Prime Insurance Company Limited Strategic Plan Commerce Essay

July 8, 2017 July 11th, 2017 Commerce

It is with great exhilaration that we present our corporate Strategic growing Plan for Prime insurance Company Ltd. In conformity with the directives of the National Insurance Commission, Prime Insurance Company Ltd. is an implementing forward-thinking enterprises as a manner of turning the insurance industry in our great state.

These enterprises complement and construct upon the schemes and committednesss we made in our old strategic program, which is assisting us grow the income of our stockholders, create and retain a strong company image and expand productiveness through invention. This new insurance growing program is designed to carry through these ends – and many more – making a vibrant, spread outing insurance industry in Ghana. Not merely does the insurance industry protect 1000000s of Ghanaians from fiscal loss, but it besides represents an of import economic engine for our state.

Insurance companies employ about 1,000 Ghanaians, whose rewards total about GHS 500,000. More than 25 insurance companies and Insurance agents every bit good as agents operate in and around the state. All told, Ghana is among the states in the West African sub -region. We want to allow our immature people know about these calling chances in the industry. This is an industry-driven strategic growing program. Cardinal persons with expertness in all insurance Fieldss provided way and counsel in developing these enterprises. We are thankful for their input, cognition and experience during this procedure.

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As we look to our hereafter, we are confident that there are chances to turn Ghana ‘s insurance sector even further, spread outing insurance occupations throughout the state. Ghana ‘s insurance industry has a rich history and with the aid of our new growing enterprises, we will construct upon this foundation to convey a bright economic hereafter for all Ghanaians. We are genuinely aroused about the chances and partnerships that lie in front as we grow one of Ghana ‘s most outstanding and promising industries.

The operationalization of the Mission and Vision of Prime Insurance Company Ltd. is embodied in its Strategic Development Plan. The company has embarked a five-year strategic program for the old ages 2012-2017 with the first 2 ( two ) old ages ( 2012-2014 ) being presented as a first medium-term program. The First Medium Term Plan is the roadmap demoing where, what, and how the company is traveling to be steered in the following two old ages. The program consolidates the undertakings and activities of the different units in the company towards a interactive, consistent and financially feasible plan with specified timelines. This Strategic Plan is expected to advance efficiency, allocate resources efficaciously, enhance transparence, and place answerabilities.

Executive Summary

Surveies have shown that the insurance industry is considered as a concern affected by public involvement ( Crawford, 1998 ) . This is due to the fact that in the event of any bad lucks, concerns and society at big are brought to their pess. Jobs which would hold been closed down because of such unfortunate catastrophes like fire, burglary, or general accident would be indemnified and brought back to its former monetary place. Insurance can be classified as portion of the service industry since is sells merchandises which are non touchable, it is hence necessary that the client is non merely satisfied with the merchandise or service offered but must besides be satisfied with the whole service brush.

For this rich client experience to be possible, companies must establish a strategic attack to supplying the best services through a procedure of uninterrupted betterment of every facet of the company ‘s operations with the engagement of staff at all degrees.

In recent times when the markets are so concentrated and sophisticated, with competition among insurance companies really keen, it is extremely imperative that twenty-first century insurance companies such as Prime Insurance reexamine their operations to suite current criterions in order to accomplish competitory advantage and one of the ways in which this can be achieved is by deploying the full constituents, doctrines, tools, techniques and systems associated with entire quality direction.

Introduction

Developed states have seen important betterment in their economic systems because the insurance industry contributes vastly to economic growing by change overing nest eggs made by persons into assets. Since the financess raised by the industry are long term in nature.

Clearly, the insurance sector doubtless remains important in the development of every economic system by supplying occupations and lending significantly to a state ‘s GDP ( Mensah, 2008 ; lovelock and writs 2007 ) . It is in this respect that the United Nations conference on trade and development ( UNCTAD ) in 1994, gave an indicant that a sound national insurance market is an indispensable feature for economic growing.

In Ghana, the insurance industry is about 76 twelvemonth old ; nevertheless, the production linkage of insurance and national development is comparatively low in Ghana ( Mensahopcit ) .

