Swot Analysis Of Sun Life
8.0 E-business (Internet and digital marketing)
With the advancement of information and communication technology (ICT), there has been a rapid development of e-businesses (E-business refers to the mechanism of doing business electronically using the web or email) throughout the world since the turn of the new millennium. In fact, e-business has become a standard operation for a large volume of businesses throughout the world.
Malaysia is not left behind in this technology chase and the number of companies engaged in e-businesses has seen a tremendous growth over the last decade. The Government’s support towards ICT is evident with the development of the Multimedia Super Corridor and the establishment of various Institutions to produce graduates …show more content…
Although policyholders are given policy contracts / booklets when they purchase insurance, it may be difficult for a laymen to understand the terms and conditions of the policy. Therefore, the internet can act as a medium to educate policyholders and consumers in general about insurance.
The internet is also a very effective channel to market insurance as it can reach the exact target market and / or segment. Not necessarily that advertisements be placed on Sun Life’s website only but also in other websites with links to Sun Life’s website. Sun Life also uses it partners’ websites to promote its products. In addition, Sun Life makes use of social media and telecommunications to send promotional messages to consumer via Email, Facebook, Whatsapp, SMS, etc.
The internet also offer the opportunity for consumers / policyholders to provide feedback to the Company. The company can then use the feedback to overcome any shortcomings or to better their products and …show more content…
In Malaysia, there are several big players in the insurance sector such as Prudential, Great Eastern Life, AIA and Allianz, who have been present in Malaysia for a long time. On this note, Sun Life must devise a very intelligent and innovative strategy to ensure its success in Malaysia.
In terms of operations, Sun Life will need to be vigilant about its cost of operations in Malaysia by ensuring that its expenditure and costs are controlled and that there are no waste in time and money so that the insurance premium charged is maintained at an affordable rate. Business operations in Canada and Malaysia will differ due to various factors such as geographical, demography, education level, and consciousness of the environment. Finally, there is a risk of mismanagement in international business because of the distance of the home and host country. For example, Sun Life has appointed a completely local management team to run its business in Malaysia and will have to depend merely on reports or financial statement to assess and review the performance of the Company in Malaysia. Any mismanagement or fraud would not be easy to
With the advancement of information and communication technology (ICT), there has been a rapid development of e-businesses (E-business refers to the mechanism of doing business electronically using the web or email) throughout the world since the turn of the new millennium. In fact, e-business has become a standard operation for a large volume of businesses throughout the world.
Malaysia is not left behind in this technology chase and the number of companies engaged in e-businesses has seen a tremendous growth over the last decade. The Government’s support towards ICT is evident with the development of the Multimedia Super Corridor and the establishment of various Institutions to produce graduates …show more content…
Although policyholders are given policy contracts / booklets when they purchase insurance, it may be difficult for a laymen to understand the terms and conditions of the policy. Therefore, the internet can act as a medium to educate policyholders and consumers in general about insurance.
The internet is also a very effective channel to market insurance as it can reach the exact target market and / or segment. Not necessarily that advertisements be placed on Sun Life’s website only but also in other websites with links to Sun Life’s website. Sun Life also uses it partners’ websites to promote its products. In addition, Sun Life makes use of social media and telecommunications to send promotional messages to consumer via Email, Facebook, Whatsapp, SMS, etc.
The internet also offer the opportunity for consumers / policyholders to provide feedback to the Company. The company can then use the feedback to overcome any shortcomings or to better their products and …show more content…
In Malaysia, there are several big players in the insurance sector such as Prudential, Great Eastern Life, AIA and Allianz, who have been present in Malaysia for a long time. On this note, Sun Life must devise a very intelligent and innovative strategy to ensure its success in Malaysia.
In terms of operations, Sun Life will need to be vigilant about its cost of operations in Malaysia by ensuring that its expenditure and costs are controlled and that there are no waste in time and money so that the insurance premium charged is maintained at an affordable rate. Business operations in Canada and Malaysia will differ due to various factors such as geographical, demography, education level, and consciousness of the environment. Finally, there is a risk of mismanagement in international business because of the distance of the home and host country. For example, Sun Life has appointed a completely local management team to run its business in Malaysia and will have to depend merely on reports or financial statement to assess and review the performance of the Company in Malaysia. Any mismanagement or fraud would not be easy to