John Keells Holdings PLC

Union Assurance PLC Nations Trust Bank PLC

Business Strategies of Union Assurance PLC

Efforts to build competitive advantage
Differentiated products. Ex: Home, Motor, life, Investment, Travel insurance. Customer convenience in general insurance activities. Ex: Motor Reload from super markets, Claim payments from Commercial banks. Transparency in life insurance. Ex: Try lingual 24 hours call center Service to specific groups. Ex: Union Sisumaga- Children's education Union Challenger- Retired employees above 55 years Cargo insurance For shippers

Business Strategies of Union Assurance PLC

Proactive moves to out compete rivals.
Union Assurance Health deposits. Introducing reload concept to the motor insurance market for the 1st time in Sri Lanka. Introduction of pre-underwritten policies. Collect telephone numbers from life customers.

Business Strategies of Union Assurance PLC

Reactive moves to changing conditions.
Move to the new brand positioning. Provide video conferencing facilities with network of branches.

Scope of geographic coverage.

Entering to new geographical markets. Ex: Opening new branches in North and East.

Collaborative partnerships and strategic alliances with others.

Partnership with 12 banks.

Partnership with Keells chain of supermarkets.

Functional Strategies of Union Assurance PLC

Human Resources strategies.
Detailed interviews with the staff and field sale force. Train and motivate employees to be skillful and responsible. Rewarding carriers to enhance the skill of the competencies of the employees. Treat the field sales team with respect. Commencing a talent management initiative.

Bringing the training & development activities into a single unit.

Provide laptop computers & mobile printers to the sales staff.

Functional Strategies of Union Assurance PLC

Research & Development strategies.
Conducted Detailed research covering all customers. Conducted a motor claims satisfaction survey.

Sales, marketing and promotion strategies.

Promotion activities to create awareness. Ex: Police check points, Talents programmes Pasalen Karaliyata

Effectiveness of Current Strategies

Moved to a new brand positioning based on trustworthy insure.

Creates several initiatives to manage general insurance expenses.

The overall claims ratio increased from 72.5% to 74.6%.

96% of motor insurance customers are satisfying with the motor insurance innovations.
Communicate with life customers in a cost effective manner. Reported the highest profit of Rs401 million including life & general insurance revenues which increased by 19%.

SWOT Analysis of Union Assurance PLC

Strengths
Strong brand image. New brand positioning. Wide geographical coverage. Better product quality. Won CNCI achiever award for the 1st time in insurance sector in Sri Lanka.

Weakness
Lack of advertising on differentiated services. Lack of skilled staff in distribution and technical functions.

SWOT Analysis of Union Assurance PLC

Opportunities
Growth potential in North and East. Increasing ageing population in Sri Lanka.

Threats
Threats of new entrants.

Not sufficient long term asset, liability matching instruments comparing to competitors.

New Strategies to Union Assurance PLC

Giving more facilities for the customers rather than competitors. Implement new training and development programmes. Ex: Outbound training programmes, Counseling programmes Strong advertising campaign for differentiated products. Emphasize the new brand position Trustworthy using their long history.

Introduce new products specifically for target market segments. Ex: New insurance schemes for ageing population.

Vision & Mission

Current Vision
To be the most sought after provider of insurance solutions.

Newer Vision
To be the trustworthy insurer in insurance sector.

Current Mission
To provide protection, financial security and create wealth for our customers, adding value to employees , field staff, business partners, shareholders and the community.

Newer Mission
To provide convenient service to our customers, be transparent in our business dealing and increasing value to all stake holders.

Business Strategies of Nations Trust Bank Efforts to build competitive advantage

Differentiated service. Ex: Personal banking, Corporate banking, SME banking Different and better product offering. Ex: Bank at your door step service. 365 day banking with extended banking hours. Banking centers at Keells Super outlets. Sole issuer & acquirer of American Express Credit Card. Serve to niche markets. Ex: Private banking Highly personalized service.

Business Strategies of Nations Trust Bank Proactive moves to out compete rivals.
Better e-commerce capabilities. Ex: Nation Trust Banks network is linked online. 24 hour account access- Through Nations global cash card .

Reactive moves to changing conditions.

Tele banking service SMS banking Internet banking & Free phone banking Expanding ATM network

Business Strategies of Nations Trust Bank

Scope of geographic coverage.
Expand branch network to Southern & Uva provinces. Opening of Vavnia branch.

Collaborative partnerships and strategic alliances with others.

Collaborative partnership with Union Assurance. Locating personal banking centers at Keells Super outlets.

Functional Strategies of Nations Trust Bank

Human Resources strategies.
Lifestyle inventory consultations for senior management team. Similar consultant programmes for middle management. All management staff from the CEO down wards are rated according to the balance scorecard method.

Sales, marketing, and promotional strategies.

Corporate branding campaign with Kumar Sangakkara.

Functional Strategies of Nations Trust Bank

R&D, Technology strategies.
Online payments to American Express Credit Card holders.

Use SMS banking facility.

Go green with E- statement.

Effectiveness of Current Strategies

Ability to satisfy the different needs of customers.

Uplifts customer convenience.

13% growth in the customer base and 43% growth in deposits mobilize. Maintain strong reputation with customers. Increased the overall profit by 34% comparing to previous year.

SWOT Analysis of Nations Trust Bank

Strengths
Good customer service capabilities. Use new technology for the services.

Strong advertising and promotion.

Strong financial condition. NTB related with Union Assurance as value added financial service.

SWOT Analysis of Nations Trust Bank

Weakness
Loosing market share because of the short history. No wide branch network when comparing with other banks. No wide ATM network. Less no of 40 ATMs

Opportunities
Growth potential in north & east. Economic growth in the 4th quarter of 2009 in Sri Lanka.

Threats
With financial crisis of Seylan bank, people tend to invest, save in public banks.

New Strategies to Nations Trust Bank

Expand the branch network island wide.

Collaboration with Union Assurance to have disaster recovery management system to protect of its business.
Following a broad differentiation under children, female & youth in order to attract more customers. Implement superior customer service.

Vision & Mission Current Vision

Making life simple by being the benchmark of convenience.

Newer Vision
Enhancing the customer satisfaction with unique banking services.

Current Mission
Be innovative in continuously developing customer centric solutions. Unleash the talent of team to be the best in the industry consistently grow market share & be the most profitable & respected Sri Lankan bank by 2015.

Newer Mission
To gain favorable financial strong, better market position by building up deep customer relationship and convenience of the customer

Thank You