Prime Insurance Company Small Strategic Plan Commerce Essay

It has been great excitement that people present our corporate Strategic growth Arrange for Prime insurance Company Ltd. In accordance with the directives of the Country wide Insurance Commission, Perfect Insurance Company Ltd. is an employing forward-thinking initiatives as a way of growing the insurance industry inside our great country.

These initiatives supplement and build after the strategies and commitments we made in our previous proper plan, which is supporting us grow the income of our own shareholders, create and maintain a solid company image and develop productivity through invention. This new insurance development plan is designed to fulfil these goals - and many more - creating a vibrant, growing insurance industry in Ghana. Not merely does the insurance industry protect millions of Ghanaians from financial damage, but it addittionally presents an important economical engine unit for our country.

Insurance companies use about 1, 000 Ghanaians, whose income total practically GHS 500, 000. More than 25 insurance companies and Insurance brokerages as well as providers operate around the country. All informed, Ghana is among the countries in the West African sub -region. We want to let our teenagers know about these profession opportunities on the market. This is an industry-driven strategic progress plan. Key people with expertise in all insurance domains provided course and instruction in producing these initiatives. We have been grateful because of their input, knowledge and experience during this process.

As we turn to our future, were confident that we now have opportunities to expand Ghana's insurance sector even more, expanding insurance jobs throughout the country. Ghana's insurance industry has a rich history and by using our new growth initiatives, we will build upon this groundwork to bring a dazzling economic future for everyone Ghanaians. Were truly excited about the opportunities and partnerships that lie ahead once we expand one of Ghana's most dominant and promising companies.

The operationalization of the Mission and Perspective of Prime Insurance Company Ltd. is embodied in its Strategic Development Plan. The company has embarked a five-year tactical arrange for the years 2012-2017 with the first 2 (two) years (2012-2014) being presented as a first medium-term plan. The First Medium Term Plan is the roadmap showing where, what, and how the company is going to be steered in the next two years. The plan consolidates the jobs and activities of the several units in the company towards a synergistic, coherent and fiscally viable program with given timelines. This Strategic Plan is likely to promote efficiency, allocate resources effectively, improve transparency, and identify accountabilities.

EXECUTIVE SUMMARY

Studies show that the insurance industry is recognized as a business affected by open public interest (Crawford, 1998). This is due to the fact that in case of any mishaps, businesses and world at large are taken to their feet. Jobs which would have been shut down because of such regrettable disasters like fireplace, burglary, or basic crash would be indemnified and cut back to its past pecuniary position. Insurance can be labeled within the service industry since is provides products which are not tangible, hence, it is necessary that your client is not only satisfied with the merchandise or service offered but must be happy with the whole service encounter.

For this abundant customer experience to be possible, companies must institute a proper method of providing the best services through a process of constant improvement of every aspect of the business's businesses with the involvement of staff by any means levels.

In recent times when the market segments are so saturated and stylish, with competition among insurance firms very keen, it is highly essential that 21st century insurance firms such as Primary Insurance review their businesses to suite current requirements in order to achieve competitive advantage and a great way in which this can be achieved is by deploying the entire components, philosophies, tools, techniques and systems associated with total quality management.

INTRODUCTION

Developed countries have seen significant improvement in their economies because the insurance industry contributes immensely to economic development by converting cost savings created by individuals into property. Since the cash increased by the industry are long term in nature.

Clearly, the insurance sector doubtlessly remains important in the development of every economy by providing jobs and contributing significantly to a country's GDP (Mensah, 2008; lovelock and writs 2007). It really is in this regard that the US convention on trade and development (UNCTAD) in 1994, offered an indication that a sound countrywide insurance market can be an essential feature for economic growth.

In Ghana, the insurance industry is approximately 76 time old; however, the creation linkage of insurance and countrywide development is relatively low in Ghana (Mensahopcit).

In Ghana most insurance firms were composite; underwriting both life and non-life policies. Yet, in 2008, the enactment associated with an insurance legislations empowered the nationwide insurance commission rate to ensure that all insurance companies split into life companies, and Standard business companies. (NIC Survey 2006)

This policy in conjunction with the trade liberalization guidelines in Ghana resulted in the incessant influx of Nigerian insurance firms into Ghana. Currently, there are about 36 insurance firms in Ghana. (NIC, 2006)

Prime INSURANCE PROVIDER Limited is something of the willpower of professional lay participants of Assemblies of God Experts Network.

Prime was recorded as a restricted liability company in September 2004 under the Companies Code of 1963 ACT to provide insurance services.

Services/products offerred

liability insurances

bonds insurance

motor insurance

pecuniary loss

construction and engineering

aviation insurance

goods-in transit

marine insurance

Slowly but continuously the business has been able to increase its market talk about. This milestone success has been permitted by the offering of quality insurance products at parity prices.

The company has been able to build a good image and has as a result earned the trust of its clients due to quality products and services offered through adherence to best practices and continuous improvement, which is manufactured possible by concerning all staff at different levels to provide the cost effective for clients.