In Ghana most insurance companies were composite ; subventioning both life and non-life policies. However in 2008, the passage of an insurance jurisprudence empowered the national insurance committee to guarantee that all insurance companies split into life companies, and General concern companies. ( NIC Report 2006 )

This policy coupled with the trade liberalisation policies in Ghana led to the ceaseless inflow of Nigerian insurance companies into Ghana. Presently, there are about 36 insurance companies in Ghana. ( NIC, 2006 )

Prime Insurance Company Limited is a merchandise of the finding of professional ballad members of Assemblies of God Professionals Network.

Prime was registered as a limited liability company in September 2004 under the Companies Code of 1963 ACT to supply insurance services.

Services/products offerred:

liability insurances

bonds insurance

motor insurance

monetary loss

building and technology

air power insurance

goods-in theodolite

Marine insurance

Slowly but steadily the company has been able to increase its market portion. This milepost accomplishment has been made possible by the offering of quality insurance merchandises at para monetary values.

The company has been able to construct a good image and has accordingly earned the trust of its clients because of the quality merchandises and services offered through attachment to outdo patterns and uninterrupted betterment, which is made possible by affecting all staff at different degrees to supply the best value for clients.

It is imperative to observe that, for a company to function its intended intent and besides contribute positively to the growing of an economic system mostly depends on its ability to supply quality merchandises and services that will run into the client ‘s outlooks.

PROCESS DOCUMENTATION

Overview

In fixing this strategic program the company reviewed its old strategic programs and evaluated its success in accomplishing the ends set forth therein. Two department-wide ends that flow down to plan degree have developed. We believe that the ends, aims and indexs presented in this strategic program reflect what we expect to accomplish and supply good steps of our advancement toward those accomplishments. Our concentrated attempts increase the figure of quality insurance companies making concern in the state, and to stabilise the belongings insurance market in Ghana. Ongoing attempts to function the consumers whose involvements we protect and the manufacturers are tied closely to our ability to maintain gait with technological progresss. On-line manufacturer licensing and premium revenue enhancement filings are two countries where we have made great paces. Changes in the function of the Insurance Rating Commission have changed certain maps within the industry. Our ongoing attempts as consumer advocator have been increased in the wake of Hurricanes Rita and Katrina. There have been comparatively few alterations to public presentation indexs. Some former Key and Supporting indexs have been moved to General index position ; some General indexs have been eliminated because we believe that they are no longer relevant to the program and/or supply small or no utile information to the section and to others who review this program. Hence, a few new indexs have been created to better reflect the activities of those divisions.

THE VISION, MISSION, AND GOALS OF PRIME INSURANCE

Like all other modern administrations, Prime Insurance is guided by a set of cardinal statements. These are its Vision, Mission and Goals ( VMGs ) . They province how the company seeks to finally be, as an bureau in society ; what it aims to accomplish, as a participant in the insurance industry and how it seeks to mensurate its success. These are the basic policy statements of the company, in that they clearly define what the company intends to be. Second, they province the cardinal rules on which the company stands on and from which it derives its raison d’etre and intent. Therefore, they are the “ presumptions ” in so far as how Prime shall seek to make things.

OUR VISION

Prime Insurance Company Ltd. is The State of Perfect BalanceA® – a topographic point where every person can accomplish a balance between turning economic prosperity and a fulfilling quality of life.

OUR CORPORATE MISSION

Prime Insurance Company Ltd. is dedicated to supplying insurance merchandises that provide quality protection with value pricing. We wish to set up a successful partnership with our clients, our staff members, and our insurance companies, that respect the involvements and ends of each party. Success will be measured by our clients taking us because of their belief in our ability to run into or transcend their outlooks of monetary value, service, and expertness.

Therefore, we hope to heighten the concern clime for Ghana ‘s insurance industry and develop advanced ways to retain and make quality insurance merchandises for Ghanaians.

