Ace Life Vietnam Essay

3229 words - 13 pages

HANOI UNIVERSITYFOUNDATION OF MANAGEMENT AND TOURISMACE Life VietnamExternal AnalysisTeacher: Ms. Yến NhiStudent: Bùi Doãn Mai PhươngNguyễn Thị Lan PhươngPhạm Thị Thu TrangSubject: Introduction to ManagementTutorial: 4HANOI -2010TABLE OF CONTENT((EXECUTIVE SUMMARY 3INTRODUCTION 4I. Company overview: 5II. General environment's analysis: 51. Economic factor 52. Demographic factor 63. Technological factor 84. Socio/ Cultural factor 85. Law/ Political factor 8III. Industry and Competition Analysis: 81. Competitor Analysis 82. Customer Analysis 9IV. Company Analysis: 101. Company objectives and mission 102. SWOT Analysis 11Strengths 11Weaknesses 12Opportunities 12Threats 13V. Recommendation and conclusion 14References 16EXECUTIVE SUMMARY((Established in 2006, ACE Life has reached many undeniable achievements and becomes the leadership of premium growthWith over VND 125 billion ($7 million) in 2009. Thank to the right orientation which focus on the highest level of ethics and professionalism, the specific product (Universal Life), ACE Life maintains 10% of market share. Besides, there still exist some problems that need to be solved. Firstly, ACE Life products and services still poor in terms of quantity. They have not supplied non-life insurance yet. Furthermore, ACE Life has to face up with the lack of high quality employees and the risk of brain - drain in the context of open competition. Based on this SWOT analysis, some recommendations are strongly suggested. First of all, ACE Life is supposed to implement growth strategies including vertical integration, concentration and diversification to improve its services, products based on age, income, lifestyle... At the same time, the company needs to maintain traditional products and launch new products. They should expand their field of business such as financial and stock exchange to offer better interest rates for their customers. And ACE Life also needs to use modern technologies in the management and transactions. Finally, in order to prevent from brain-drain and attract skilled employees, ACE Life is recommended to adopt suitable reward system and build their own training centre. ACE Life is a really successful insurer, but if those key suggestions received serious concern, certainly the company power would be enormous.INTRODUCTION((Although the insurance industry is very popular in the world, it has just been known in Viet Nam for some decades. This industry has got success for a short time with more than 48 companies involving 720 non-life insurance products and 130 life insurance products. The total combined equity of insurance businesses now estimated over VND 15 trillion ($ 937.5 million). The potential Vietnamese young market causes not only opportunities but also threats, because the insurance industry is a "sensitive" market with external environment. In our report, we will prove it through a typical example - ACE Life...

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