Value Based Marketing - A General Insurance Case Study

Essay specific features

 

Issue:

Business

 

Written by:

Marie L

 

Date added:

December 3, 2014

 

Level:

University

 

Grade:

B

 

No of pages / words:

8 / 2185

 

Was viewed:

8473 times

 

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Essay content:

Although insurance companies in Malaysia have not felt the complete wrath of the financial turmoil, most have already experienced a sudden decline in their investment income. The more long-term consequence is expected to hit the insurers’ bottomline resulting from a two-prong industry killer: • Premium reductions caused by a decline in demand for insurance products as businesses and consumers choose to self-insure and the subsequent price-wars between insurance companies to maintain their share of the shrinking market; and • Increased frequency of claims due to moral hazards in an unforgiving economic environment coupled with rising quantum of incurred losses from rising material costs 1...
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With the current soft market for general insurance, JIB has been facing challenges caused by conflicting goals of targeting double-digit growth in gross premiums (The Star, 2008b), whilst maintaining high underwriting profitability commensurate with its parent company’s conservative philosophy. Despite the company’s recent rebranding as a provider of risk-based solutions, premium growth is expected to be slow due to stiff market competition (The Star, 2008a)...
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