StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Zurich Insurance Because Change Happens - Essay Example

Cite this document
Summary
The key issue for Zurich insurance is to differentiate itself from its competitors and establish itself as a leading insurance provider. The company needs to devise strategies that will enable it to come closer to its customers and serve them better. …
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER94.7% of users find it useful
Zurich Insurance Because Change Happens
Read Text Preview

Extract of sample "Zurich Insurance Because Change Happens"

Download file to see previous pages

The company aims to provide higher returns to shareholders. A SWOT analysis has been conducted to analyse the internal strengths and weaknesses as well as market opportunities and threats. The company’s vision and mission statement has been formulated. The corporate objectives have also been discussed in details. The corporate objectives serve as the basis for formulation of marketing objectives. A five-year integrative strategic plan has been formulated with the aim to devise ways in which Zurich Insurance can develop their services in both existing and emerging markets.

The strategic plan involves a situational analysis. The macroeconomic analysis has been done through PESTLE analysis, business life cycle and elasticity of demand analysis. The industry analysis has been done through Porter’s five forces, Profit Impact of Market strategy (PIMS) and gap analysis. The market analysis involved determining the segmentation, targeting and positioning of the company’s products. The internal analysis was done through McKinsey’s 7s framework. The marketing strategies of the company were evaluated using Ansoff’s matrix.

The implementation of the strategies involved in launching products was done on the basis of 7 Ps of service marketing. The budget allocation for the marketing initiatives was discussed in details. The final step in the strategic plan was the formulation of a Gantt chart to determine the time required in establishing the products of the company. 2.0 Key Issues Zurich Financial Services Group is a major insurance service provider. The insurance sector is extremely competitive. The existence of several major players in the insurance industry makes it necessary to provide certain additional services to customers with the intention that they can gain competitive advantage.

In Switzerland, there are almost 80 insurance companies. Among these companies, five to six large players contribute to 80% of the market. The absence of government insurance companies further enhances the power of the private players (Herzlinger, 2008). The main competitive challenge for Zurich insurance is to differentiate itself from its customers by providing them with certain unique services that is not provided by their customers. SWOT Analysis Strengths The customer centric approach of Zurich insurance is its primary strength.

This approach helps them to get a competitive advantage and also instils a feeling of trust among the customers towards the brand. ‘Zurich Help Point’ helps the company to effectively communicate with their customers and their employees. It helps them to implement efficient HR practices and IT system to provide support to employees. Zurich Insurance regularly conducts market research. The company conducts primary as well as secondary research. It helps them in delivering to the customers the

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Zurich Insurance Because Change Happens Essay Example | Topics and Well Written Essays - 6000 words”, n.d.)
Retrieved from https://studentshare.org/environmental-studies/1404737-zurich-insurance-because-change-happenz
(Zurich Insurance Because Change Happens Essay Example | Topics and Well Written Essays - 6000 Words)
https://studentshare.org/environmental-studies/1404737-zurich-insurance-because-change-happenz.
“Zurich Insurance Because Change Happens Essay Example | Topics and Well Written Essays - 6000 Words”, n.d. https://studentshare.org/environmental-studies/1404737-zurich-insurance-because-change-happenz.
  • Cited: 1 times

CHECK THESE SAMPLES OF Zurich Insurance Because Change Happens

The Ways an Exclusion Clause Could Enter into a Contractual Agreement

A legal case study is used to better explain how this phenomenon works out: Analog Devices BV & ors v zurich insurance Company & anor.... The legal case of Analog Devices BV & ors v zurich insurance Company & anor2, decided upon at the Irish Supreme Court, is a typical case to prove how exclusion clause could result in a monumental loss for one of the parties involved.... Does it contain an element of insurance coverage or health benefits scheme or pension system?...
11 Pages (2750 words) Essay

Insurance and Business Insurance Products

The present paper "insurance and Business insurance Products" is focused on the idea of insurance which is a financial product of hedging against risk and uncertainty.... Most of the large business houses purchase insurance as soon as they enter into the market or start their operation.... However, for small and medium business enterprises (SMEs), non-insurance or under-insurance is a common phenomenon....
26 Pages (6500 words) Research Proposal

Zurich Insurance: Because Change Happens. Integrative Strategic Plan

Zurich is a large insurance group, and leading insurance supplier of insurance and risk management all over the world.... There are three key business units of Zurich: General insurance, Global Life and Farmers.... Key Issues Zurich, being a large group of insurance company also has a lot of issues and challenges to face.... Every now and then new insurance companies sprout up posing a challenge to the company....
9 Pages (2250 words) Essay

Zurich Insurance: Because Change Happenz

Zurich Insurance: because change Happenz The strategy of ‘market penetration' has been suggested to the company as they aim to offer the same product to the same customers with innovative modes.... Zurich is a financial service company basically insurance-based that is operating globally.... The research paper has analysed both the internal and the external environment of zurich Financial Services Group that aims to create a dimension to its business....
23 Pages (5750 words) Essay

Zurich Insurance: Because change happens

Zurich Insurance: because change happens The customer centric philosophy of Zurich has established its image as one of the most trusted name in the domain of financial service industry.... zurich group has grown into a one stop solution for all financial needs of their customers since its foundation in the year 1872.... zurich Financial Services Group has performed well when almost all of its competitors were feeling the heat of the bad market conditions and liquidity crunch (zurich 2011)....
13 Pages (3250 words) Essay

Direct and Indirect Instruction Model

When this happens, it is necessary to proof to students otherwise by making the process enjoyable and easy.... Therefore, the term indirect is used in this context because the process gives learners crude information, which they transform in their understanding fit for their mastery....
2 Pages (500 words) Coursework

Engineering Material: Ductile, Brittle, Fatigue, Creep

It can generally be termed as the continuous and restricted structural deformation that happens when a specific material is exposed to a constant cyclic loading.... This kind of metal is brittle in nature because it is comprised of the large number of the internal graphite flakes acting as the main internal stress concentrations, thereby limiting the metal's ability to either deform or flow, which is thus essential for the ductile behavior....
8 Pages (2000 words) Assignment

Arctic Climate Impact

hellip; With all the variables considered, from all climatic changes, particularly the temperature, the Arctic is seen to lose its periglacial character over the next 50-100 years as indicated by projections of climate change.... According to Pitty (1971), climate studies address the difficulty in comparing the characteristics of different areas due to the inescapable problems that change other than those in the object being studied.... (Goudie 2001, p46) This underscores how climate change, characterized by global warming could drastically affect the geomorphological processes and periglacial landforms in the Arctic....
8 Pages (2000 words) Case Study
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us