UK Insurance Industry Analysis

Discuss the backdrop to change that exists in the current economy

Abstract: This research study focuses after AEGON in the united kingdom, AEGON specializes in the insurance sector which was created in 1983 in the United Kingdom, because of this of merger between a Netherlands established Dutch insurance provider called AGO & Ennia. AEGON has a long history for case it operates in america, which is based in Baltimore and has been insuring people since 1858, within the UK, AEGON Scottish Equitable has been in existence since the early on 1830s and since then it has a amazing record of providing excellent insurance deals to the overall public

AEGON has widened its international presence, gaining access by giving its services in new expansion markets such as the Americas, the Central and Eastern Europe and Asia in particular, presently AEGON has its business interests in more than 20 countries over the globe

AEGON is one of the world's greatest leading providers of life insurance coverage, assets and annuities companies which also focuses primarily on pensions, life insurance, property management and adviser businesses in the UK. This particular case study in essence illustrates the success that embracing and chasing change has taken to AEGON in the united kingdom.

AEGON has a motive goal to become 'the best long-term cost savings and cover business within the UK'. The AEGON Group has more than 27, 000 employees and more than 25 million customers worldwide. The major share market for AEGON is in the United States of America and Netherlands. Since 1994, United Kingdom has become another major and progressively important market for AEGON,

In modern times due mainly to recession the life span insurance and pensions industry, in which AEGON operates, has had a poor reputation. Some organizations have been accused of 'mis-selling'by not providing consumers with the best product for their needs. To avoid similar situations arising in the future, (FSA) the Financial Services Authority has put quite a lot of rules on the industry, lots of the service products which comes within the financial sector are quite often difficult to understand. Most of the People who choose the range of financial loans and services aren't sure where you can seek support & advice for their investments. Remember the falling beliefs on the Stock Exchange have considerably influenced the investment go back on a few of the insurance products, namely mortgage loan, endowments etc. in other words for instance some individuals the merchandise they bought hasn't supplied the financial come back that they have expected, due to which it has generated uncertainty with regards to the financial services industry. Industry has also been characterized by powerful competition. AEGON faces competition such as other businesses which sell directly to consumers which can be better known in the UK. AEGON who distributes its products & services to customers mainly through its appointed financial advisers, AEGON using its reputed brand image needed to overcome and address these industry related issues to be able to remain competitive over its competitors

Historically AEGON have been successful however with the Government imposed constraints related to price adjustments which experienced reduced its success, comparing with its competitors, AEGON experienced developed good products and services and experienced a good reputation with marketers specially in the pensions sector, sadly apart from pensions AEGON had not been well known in the areas such as offshore investment products which were more profitable.

Today in case a consumer wants to get for a product in the long run, first they need to make certain and learn about the organization which they are going to offer with for example they would like to realize the brand & understand more about the brand, its value which it signifies, AEGON is fiscally strong which is ranked "AA" by Standard & Poor's ranking agency

Evaluate the talents and weakness of the organization

Abstract: The power and weakness related to an enterprise or organization is its positive elements, that they do something well and of their control, the advantages and weakness of a company or group is dependant on its values gives it the edge in areas over their competitors

Following is an put together and main talents of AEGON

  • Making alliances with strong & popular businesses is a major advantage for AEGON as it helps in bringing new customers and make business more effectively
  • Keeping the entire costs less than their competition and maintaining the price advantages helps AEGON to pass on some of the huge benefits to its consumers
  • AEGON's online marketing strategy has proved to be very effective which helped in nurturing Profiles & Income which is one of its major strength
  • AEGON has a large & considerable customer base, which really is a major strength in regards to sales and profits
  • Being fiscally strong rated "AA" by Standard & Poor's rating agencyhelps AEGON offers thoroughly with any threats & problems arising in earnings and can out perform their rivals
  • Keeping competitive costing is one of the vital factor for AEGON's overall success, as this retains them ahead of their competitors
  • Riding saturated in the highly competitive insurance industry and has helped raise AEGON which lifted its reputation and turnover
  • AEGON's continuous development over its products will keep it as a front-runner in the insurance sector using its regular tuning of new patents and proprietary technology
  • AEGON has a strong brand image which is well known and respected
  • By providing high quality products and services this can be a vital strength which ensure customers to come back to AEGON
  • AEGON's using its vast distribution string can be outlined as one of the strengths and links to its success
  • AEGON has experienced employees which really is a key success of AEGON helping to drive them forward with expertise and knowledge in their individual field
  • AEGON keeps raised percentage of the marketplace share due to its brand image which will keep them ahead of their competitors
  • Products and Services which is provided by AEGON are authentic/original, this means people will utilize AEGON to acquire or obtain them
  • Online existence for AEGON is strong this means it is before many competitors
  • AEGON's with its international procedures has a wider customer bottom, strong brand image using its occurrence in the global market
  • Innovation and Development is the leading concern for AEGON in regards to the products and services which is a major strength for its overall performance
  • With its high quality office buildings, advanced modern equipment and well trained staff which ensures the job is done to the utmost standard, which is a large strength AEGON
  • AEGON's has a strong reputation which the consumer / people view it with value and believe in their products & services

