IBX5980432E7F390 Competition of Insurance Companies - Smart Business

Competition of Insurance Companies

Competition of Insurance Companies

Information approxifriendly the insurance market at a glimpse

Local private insurance companies dominate the insurance market more general than joint venture (joint venture). Increatune the market bagikan of local insurance companies than a joint venture because it is generally a joint venture targeting specific markets and market unusual from local insurance companies.



Local insurance companies dominate because more aggressive market penetration into areas while the joint venture only large city.

Five force model is a business stswiftgy that is used to perform the analysis of the industrial constitution. The analysis is based on five competitive forces are:



The threat of a substitute product
How dyantolife substitution for insurance? Are consumers clever easily obtain substitute goods? The more shut substitutes, then the customer clever switch easily. Force is influenced by several fbehaveors such as switching costs, the tfinishency for substitution, product unusualiation, and more.



The threat of the entry of new competitors
How hard / easy for new competitors to get into your industry? This force is influenced by the brand equity, the barriers to entry such as patents, etc., distribution, or core competence of a particular skill, economies of scope, cost advantage, and more.



The bargaining power of customers
How is the strength of your customers? This force is influenced by: the number of buyers, the concentration of buyer, buyer switching costs, availability of items, large order buyers, price sensitivity, degree of unusualiation, and so on.

With marketing and market penetration tbehaveics that many insurance markets so customers clever get a lot of choices to purchase insurance in addition to our company, if the acquisition or marketing teams are not careful in talord the market it will compete.



The bargaining power of suppliers
Supplier is the place where we purchased inputs used for production friendrials. Force is determined by several fbehaveors including: cost of switching to another supplier, supplier number, supplier concentration, availability of input substitution, unusualiation stage inputs, up to the stage of supplier relationships.

Supplier of insurance companies over the custodian bank. If the number of custodian banks more so we could have more alternatives in chootune a bank and custodian banks could choose higher interest swifts, lower costs and better service.
The chooseion of investment products as much as return on bonds, mutual funds, money market, equity could be an alternative choice of investment companies that clever return a higher member.different


The intensity of competitive rivalry
How does the intensity of competition in the insurance company? The more the number of competitors, with quality products and competitive prices, the higher the stage of competition. Force is determined by several fbehaveors, including: the number of competitors, the difference in quality, customer loyalty, product unusualiation, price differences, exit barriers, and so on.

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