales (Insurance)
Financial Management
Investment (Manulife asset management)
Customer service (After sales)
Branding
3.3.7 Key resources
Brand
Manulife plaza and its office branches
Capital and Fund
Human Resources
3.3.8 Key partners
Agents
Banks
Capital investment funds


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3.3.9 Cost structure
Operational cost
Marketing cost
Financial service cost (Interest expenses, Risk Management)

3.4 COMPETITIVE ANALYSIS
Three biggest insurers account for 72% market share

Figure 3.2 : Vietnam Life-Insurance Market Share (source : Manulife ,2014)


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3.4.1 PORTER 5 FORCES analysis

Figure 3.3 : Porter 5 Forces analysis ( source : Competitive Strategy, Michael E Porter, 1981)
Threat of new entrants
Life-Insurance is high potential market in Vietnam.
Operation cost and Capital Requirement for entry is high but Threat of new entrants is
LOW. Government regulation encourage people to buy insurance.
Strong Financial Health, Strong Brand Awareness, Brand Trust and Good Brand
Reputation are some key factor to enter the market.
Product Differentiation is low
Bargaining Power of Suppliers
Bargaining power of suppliers is HIGH. There are only 5 main Life-insurance company
over 80 million population in a growing country, therefore competition among suppliers
is high. Market is dominated by a few firm
Distribution channel is not diversity.
High switching cost
Bargaining power of Buyers
Bargaining power of BUYERS is LOW


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Buyers require customized products based on their specific needs and budgets.
Normally, agents of insurers make consultation to customers based on the available
products rather than on customers desires.
Large number of BUYERS but limited BUYER choice (90 million population vs 5
main Life-Insurance companies) Price sensitivity is LOW
Threat of Substitute
Threat of Substitute is LOW
Life-Insurance policies are Long term contract hence cost of switching is high
Limited number of substitutes
Substantial product differentiation is low
3.4.2 SWOT analysis

STRENGTHS
- Good reputation and strong commitment
- Financial strength
- Diversified product portfolio
- Product superior

WEAKNESSES
- Low brand awareness
- Unstandardized branding
- High management cost

SWOT
OPPORTUNITIES

THREATS

- High potential market

- Economic crisis

- Increase demand for retirement products

- Fierce competition industry

- New technology application

- Changes on government’s regulations
- Substitute products/ investment channels


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Strengths:
Good reputation: Proud to be the first 100% foreign-owned life insurance company
licensed in Vietnam in 1999 and always in top 3 life insurers in Vietnam.
Financial strength: Manulife is a Canada-based company with a strong financial health:
charter capital is VND 975 billion and total asset is worth more than VND 10,632 billion.
Diversified product portfolio: Manulife offers a wide range of innovative and reliable life
insurance product portfolio, from traditional life insurance products to health,
education, investment and pension. It is also well-known in the market with strong
protection benefits for critical illness and hospitalization income.
Product superior: Strong protection and built-in benefits with short premium payment
period
Weaknesses:
Low brand awareness: Since its presence in the market in 1999, Manulife has low brand
awareness compared to its key competitor – Prudential.
Unstandardized in branding: Although the brand identity was well-developed, branding

in general, was not standardized and consistent among offices nationwide.
High management cost: With a system of more than 30 offices nationwide, Manulife has
a pressure to cover direct management cost in the long run
Opportunities:
High potential market: The life insurance market is still undeveloped, with low
penetration around 7% (in terms of population). Therefore, the market potential for life
insurance is very high.
Increase demand for retirement products: The median age of the population is getting
higher, the demand for pension/ retirement products is expected to rise.
New technologies application: To keep up with the current trend of the industry is to
tap into new technologies for paperless transactions.
Threats:
Economic crisis: This was proved in the past that the company’s business was hit by
economic crisis.
Fierce competition: The company faces significant threat from the intense competition
when more and more competitors have entered the market.


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Changes of government’s regulations: Together with uncertain legal framework in the
industry, changes of government’s regulations can directly affect to the company’s
business.
Substitute products/ investment channels: In consideration for a long-term investment,
banks’ savings/ time deposits are customers’ substitutes with high interest rates.