A weakness for any company or business is required to be better for better performance which is under their control. Weaknesses can also place behind the challengers, when a company or company ceases to meet their objectives

Following can be an put together and main weaknesses of AEGON

  • Limited customer base is recognized as a major weakness for AEGON which means they may have fewerless visitors to sell their products in the market
  • The poor market position for AEGON is a restriction to their overall success, as they'll be considered behind their rivals.
  • A serious weakness for AEGON means that their products are of low quality, and then people select for better-quality substitutes.
  • Reputation is vital, as soon as its broken for AEGON's it'll be a major weakness where consumers will not trust the company anymore and can not acquire their products
  • By not reducing costs the same way as their competition this means AEGON is outlaying more because of their profits, retaining higher costs than their competitors will be looked at as a significant weakness
  • If AEGON's Research & development R&D work is low and insignificant, which is a major weakness in insurance as it is continually creating new products
  • Lack of inexperienced staff will be a major downfall for AEGON as it could lead to mistakes and negligence which could tarnish the image of AEGON in the long run
  • Unstable with stock market are a weakness for AEGON as they need to keep up with demand
  • Online occurrence is vital for success these days, and insufficient is a restriction for AEGON
  • Overpricing is one of the reason why and setting higher prices for AEGON products/services could make them uncompetitive, which is a major weakness.
  • The insufficient business alliances is a significant weakness for AEGON, as they'll struggle to get deals, favors and partnerships.
  • AEGON is within a poor financial position rendering it weaker than its rivals.
  • AEGON's lack of innovation restricts its success, as there is absolutely no forward thinking.
  • Good companies need dedicated employees, but AEGON has a poor relationship with personnel which affects performance.
  • If AEGON will not function internationally, it has an impact on its success, when they don't reach consumers in international markets.
  • AEGON's underdeveloped syndication chain has a noticeable influence on performance as it impacts the distribution of these products/services.
  • Lack of original services & products is a significant flaw in AEGON's future success, as it shows a blinkered perspective.
  • AEGON's location is weakness for the firm, as it means they miss out on many opportunities.
  • AEGON's lack of patents/proprietary technology places it behind its competitors and is regarded as as one with their weaknesses.
  • The weak brand compromises success for AEGON as it doesn't inspire visitors to buy their products/services

Compare alternative forms of organizational development

Abstract: Using the impact of change which affects the business in both ways internally and externally this is inspired how people behave and also how they communicate with the other person and when the organization becomes more focused on the client. With such emphasis of making clear information for the client in order to understand the company of earning business easier, to embed such values and manners, AEGON established a fresh marriage with Shirley Robertson, the famous yachtswoman and the one British female athlete to have won gold medals at consecutive Olympic Video games. By associating AEGON with a person who embodies similar beliefs, it could bring the principles and behaviors alive for their personnel, AEGON had to help expand develop their brand and its own reputation, which AEGON maintain in handful of ways for example

AEGON carried out external promotional campaigns in order to emphasize the partnership between Scottish Equitable and AEGON which helped to reinforce the neighborhood knowledge and the global ability of AEGON within the uk with such refreshing of the brand internally and externally resulted in strong positive feedback

AEGON also launched newer and progressive products for example the 5 forever annuity which helped to improve the way in which consumers look at their old age income support which gives with an increase of certainty degrees of income for the consumer, providing the levels of return as promised by AEGON to be in charge of any dangers associated with doing so

AEGON today with its brand image has a posture within the financial services industry which through the years has submitted record results with significant development in the underlying earnings, AEGON in addition has increased its business across a variety of their profitable products and services, reflecting its ongoing strengthAcronyms

Terms

The alternative forms of organizational development which AEGON had figure out is to fully integrate organizational composition where employees are best integrated while their service offerings are best coordinated cross-selling opportunities and best tracked and pursued, with the recent analyses of organizational development which suggests a growing concern with the tempo of change, routine of work or activity, such a change which is in contrast with constant change on such basis of implied metaphors of organizing

Develop systems for understanding and regarding others along the way of

change. Identify systems to require appropriate stakeholders in the launch of change

Abstract: In today's producing environment any product development is a intricate process which must be consider new demands from different stakeholders which can be analyzed how these needs can be fulfilled while posting appropriate stakeholder information is important, however it can only just be beneficial when the info is utilized effectively.

