This is to certify that the Thesis Report on Micro insurance Marketing

Using Technological in the bona fide record at the report is done by Sayed Mia as partial
fulfillment of the requirement for Masters of Business Administration (MBA) degree from the Department
of Banking & Insurance, University of Dhaka.

The Report has been prepared under my guidance and is a record of the bonafide work carried out
successfully.

Tasneema Khan
Assistant Professor

Department of Banking and Insurance

Faculty of Business Studies

University of Dhaka
I therefore placidity notify that the content provided in this Thesis Report was completed by me and it has
not been previously submitted to any other University/College/Organization to obtain an academic
qualification/certificate/diploma/degree or for any other reason.

The study I have submitted does not infringe on any existing copyright, and no portion of this paper is a
direct replica of any previous work conducted for a degree or other purpose in the past.

I additionally agree to hold the Department from any loss or damage that may result from my failure to
comply with the aforesaid commitments.

Signature of the Student

Sayed Mia
ID No: 1743 (MBA)

Batch: 23rd
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