3.5 CUSTOMER ANALYSIS
The campaign targeted to primary segment, aged 25 – 45, married with or without children,
mass affluent market, stable income, Internet users but still exposed to traditional channels
with focus in Ho Chi Minh city and Hanoi city

We used Value Proposition Canvas to find out Customer’s WANTS, NEEDS and FEARS. After that
we will map Company Value Proposition with Customer’s Desires

Figure 3.5 : Value Proposition Canvas


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A value proposition is where the company’s product offer intersects with its customer’s desires.
It’s the magic fit between what company make and why people buy it. The value proposition is
the crunch point between business strategy and brand strategy.
Customers
•
•
•

Wants: flexibility, high interest, no risk, professional service
Needs: be protected, financial support, worried-free mind
Fears: health problems, serious deseases, death, accident, unemployed, loose
income, be dependent on others

Product
•
•
•

Features: customized and variety products offered, transferable (can be swifted to
another policy’s owner), flexible in terms of fee upgrading.
Benefits: premium supports in critical circumstances, comprehensive protection,
attractive investment returns, flexible financial tool

Experiences: simplyfied process, policy’s benefits be instantly effective after contract
signing

Value Proposition
We empower our customers to prepare for their future with confidence by helping them with
their big financial decisions.
3.6 PRODUCT ANALYSIS AND DISTRIBUTION CHANNELS
3.6.1 PRODUCT
The products which are available on the market belong to 2 groups: for individuals
(with basic plans and rider) and for group (Manulife – My freedom). Based on 4 main
life stages of human beings (Getting start (21-30), Moving up (31-40), Preparing for
retirement (41-60) and Enjoy retirement (61-80)), the products are comprehensive
and designed equivalently parallel to customers’ life stages needs.
The Company offers a wide range of innovative insurance products, including
traditional life, health, education, investment and pension:
Manulife – My Beloved Family: an innovative 3-in-1 financial solution, offering
families a combination of comprehensive protection, product flexibility and
attractive long-term savings.


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Unit-linked product: an investment linked insurance product which provides
protection, with saving benefits and investment returns through flexibly premium
allocating among the three unit-linked funds.
Manulife - My Dream and Manulife – My Love: a single premium or a six-year
premium period with 20-year comprehensive financial protection.
Manulife - My Talent: a savings fund for children up to the age of 12 for their
university education and a medical fund to cover unforeseen hospitalization
expenses against illnesses or surgery.

Manulife - My Companion: a micro-insurance program in collaboration with Vietnam
Women’s Union. This provides financial protection to women and their families in
rural areas of Vietnam.
Manulife - My Freedom: a voluntary pension product for group of employees of 1855 years old, offering a flexible retirement payout scheme that the enterprise can
choose and change at anytime.
3.6.2 DISTRIBUTION CHANNELS
3.6.2.1 Agents
With more than 20,000 professional agents in 2015, this is the most important and
powerful channel to drive the company’s sales revenue.
3.6.2.2 Partnership Distribution
Partnership Distribution is Manulife Vietnam’s strategic distribution channel
established in 2009. Our vision statement is “‘Best-in-class Bancassurance, simple
and easy to deal with, customer-centric and constantly adding value to all
stakeholders”.
Under this channel, Manulife Vietnam in collaboration with leading banks in Vietnam
provides high-quality range of insurance products, offering protection solutions and
financial planning to bank customers. With more than 200 professional staff and
trained sales force, we at Partnership Distribution Manulife Vietnam are committed
to give the best service to our customers and comprehensive support in product
development, technology and training to our partners.
Our bank partners are:
- ANZ Bank
- Techcombank
- Bac A Bank


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3.6.2.3 Direct Marketing & Tele Marketing (DMTM):
Direct Marketing and Tele Marketing offers company calls to individuals and

potential customers at home to make consultant services. The DMTM team of
Manulife has now been growing, and started contributing to the corporate total
revenue.
3.6.2.4 Micro Insurance channel
Manulife Vietnam is proud to be the sole life insurer currently approved by the
Ministry of Finance and the Vietnam Women’s Union to implement this meaningful
Microinsurance program to provide insurance protection to poor women.

* Product distributed by Micro Insurance - "Ban Dong Hanh"
Main features:
Policy Term: 7 years
Premium Term: 7 years
Issue Age: 20-50
Annual Premium Payment: VND 300,000 (maximum three policies per person)
Benefits
Accidental Death Benefit: VND 20M
Non-Accidental Death Benefit: VND 10M
Accidental Total and Permanent Dismemberment Benefit: Maximum VND 12M