Solved by Expert Tutors
develop swot matrix of the following data (strength, weakness, opportunity and threat) Opportunity Promising peace and stability in the country
Solved by Expert Tutors
Question

develop swot matrix of the following data (strength, weakness, opportunity and threat) Opportunity

·    Promising peace and stability in the country

·    foreign investors inviting policy

·    introduction of new compulsory and regulatory insurance schemes

·    risk based insurance management

·    increase in paid-up capital

·    Growth of Foreign Direct Investment (FDI).

·    Rural and micro insurance will flourish

·    The prevailing free market economy

·    Expansion of infrastructural developments.

·    Establishment of Industrial village.

·    Privatization of state-owned Industries

·    national growth and transformation plan (GTP)

·    encouraging growth of financial sector

·    small scale manufacturing improved and industrialization policy

·    Establishment of domestic reinsurance company

·    Expansion of private investment.

·    International Financial Reporting Standards(IFRS) compulsory declaration

·    population growth

·    Increasing demand and awareness of the public  for insurance service

·    awareness about traffic accidents

·    great contribution of social media

Strength

·        composition of Board of Directors from different discipline and experience

·        existence of system, manuals and procedures

·        prevalence of internal control system & its accountability to the Board

·        existence of board sub-committees

. .   

o  Existing of loyal potential major shareholders

o  Smooth relation and collaboration and common understanding between Management and Board of Directors

·  professionally competent senior and mid-level management

·  performance evaluation for staff is in place


·  Sound financial status

·  Existence of Income generating entities

·  Strong capital base


·  Adequate human resources

·  Having good logistics

·  launching of the Information Technology project

·  reasonable speed while settling claim,

·  Working with reputable re insurers. 

·  having own building



·        change in the life style of people


·   Minimum premium set by National Bank for new entrants

·    availability of insurance software

·    Developed  Information Technology infrastructure


·    soil and water conservation work improved

·    improvement of irrigation schemes

·    Low natural calamities.

Threat

·    extent of corruption increased despite the effort to reduce it

·    unnecessary interventions of the government on the business sector

·    loose on enforcement of directives.by the regulatory

·    increasing interest of developed & middle East countries on horn of Africa (especially on Read Sea area)

·     Accession towards World Trade Organization (WTO).

·    shortage of foreign currency

·     high inflation rate

·    unfavorable trade balance (import > export)

·    high investment cost of technology

·    tight and strict domestic borrowing procedures

·    entrants of new insurance companies 

·    continued unfair price competition in the insurance sector

·    frequent devaluation of local currency

·    Customers price sensitivity;

·    Alarming growth of motor accidents

·    Shortage of skilled & experienced personnel in the market

·    Low standard of living

·    weak purchasing power of the local currency



·        beliefs and culture of the society towards insurance business

·    Unfavorable directive of National Bank of Ethiopia(NBE)

·    telecom service insufficiency

·    beginning of online insurance service

·    shortage of skilled and experienced Information Technology professionals

·    power shortage

·    Sophistication and high cost of  information Technology software and infrastructure.

·    draught in some areas

·    deforestation continued

·    urban pollution increased by car, factories for the rivers and lakes decrease in their water level 

Weakness

·        Sometimes there are delays in the decision-making process.

·        Risk management unit is not yet functional.

·        lack of risk management unit and manual put in place

·        Lack of aggressive market penetration

·        Insufficient  relationship with intermediaries.

·        Absence of succession plan.

·        Insufficient marketing and promotional activities.

·        Weak Internal Control System.

·  Absence of shared vision

·  No clear strategic direction

·  Limited synergy and team work

·  poor performance management

·  inconsistency in decision making

·  unsatisfactory human and physical resource management practice

·  unsatisfactory customer service delivery practices

·  Poor portfolio mix.

·  Lack of leadership

·  Lack of Strong Management Information System

·        lack of timely provision, allocation and disbursement of fund

·        Uncompetitive Salary Scale & Benefit Scheme

·        Poor budget expense control system

·        weak Human Resource Management Facility

·        staff competence depletion because of high turnover

·        Lack of consistent staff training

·        Shortage of skilled and dedicated man power

·        poor office layout and space shortage in some work units

·        improper utilization of vehicles

·        Poor resource handling

·        Poor inventory management

·  functions not yet automated


·        inadequate customer consultation service

·        Narrow product/service line

·        Very Low market share

·        Low branches networking

·        Inadequate branches expansion.

·        low level of focus on innovation & new product development

·        Poor underwriting practices

·        Lack of appropriate authority limit

·        Poor relationship with reputed Banks.

·        Inability to attract expanded professional from the market

·        Weak shock absorption.

·  Company procedures and gridlines  not properly adhered

·  inefficient formal internal communication system

·  No standard facilities & office lay out.

· relatively weak promotional work

Step-by-step answer

The student who asked this found it Helpful

m ipsum dolacinia pulvi

llentesque dapibus eSWOT-2.jpgSWOT-1.jpgipsum dolor sit amet, consectetur adipisci

icitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congu

SWOT-1.jpg
ur laoreet. Nam risus ante, dapibus a m ipsum dolor sit amet, consectetur a ce dui lectus, congue vel laoree congue vel laoreet ac, dictum vitae odio. Donec aliquet. nec facilisis. Pellentesque d

Subscribe to view the full answer

Subject: Business, Management

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Let our 24/7 Management tutors help you get unstuck! Ask your first question.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes