Sun Life Insurance - Entering China

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Strength: • Experience that Sun Life Financial have in insurance business – Started since 1865 • Experience in expanding into new foreign market • Had a representative office in Beijing since 1992 • Wide range of products available to customers to suit their need • Ability to customize package for high net worth individuals – More effective and efficient in generating profit • Distribution Channel Weaknesses: • Restriction to expansion • Not getting the full license for the joint venture as on year 2000 • Product and service not customize for China insurance market Opportunities: • A market to tap on the untapped potential due to its population size and underdeveloped business in some industries • China is 2nd to United States on purchasing power parity basis • Low penetration of insurance in China • Possible growth rate of 15% over 10 year period for revenue • Possibilities to be granted license to do business in new cities by China • People buying insurance for security purpose due to the decrease in job security – No more iron bowl Threats: • Level of bureaucracy in obtaining licenses and restricted on type of products and service allowed • Corruption & piracy • Possible disagreement occur between venture with Everbright • No same strategy can be apply throughout China due to demographic differences 2) By entering the China’s Market, Sun Life Financial : ? Aim to enter the higher return protection business lines in the low penetration insurance market in China ? Achieve superior shareholder return ? Expand the market share in different demographical ? Increase in the revenue 3) Sun Life are now looking into getting more market shares and doing business in a low operating cost and little competition market...
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Strength: • Experience that Sun Life Financial have in insurance business – Started since 1865 • Experience in expanding into new foreign market • Had a representative office in Beijing since 1992 • Wide range of products available to customers to suit their need • Ability to customize package for high net worth individuals – More effective and efficient in generating profit • Distribution Channel Weaknesses: • Restriction to expansion • Not getting the full license for the joint venture as on year 2000 • Product and service not customize for China insurance market Opportunities: • A market to tap on the untapped potential due to its population size and underdeveloped business in some industries • China is 2nd to United States on purchasing power parity basis • Low penetration of insurance in China • Possible growth rate of 15% over 10 year period for revenue • Possibilities to be granted license to do business in new cities by China • People buying insurance for security purpose due to the decrease in job security – No more iron bowl Threats: • Level of bureaucracy in obtaining licenses and restricted on type of products and service allowed • Corruption & piracy • Possible disagreement occur between venture with Everbright • No same strategy can be apply throughout China due to demographic differences 2) By entering the China’s Market, Sun Life Financial : ? Aim to enter the higher return protection business lines in the low penetration insurance market in China ? Achieve superior shareholder return ? Expand the market share in different demographical ? Increase in the revenue 3) Sun Life are now looking into getting more market shares and doing business in a low operating cost and little competition market...
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