Customer / Target Market


  • Customer:

NTUC Income has many different customers due to the vast amount of insurance schemes it provides, hence NTUC Income has many different customers from the age of an infant all the way to retirees/elderlies. NTUC income serves up over 2 million customers up to date. NTUC Income aims to ensure all its customer is building a future they like and being protected. The customer range from students to elderlies. They also provide insurance scheme for the special group of people such as those with autism and down syndrome so as to help the families of those.


  • Target Market:
The primary target that NTUC Income is targeting would be from the age of 21-40 where they would be more financially stabled and can start planning for their future. From the age of 21-40, the customers would usually start to be more health-conscious and start preparing for a better future and thus would start opting for different plans which would benefit them in the future. Hence, the primary target that NTUC Income is targeting would be the working population of 21-40 years old.


Although NTUC Income primary target would be the age 21-40, however, they also have secondary targets of adults/elderlies who are interested in life, Health and lifestyle insurance. They are also considered the secondary target market as they would make up a larger percentage of NTUC's customer. NTUC Income also targets people who have businesses such as commercial insurance, group insurance and group personal accident insurance for students. Hence these are the secondary target for NTUC Income.


















Above is a video of a working adult starting her journey of planning for her future.



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Competitors

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Competitors: Competitors of NTUC Income would include... Prudential Insurance Retrieved from: https://www.prudential.com.sg/en/ Great Eastern Life Insurance Retrieved from: https://www.greateasternlife.com/sg/en/index.html AIA Insurance Retrieved from: https://www.aia.com.sg/en/index.html SWOT Analysis: SWOT analysis is a useful technique to understand the Strength and Weaknesses, and for identifying the Opportunities open up to the Organisations and the Threats it faces so as to work on the organisation. S trength : Diversity of Schemes - NTUC income provides a wide range of scheme for its customer such as the Life Insurance, Health Insurance, Travel Insurance and also Specialized care Insurance which is the first in Singapore. - Having many schemes allow the customer to pick and choose the one which caters and is the most suitable plan for them. Sponsorship and endorsement  - NTUC Income has actively par...
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Overview

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Background: One of the founding leaders of NTUC, Mr Devan Nair articulaated the need for the Labour Movement to turn into a social instituion to serve Singaporean workers in various ways. Then Fiance Minsiter Dr Goh Keng Swee supported this call and urged NTUC to set up social enterprises in areas such as life insurance and essential consumer goods to meet the needs of the working population. NTUC Income (Income) was made different from the start. Founded in 1970 to provide affordable insurance for workers in Singapore, our mission has always been to maximise value for customers above profits for shareholders. Income serves over two million customers. It is the top composite insurer in Singapore and one of the largest general insurers and health insurance providers. Income is also the largest motor insurer in Singapore, covering about one in four vehicles in Singapore It currently has seven branches and five lite branches across Singapore. Industry:   Ntuc Inc...
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