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Final Industry Analysis Paper

• aflac faces the problem of trying to either keep

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Unformatted text preview: • Aflac faces the problem of trying to either keep this ranking or be ambitious and improve this rating. • Aflac should work to continue to improve employee work/life balance • Take suggestions from employees on how to make the workplace better & more enjoyable Not Increasing Covered Illnesses • Aflac fails to cover illnesses such as obesity and depression • Aflac is not the only company that does not cover these illnesses • Aflac should cover these illnesses and by doing so, they will be able to broaden their consumer base in the U.S. Top Three Issues Facing the Insurance Industry Problem Solution Proposed Changes to Federal Regulations • The new laws have made it so that insurance companies will have new regulations that they have to abide by. • Insurance companies need to have corporate governance committees that allow the companies to effectively communicate with state & federal regulators • Insurance companies need to comply with the new laws that authorities state regulators Uneven Economic Recovery • There is uncertainty about regulatory & tax legislation & low interest rate environment. • Insurance companies need to prove that their companies are stable because the U.S. economy is on the rise. Scrutiny of Data Access • Some insurance companies are having security breaches in their information systems. • Companies need to create a comprehensive privacy & data protection plan • They should develop, 19 memorialize & implement a comprehensive information security strategy that addresses internal & external access. SWOT Analysis of the Top Three Companies MetLife Inc. STRENGTHS • Leading position in U.S. Insurance market • Strong distribution network • Comprehensive range of products WEAKNESSES • Weak international presence • US subprime mortgage exposure • Bad communication • OPPORTUNITIES • Growth opportunities in emerging markets • Growing retirement market • Current acquisitions likely to drive future growth • Innovation THREATS • Growing natural catastrophes • Slowing U.S. Economy • Consolidation in the US. Insurance industry • Competition Prudential STRENGTHS • One of the leaders in financial services • Complementary yet diversified business • Financial strength rating WEAKNESSES • High combined ratio • Exposure to subprime mortgage • Litigations OPPORTUNITIES • Expansion into India • Increasing demand for pension and retirement products • Growing US life insurance and pension market THREATS • Regulations on contingent commission • Volatility in financial markets • Insurance frauds Aflac 20 STRENGTHS • Leader in market share • Pricing • Philanthropy • Strong brand equity • Strong advertisement • Loyal customers WEAKNESSES • Litigation OPPORTUNITIES • New acquisitions • Emerging markets • Expanding abroad • Product & services expansion THREATS • Competition • Insurance frauds Outlook for the Insurance Industry: Short-term & Long-term Short-Term • In the short-term, the Insurance...
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• Aflac faces the problem of trying to either keep this...

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