Degree
Master of Business Administration Executive
Faculty / School
Faculty of Business Administration (FBA)
Year of Award
2013
Project Type
MBA Executive Research Project
Access Type
Restricted Access
Executive Summary
The Analysis of MetLife Alico in Pakistani Life Insurance Market with help of SWOT Analysis and Primary research. This report provides an analysis and evaluation of MetLife Alico in Pakistani market. The Purpose of this report is to provide possible solution to the challenges identified & gives some insight on the Life Insurance Industry in Pakistan.
The Intention of this research report is to provide possible solution to both Internal & External challenges faced by MetLife Alico in Pakistan. The hypothesis of this research is to find practical actionable plan that enhance MetLife Alico prosperity in Pakistani Life Insurance market. Pakistan has a huge untapped market for Life Insurance.
Assumption for this paper is that MetLife Alico will continue to operate in Pakistani Market as recently there has been news circulating that IGI, & others have shown interest in Acquiring MetLife Alico. Another assumption is that people who participated in the online survey (Primary Research) represent the majority of population & they responded to questions honestly & participated without biasing the results.One major limitation was in terms of collecting the right information from the various insurance players, as the insurance players resist in revealing their marketing strategies, etc Another limitation with respect to the research done is that there are hardly any official surveys or market analysis done in Pakistan on life Insurance Industry. Thus I have relied on the data from Annual Reports of all major companies as a secondary source, articles, Interviews with people with in industry & survey questionnaire response were key for this analysis.
In SWOT analysis of MetLife Alico strength & weakness part was done through internal analysis such as service call checklist (measure MetLife customer satisfaction), through discussion with executives & agents & other available data within MetLife. Opportunity & threat part was primarily based on result of Survey Questionnaire & competitor’s analysis. SWOT analysis suggested that Life Insurance Industry in Pakistan have gone through lots of phases in past 17 years since denationalization. All the major Life Insurance players in Pakistani market are going through a phase of transformation with respect to how business is done. Aggressive advertisement & flexible lucrative remuneration for Field Force by competitors are major challenges faced by the company. I can imagine a fierce battle among Pakistan Insurance companies to make one’s own brand win over the other to gain the market share.MetLife Alico need to be a part of this change by adapting to emerging trends in Life Insurance Industry. It needs to do advertising & marketing of the Products. It need to create a USP for Pakistani Market so People recognize the Brand MetLife Alico & know why they should choose to do business with MetLife Alico.
In past few years MetLife Alico Banc assurances have been showing extraordinary growth. At present, the company has over 12 banks partners selling multiple products & solutions. Competition is stiff though & requires the company to continue building relationship with banks. Out of the players in the country’s life insurance sector, MetLife Pakistan is the fourth largest in terms of assets which were worth Rs 6.6 billion at the end of 201 l.In terms of Net Premium & Net Profit in 2011 MetLife Alico hold the fourth position.
MetLife Alico should lead in setting new trends as its part of its Vision to be the most innovative company. MetLife should target to increase its market share in Pakistan by increasing its field force through recruitment activities. Seminars. Bring innovative products; spend on marketing activities & sponsoring events to create a buzz about the MetLife Alico brand. Lastly MetLife Alico needs to spend its network of agencies in smaller cities of Pakistan as well. Pakistan has a huge untapped life Insurance market & only 8 companies to cater 90 million people.
Pages
34
Link to Catalog Record
https://ils.iba.edu.pk/cgi-bin/koha/opac-detail.pl?biblionumber=55035
Recommended Citation
Khan, N. (2013). Metlife alico : (Unpublished graduate research project). Institute of Business Administration, Pakistan. Retrieved from https://ir.iba.edu.pk/research-projects-emba/436
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