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Team Collapse At Richard Wood And Hulme Llp

1766 words - 7 pages

Group 3: Mahbubul Alam, Perry Villanueva, Yongzhe Wang, Tianli Zhang, Cong XiaoStrategy 3: Provide Comparison Shopping Service on our own website. We will do this under our own brand.There are many pros and cons between the 3 strategies that an insurance company can take in order to stay competitive within this newly emerging IT world. In this discussion, we will go over the 3 in detail, and make comparisons. Using these comparisons, a case will be painted that will provide the analysis explaining why our firm will proceed with strategy 3.Strategy 1: Phase out lead purchasing and disallow comparison shopping sites from displaying any information about the company.Our company is the largest insurance company because over the past decades we have been successful in selling auto insurance through twenty thousand captive agents nationwide. The key factor to keeping our strength is to maintain our good relationship with these agents, who maintain relationships with their customers, even after customers have moved to a different region. Because many agents fear the Web cannibalizing their sales, we may lose our agents' loyalty, which will lead to the loss of customers once investment in aggregators is made. Phasing out lead purchasing and putting our focus in maintaining our relationships with our agents may even help us expand our network further.Using online comparison shopping may reduce our prices. A study found that online prices tend to be lower than those offered in brick-and-mortar stores. For example, for books, a 1% increase in the use of comparison aggregation may decrease the price by 1.1%, which equals to a $0.41 decrease in the average price at $32.41. We can keep our price policy if we do not offer our prices to comparison shopping sites. In this case, we can keep ourselves profitable just as we have done in the past.Research shows that people who are younger are more likely to perform various tasks online, and have stronger belief in the security of online personal information. But another survey of graduate students at a large university in the U.S. shows that 40% of them will not use an aggregator for insurance shopping. These two research studies show that when shopping for highly customizable products like insurance policies, it is highly unlikely that customers will use a comparison aggregator. So investment in a comparison aggregator might become a detriment.Allowing comparison shopping sites from displaying information about our company may expose proprietary information and strategies, and provide advantages to our competitors. Our competitors can use this information to develop a strategy to compete with us and cannibalize our market share. Abandoning comparison aggregators can protect our proprietary information.This strategy also has its disadvantages, as it has been shown that ignoring the Internet does not protect firms. When we abandon the power of the Internet (besides having a basic website for our customers), we will...

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