Sun Life Swot Analysis
TABLE OF CONTENTS
Executive Summary ………….. ii
1.0 Introduction ………….. 1 1.1 History of Sun Life ………….. 1
2.0 SWOT Analysis ………….. 2
3.0 PESTLE Analysis ………...... 4
4.0 Marketing Mix 7 P’s ………….. 7
5.0 Culture ………….. 11
6.0 Consumer Behaviour ………….. 12
7.0 Entry Mode ………….. 13
8.0 E-business (Internet & Digital Marketing) ………….. 14
9.0 Other Issued ………...... 16
10.0 Recommendation ………….. 19
References
EXECUTIVE SUMMARY
This report has been written in the context of International Marketing of a company venturing into a foreign market. I have chosen Sun Life Financial Inc (Canada) as the company and Malaysia as the host country. Sun Life Inc ventured into Malaysia in 2013
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With over 100 years’ experience in the insurance industry, Sun Life has all the necessary knowledge on insurance coverage and understands the needs and wants of people. Prior to penetrating the Malaysian market, Sun Life had already explored into neighbouring countries like Indonesia and Singapore. The similarities in culture and lifestyle of these countries made it easy for Sun Life to understand and tap the Malaysian market.
2. The strong financial standing of Sun Life Financial Inc. enabled them to invest appropriately into the Malaysian market. It was reported that Sun Life Financial Inc and Khaznah Nasional Bhd acquired 98% of CIMB Aviva Assurance Bhd and CIMB Aviva Takaful Bhd for a value of RM1.8 billion.
3. Sun Life has a strong brand reputation worldwide and its accolades include the Global 100 Most Sustainable Corporations in the World and Most Trusted Brand in Life Insurance in Canada.
4. The previous owners, CIMB Aviva Assurance Bhd and CIMB Aviva Takaful Bhd was already a household name in the insurance industry in Malaysia, and therefore Sun Life did not face much hurdles introducing their products into the Malaysian
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Sun Life’s Takaful (Islamic insurance) license enabled them to carry out Takaful business in a pre-dominantly Islamic country. WEAKNESSES
1. Although the Sun Life name is well-known globally, it was relatively new to the Malaysian market when it first made its entry in 2013.
2. Due to tight regulations of Bank Negara Malaysia, Sun Life had to take-over all existing businesses / portfolio from CIMB Aviva upon acquisition. This included non-performing businesses and portfolios that were non-profitable.
3. Compared to other Insurance companies, Sun Life’s agency force is small and this limits its penetration into the individual (policyholder) market. Sun Life depends more on other distribution channel such as brokers, bancassurance and corporate business.
4. Generally, there exist marketing barriers in the insurance sector because the cost of advertising / promotion is eventually passed on to the end-user (consumer) in the form of increased premiums, which could affect sales adversely.
5. As Sun Life’s headquarters is in Canada, management of staff can be a problem due to distance and differences in
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