It is imperative to remember that, for a company to serve its intended goal and also add positively to the progress of an market largely depends upon its capability to provide quality products and services that will meet up with the client's prospects.

PROCESS DOCUMENTATION

Overview

In preparing this strategic plan the company reviewed its prior strategic strategies and assessed its success in attaining the goals set forth therein. Two department-wide goals that stream down to program level are suffering from. We believe the goals, aims and indicators provided in this strategic plan reflect that which you expect to achieve and offer good measures in our improvement toward those achievements. Our concentrated attempts increase the amount of quality insurers doing business in the united states, and stabilize the property insurance market in Ghana. On-going efforts to provide the consumers whose hobbies we protect and the producers are tied strongly to our capability to keep tempo with technological advances. On-line manufacturer licensing and high grade duty filings are two areas where we've made great strides. Changes in the role of the Insurance Score Commission have improved certain functions within the industry. Our on-going attempts as consumer advocate have been increased in the aftermath of Hurricanes Rita and Katrina. There were relatively few changes to performance indications. Some previous Key and Promoting indications have been relocated to General indication status; some Standard signals have been removed because we think that they are no more relevant to the program and/or provide little if any useful information to the office and to other people who review this plan. Hence, a few new indicators have been intended to better reflect the actions of those divisions.

THE VISION, Quest, AND GOALS OF PRIME INSURANCE

Like all other modern organisations, Perfect Insurance is led by a couple of fundamental statements. They are its Vision, Mission and Goals (VMGs). They state how the company looks for to eventually be, as an agency in modern culture; what it aims to attain, as a new player in the insurance industry and how it seeks to evaluate its success. These are the basic coverage statements of the company, in that they clearly identify what the company intends to be. Subsequently, they state the fundamental principles on which the company stands on and that it derives its raison d'etre and goal. Thus, they are the "givens" insofar as how Perfect shall seek to do things.

OUR VISION

Prime INSURANCE PROVIDER Ltd. is The Condition of Perfect Balance - a location where every individual can achieve a balance between growing financial success and a fulfilling standard of living.

OUR Corporate and business MISSION

Prime Insurance Company Ltd. is dedicated to providing insurance products that provide quality security with value costing. We desire to set up a successful partnership with our clients, our workers, and our insurance companies, that respect the pursuits and goals of every party. Success will be assessed by our clients choosing us because of their belief in our ability to meet or go beyond their goals of price, service, and experience.

Thus, we desire to enhance the business weather for Ghana's insurance industry and develop impressive ways to sustain and create quality insurance products for Ghanaians.

OUR VISION

We would be the model company of total insurance products through innovative and reactive partnerships with this customers and one another.

OUR PHILOSOPHY

The idea of the Leading INSURANCE PROVIDER Ltd. is that its obligations as the ball player of the insurance industry in the country impacts the grade of life of people because the supply and affordability of insurance through financially sound insurers is vital to economical development, keeping existing business and industry and the security of the lives and property of people.

OUR GOALS

By focusing on its advantages, its present client base, and new value priced products within the next year, Prime Insurance policies to increase product sales by 10% and profit by 15%.

Our Keys to Success and critical factors for the next five (5) years are, to be able worth focusing on

Identify "Aim for Markets. "

Institute our Property inspection program.

Begin our "Insurance Lovers" program.

Develop a profitable property program.

Provide smaller businesses with an inexpensive basic business bundle.

Prime Insurance Company Ltd. has been profitable since its establishment. However, just lately the company has got declining market show and this must be tackled. Our goals therefore are

To show the Prime storyline: Market Leading Insurance's talents to both domestic and international clients.

Strengthen our advantages: Enhance the attractiveness of the business weather.

Cultivate top ability: Attract and maintain insurance industry skill while promoting occupations in the industry.

Invest inside our property: Invigorate our existence nationwide

Focus on our customers

A long-term financial viability.

Provide a alternative and reactive service to clients

To re-establish Primary Insurance Company Ltd. as the marketplace head in quality and value-priced insurance products in Ghana.

Establish good working interactions with our present insurance market segments by meeting with their decision manufacturers and plotting a shared plan for success. Get commitments for support and products that we can market inside our trading area.

Investigate new markets that meet our marketing criteria by committing to small rural brokerage, providing products suitable to our financial and social local climate, and arrange for the upload and download of plans.

Provide sales incentives to staff to meet sales goals of 10%.

Complete inspection of all Pilot homeowners within one month before renewal particular date.

Formulate plans to acquire a brokerage

Prime Insurance Company Ltd. is dedicated to providing insurance products that provide quality protection with value charges. We wish to establish a successful partnership with our clients, our staff members, and our insurance companies, that esteem the interests and goals of every party.

Success will be measured by our clients choosing us because of their belief in our capability to meet or surpass their objectives of price, service, and knowledge.

In order to implement our proper goals, we will concentrate on developing the following tools.

Knowledgeable, friendly staff that can empathize with this consumers' needs and circumstances, especially in controlling a loss.

Policies that meet or go beyond the expectations of our clients, which are affordable, available, and understandable.