OUR VISION

We will be the theoretical account supplier of entire insurance merchandises through advanced and antiphonal partnerships with our clients and each other.

OUR Doctrine

The doctrine of the Prime Insurance Company Ltd. is that its duties as the participant of the insurance industry in the state impacts the quality of life of citizens because the handiness and affordability of insurance through financially sound insurance companies is indispensable to economic development, keeping bing concern and industry and the protection of the lives and belongings of citizens.

OUR GOALS

By concentrating on its strengths, its present client base, and new value priced merchandises in the following twelvemonth, Prime Insurance plans to increase gross gross revenues by 10 % and net income by 15 % .

Our Keies to Success and critical factors for the following five ( 5 ) old ages are, in order of importance:

Identify “ Target Markets. ”

Institute our Property review plan.

Get down our “ Insurance Partners ” plan.

Develop a profitable belongings plan.

Provide little concerns with an low-cost basic concern bundle.

Prime Insurance Company Ltd. has been profitable since its constitution. However, late the company has hadA worsening market shareA and this must be addressed. Our ends hence are:

To portion the Prime narrative: Market Prime Insurance ‘s strengths to both domestic and foreign clients.

Strengthen our strengths: Enhance the attraction of our concern clime.

Cultivate top endowment: Attract and retain insurance industry endowment while advancing employment chances in the industry.

Invest in our assets: Inspire our presence countrywide

Focus on our clients

A long-run fiscal viability.

Supply a holistic and antiphonal service to clients

To re-establish Prime Insurance Company Ltd. as the market leader in quality and value-priced insurance merchandises in Ghana.

Establish good working relationships with our present insurance markets by run intoing with their determination shapers and plotting a common program for success. Get committednesss for support and merchandises that we can market in our trading country.

Investigate new markets that meet our selling standards by perpetrating to little rural securities firm, supplying merchandises suited to our economic and societal clime, and program for the upload and download of insurance policies.

Provide gross revenues incentives to staff to run into gross revenues ends of 10 % .

Complete review of all Pilot householders within one month before reclamation day of the month.

Formulate plans to get a securities firm

Prime Insurance Company Ltd. is dedicated to supplying insurance merchandises that provide quality protection with value pricing. We wish to set up a successful partnership with our clients, our staff members, and our insurance companies, that respect the involvements and ends of each party.

Success will be measured by our clients taking us because of their belief in our ability to run into or transcend their outlooks of monetary value, service, and expertness.

In order to implement our strategic ends, we will concentrate on developing the followers tools.

Knowledgeable, friendly staff that can sympathize with our consumers ‘ demands and fortunes, particularly in managing a loss.

Policies that meet or exceed the outlooks of our clients, and that are low-cost, available, and apprehensible.

Policies and indorsements delivered on clip with minimum mistakes.

A committedness to an one-year insurance reappraisal for all of our clients. A phone call is more than any direct mass seller offers. We believe personal contact and service is the basis of our success.

Prime Insurance chiefly markets and services Personal Lines Insurance. Its clients are largely rural, lower income households or long-time occupant senior citizens who demand value priced insurance premiums in maintaining with their lower and fixed incomes.

We besides provide insurance to little concern, largely family-run seasonal operations chiefly focused on the tourer trade.

We have stressed to our insured the importance of good communicating between the agent and client to see proper coverage is in topographic point. We have noticed as our clients go better informed about insurance that there has been a enormous addition in clients wishing in-depth treatments about their policy coverage and how they can acquire the most value for their insurance premium.

Our company ‘s strength lies in the quality and deepness of our merchandises and staff. Because of our larger staff, we are able to serve our clients even when a client ‘s agent is busy or out of the office on reviews.

OUR STRATEGIES

Gross saless Strategy

We want to stress the benefit of covering with professionals who live and work in our catchment country. We know their demands and their jobs and we have a local repute to protect, unlike an out-of-town market. If the out-of-town agent fails to supply proper screen or advice, they lose one client. We could stand to lose many if the public perceives a professional failure on our portion. Competitive monetary values for our identified mark markets. We will offer price reductions of up to 50 % as No Claim Discounts ( NCD ) for claims-free clients who renew their place insurance with us.

