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    Chapter-2 Swot Analysis

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    ManikanthBhavirisetty
    This document discusses the strengths, weaknesses, opportunities, and threats (SWOT) of an insurance company. The company's strengths include a large, skilled workforce, innovative products, strong distribution networks, and low costs. Weaknesses are insufficient management coverage, low customer awareness, and centralized decision-making. Opportunities exist in the large uninsured population, expertise from international companies, and new specialist applications. Threats include competition from large public insurers, potential legislative impacts, high industry competition, and lack of rural infrastructure.

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    Chapter-2 Swot Analysis

    Uploaded by

    ManikanthBhavirisetty
    40 views4 pages
    This document discusses the strengths, weaknesses, opportunities, and threats (SWOT) of an insurance company. The company's strengths include a large, skilled workforce, innovative products, strong distribution networks, and low costs. Weaknesses are insufficient management coverage, low customer awareness, and centralized decision-making. Opportunities exist in the large uninsured population, expertise from international companies, and new specialist applications. Threats include competition from large public insurers, potential legislative impacts, high industry competition, and lack of rural infrastructure.

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    Gau Tham

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    This document discusses the strengths, weaknesses, opportunities, and threats (SWOT) of an insurance company. The company's strengths include a large, skilled workforce, innovative products, strong distribution networks, and low costs. Weaknesses are insufficient management coverage, low customer awareness, and centralized decision-making. Opportunities exist in the large uninsured population, expertise from international companies, and new specialist applications. Threats include competition from large public insurers, potential legislative impacts, high industry competition, and lack of rural infrastructure.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    40 views4 pages

    Chapter-2 Swot Analysis

    Uploaded by

    ManikanthBhavirisetty
    This document discusses the strengths, weaknesses, opportunities, and threats (SWOT) of an insurance company. The company's strengths include a large, skilled workforce, innovative products, strong distribution networks, and low costs. Weaknesses are insufficient management coverage, low customer awareness, and centralized decision-making. Opportunities exist in the large uninsured population, expertise from international companies, and new specialist applications. Threats include competition from large public insurers, potential legislative impacts, high industry competition, and lack of rural infrastructure.

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    © All Rights Reserved
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    of 4

    CHAPTER-2

    SWOT ANALYSIS

    1.1 Strengths and Weaknesses of the Company


    1.1.1 STRENGTH

    Large pool of technically skilled manpower with in depth knowledge and

    understanding of the market.


    The company also provides innovative products to cater to different needs of

    different customers.
    Dedicated workforce aiming at making a long-term career in the field.
    Strong and well spread network of qualified intermediaries and sales person.
    Strong capital and surplus reserve.
    Low management expenses and administrative costs.
    IDBI Federal Life Insurance Company leverages on the strong distribution

    network of its promoters and advisors.


    Finance department helps the organization to keep a track on the administration
    cost and all the other expenses

    1.1.2 WEAKNESSES

    Customer service staff needs training due to changing human behavior.

    Product awareness is low in the market.

    Management cover insufficient.

    Sectored growth is constrained by low unemployment levels and competition for


    staff.

    Low customer confidence on the private players.

    Centralization in the organization, management decisions are taken by top


    authority which leads to significant delays in decisions.

    A centralized administrative system gives way to inequity through the instigation


    of excessive regulations or strict conformity to official norms which is redundant
    or bureaucratic and that hinders decision-making and delays work.

    1.2 Opportunities and Threats of the Company


    1.2.1 OPPORTUNITIES

    Insurable population: According to IRDA only 10% of the population is insured


    which represent around 30% of the insurable population. This suggests more than
    300m people, with the potential to buy insurance, remain uninsured.

    International companies will help in building world class expertise in local market
    by introducing the best global practice.

    Could extend to overseas broadly.

    New specialist applications.

    Could seek better customer deals.

    Fast-track career development opportunities on an industry-wide basis.

    An applied research center to create opportunities for developing techniques to


    provide added-value services.

    There will be inflow of managerial and financial expertise from the worlds
    leading insurance markets. Further the burden of educating consumers will also be
    shared among many players.

    1.2.2 THREATS

    Big public sector insurance companies like Life Insurance Corporation (LIC) of
    India, National Insurance Company Limited, Oriental Insurance Limited, New
    India Assurance Company Limited and United India Insurance Company Limited.
    People trust and go to them more.

    Legislation could impact and Great risk involved.

    Very high competition prevailing in the industry.

    Vulnerable to reactive attack by major competitors

    Lack of infrastructure in rural areas could constrain investment

    People prefer short term investments rather than insurance.

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