Policies and endorsements supplied on time with minimal errors.

A commitment to an gross annual insurance review for all of our clients. A telephone call is more than any direct mass internet entrepreneur offers. We believe that personal contact and service is the cornerstone of our success.

Prime Insurance generally markets and services Personal Lines Insurance. Its customers are mainly rural, low income families or long-time citizen older persons who demand value charged insurance premiums commensurate with their lower and set incomes.

We provide insurance to small company, mainly family-run seasonal procedures primarily centered on the holiday trade.

We have pressured to our covered by insurance the importance of good communication between your broker and customer to insure proper coverage is in place. We have recognized as our clients become better up to date about insurance that there's been a tremendous increase in clients wishing in-depth conversations about their policy and exactly how they can get the most value for his or her insurance premium.

Our company's power lies in the product quality and depth in our products and personnel. Because of our larger personnel, we're able to service our clients even though a client's broker is busy or out of the office on inspections.

OUR STRATEGIES

Sales Strategy

We want to focus on the advantage of dealing with experts who live and work inside our catchment area. We know their needs and their problems and we've a local reputation to safeguard, unlike an out-of-town market. If the out-of-town broker fails to provide proper cover or advice, they lose one customer. We're able to stand to reduce many if the general public perceives a professional failing on our part. Competitive charges for our identified goal markets. We will offer you discounts as high as 50% as No State Savings (NCD)for claims-free clients who renew their house insurance around.

Pricing Strategy

Our customers are specially sensitive to value. We should ensure our price and service are recognized to be value to our client.

Our markets must offer several payment options to your clients that are convenient to your client, not just to the business. Example - repayment on insured's preferred day of month, not on the company's, and accepting payment in instalments. Many covered are on a set income and acquire their income on a set day of each month or a salary on a specific day.

We encourage staff to focus on our "Target Market. " Quite a few companies are actually concentrating on what they have recognized to be profitable specific niche market markets, where they can offer a competitive product with little, if any, competition.

We are viewing our commercial markets now moving toward basic coverage and restricting the "great features, " all-risk products open to only those clients who've modern, well-managed, profitable, low-risk businesses. This will help stabilize charges and, even more important, ensure that there surely is an insurance market designed for most risks. Persisted insistence by the industry on better security, i. e. fire and burglar alarms, changing of complexes, etc. , have began to lower loss ratios.

Marketing Strategy

Emphasize service and support.

Build a relationship business based on account advertising.

Focus on senior, claims-free personal lines business and the profitable, well-run, small family business.

Target small, non-franchise business that will not get access to group insurance plans.

Investigate acquiring other brokerages in our area.

OUR VALUES

We approach every aspect of our work with the highest criteria of integrity.

We value our customers.

We use our resources effectively.

We procedure our work as a professional team.

We treat one another as we desire to be cared for ourselves.

Loyalty and total honesty.

We encourage effort and change in a strong business environment.

We put worker safety first.

OUR GUIDING PRINCIPLES

Be the change machine, rather than simply reacting to improve.

Work in a seamless collaboration with the public, non-profit, and private sector associates; locally and regionally.

Invest in what counts most.

Innovate with new, far better solutions and build a positive customer experience.

Execute, organize, and align to attain our goals.

A CONSIDERATION OF Perfect INSURANCE COMPANY'S Advantages, WEAKNESSES,

OPPORTUNITIES, AND Hazards (SWOT ANALYSIS)

The company considered perceptions in our talents, weaknesses, opportunities and dangers (SWOT) in your existing and unfolding macro, external, and internal surroundings. These are seen as pertinent to our Vision, Mission, and Goals. Each functioning facet of the business undertook the exercise. Below is a loan consolidation of what were identified at these operating levels, and summarized for your company as an company.

Strengths:

The company gets almost all of its businesses from the Assemblies of God church, which has a very large membership nationwide.

Prime Insurance has strong sales team.

The company has excellent risk experts.

Premium rates are increasing and so are commissions.

Our variety of products is increasing.

Prospects expect more services from our agents.

Weaknesses

The company is not able to meet shareholders at regular Total annual General Meetings (AGMs) to short them on the progress or problems of the business.

Prime Insurance is often slow-moving to respond to changing needs in the industry.

There is an increasing style of financial weakness in the business.

There tend to be more competitors for agencies to contend with banks and Internet players.

The company has a poor portfolio of insurance policies.

Prime has a small size in accordance with rivals and other players in the industry.

Opportunities

The company has potential new insurance clients.

The potential to cross sell financial services is barely being tapped.

The company's technology is improving to the idea that paperless trades are available.

The company's client's increasing need for an "insurance consultant" can start new ways to service them and generate profits.

Threats

The increasing cost and dependence on insurance might struck a point where a backlash will happen.

Government regulations on issues like health care, mildew and terrorism can quickly change the path of insurance. Increasing expenditures and lower profit margins will strike hard on the smaller agencies and insurance firms.

Increasing bills and lower income will struck hard on the smaller agencies and insurance companies.

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