* Trusted brand name
* Financial strength
* Industry experience
* Local market knowledge
* Product expertise
* High quality customer service
* Vast distribution reach
* Newly established company, so people seems it risky.
* Lack of staff.
* Lack of advertisement, so most of the customers are not aware
of the IndiaFirst Life
* There is a vast untapped market in India. The life insurance penetration in India is approximately 12 to 15%. So it has large potential.
* Intention of traditional products is to encourage long term, regular and disciplined savings to systematically build up a target fund.
* The average insurance premium being collected by the company has been growing exponentially year on year.
* The main threat is from the other players who have grabbed approximately 15% of the market share.
* As the government has scrapped the rebate on the life insurance premium, the people who used to invest in life insurance for the sole motive of tax benefit may turn to other instruments.
With the above synapses in mind we would like to apply a SWOT Analysis to the insurance industry for an example. Keep in mind that this will be written from the agency’s perspective.
• Premium rates are increasing and so are commissions.
• The variety of products is increasing.
• Prospects expect more services from their brokers.
• Insurance companies are often slow to respond to changing needs.
• There is an increasing trend of financial weakness among the companies.
• There are more competitors for agencies to compete with banks and Internet players.
• The ability to cross sell financial services is barely being tapped.
• Technology is improving to the point that paperless transactions are available.
• The client’s increasing need for...