Suppose you are the marketing vice president of an insurance company, planning to design a new mediclaim policy for senior citizens. What information would you like to collect to perform this task and how will you collect such information? Discuss.

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Solution

Some of the information that is required to be collected is as follows.

i. What is the approximate market size.
ii. What are the common health problems that senior citizens in the country face.
iii. What proportion of the total senior citizens already have a mediclaim policy.
iv. What would be the total amount and the time for which the senior citizens would be willing to take the mediclaim policy.

For collecting information, sampling techniques can be used by the managers. From the entire target population, a sample can be selected from which the information can be collected (through methods such as questionnaire, direct investigation). Based on the information collected suitable policy can then be formed.

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