This report will outline the strategic planning of an organization within the context of Myanmar. It will provide the study on external environment affecting the organization along with the examination of appropriate tools to examine the effects of current business plans. The study will then will be able to develop choices for the strategic planning of an organization. At last the study will present the factors that affect the organizational strategy plan along with the plan for the implementation of a strategy plan.
First national Insurance is the insurance company from Myanmar and was established in 2012. The company has very strong management team and insuranceprofessionals. With this, the stated company has become the largest insurance provider in both life and non-life insurance industries. The Myanmar Insurance market has been drawing the attention globally as an emerging frontline marketplace. First national Insurance is happy to state that it is playing a significant role in the Myanmar’s social and economic reforms by assuring the prosperity nationwide. The insurance business of the company works for both Life and Non-lifeInsurance. The Life insurance includes the term insurance, endowment insurance, travel insurance and many more. On the other hand, Non-life insurance includes the Comprehensive Motor, Cash insurance and Fire insurance.
1.1 and 1.3
PEST analysis represent about the political, social, economic and Technological examination. By doing this investigation, it will be easy to drive strategic direction and to conduct proper market research.
Increased service tax:Insurance businesses deliver the payment of imposition of service tax on the services provided. In duration of this period, the senators of the country may change any political rules(Azcue and Muler, 2009).
Government Monopoly Policy: The government of Myanmar along with the Myanmar Insurance is still operating to take all the insurance sectors started from 1952. This is because as the permit for private insurance is very limited in the country.
Contribution to GDP: growth of the Myanmar is supported by high investments which are vital for the business confidence, credit growth and buoyant tourism(Azcue and Muler, 2009). The Myanmar GDP is improving every year.
Upsurge the private banking sector: as the Myanmar economic condition is improving, every business entity in the company has its own company account. It is important for the country’s growth as it plays a part for financial sector with the private banks.
Improvement in FDI limit: in the current business situation, the FDI has become heavily concentrated in extractive segments while investment to be done in manufacturing, servicing providing and the others.
Gap between rich and poor: There is a great gap between the rich people and the poor people in Myanmar. The wealthy people of the country have many belongings and authorities in many business sectors(Emerald Group Publishing., 2005). On the other hand, poor people of the country can only survive on their daily incomes.
Less Knowledge regarding Insurance: people in Myanmar don’t have much knowledge about Insurance and consider it as a tax saving tool. Thus, citizens are not interested in taking premium insurances.
Awareness regarding Insurance demand: The government of the country is encouraging the citizens to do insurance for their loved ones and for their belongings(Emerald Group Publishing., 2005). They are conducting social events to acknowledge people regarding the importance of insurance.
Online advertising media: Technology has been changes a lot in the recent years. The reputed companies of the country are using technology to publicize their company on the social media platforms.
Convenience: with the advancement technology, people now can gather information regarding the terms and policies of an insurance policy. This is important as people in Myanmar don’t have much knowledge regarding benefit for Insurance(Fakhri, Hajghafori and Jafarzadeh, 2014).
With the Analysis of the external factors, here the examined opportunities and threats
· Development in production
· Aligning with multinational foreign insurance companies
· Making amendments for the development of Insurance business(Fakhri, Hajghafori and Jafarzadeh, 2014).
· Low involvement and knowledge regarding insurance
· Lack of experienced professionals with Insurance background
With the improvement of external forces, insurance industry in the country will be developing. The Insurance Industry will upsurge during the current business period(Fakhri, Hajghafori and Jafarzadeh, 2014). Along with tis, the insurance companies must timely modify the policies, rules and conditions.
There are different types of stakeholders in every industry and they all have dissimilar expectations and demands. Thus, it is important to study the analysis of the stakeholder’s expectation for the First National Insurance Company(Geyer, 2006).
Owner: A company owner always wants to grow business and the connections with the independent marketing companies. The owners of the companies manage the expenses by focusing on the budget, enhancing the number of policies, and using advance technology for improving the company’s operations.
Shareholders: The main motive of every investor is to get high return on the investment by the increase in the share price(Geyer, 2006).
Employee: the expectation of the employees contains timely payments, safe working environments, training to improve skills and promotion for the hard work.
Customer: Customer expectation contains the high quality service, communication transparency and reward for their loyalty towards the organization(GUEST, 2016). Insurer must upsurge their communication to recognize the expectation of the customers.
Banks: with First National Insurance, Bank wants to build mutual partnership either directly or indirectly. With partnership with the nation’s largest Insurance Company, they are expecting to have high interest rate.
Government administration: Governments are expecting to have growth in the insurance industry. It wants awareness in the public regarding the Insurance benefits(GUEST, 2016).
For First national Insurance Organization, SWOT analysis has been illustrated to outline the strength, weakness, opportunities and strengths. In order to analyses the company current key success factiors, financial performance and market standing are crucial factors. Thus, Key Financial ratio has been examined for this company(GUEST, 2016). It will outline the company’s financial and balance sheet strength.
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