When an induction of change develops the information must be shared across stakeholders, such process depends up to a large extent on the individual common understanding for stakeholders involved in order to help balance the hobbies of different stakeholders and their related functions. With such an activity we need to identify the relevant stakeholders and their regards to the merchandise, normally such a requirements from different Stakeholders can be negotiated and balanced in order to develop a competitive product

In order to produce a well-balanced product hence, it is necessary to have a broader approach by firmly taking into consideration not only the end-users, but also all the other stakeholders throughout the product's life routine hence the stakeholders play matching to their interest they use such vitality and influence the product in the path they really want.

A stakeholder can be defined as an individual or an organization of people and a stakeholder could either be external or from the internal organizational stakeholders could also be addressed or considered such as Key or Secondary wherein main stakeholders are those stakeholders who have a primary stake in an organization and also to its success, secondary stakeholders are those people who have a special or public-interest stake in the organization.

Stakeholders interacts one another in different ways such as exchanging information, products, providing accommodating duties, instructions etc. Stakeholders may also be external or internal; AEGON possessed historically been successful however with the government-imposed price control buttons which had reduced profitability over its rivals, AEGON acquired developed good products and services and had a good reputation with distributors, particularly in the area of pensions that have been a key durability of AEGON

Culture refers to the personality and attitude of an organization. In addition, it includes the shared beliefs, ideals and habit of the employees. These determine the ways that the organization and its people make decisions and solve problems.

The goal of AEGON's CEO helped to provide a eyesight for change. Financial objectives were important as the path for future trends depended after these. It had been also important to generate more clearness about who AEGON was. With limited knowing of AEGON in the united kingdom, it was important to explain what it had to offer, how big the organization was within the UK and exactly how strong it was internationally.

At the heart and soul of this strategy was the necessity to:

  1. Simplify financial services and offer more customer focus. It had been important that consumers known more just what these were buying, as well as the benefits and services they received
  2. Develop the workforce. The target was to build up the abilities needed within the business to help it change. AEGON also created opportunities for development in one job to some other in a manner that provided individuals with a coherent job path.
  3. Create a more distinct presence within the marketplace. This engaged refreshing the AEGON brand in a way that managed to get more distinctive from its competitors and more appealing to customers.

Analyze and evaluate these systems

Abstract: To be able to analyze and evaluate such systems it is important to understand the environment where key issues which needs to be responded in order to improve decision-taking which reduces uncertainty. Lately few industries have observed such changes in their external environment especially in the financial services sector.

Saving for retirement life is an excellent concept that may also be difficult for people to understand. Within the United Kingdom life span has risen in recent years where people can be expected to retired in the long run, there are extensive examples where a person have not prepared properly for their pension and later in their life they could experience a shortfall in the money open to them, gleam drive by the federal government to reduce dependency on the state of hawaii in old age with such uncertainty looming over many companies have introduced less costly pension plans and has insisted on employee pension efforts which didn't exists before, with such factors folks have to make smart decisions to invest properly at an early on stage of these lives. Keeping in mind of the old age investing in the near future helps people to put together financial security towards their old age

Life insurance and pensions industry, in which AEGON operates, has already established an unhealthy reputation in recent years. Some organizations have been accused of 'mis-selling' by not providing consumers with the best product for his or her needs. To prevent similar situations arising in the foreseeable future, the Financial Services Expert (FSA) has put quite a lot of regulation on the industry

People do not always feel outfitted to select from the range of financial products and services as financial services products are often difficult to understand, almost all of them are not sure where to seek support and advice. Together with the recession falling principles on the Stock Exchange have affected the investment go back on some products, such as mortgage loan etc, which for some people means the product they bought hasn't shipped the financial returns as that they had expected.

The financial industry has also been characterized by strong competition where AEGON is not a exemption and in terms of competition with organizations which sell directly to consumers and that happen to be better known in the UK. AEGON distributes its products and services to customers mainly through financial advisers. AEGON being truly a reputed company acquired to address and defeat these industry-wide problems to stay competitive amongst their competitors

Adapt an appropriate model for change

Abstract: AEGON had a good historically record of being successful however with the government-imposed price controls which acquired reduced profitability comparing with their challengers, AEGON had not been popular by consumers. It had developed good products and services and had a good reputation with the distributors, especially in the region of pensions which were a key power of Scottish Equitable.

If consumers are to purchase a long term product, they need to learn about the organization they are working with. They need to understand the brand and understand more about the brand worth that it signifies. As AEGON traded under a number of brand names it had not been always possible for financial advisers and consumers to identify the breadth and depth of the business in the united kingdom, however, AEGON had to develop the brand and its own reputation by undertaking the following duties:

  • AEGON carried out external promotional promotions to be able to emphasize the partnership between Scottish Equitable and AEGON. This helped to reinforce the local knowledge and the global electricity of AEGON in the United Kingdom
  • Chief Executive Officer spoken to the press about the need for change. The refreshing of the brand internally and externally resulted in strong positive feedback.
  • AEGON has launched new and progressive products. For example, the 5 for Life annuity has helped to improve the way in which consumers can look at their retirement income. It provides more certainty about levels of income for the consumer, with AEGON providing the levels of return guaranteed and being accountable for any hazards associated with doing so.

