The report is the endeavor of a great experience in the field of determining the impact of Firm-specific and

macroeconomic variables on the Profitability of the non-life insurance industry. The completion of the
report was much owing to my respected supervisor (Tasneema Khan, Assistant Professor, Department
of Banking and Insurance, University of Dhaka). The thesis report could not have been completed in
time without the help and support of my honorable supervisor. I also express my utmost gratitude to her for
giving me her valuable time to make this comprehensive report a success.

I would also like to thank all the respected teachers of the Department of Banking and Insurance who have
helped me to enlighten myself with knowledge and integrity throughout the MBA program.
The thesis paper on " An Emperical Analysis on Micro insurance Marketing Using Technological Tool Set"
presents a comprehensive analysis of the challenges and opportunities in promoting insurance products that
cater to low-income individuals and households. The paper provides insights into the unique needs and
characteristics of this market segment, and explores various marketing strategies that can be employed to
increase the adoption of micro insurance. This thesis paper highlights the importance of understanding the
target market and tailoring insurance products to meet their specific needs. It also discusses the role of
partnerships with community organizations and the use of simple language in explaining insurance
products. The thesis paper further explores the issue of trust, which is often a significant barrier for low-
income households to purchase insurance. The importance of building trust through education,
transparency, and testimonials from satisfied customers is emphasized.

Overall, this term paper concludes that micro insurance marketing presents a unique opportunity to promote
financial inclusion and reduce poverty. It highlights the need for insurers to adopt innovative and socially
responsible marketing strategies that address the challenges of marketing to low-income households. The
paper provides valuable insights that can inform the development of effective micro insurance marketing
strategies that can achieve both financial sustainability and social impact. In this thesis I tried to identify
the current conditions of micro insurance. Besides I tried to show how insurtech can help micro insurance
marketing and people can be benefitted from that insurtech. In this thesis I also tried to identify how the
gap between the micro insurance providers and the poor people can be diminished. And finally I put some
recommendations.

The findings of the analysis highlight the positive impact of integrating technological tools into micro
insurance marketing in Bangladesh. Mobile applications have played a crucial role in reaching remote areas
and providing convenient access to micro insurance products. Social media platforms have proven effective
in increasing awareness and engaging potential customers. Data analytics and artificial intelligence have
offered valuable insights for personalized product design and improved customer service
Table of Content

Contents
1. Introductory Remarks ............................................................................................................................ 8
1.1 Background of the study .............................................................................................................. 11
1.2 Objectives of the study ................................................................................................................12
1.3 Limitations of the study ............................................................................................................... 13
2. Literature Review ................................................................................................................................ 15
3. Data methodology................................................................................................................................ 18
3.1 Research Type ............................................................................................................................. 18
3.2 Sources of data............................................................................................................................. 11
4. Analysis and Discussion :.................................................................................................................... 20
4.1 Key marketing issues in marketing ............................................................................................. 20
4.1.2 Micro Insurance Products ............................................................................................................ 20
4.1.3 Pricing for the target group of MI products ................................................................................. 21
4.1.4 Delivery Channels & Key Providers of MI ................................................................................. 21
4.1.5 Main marketing messages............................................................................................................ 25
4.2 Digital Tools and Techniques of Micro Insurance Marketing............................................................ 28
4.3Challenges of Micro Insurance ........................................................................................................... 30

5. Findings and Recommendations .......................................................................................................... 36

MI Micro insurance
MFI Microfinance Institution
LMI Low and Middle Income
IDRA Insurance Development and Regulatory
Organization
ILO International Labor Organization
CGAP Consultative Group to Assist the Poor
P2P Peer to Peer
SNS Social Networking Service
KYC Know Your Customer
CBO Community Based Organization
NGO Non Governmental Organization
RMS Risk Management System
VAS Value Added Services
ICT Information and Communication Technology
GDP Gross Domestic Product
WASH Water, Sanitation, and Hygiene
SHG Self Help Group
TPA Third Party Administrator
POS Point of Service
PACS Primary Agricultural Credit Society
API Application Programming Interface
Introduction

Micro insurance is the protection of low income people against specific perils in exchange for regular
premium payments proportional to the likelihood and cost of the risk involved. It is for persons ignored by
mainstream commercial and social insurance schemes, persons who have not had access to appropriate
products. It is just one of several risk management tools available to low income households. Marketing is
the activity set of institutions, and processes for creating, communicating, delivering, and exchanging
offerings that have value for customers, clients, partners, and society at large. It is the process of promoting
and selling products or services, including market research and advertising. Marketing insurance to the poor
presents some other challenges as well. If they have had access to conventional insurance the experience
has often been negative, tainted by claims processing delays, rejected claims and lapsed policies, all of the
characteristics that micro insurance product design must avoid. Low levels of literacy among potential
clients make marketing the product even more difficult. Most people, rich or poor, do not enjoy buying
insurance because they do not want to think about risks or the pending occurrence of perils. Many do not
like the idea of buying peace of mind and then feeling the expense was wasted if the insured event does not
occur. However, that idea is even harder to swallow when one is poor, living from day to day, not planning
for the future, and without surplus cash to waste. Micro insurance provides financial services as well as
social protection.

1.1 Background of the study

In Bangladesh, a significant portion of the population remains uninsured, particularly in the low-income
segment. Micro insurance has emerged as a promising solution to address this gap, offering affordable
insurance products to low-income households and small businesses. However, despite the potential benefits
of micro insurance, the uptake of these products has been low in Bangladesh.

One of the key reasons for the low uptake of micro insurance in Bangladesh is the lack of effective
marketing strategies. Micro insurance providers face several challenges in marketing their products to low-
income households in Bangladesh. These challenges include low levels of financial literacy, limited
awareness of insurance products, and mistrust of insurance providers.
The study will use a mixed-methods approach, including questionnaire surveys, focus group discussions,
and interviews with micro insurance providers and low-income households. The findings of this study will
contribute to a better understanding of the marketing strategies and challenges of Micro Insurance in
Bangladesh. The results will be useful for micro insurance providers, policymakers, and other stakeholders
in developing effective marketing strategies and policies to promote the uptake of Micro Insurance among
low-income households and small businesses in Bangladesh.

1.2 Objectives of the study

1.2.1 Broad Objective :

1.2.2 Specific Objectives :

1) To identify the factors that influences the demand for Micro Insurance products among low-income
households in Bangladesh.
2) To suggest ways to improve the marketing of Micro Insurance products in Bangladesh, including
the use of new technologies and innovative distribution channels.
3) To make recommendations for policymakers, Micro Insurance providers, and other stakeholders to
promote the development of the Micro Insurance market in Bangladesh.
4) To explore the current status of the Micro Insurance market in Bangladesh and identify the
challenges and opportunities for the growth of Micro Insurance.
5) To understand the needs and preferences of potential Micro Insurance customers in Bangladesh
and their perceptions towards Micro Insurance.
6) To analyze the marketing strategies adopted by Micro Insurance providers in Bangladesh and
evaluate their effectiveness in reaching out to the target market.
By addressing these objectives, the study aims to provide insights into the Micro Insurance market in
Bangladesh and inform the development of effective marketing strategies for Micro Insurance providers in
the country.

1.3 Rationale of the study

In my study I have conducted a research on micro insurance marketing using technological tool set. In my
study I have tried to find out how micro insurance can reached to more people using Technological tool.
We all know that marketing is basically reaching to the people. In micro insurance reaching to the poor is

make an effective marketing to them using the technological tool set. Technology can help companies to
reach more people widely specifically through smart phone, social media apps. As we know many people