IBS Assignment - COMPANY NAME: Reliance Insurance Malaysia...

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COMPANY NAME: Reliance Insurance Malaysia (RIM) SDN BHD HOME COUNTRY: Malaysia INDUSTRY: Insurance Services MISSION STATEMENT The Mission of our company is to epitomize high standards of excellence within all segments of our business while satisfying the responsibilities and obligations we have to all those with whom we deal. This will be accomplished by adhering to high ethical standards, by respecting the individual, and by use of sound business practices. High profitability and becoming a global entity are our ultimate motives. COMPANY BACKGROUND Reliance Insurance Malaysia (RIM) SDN BHD, incorporated in 1999 with the Suruhanjaya Syarikat Malaysia – Companies Commission of Malaysia, is a successful growth-oriented Insurance firm operating in Malaysia. From the modest beginnings 8 years ago, RIM today employs 110 highly-skilled and motivated personnel in its 10 branches nation-wide. RIM’s services include Accident and Health Insurance, Property Insurance, Auto Insurance and Travel Insurance. Over the last few years, RIM has penetrated the relatively developed Malaysian Insurance market with great success offering efficient and client-satisfaction oriented services. It is currently operating in 10 states in Malaysia with the country headquarters based in Kuala Lumpur –the administrative and financial capital. Since its inception, RIM has concentrated in operating all its branches without licensing it to external agencies. This has enabled it to conceptualize all its operations under a single network. RIM also boasts of employing some of the top actuaries in the Malaysian industry. It has put special emphasis on their –along with other staffs- well-being, as well as provision of high-class working conditions so as to gain a superior competitive advantage in the industry.
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Globalization has echoed the need to expand and internationalize businesses and RIM is committed to take on the challenges that lie ahead in order to expand its horizons beyond Malaysia. The local insurance market is getting saturated and thus it is highly essential for us at RIM to expand our market reach in order to inflate our growth and profitability. Expansion was always on the cards when RIM begun its operations. The board reached a consensus on potential markets where by it was agreed that the future lay in the developing countries rather than developed ones. And thus, over the last year, our Business Development team has been visiting and studying potential markets in the African continent to expand our business. A good number of the African countries have impressive economic growth rates despite the various setbacks in terms of conflicts and wars. Challenges have been part of our daily routine from the first day of our operations. Penetrating the African market is no different; however RIM is determined to successfully expand its base beyond national borders. Moreover, we fully understand that going global is more than a question of simple
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IBS Assignment - COMPANY NAME: Reliance Insurance Malaysia...

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