Chairman of Heirs Holding, Tony Elumelu, has said that the federal government’s Ease of Doing Business in Nigeria initiative can only work when the three arms of government, the executive, the judiciary and legislature, work together to put up right business policies that will prepare Nigeria as investment destination. Elumelu, stated this in a key note address at the 2017 National Insurance Conference organised by the Insurance Industry Consultative Council ( IICC) in Abuja. Speaking on the theme, ‘Nigeria Open for Business’, Elumelu, said capitals for business go where they are welcomed therefore for Nigeria to promote, attract and retain investment, it must position itself to promote domestic business which will in turn attract foreign …show more content…
“We must be willing to expand the insurance market beyond the upper class and formally employed market, to the middle and lower income market. Doing this, means that our distribution channels must be innovative, considering product features, cost, proximity and all other relevant factors. Alternative distribution channels can also be considered including the use of aggregators to facilitate the sale of group insurance to an existing membership base such as market associations, savings cooperatives, and mobile network operators”, she stated. Adeosun, also said that selling insurance policies can be done through mobile phones, adding, “in order to achieve sustainable and inclusive growth, we must reach the rural areas and the unbanked. We must achieve financial inclusion, deepening insurance penetration through financial inclusion would include, developing the technical capacities to meet the emerging challenges of financial inclusion and micro-insurance. This therefore, calls for more dynamic strategies to deepen the insurance reach.” Earlier in his welcome address, the Commissioner for Insurance, Mohammed Kari, said that insurance is a vital link in the vast chain of business activities in any economy. He said it is also the best vehicle for reducing economic loss as well as serves as a stabiliser and promoter of an economy’s commercial activities. Kari said:
Insurance is an arrangement by which a company gives customers financial protection against loss or harm such as theft and illness in return for premium payments. One of the most important ways that external economic factors are affecting insurance industries is by experiencing a slow pattern in the economy. Insurance companies are affected by lower sales and lower rates of returns on their investments. Companies have to sell certain products for which they have the commitment and the
In this paper, we will discuss Geico Insurance and how its marketing mix operates in the insurance industry. We will describe the four elements of the marketing mix, more commonly known as the 4P’s. Next, we will describe how each one of the four elements affects the development of Geico’s marketing strategy and tactics. Last, we will describe how each element is implemented in Geico’s marketing strategy.
Additionally, entry visas for those expatriate are very complicated. The recruitment of qualified skilled experts is difficult and they are not staying long in the country. Because Larson had a promise to increase the share of local ownership, the local partner 's participation seems very important. If the expatriate general manager of the Nigerian operation has delivered a very negative report, the operation should still continue. There are great amount of demands for products in Nigeria and competitions seem not very high. Since different country have different business cultural, to successfully operate the company in Nigeria, Larson have to cope with their way of doing business. After the share of local ownership increase, they cultural of the business might change to the local way. And the company will have more access to negotiate with the government.
At this time people were able to research the different types of insurance policies and therefore get a better rate. According to Levitt and Dubner (2009), “It is common for one party to a transaction to have better information than another party” (p.64). Information asymmetries has greatly decreased because of the internet. Although because of the internet it is easily to see an informational crime happen. The principle of putting
Nowadays, having insurance is a ‘nice thing’ to carry in case of emergency. In the U.S, most people should have at least one type of insurance. As for auto insurance, the law requires drivers to carry insurance when driving. Because of this need, the constant demand for having insurance drives many firms competing in this saturated market. In this analysis, the focus attempts to show GEICO Insurance promotional strategy in communicating its products and services to the market and identifies the effective ways in growing the brand-awareness.
One of my daily responsibilities is to find more business opportunities for the office. I did a lot researches and found tremendous potential in the regions, especially among first-generation immigrants and new arrivals who, while having insurance needs, are not well acquainted with the U.S. insurance system and how insurance claims and policies work. Among these potentials, we found the big opportunities in Asian-Americans who are often ignored or overlooked by traditional marketing channels. Specially, all of us in the office are Chinese and we understand more about Asian culture. Based on the marketing research, we three discussed together to decide the marketing goal: to build the current business into much larger agency, by identifying, targeting, reaching and offering insurance products to a new generation of insurance customers, with a particular focus on Asian-Americans in the Philadelphia, New Jersey and Delaware
The challenge for the insurance companies nowadays is to provide the right type of policy to the customer as per the financial needs of customers. IDBI Federal is yet to prove its worth in the industry. Though IDBI Federal is able to sell the right policy to the right customer but the needs to boost up its advertisements to build a bond of mutual trust between the customers and the company. The products of IDBI Federal require additional features in it.
the selected market only if those consumers that have some knowledge of the insurance products.
business of insurance. But the lack of uniformity, loop holes, blind spots and deficiencies within
First order is insurance companies must know their market. This means having a strong understanding of their target audience, their competition and the most effective ways to communicate. Competition is aggressive, but service organizations like insurance agencies that thoroughly understand the needs and concerns of their target audience can effectively motivate that audience to connect with them. Successful insurance marketers don’t just go out and "do things." Based on their knowledge of the market, and their overall goals and objectives, insurance marketers identify and prioritize the communication strategies most likely to generate the results they need. This generally involves a combination of activities that include both traditional and new media, direct and indirect sales.
The insurance industry is a highly competitive market. The market is shared by individual’s agents and companies both competing for the same customers. In this industry one critical success factor for Allstate Corporation is changing the way it conducts business. The more technical savvy the customers are and the more popular the use of the internet is becoming. This is allowing customers the ability to obtain instant quotes online. The internet is a powerful marketing tool that gives the insurance industry the opportunity to grow and increase revenue by reaching the market completely.
To enable it to reach the FO, The GI Business strategy is to “Deliver a seamless insurance experience to Protect 1 million CBA customers by 2017, through Simplifying how we do things, enabling our people, building strong partnerships, investing in technology, and knowing our customers. This is more a strategic intent, or vision, rather than a true strategy, but shows the focus for GI is on growth in its existing customer base, which currently stands at 700,000. Rather than argue whether this is in fact a strategy or not, this report will assume this as a strategy and provide analysis of this strategy and the fit with both the internal and external environments.
This project focuses on existing problems, importance of efficient the country risk of Nigeria. In this regard we have identified their culture, people, economy, investment, opportunity, some key problems like Corruption, bureaucracy, piracy, Counterfeit, Criminal activities and fraud, legal safeguards etc. This paper also intends to show the regulatory framework issue, micro economic and macroeconomic issue to give a detailed picture of the Nigerian business Risk.
serving more than 83 million customers. It is the market leader in insurance market in Europe
Convenience in business dealing. Innovative and customized Insurance solutions which will be appealing to diverse market