Paper on Business Document
Client:
RACV (Royal Auto Club of Victoria) founded in 1903, is a widely recognized Victorian insurance organization that offers various insurance services for its members.
RACV provides services such as Vehicle, content, home insurance, and roadside assistance, personal and car loans, home security products, tourism services while also running a lifestyle club known as the RACV Club with locations in Healesville and Melbourne CBD. Operating 5 resorts in regional Victoria, 2 in Queensland, and 1 in Tasmania.
They received the approval to have “Royal” in their name by King George V in 1916, mainly due to their assistance to the community in World war I.
RACV has maintained a strong insurance organization in Melbourne, more than 110 years in business, and in “excess of 2.1 million members” (About RACV membership news, travel & discounts, 2016). In order to continue this trend and increase member engagement, RACV needs to create a better engagement program that could be used as a way of giving back and increasing its social awareness.
In order to tackle this issue for RACV, I have been recruited to find a solution and future plan on how to tackle the threat of competition affecting RACV. I specialize in the field of Management. The role is out of focus on a hierarchical chain of communication from top to bottom. A formal presentation with the management of the business, with a rollout in form of a business report below, will communicate all factors of the plan.
Problem
As several other insurance industries have created a foundation in Victoria, such as YOUi, real insurance, Suncorp insurance, and the list goes on this has created more competition, therefore, it is vital for RACV to continue to innovate itself to stay ahead of the competition.
Our current target market focuses on members or new potential members from the 18+ age group for insurance services that are in the Victorian region.
In order to gain a broader picture of the insurance industry in Australia, the different segmentation is non-life insurance which is considered under general insurance about 36% have Motor, 31% in property insurance, and 10% liability insurance.
With residency within Victoria, the target market is low to high-class workers.
The interest of the members in the comfort of knowing in case of a bad situation that they will be covered where RACV will step in and provide assistance whether it may be roadside assistance or financial reimbursement.
Research
The research that will be done is essential to have a positive outlook from the members towards RACV in order to obtain and sustain the current members through socially responsible. RACV’s past programs show where they have assisted both young and old motorists in keeping them safe through RACV programs.
Reference
About RACV membership news, travel & discounts (2016) Available at: https://www.racv.com.au/membership.html (Accessed: 01 February 2017).
