FORMULATING BUSINESS STRATEGY USING EFE, IFE, IE, TOWS, AND QSPM FOR PT REASURANSI NUSANTARA MAKMUR

• Main Author: Fuadi, Faizul
• Format: Final Project
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/85626
• Institution: Institut Teknologi Bandung

This research aims to evaluate the internal and external conditions of PT Reasuransi Nusantara Makmur, focusing on identifying the most appropriate business strategy to enhance customer acquisition and overall performance. PT Reasuransi Nusantara Makmur has faced significant challenges in customer acquisition, achieving only 17 out of a targeted 60 companies in 2024. This shortfall indicates weaknesses in the current marketing strategies and an inadequate alignment of the company’s internal capabilities with external market opportunities. The research utilized a qualitative and quantitative approach to gather data through in-depth interviews with key stakeholders and desk research. Additionally, the research highlights the need for a proactive strategy formulation that aligns with the company’s internal resources and the competitive landscape. SWOT analysis, IFE, EFE, and IE matrices were utilized to assess the internal and external conditions of PT Reasuransi Nusantara Makmur. The SWOT analysis identified the company’s strong capital base, extensive business networks within the Sinar Mas Group, and competent employees as key strengths. However, weaknesses such as inadequate technology integration, lack of innovative products, and an ineffective marketing strategy were also uncovered. The external analysis revealed opportunities in the growing number of insurance companies in Indonesia and increasing insurance literacy, while also noting the threats posed by market hardening and increasing competition. The research also employed the Quantitative Strategic Planning Matrix (QSPM) to prioritize the strategic alternatives generated from the SWOT analysis. This tool allowed for an objective assessment of the best strategies based on the internal and external factors identified. The analysis suggests that by refining and extending the marketing strategy to encompass both local and international markets, PT Reasuransi Nusantara Makmur can better align its internal strengths with external opportunities. Moreover, the company should focus on developing a more comprehensive and diversified marketing strategy, investing in technology, and fostering innovation. In conclusion, the research provides a strategic framework for PT Reasuransi Nusantara Makmur to enhance its market position by addressing the identified weaknesses and capitalizing on its strengths. The recommended strategy focuses on refine and extend the marketing strategy to encompass local and international markets. By adopting this strategy, the company can improve customer acquisition, increase market share, and ensure long-term sustainability in a competitive industry.