PESTLE Analysis: Sun Life

In addition, the “sustainability for Canadian insurance companies [is] greatly depended on investments in projects that increased customer service and improved operational efficiency” (Stacey). Insurance companies can gain competitive advantages over others by being efficiently superior, having a lower cost structure, and providing better service to customers. Seamus believes that a new information system will be essential to helping the company achieve this. Unfortunately, the new internal information system, ISS, had already consumed an immense amount of time and money, making decisions going forward that much more challenging.

The concept of marketing is quite logical and simple. Identify the specific wants and needs of a target market and satisfy those customers better than the competitors. Insurance companies are in a unique position when it comes to marketing. They have no tangible products to sell, but must instead rely on strong relationships with loyal customers and word of mouth to help them compete. Still, despite the challenges, the marketing strategies for insurance companies are really no different than for any other company, and require a strong focus on the basics of effective marketing.

Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured covered in the policy. Essentially, a life insurance policy is a contract between the named insured and the insurance company wherein the insurance company agrees to pay an agreed sum of money to the insured 's beneficiary. With a large population and the untapped market area insurance happens to be a very big opportunity in India. Today it stands as a business growing at the rate of 15-20% annually. Together with banking services, it adds about 7 percent to the country’s GDP. In spite of all this, the growth statistics of the penetration of the insurance in the country is very poor. Nearly 80% of Indian population is without life and health insurance cover. This is an indicator that growth potential for the insurance sector is immense in India. It was due to this immense growth that the regulations were introduced in the insurance sector and in continuation “Malhotra Committee” was constituted by the government in 1993 to examine the various aspects of the industry. The key element of the reform process was participation of overseas insurance companies with 26% capital. Creating a more competitive financial system suitable for the requirements of the economy was the main idea behind this reform.

Malaysia’s macroeconomic fundamentals remain strong as Gross Domestic Product (GDP) for the second quarter come in at 5.8% following a 5.6% expansion in the first quarter. Consequently, various economists have upgraded their full year GDP forecast for Malaysia to 5.2%-5.5% while the government estimate 4.3%-4.8%. Meanwhile, inflation continues to moderate to 3.2% in July after peaking at 5.1% in March. Bank Negara Malaysia (BNM) is expected to keep the Overnight Policy Rate unchanged at 3.00% for the rest of 2017. Ringgit Malaysia (RM) has established at c.4.30 to the US Dollar despite a sizeable government bond maturity during the month. Takaful Ikhlas expect the market to trade sideways despite the external headwinds from geopolitics and central banks normalisation plans as well as the net foreign outflows recorded in August for Bursa (June: +RM359m, July: +RM419m, August: -RM241m). Second quarter earnings were non-inspiring but we are hopeful that the 2H17 results will recover. Although Takaful Ikhlas expect that the markets to trade sideways, various key themes still present the good opportunity for returns. They

The universal is currently at its 8th cycles. This 8th cycle and the coming 9th cycles will continue to boast the southern region. Although several factors have affected the development progress, the overall performance of Iskandar Malaysia will be sustaining its’ upward trend. Furthermore, year 2016 is economic unstable year, especially in the West. Thus, it will affect the overall development progress. Year 2017 will be a year with war. However, year 2018 is an “Earth” element year. It will be a good year for property industry. The property industry will have a much better

The ideology of UMNO, which propagates Ketuanan Melayu, social conservatism, and economic liberalism are seems to be accomplished as it has all the RSAs that can enforce the people to adapt and practiced. Without all these RSAs and ISAs, Malaysia might be a country that is left behind as to compared to other countries and incidents like 13th May 1969 might be

Malaysian government followed the standard and policies of IMF prescription in facing the crisis. For example, Malaysia raised its interest rates to stemming the capital outflows and floated its currency rate in order to free capital flows. Besides that, Malaysia redefined the definition for non-performing loans from six-month arrears to three-month arrears.

Allianz is pursuing opportunities in Central Eastern European countries where penetration of non life insurance remains low. Still, the company’s strategic objectives are focused on foreign growing markets with untapped potential. Although fast growing economies like Asia and Latin America don’t account for the biggest part in revenue yet, they represent the main hope for groups like Allianz to generate premiums. The growth in GDP and the low penetration rate of these countries is very promising. There is a 3% of insurance penetration rate in China versus 8% in the United States. We witness top growth in non life insurance in Asia. In a decade, China should have become the largest market for non life insurance with a forecasted premium of over $360

This report provides an analysis and illustration on the important changes that life insurance companies will face in capital management practices with the implement of the new capital regime, publicly known as Life Insurance Capital Adequacy Test (LICAT). The LICAT framework transformed to a risk-based regime from the current model-based Minimum Continuing Capital and Surplus Requirements (MCCSR).

“Insurance companies selling and servicing over the Internet will have a cost advantage over traditional insurers in the range of 58% to 71% over the lifetime of a customer. Savings are driven by reduced sales costs, cheaper and better information capture.” (Booz-Allen & Hamilton, 1997)

Malaysia is an emerging country with continuously grow in its economy. As announce in 2016 Malaysia budget, Malaysia government lists some objectives of the budget is to strengthening economic resilience by increase the capacity of domestic market and also increase exports. Promoting the well-being of nation by to be more prosperous and easing the cost of living of the people by giving subsidy and fair and equal tax also wealth distributions.

The East Asian Crisis started in 1997 due to a buildup of a large amounts of capital in the early 1990s inflows not due to foreign direct investments but because of bank loans and portfolios capitals which had reversed and led to great amount of macroeconomic pressures on the economie of east asian countries affected, leading to an appreciation of exchange rate, high interest rates, financial instability and stress.(Dornbusch, 2001). In reviewing Malaysia, we have to

The government type is Malaysia is constitutional monarchy with the political which is based on English common law; judicial review of legislative acts in the Supreme Court at request of supreme head of the federation.

Malaysia’s GDP Annual Growth Rate since 2000 till present. Notice the sharp contraction after the 2008 Financial Crises.

Malaysia recorded inward FDI of USD 7.3 billion and USD 6.3 billion in 1996 and 1997 respectively. The lower figures in 1997 may be attributed to the lack of confidence as a result of the Asian financial crisis but by 1998, figures indicate that investor confidence had improved. Malaysia’s highest FDI inflow was recorded in 2007 when the amount surged to USD 8.4 billion from USD 6.0 billion in 2006.