A strategic management paper for PNB General Insurers Company Inc. / Ofelia S. Legua.
By: Legua, Ofelia S
Publisher: 2019Description: xv, 130 pages ; 28 cmContent type: text Media type: unmediated Carrier type: volumeSubject(s): Strategic managementLOC classification: HD 30.28 L44 2019Summary: PNB General Insurers Co., Inc. (PNBGen), the non-life insurance company of the Philippine National Bank (PNB), a member of prestigious Lucio Tan Group of Companies. The Company is now considered as one of the fastest growing and highly competitive insurance companies in the Philippines. It has business lines that include Aviation, Bonds, Engineering, Fire, Casualty, Marine Cargo, Marine Hull, and Motor Vehicles. Strong market competition remains in the non-life industry despite strict control by the Insurance Commission. This in turn exerts downward pressure on premium rates. This has even led to the imposition of minimum premium rates by the Insurance Commission. The industry is denominated by few large players of which the top 5 hold a total of 45.58% market share. Amidst this strong competition, PNBGen plays a moderate competitive profile placing number 7 in terms of Gross Premium Earned with a market share of 2.84%. The company's limited distribution network limits PNBGen premium generating capacity and puts it in danger of being left behind by its key competitors. Based on the analysis of external and internal factors and the results of the strategy, a formulation of a market penetration strategy is recommended to achieve its objectives and address its strategic issues. Engaging in the alternative distribution channels such as Bancassurance, e-commerce or use of social media platforms, mobile apps and company website, outbound calls, email Marketing or direct email is suggested that will able to seize a large market share and achieve its objective to increase its Gross Premium Earned. The strategy is believed to be the most effective to achieve its strategic objectives within 5 years of operation. If implemented successfully, it will bring in a Gross Premium Earned of Php7.730 billion and net income of Php202 milion in 2023 and an increase in market share and a growth in its customer base after the commencement of the proposed strategy.| Item type | Current location | Home library | Collection | Call number | Status | Date due | Barcode | Item holds |
|---|---|---|---|---|---|---|---|---|
| Thesis | PLM | PLM Graduate School Library | Graduate School-Thesis/Dissert | HD 30.28 L44 2019 (Browse shelf) | Available | G1704 |
Thesis (M.A)--Pamantasan ng Lungsod ng Maynila, 2019.
A strategic management paper presented to the Faculty of the Business School-Graduate Program in partial fulfillment of the requirements for the degree Master in Business Administration.
PNB General Insurers Co., Inc. (PNBGen), the non-life insurance company of the Philippine National Bank (PNB), a member of prestigious Lucio Tan Group of Companies. The Company is now considered as one of the fastest growing and highly competitive insurance companies in the Philippines. It has business lines that include Aviation, Bonds, Engineering, Fire, Casualty, Marine Cargo, Marine Hull, and Motor Vehicles.
Strong market competition remains in the non-life industry despite strict control by the Insurance Commission. This in turn exerts downward pressure on premium rates. This has even led to the imposition of minimum premium rates by the Insurance Commission. The industry is denominated by few large players of which the top 5 hold a total of 45.58% market share. Amidst this strong competition, PNBGen plays a moderate competitive profile placing number 7 in terms of Gross Premium Earned with a market share of 2.84%.
The company's limited distribution network limits PNBGen premium generating capacity and puts it in danger of being left behind by its key competitors.
Based on the analysis of external and internal factors and the results of the strategy, a formulation of a market penetration strategy is recommended to achieve its objectives and address its strategic issues.
Engaging in the alternative distribution channels such as Bancassurance, e-commerce or use of social media platforms, mobile apps and company website, outbound calls, email Marketing or direct email is suggested that will able to seize a large market share and achieve its objective to increase its Gross Premium Earned. The strategy is believed to be the most effective to achieve its strategic objectives within 5 years of operation.
If implemented successfully, it will bring in a Gross Premium Earned of Php7.730 billion and net income of Php202 milion in 2023 and an increase in market share and a growth in its customer base after the commencement of the proposed strategy.
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