Pricing Scheme

Our clients are particularly sensitive to value. We must guarantee that our monetary value and service are perceived to be good value to our client.

Our markets must offer several payment options to our clients that are convenient to the client, non merely to the company. Example – payment on insured ‘s preferable twenty-four hours of month, non on the company ‘s, and accepting payment in episodes. Many insured are on a fixed income and receive their income on a set twenty-four hours of each month or a payroll check on a peculiar twenty-four hours.

We encourage staff to concentrate on our “ Target Market. ” Many of our companies are now concentrating on what they have perceived to be profitable niche markets, where they can offer a competitory merchandise with small, if any, competition.

We are seeing our commercial markets now traveling toward basic coverage and restricting the “ bells and whistlings, ” all-risk merchandises available to merely those clients who have modern, well-managed, profitable, low-risk operations. This should assist stabilise pricing and, even more of import, guarantee that there is an insurance market available for most hazards. Continued insisting by the industry on better protection, i.e. fire and burglar dismaies, upgrading of edifices, etc. , have started to take down loss ratios.

Selling Scheme

Emphasize service and support.

Construct a partnership concern based on history merchandising.

Focus on senior, claims-free personal lines concern and the profitable, well-run, little household concern.

Target little, non-franchise concern that does non hold entree to group insurance programs.

Investigate geting other securities firms in our country.

OUR Valuess

We approach every facet of our work with the highest criterions of unity.

We value our clients.

We use our resources efficaciously.

We approach our work as a professional squad.

We treat each other as we wish to be treated ourselves.

Loyalty and absolute honestness.

We encourage inaugural and alteration in a dynamic concern environment.

We put employee safety foremost.

OUR GUIDING PRINCIPLES

Be the alteration shaper, alternatively of merely responding to alter.

Work in a seamless coaction with the populace, non-profit, and private sector spouses ; locally and regionally.

Invest in what matters most.

Innovate with new, more effectual solutions and make a positive client experience.

Execute, organize, and align to accomplish our ends.

A CONSIDERATION OF PRIME INSURANCE COMPANY ‘S STRENGTHS, WEAKNESSES,

OPPORTUNITIES, AND THREATS ( SWOT ANALYSIS )

The company considered perceptual experiences of our strengths, failings, chances and menaces ( SWOT ) within our bing and unfolding macro, external, and internal environments. These are seen as pertinent to our Vision, Mission, and Goals. Each runing aspect of the company undertook the exercising. Below is a consolidation of what were identified at these operating degrees, and summarized for the whole company as an administration.

Strengths:

The company gets most of its concerns from the Assemblies of God church, which has a really big rank countrywide.

Prime Insurance has strong gross revenues squad.

The company has excellent hazard analysts.

Premium rates are increasing and so are committees.

Our assortment of merchandises is increasing.

Prospects expect more services from our agents.

Failings

The company is non able to run into stockholders at regular Annual General Meetings ( AGMs ) to brief them on the advancement or challenges of the company.

Prime Insurance is frequently slow to react to altering demands in the industry.

There is an increasing tendency of fiscal failing in the company.

There are more rivals for bureaus to vie with Bankss and Internet participants.

The company has a hapless portfolio of insurance policies.

Prime has a little size comparative to rivals and other participants in the industry.

Opportunities

The company has possible new insurance clients.

The ability to traverse sell fiscal services is hardly being tapped.

The company ‘s engineering is bettering to the point that paperless minutess are available.

The company ‘s client ‘s increasing demand for an “ insurance adviser ” can open new ways to serve them and bring forth income.

Menaces

The increasing cost and demand for insurance might hit a point where a recoil will happen.

Government ordinances on issues like wellness attention, cast and terrorist act can rapidly alter the way of insurance. Increasing disbursals and lower net income borders will hit hard on the smaller bureaus and insurance companies.

Increasing disbursals and lower net income borders will hit hard on the smaller bureaus and insurance companies.

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