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Author
Gagliardi, Lorenzo
Elkhalil, Zineb
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Abstract
The objective of this thesis is to develop concrete and actionable plans by proposing an innovative strategy to be implemented by Weecover, in order to help the company to continue its growth in the Spanish market. Weecover is a tech company founded in 2019 and is based in Barcelona. The core business of the company focuses on providing innovative and digital solutions to the insurance market, both in terms of products and services.
This industry, as we will analyse during the thesis, is growing worldwide. Political, economic, social, technological, and environmental factors are influencing the growth of the embedded digital insurances. Due to the peculiar characteristics of this market, after having conducted an internal and external analysis, we will propose substantial changes to Weecover, following the classical process of the marketing mix method.
We will explain that Weecover needs to develop and implement a new business strategy, both from a marketing and sales perspective, due to the new emerging trends that are becoming prominent. Since the main issue about the embedded insurance industry regards the low awareness of the general audience about the solutions offered, our digital proposal will help the company to reach the younger segment of the Spanish population, as well as to generate brand awareness and to grow the sales efficiently. Overall, it is vital for Weecover to invest in their marketing communication strategy. As their main target segment is millennials, who are underinsured due to many reasons explained in
the thesis, such as the complexity of the processes, the lack of trust and most importantly, lack of awareness. Therefore, the company has to reach their audience through all the distinct channels they are using, namely providing simple and easy information and building their brand image through both B2B and B2C models.
After a difficult period characterised by the Covid-19 pandemic and its following economic recession, Weecover must now implement a new business strategy to keep the pace of the fast-changing insurance environment. Both new digital and traditional solutions should be adopted from the company in order to successfully reach the objectives.
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