5. 5
Products & market
Child Plan
Health Plan
Pension Annuity
Term Plans
TraditionalEndowment
Unit Linked
Women Insurance
6. 6
Financials of company and tie-ups with banks (channel partners)
FINANCI
ALS
BAJAJ
AUTO LTD
TATA AIG
MOTOR
INSURANCE
7. 7
Competitors
Competition is an contest between individuals,
groups in which the fitness of one is lowered
by the presence of other . its economic in
nature that encompasses the notion of
individuals & firms striving for greater share in
market .
As BALIC
is in insurance sector so all other insurance
organizations act as competitors for it.
9. 9
Swot analysis
SWOT Analysis is a tool that
identifies the strengths , weaknesses ,opportunities and threats of
an organization , where strengths and weaknesses are the internal
aspects of an organization whereas opportunities and threats are
the external aspects of an organization . It is a strategic task done
by the top management which includes four dimensions, these are
as follows –
STRENGTHS-
The strengths within your
organization that adds a value to your product or to your
marketing efforts .It decreases negative tangible and intangible
attributes Strength captures aspects internal to your business that
adds value or offer you a competitive advantage. So as such
strengths of BALIC are as follows –
10. 10
One of leading company as per profit of Rs 414 crore in
2009 and third largest company as per premium collection
on capital base of Rs 7234 lakhs in 2009.
As following its management style is based participation and
management by objective .
Financials of organization ie; BAJAJ AUTO Ltd. & FINSERV SE
are brands in themselves , they are one of leading
companies.
Certification provided by IRDA raises its quality and
productivity .
Its merger with Banc assurance increases its opportunities
more and also increases market value.
Its plans and organizational strategies provides strengths as
its based on contracts and there are no commission plans .
Wide range of products for customers in various areas like
life insurance and non-life insurance add wide energy
generation.
WEAKNESSES–
11. 11
Weaknesses are factors that
detract your ability to have competitive
edge , it also includes negative aspects internal to your business
that detracts customers from seeing values you offer or place you
to competitive disadvantage . as such weakness of BALIC could be
,as fpolows –
As its private insurance organization where Indians still
believe in government organizations.
Front sales force’s competition is not sufficient as per
market outlook .
Employees are not satisfied by the training provided to
them , they are unable to access anything g from there.
Feedback procedure is unable to fetch anything effective
for organization.
Sales executives feel very high burden of work on them.
OPPORTUNITIES-
12. 12
these are
external to your business , if you identify opportunities that are
internal to your business and within your control , you will want to
classify them as strengths .the opportunities in BALIC are as
follows –
May be future dominating in market value.
Flexibility keeps it with good position in market among
customers .
Management style encourages more commitment of
personal and organizational goals.
There are growth opportunities to join in sales department .
Presence of wide range of products and PAN India .
THREATS-
Threat is a challenge created by
unfavorable trend of development that may
13. 13
Lead to deteriorating revenues or profit , for example –
competition is always threat , intolerable price hike by suppliers ,
government regulations , economic downturns , shift in consumer
behavior that may reduce your sale leading to reduction in
turnover So there are few threats of BALIC , these are as follows –
Higher attrition rate .
Increasing number of competitors
Number of products in market, which find it difficult to
differentiate it from others .
