Strategic Marketing 310 - Strategic Marketing of Hsbc Insurance

Curtin University of Technology

Strategic Marketing 310

Group Assignment

SBU: Insurance

Unit Coordinator: Ronald Regan

Lecturer: Julie Chiu

Executive Summary

Hong Kong, acts as a leading insurance centre in Asia, the 2nd most developed insurance market after Japan, and has attracted many global top insurance companies. In 2009, Hong Kong’s total gross premiums fell 9.1% to HK$138.6 billion (US$17.9 billion). With the agreement with the World Trade Organization of China and Closer Economic Partnership Agreement (CEPA) between Hong Kong and China, China’s total gross premiums grew 11.7% in 2009 which the growth rate is the fastest growth in the world and provide the insurance companies in Hong Kong a chance to explore the market.

HSBC Insurance (Asia-Pacific) Holdings Limited is a wholly owned subsidiary of The Hongkong and Shanghai Banking Corporation Limited, which is owned by HSBC Holdings plc, the London-based holding company of the HSBC Group. It is the holding company for HSBC insurance manufacturing operations in Asia-Pacific.

After the situation analysis, the following opportunities are found.

Opportunities:

1) Extend the reach of the business to customers through a wider product range in order to increase the market share in Asia market.

2) Training programs of the new employees to provide customized services to maximize the customer satisfaction.

Therefore, Goals and Objectives are set:

Goals:

1. To maintain brand image associated with corporate social responsibilities.

2. To maintain the role as a market leader in Hong Kong.

3. To maintain continuous growth in Asia insurance market.

Objectives:

1. To increase 25% brand positive image in HK by the end of 2013.

2. To increase 20% market shares in self-insurance market in HK by the end of 2013.

3. To increase 20% of market shares in China insurance market by the end of 2013.

4. To increase 30% profit from Asia market by the end of 2013.

To achieve the