marketing plan report(individual 60%)

ING : Insurance Market Analysis

Student 's Name

Course code , Semester , Class

Tutor

28 July , 2008

Table of Content Content Page

Title Page .1

Table of Content .2

Executive Summary .3

ING .3

Market Dynamics .4

PEST Analysis .6

Michael Porters Five Forces Analysis .8

SWOT Analysis .9

Conclusion .11

Bibliography .12

Executive Summary

Internationale Nederlanden Groep (ING ) insurance segment has decided to enter the Australian market . The market is characterised by a large

demand for life policies and a low demand for non-life policies Furthermore , there is a general negative perception of the general insurance segment (Bowler , 1988 . The government policies favour the growth of life insurance segment especially the insurance firms that have a good financial base . The ICT sector is growing at a very fast rate which has been attributed to the government policies that are aimed at improvement of ICT (Alsem , 2007 . The populations perception to technology is quite positive . The population 's buying power is quite large and the supply power to the insurance firms is on the increase The Australian politics play a great role in business as the business community contributes to over half of the Australian GDP . The role of e-commerce in the insurance sector is yet to be appreciated fully Furthermore , the population which is generally ageing and composed of largely of young people (16- 45 years ) presents a good market for insurance firms (Bell Wanna , 1992 . The insurance market is characterised by increased consolidation as local players seek to join multinationals in a bid to gather resources in to exploit the insurance market . The mass media is well developed and free of unnecessary political pressure . The true capitalistic democracy that defines the Australian politics is designed such that power is decentralized to people by the use of able groups in the society (Business Monitor , 2008

In conclusion Australia provides a viable and suitable opportunity as far as the insurance sub-sector is concerned . The use of ICT and e-commerce aid the initial market entry and ensure the relevance of the approach to the industry in future

ING

ING (Internationale Nederlanden Groep ) group is a financial service provider of dutch origin (ING , 2008 . The group deals in banking , asset management and insurance . By the end of 2007 , ING had up to 75 million clients . The clients are composed of individual , corporate and institutional entities (ING , 2008 . The group has offices in Australia Belgium , Peru , Spain , India , New Zealand and in other destination spread all over the globe (ING , 2008

Vision

To meet the insurance needs of the population by in an efficient manner (ING , 2008

Mission

To provide a wide range of insurance policies that are affordable and relevant to the needs of the general population (ING , 2008

Aims

To provide a wide range of policies

To ensure affordability of our policies

To ensure relevance of our policies

Market Dynamics

Industry Definition

The deregulation of the financial sector in the mid 80 's , caused two implications . First authorities have encouraged the participation...