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Copy of EFU General Insurance

Strategic Marketing and Planning Report
by

efu general

on 31 January 2013

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Transcript of Copy of EFU General Insurance

External Analysis Internal Analysis Marketing insights New Products Competition S.W.O.T. Strengths Weaknesses Opportunities Threats Strategic Marketing Plan EFUG Pioneer in general insurance and has a leading market position
Holds expanding market share in sector and good financial position.
Largest general insurance company providing a full range of non life insurance services.
Established customer base which includes even the lower middle class.
Progressiveness and prompt claim settlement.
Won “Brand of the Year Award” for three consecutive years and also honored with “Brands ICON of Pakistan” Indicators Lagging Indicators Leading Indicators Customer Buying Criteria BCG Matrix List top competitors Members Crew Captain Sadaf M.Owais Farah Farhan All About EFU General Conclusion Confrontation Increasing Insurence penetration.
More bank contracts/ Attractive market for Bank Insurance packages
Untapped areas of the country.
Emerging technology and internet usage
Joint ventures with Reinsurers located abroad to boost competitive capability
Ever increasing awareness of the market about insurance and indemnification ! EFU General Insurance EFUG is committed to providing:
Full range of non-life insurance products and services.
Customized to meet the varied needs.
Catering to businesses, industrial clients and individuals. FUNCTIONS/APPLICATIONS EFUG indemnifies its customers against losses incurred:

Property
Marine/Aviation
Motor
Travel
Liability
Banker’s blanket
Crop Added Value EFUG insurance products include following value-added services

Capability of handling large portfolios with any amount of claims
Nationwide network of 61 branches
Vehicle tracking facility in case of Motor Insurance
Assists domestic and foreign travelers with emergency travel needs
The best insurance staff
A heritage of over 78 years Relation with Other Businesses ABL ATM Cash Withdrawal
Travel Insurance Services to PIA Customers
Motor Insurance through all major banks offering Auto loans
Freight Forwarding Companies / Agents Brand Image
Customer Service
Claim Settlement
Performance
Premium Pricing Underwriting Results
Branch Network Limited online services.
Long time lag in launching new products.
No R&D department for development of new insurance products.
Decline in Underwriting Profits.
Sales oriented culture. Facing catastrophic losses due to riots, strikes, civil commotion and terrorism issues.
Further aggressive price wars in terms of premium rates.
Rise in the operating cost due to inflation.
Various political, economic, social and other external factors. To exploit opportunities with strengths EFUG can invest in emerging technology and facilitate customers through online service. (S1,O5)
Increase their portfolio by getting more bank contracts. (S4, S5,O2)
Joint ventures with Reinsurers located abroad to boost competitive capability (S1,O5)
EFUG can capture the market of the untapped areas of the country. (S1,O1,O3) To avoid threats with strengths EFUG should maintain its position as prompt claim handlers to stay ahead. (S1, S4, T2)
EFUG should develop special policy packages to protect the client during uncertain political conditions (S1,T1, T4) To exploit opportunities and minimize weaknesses Facilitate customers by providing online policy capturing facility.(W1,O5)
Invest in R&D to cater the need of the untapped areas of Pakistan. (W3,O3)
Develop new products in existing segments to create specialized offerings. (W4,O1,O4) To avoid threats and minimize weaknesses EFUG should invest in R&D in order to stay updates about the market position and economic conditions (W3,T1)
Get into treaty agreements in order to insure the company itself (W4, T1) Issues & Challenges Riot Losses 27 December
Insurance Database
Human Resources
Bogus Insurance companies
Takaful Insurance
Insurance of Public Properties Insurance in Rural Areas
Agriculture Insurance
Bancassurance
E-Commerce Pricing Competative Strength Assesment Competition/ Segment Matrix Event Cancellation Insurance Adverse weather
Nonappearance of performing artists
Strikes
Unavailability of the venue due to fires, floods or any other allied perils Student Travel Insurance Current Travel Insurance has a validity of 92 days only.
Students who travel abroad for education purpose are unable to return to the home country after 92 days
Targeted at Students
Validitity till return to home land. Marketing Plan Action Plan Property segment has the highest revenue turnover for EFUG.
But it does not contribute to the profitability at all as per the figures of 2010. EFUG incurred a huge loss in this segment.
The biggest contributor to profit is the Motor insurance segment with 58% which is quite enviable for other segments EFUG is working in. Adamjee
NJI (S1) Pioneer in general insurance and has a leading market position
(S2) Holds expanding market share in sector and good financial position.
(S3) Largest general insurance company providing a full range of non life insurance services.
(S4) Established customer base which includes even the lower middle class.
(S5) Progressiveness and prompt claim settlement.
(S6) Won “Brand of the Year Award” for three consecutive years and also honored with “Brands ICON of Pakistan” (O1) Increasing Insurence penetration.
(O2) More bank contracts/ Attractive market for Bank Insurance packages
(O3) Untapped areas of the country.
(O4) Emerging technology and internet usage
(O5) Joint ventures with Reinsurers located abroad to boost competitive capability
(O6) Ever increasing awareness of the market about insurance and indemnification (W1) Limited online services.
(W2) Long time lag in launching new products.
(W3) No R&D department for insurance NPD.
(W4) Decline in Underwriting Profits.
(W5) Sales oriented culture. (T1) Facing catastrophic losses due to riots, strikes, civil commotion and terrorism issues.
(T2) Further aggressive price wars in terms of premium rates.
(T3) Rise in the operating cost due to inflation.
(T4) Various political, economic, social and other external factors. Threats Opportunities Strengths Weakness Solid Diesel Increase the revenue turnover in Motor Insurance segment.
Initiate strict policies for Property Insurance.
Curb the expenses on every front to concentrate on more profitable segments.
Follow a marketing approach rathar than just sales.
Innovate new products.
Inscrease awareness regarding Existin products in the Dog category.
Make use of emerging technologies and social media marketing to become the leader and stay at the top of its game. Insights Recommendations Thank You
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