London life Insurance Company
Executive Summary
As a leading company in the life insurance industry, London Life Insurance Company embarks on its outstanding strategized systems integration to handle its key projects progress with strict timescales following the acquisition of approvals. This paper will analyse the regulatory imperative aspect of the company’s operations with the production of timely and accurate information for its potential customers. This is in regards to the high profile nature of the business it handles. The paper discuses the SWOT analysis inclusive of the company’s key performance in the insurance industry with the specified participants and its current state. The paper also covers principal recommendations, implementations and considerable alternatives inclusive of the company’s consideration to expand its services and products following the growth rate in the industry of global insurance and the global recession.
Background
The company as an insurance provider, it is the leading living and life online beneficial company providing solutions to its potential customers based in Canada. The company is well known for its records in brokerages in Canada. This is with over 50 years combined experience in insurance. The company has the background of understanding of differing people with needs without consideration of one-size-fit policies following the aspect of insurance. Therefore, the company guarantees its efforts with the approach of clients at differing perspectives individually with provision following in accompaniment of tailored insurance program, skilled support and guidance (Khan et al, Pg. 35).
The company has the corresponding commitment in offering comprehensive life, critical illness, disability and long-term care insurance positive and convincing solutions to its potential customers. This is with the considerable commitment to achieving the best highest standards with integrity and convincing performance when handling both the pre-existing and prospective clients. The company’s well-established and extensive carrier list offered with the consideration of large scope of choices with the specifications of insurance guaranteed. The establishment of the company’s strategies guarantees the satisfaction of every customer’s needs with the delivery of peace of mind. In the London life insurance company, there is a belief that the service delivery level that enables the consistent keeping of clients with regular guaranteed visits is due to the quality they employ is service delivery. The team constituting of majorly experienced professionals manages to save the client’s time with the provision of the best services that are dependable (Khan et al, Pg. 35).
The company also bases emphasis on the provision of financial services. Its principal segments in business include investment and insurance products-insurance, investment savings and retirement income for group or individual clients; reinsurance-property, life and car. The company first introduction to the insurance and finance industry was on the year 1874 with its headquarters in London, Canada. The company’s main operations base on subsidiary with specifications on the London Insurance Group, Inc. The company is currently under the management of D. Allen Loney as the CEO/president with Paul A. Mahon as the COO/president. It routes its control from the Great West Life Assurance Company with the recent acquisition stirring its water insurance considerably (Khan et al, Pg. 35).
The company has been famous following the catchphrase of “Freedom 55” claiming of the company’s ability to help save up a considerable amount of money that a working individual may retire aged 55 years. Its outstanding comprehensive range of authorised products aims at specified areas inclusive of retirement-related investments, group benefits for key organizations, mortgages, savings plans and group retirement and relative insurance. The company’s portfolio is in inclusion of life insurance at both vital term insurance with permanent insurance, critical illness insurance, disability insurance and dental health insurance (Khan et al, Pg. 35).
History records indicate of the company acquiring prudential insurance constituting the entire business operation of Canada at the end of 1996. The acquisition led to the addition of new customers in numbers extending to London with the inclusion of group mutual funds. The company’s success also covers the converging of customers financial statements into respective systems with the provision of online services and accessibility to statements. The company has designed portfolio of business insights for its reports on financial services management to assist in the flow of information with timely decisions on business. The company has an interest on the current market problems with specifications to the financial services. This is with relevant strategized execution with the aim of driving potential customers business forward. The company appreciates the significance of accuracy in the incisive products offered in the market with analysis (Khan et al, Pg. 35).
The London life Insurance Company assists its potential customers in crystallizing business decisions. The company’s strengths in the provision of financial services analysis and research is derivable from the unparalleled libraries and database information with the use of proprietary techniques in analytic. The company’s insights reports on business are authored through the independent experts with the findings garnered from the research taken into consideration. The author’s positions in the company enable them to access the key executives for interview and establish issues of interest with strategic significance to the insurance industry (Khan et al, Pg. 35).
