Marketing Environment Of Asia Life

Marketing Environment Of Asia Life

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Marketing Environment

Microenvironment

This environment consists of smaller and more immediate factors that affect Asia Life's business operations. The environments that influence Asia Life directly will be marketing intermediaries and competitors.

Marketing intermediaries

Asia Life's servicing agents stand a great role in the company. They are the one who help the company to promote, sell and distribute products to the client. As a matter of fact, Asia Life will conduct a seminar training for all their agents every year in order to improve their quality, creativity and services and to keep track on the things their agents are doing. In the quest to optimize the performance of Asia Life, the company has creates a vision for their agencies group.

• To be a premier insurance company reputed for service excellence and trust.

Besides, they also generate 3 missions for the agents to accomplish:

(a) To provide excellent service to customers
(b) To maximize benefits to stakeholders
(c) To care for and develop our people

Competitors

There are 16 insurance companies exist in Malaysia. In line to be successful, Asia Life stands out by using their brand name which was recognized internationally. Asia Life had received 3 international awards, which are Million Dollar Round Table, International Quality Award, and IMM's Dragon award.

Other than that, their slogan "We'll Be There For You", denotes continuous commitment to deliver assurance services that meet the different needs of their customers.

Besides, Asia Life also stands out by using the main product they offers to the public which is Flex-ed plus. It is the one and only education and endowment policy provided in Malaysia, which consists of only 4 years payment but the gain of 20 years policy. No substitutes are available yet in the insurance industry in Malaysia.

Macro environment

This environment includes all factors that can influence Asia Life, but that are out of their direct control.

Demographic factors

With the increasing growing rate of children in Malaysia, educational policies nowadays play an important role in the society.

With the reason that every parents want their child to have a university education; thus the availability of seats at local, cost-subsidized universities are so limited that most qualified students have to further their education at costly private institutions, as a result educational policies had becomes the most popular invested policies in Malaysia.

In order to lay their hand in this major business, Asia Life had designed a unique education and endowment policy named FlexEd plus to response to this great factor.

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FlexEd plus is a combination of both education and medical policy designed specially for students or children.
Economic factors

When the Malaysian economic is facing a boom or inflation, Asia Life will try to design more products that will fit the needs and wants changes by the people. As when their family income rises, this will indirectly mean that they can afford to pay a greater premium basis policy, instead of the family affordable package. Besides, when one's person income increase, he or she will be more willing to invest in insurance in order to a life policy. In link to this, Asia Life will try to instruct their agents in order to increase their productivity. On the other hand, the company will also make an effort on increasing the quality of their policy, thus to grab more customers to Asia Life.

SWOT Analysis

Strength
Asia Life's strength is mainly their brand name. The name ‘Asia Life' is internationally recognized and has received an "A+" rating by the international rating agency, Standard & Poor's. This rating was accorded only to companies regarded as "financially strong". With its strong finance, Asia Life can do much on their promotion mix in order to create awareness at the public. Other than that, Asia Life would also organize trips for their agents every year, for example to Disneyland, Russia and much more. These trips are specially organized for the agents who had sold an amount of policy within a period of time.

Besides, Asia Life also stands out by using their unique designed policy, FlexEd, the one and only educational and endowment policy exists in Malaysia. As this policy consists of education and medical in the raider package, thus it only needed 4 years payment to gain a 20 years policy.

Weaknesses

As an insurance company, Asia Life relies too much on its marketing intermediaries – their agents. The agents are the main line of business, if anything happened to the agency force, Asia Life will be facing a great loss. Besides, their agents did not receive any fixed salary from Asia Life; they are paid by the commission they earned through their sales. This means that there is no existence of employment relationship between Asia Life and its agency forces, thus this is a big obstacle to Asia Life in creating loyalty among their agents. This is because if another company offers their agents a better benefit, their agents would be more attracted to the company and choose work for them instead of working for Asia Life.

Opportunity

In line with the rapid economic growth in Malaysia, standard of living has been greatly improved, so as the related potential risk. A family financial can be totally deteriorated by any accident or illness occurred. As the matter of fact, family security is always the top priority in Malaysia.

However research had found out that only 35% of Malaysian is insured, which mean that there is a majority of the families are lack of basic insurance protection. Malaysia, compared to other developed countries, our insurance industry is still at the infancy rate. For that reason, insurance market potential is enormous.
Threats

From the 65% of the market, there are two possibilities that we can conclude. First possibility would be that the public are not aware of the existence of the company Asia Life yet, thus Asia Life still stand a high chance of expanding their business to the public that are unaware of the company Asia Life. Second possibility that we could conclude might be that they are facing financial problem and thus they can't afford to pay the premium of the insurance every month. As a result, Asia Life might be facing a big obstacle in reaching out to these people.
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