Today the AEGON brand has a position that it is influencing the financial services industry. It offers posted record results with significant progress in underlying revenue. It has additionally increased its new business across a variety of profitable products and services, reflecting its continued strength.

Change is ongoing. The procedure of change is a quest. External factors will be there to influence business organizations.

AEGON responded well to such factors by simplifying, clarifying and conditioning its brand in the united kingdom. As organizations change, their patterns of behavior and business culture develop. As AEGON is concerned as an organization it must move favorably towards reaching its full probable and to stay competitive within an increasingly difficult market

How was the plan put in place, its process and outcomes

Abstract: AEGON underwent a finding phase using its new LEADER (CEO) in place. The main purpose of this technique was to determine what it got to do to meet up with the CEO's goal. This goal was to build 'the best long-term personal savings and safety business in the UK'. The discovery focused on three main key questions such as

  1. What do we stand for in the UK?

AEGON possesses life and pensions, asset management and advice businesses. AEGON name to be known for aiding their customers build better financial futures and therefore they are positively elevating their brand profile in the united kingdom.

  1. What do we want to stand for in the UK?

AEGON taken care of immediately these factors by simplifying, clarifying and conditioning its brand in the UK

  1. What should we be doing about it?

This has helped AEGON as an organization to move positively towards achieving its full potential and to continue to be competitive within an increasingly difficult market

Describe the purpose of the eight behaviors

Abstract: The main reason for eight behaviours for AEGON is to build up a behavior platform to support its brand beliefs, it was designed keeping in mind to affect how people at all levels within the business can work and make their decisions. Such behaviour would emphasize the beliefs of the business which AEGON have helped to construct its culture and to be influenced its performance

Following are the eight behaviours:

  • Decisive action
  • Work together
  • Learn and grow
  • Relate and communicate
  • Think customer
  • Embrace change
  • Encourage excellence
  • Act with integrity

Evaluate the role of any audit within and outside a business. To what level can an activity of audit form the foundation for a company strategy?

Brand audit

To answer these questions AEGON undertook a brandname audit. This audit viewed two aspects:

  • the company internally
  • how the company was positioned externally.

The purpose of the audit was to find out more info about the organisation. This helped AEGON to give a more informed method of the decisions which were needed to start out the procedure of change.

The audit confirmed that AEGON was solidly put within the marketplace. Its staff were known for his or her considerable expertise, innovation and clearness of communication.

The external audit also helped to find where AEGON was positioned in regards to its competitors. Individuals who were alert to AEGON noticed it as being a refreshing and different organisation. However, there is evidence that people were baffled about the breadth of what AEGON do because it bought and sold under a number of different company brands

  • More than 7,000 students prefer us to work on their projects
  • 90% of customers trust us with more than 5 assignments
Special
price
£5
/page
submit a project

Latest posts

Read more informative topics on our blog
Shiseido Company Limited Is A Japanese Makeup Company Marketing Essay
Marketing Strength: Among the main talents of Shiseido is its high quality products. To be able to satisfy customers, the company invested a great deal...
Fail To Plan You Plan To Fail Management Essay
Management This report will concentrate on two aspects of project management, their importance within the overall project management process. The report...
Role of High-protein Diet in Weight Management
Nursing Structured Representation: Probably one of the most wide-spread and popular problems on earth is the weight problems that people is suffering...
Waste To Prosperity Program Environmental Sciences Essay
Environmental Sciences Urban and rural regions of India produce very much garbage daily and hurting by various kinds of pollutions which are increasing...
Water POLLUTING OF THE ENVIRONMENT | Analysis
Environmental Studies Pollution Introduction Many people across the world can remember having walked on the street and seen smoke cigars in the air or...
Soft System Methodology
Information Technology Andrzej Werner Soft System Methodology can be described as a 7-step process aimed to help provide a solution to true to life...
Strategic and Coherent methods to Recruiting management
Business Traditionally HRM has been regarded as the tactical and coherent method of the management of the organizations most appreciated assets - the...
Religious Healthcare Organisation
Health Religious Health Care Introduction I help the firm of consulting. Spiritual HEALTHCARE of Middleville community have appointed us to identify and...
Enterprise Rent AN AUTOMOBILE Case Analysis Business Essay
Commerce With a massive network of over 6,000 local rental locations and 850,000 automobiles, Organization Rent-A-Car is the greatest rental car company...
Check the price
for your project
we accept
Money back
guarantee
100% quality