The financial services offered on the report’s portfolio are applicable in varying business functions on the specified potential clients. This is to assess the conditions of the market and hence devise strategies for the future. The brochure order form of the titles includes finance, banking, wealth management, insurance, strategy and investment. The London life Insurance Company well established list with extensive carries enables the availability of a large scope of considerable insurance choices. This enables the company to satisfy all its respective needs of clients with successive service delivery (Ajami Pg. 334).
Problem Statement
The analysis of the London life Insurance Company investment and performance in insurance industry inclusive of strengths in the provision of financial services analysis and research derivable
SWOT analysis
SWOT analysis
Strength London life Insurance Company is the most considerable and largest life insurance company in Canada and also the considerable largest investor in the country
The company has higher performing branches across Canada to London with more than 10,000,000 agents
With the consideration as the fundbase it tops in investment in Canada
Has over 115,000 employees across Canada extending to London
According to analysed reports the company is the most trusted insurance company in Canada
The company has subsidiaries inclusive of housing finance, cards services limited and other financially relative services
Weakness The company has the image of a considerable government agency hence is in short of innovation
As an old aged insurance company, bureaucracy, and red tape causes problems
Managing the workforce that is monumental during times of economic crisis means overburdening in consideration to salaries
Risk factors inclusive of equity performance
The mutual status with the meaning of ability lack to raise capital required
Opportunity The application of technology in the provision of effective services to enable catering to the urban population
Company based schemes implementation
The availability of cost conscious management
The considerable business insurance market
Threats The economic crisis
Entry of new competitive financial and insurance companies in the sector
Varying governmental based policies
The increment of higher interest rates
Increment in property prices
The changes in regulations and competition
Alternatives
Strong brand name
Following the company’s involvement in insurance and finance business for a long time with considerable growth to one of the global most considered financial institutions; its services should be based on stronger brand names. This is with specifications to the available distribution network. This will enable a positive financial rating following the greater contribution to its brand image with leveraged suitability (Ajami Pg. 334).
Extensive distribution network
Following the larger number of employees the company has with agents, there network of distribution should be expounded with the strategy of opening up of more offices to accommodate the rising number of agents and employees. This will enable countering of the rising level of competitors products in the insurance industry (Ajami Pg. 334).
Recommendation
For an increment in profitability, there should be a direction of investments to relative products and markets with the targeted top insurers
Identification of best bank assurance strategies for the company through the application of report examination in consideration of the outstanding successful companies in the industry in Europe is significant
Benchmarking of the company’s performance against considerable top insurers, learning of the best practices, avoidance of mistakes, replication of successes and being aware of potential threat faced should be considerable
Improvisation of the company’s strategic plans through the application of global premium based income is vital. This is with the specifications of the growth data split in every specified level.
Implementation – the Action Plan
The company is considering the expansion of its services and products following the growth rate in the industry of global insurance and the global recession. This is with the consideration of limiting exposure to the current stock-market insurers following the urge to diversify portfolios into the lesser risky products inclusive of the company’s bonds.
The company is expanding and making its services friendlier and customer based is search of considerable higher profitability. The non-life growth insurance of the company is to be driven by the premium rate that is renewed. This is to increase the venture in new businesses as the non-financial entrants pose stiffer competition.
The unit connected insurance growth is to focus on the customer’s ability to access the company’s products and services with a direct link to the stock market. The currently developing markets in Europe with specifications to Canada are in the verge of attracting market insurers with increments. This is due to the strong growth with low insurance penetration into the market. The company is considering venturing into more creative and customer oriented services and products.
Works cited
Ajami, Riad A. International Business: Theory and Practice. Armonk, N.Y: M.E. Sharpe, 2006. Print.
Khan, Namir, Willem H. Vanderburg, and Nina Nakajima. Healthy Work: An Annotated Bibliography. Lanham, Md: Scarecrow Press, 2004. Print.
