Sun Life of Canada (Phils.), Inc

• Main Author: Lacza, Anne Valerie J.
• Format: text
• Language: English
• Published: Animo Repository 2006
• Online Access: https://animorepository.dlsu.edu.ph/etd_masteral/4547
• Institution: De La Salle University

Sun Life of Canada (Phils.), Inc. or SLOCPI, for short, is a pioneer provider of financial security in the Philippines. Its operations began in 1895 and for over 100 years now, is still remains competitive. It offers a wide range of life insurance products, such as individual life, group life and variable life insurance. Its greatest strength lies in the companys reputation and image of stability. This is supported by its long history of providing financial security to Filipinos. Continuous planning and overseeing of implementing the plans of the management committee will keep the company earning profits and thus, sustain the companys competitive advantage. SLOCPI is a financial intermediary that functions in the economy as part of the financial services industry. As a financial intermediary, it helps to channel funds through the economy, while it provides security to individuals in the form of a life insurance. Life insurance is an investment of savings on the part of the Buyer. It provides a tax-free return thru the benefit proceeds, dividends, and interests on the investments. More so, depending on the insurance package the buyer chooses, a loan option is available. With the current economic situation the country is in, Filipinos are having difficulties in sustaining their lifestyles. Moreover the passing of the extended value added tax law causes prices of the Filipino families. These are threats to the industry where the business flows through the savings or investments by the people. However, as the economic situation is not improving in the country, more and more Filipinos are going abroad to work. This increasing number of OFWs is an opportunity for the company. This is a growing market to tap. In addition, technological changes happen at a fast mode. Electronic commerce has been the trend and some financial intermediaries, like the banks, have already taken steps into this. Electronic business of life insurance is a far-fetched idea to many, but with the way technology changes lifestyles of the buying public, who knows investments in life insurance can be made in just a click of a finger. The company maintains its current generic strategy of focus differentiation. It has strong capabilities in providing security to its target market, Class AB and Upper C. In addition, the highly professional and highly motivated agents are one of the companys strengths. They are the ones who give life to our life insurance business. With the present situation of expanding the target market segments being served and the future trends in the country, it is proposed to expand the width of the companys product line. By developing a product that meets the specific needs of the Upper C Class, sales and market share will increase. This is the proposed strategys intention. By understanding the target market, products will be designed and developed to address their needs so that products will be attractive to buyers. In addition, another proposed strategy is developing electronic business for the company to be able to directly sell life insurance products to buyers. More and more people are getting hooked on the internet. This is an opportunity for the company to vertically integrate which the company can further study and explore. The changes that have to be done in connection with the implementation of these proposed strategies are further discussed in the 7-S and 8-SIT, which are parts of this paper. The two proposed strategies are intended to meet the objectives in terms of increase in sales and increase in market share. Sun Life of Canada (Phils.), Inc. has always been in the top 3 or top 2 among insurance companies. It is thus, the vision of the company to be number 1.