In this exercise will solve the problem that the requirements of this article raise. Analyze the SWOT and PESTLE model between two company, Prudential Insurance, and its rival, Bao Viet Insurance. After that will model to analyze the company and on the roles of HR Manager and Sales Director will have to do to change that.
ASSIGNMENT FRONT SHEET Qualification BTEC Level 5HND Diploma in Business Unit number and title Unit 17: Understanding and Leading change Submission date 15 October, 2020 Date Received 1st submission Re-submission Date Date Received 2nd submission Student Name Student ID Class GBS0802 Assessor name AigerimZ Student declaration I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism I understand that making a false declaration is a form of malpractice Student’s signature Grading grid P1 P2 P3 M2 M2 D1 r Summative Feedback: Resubmission Feedback: Grade: Assessor Signature: Internal Verifier’s Comments: Signature & Date: r Date: Table Content 1.Introduction .3 2.SWOT Analysis 2.1.Prudential Insurance with Bao Viet Insuarance 4,5 3.Pestle Analysis 3.1 Compare Pestle between Prudential Insuarance and Bao Viet Insuarance 6,7,8,9,10 4.Bruk-Litwin model .10 4.1 Model of Prudential Insurance 11,12,13 5.HR Manager 14 5.1 HR Manager in Prudential Insuarance 14 Sales Director 14 6.1 Sales Director of Prudential Insurance 14 7.Conclusion 15 8.References 15,16 Topic : Competitors of Prudential are rapidly increasing their market shares and hiring more professionally trained staff Introduction : In this exercise will solve the problem that the requirements of this article raise Analyze the SWOT and PESTLE model between two company, Prudential Insurance, and its rival, Bao Viet Insurance After that will model to analyze the company and on the roles of HR Manager and Sales Director will have to to change that 2 SWOT Analysis SWOT (strengths, weaknesses, opportunities, and threats) analysis is a framework used to evaluate a company's competitive position and to develop strategic planning SWOT analysis assesses internal and external factors, as well as current and future potential 2.1 Prudential Insurance with Bao Viet Insuarance Prudentials Insuarance Strength • Good grasp of customer psychology • Focusing on governance for each product (savings insurance, • • • Not well grasping customer psychology • Not focusing in depth on the protection, investment, retirement) products brought to Professional consulting staff and Vietnamese people offices all over the country • Bao Viet Insuarance • Most of the staff are aging and Has strong financial potential have not brought good service (Foreign investment) quality to Vietnamese people Invest heavily in infrastructure and improve service quality (Many headquarters and subsidiaries in Vietnam) • Infrastructure is not high • Weakness • Opportunity • IT proficiency and skills have not kept up with the times and machines are out of date There are many cases of impersonating an insurance agent but the company has not completely resolved • The development of the financial • The financial market is still limited because it has not received much outside investment Investing heavily in technology software for management in the whole • system Thoroughly solve problems when they arise market has facilitated the introduction of insurance products to link investment • Threat • The safe investment trend of the insurance market exploded Information technology development • Joining the WTO, many insurers • There is no inflation entered the Vietnamese market • Clear financial markets • Domestic competitors such as BaoViet, PVI, are growing stronger Inflationary (money supply surplus • and product deficit) The financial market is not clear • (The financial data reported annually to the state are not specific) Conclusion : In summary, Prudentials Insurance has many strengths in finance as well as quality of customer service That is also a limitation of Bao Viet Insurance because the financial source is mostly from state capital In addition, the management from Prudentials is very strict in terms of personnel and product quality reaching customers Prudentials' software technology accounts for a larger share compared to Bao Viet insurance in the past Also because external economic resources poured into Prudentials insurance, while Bao Viet insurance was born a long time ago, in terms of economy or quality, Prudentials will surely be better Thereby, we can also see that Prudential's behavior changes based on the impact of the economy, the change of the environment, quickly and clearly, than Bao Viet Insurance Pestle Analysis A PESTEL analysis or PESTLE analysis (formerly known as PEST analysis) is a framework or tool used to analyse and monitor the macro-environmental factors that may have a profound impact on an organisation’s performance This tool is especially useful when starting a new business or entering a foreign market It is often used in collaboration with other analytical business tools such as the SWOT analysis and Porter’s Five Forces to give a clear understanding of a situation and related internal and external factors PESTEL is an acronym that stand for Political, Economic, Social, Technological, Environmental and Legal factors (businesstoyou,2016) 3.1 Compare Pestle between Prudential Insuarance and Bao Viet Insuarance PESTLE Analysis Political Factors Prudential Insuarance +The political stability and the value in Bao Viet Insuarance (Advantages + ) (Disadvantages -) Same information Prudential the country's economy of the insuarance Insuarance industry -The level of corruption-especially the level of regulation of industry -The Service's trade regulations & taxes +Partners in exchange are favoured +Employees' compulsory compensation -The policies of Vietnam have a significant effect on business growth Economic Factors + Vietnam's economy has grown strongly and continuously throughout Insuarance Same information Prudential the past years, with GDP growth in 2004 of 7.75% and over 8% in 2005, per capita income has always been improved in recent years + Inflation was maintained at a low level of below 10%, the living standard of the population was constantly improved + People have started to accumulate money and feel secure to use this money to invest again in the economy in which life insurance is one of the capital investment channels chosen by the people These are very important factors and are the basis for the development of life insurance in this period as well as the years to come Social Factors + There are many advantages for Life Same information Insurance to develop Insuarance + About population Vietnam is a populous country in the world + By the end of 2005, Vietnam's population reached more than 83 Prudential million people, of which workers and children are the majority - However, the number of new life insurance participants is about million, the proportion of the population participating in life insurance is only about 7%, while the average rate in countries is 20-25%, compared to Countries in the region and around the world are very few This is the premise that life insurance is still very potential in Vietnam This proves that the Vietnamese market is full of potentials for insurance companies to develop Technological Factors + The application of information technology has allowed insurance businesses to computerize their service processes, reduce the cumbersome structure of insurance companies, diversify distribution channels and service forms, enhance customer service with high-tech ancillary services + In addition, the rapid development of information technology creates a new consumer habit for customers + Customers increasingly need to find out information through modern communication means such as Internet, Same information Insuarance Prudential telephone, email are provided with general financial services such as insurance - investment - payment Therefore, this is an opportunity for insurance companies to thoroughly apply the achievements of science and technology, to meet the increasingly high and diverse needs of customers in terms of competition and integration Legal Factors - During the period from 1965 to 1993, Same information the State exercised monopoly on Insuarance insurance business with only one insurance enterprise, Bao Viet, both conducting insurance business and performing the home management function country on insurance + Currently, the State and the Government have paid more attention to encouraging the development of Vietnam's insurance industry The Government of Vietnam is committed to a fair and coherent insurance business environment with reforms to the legal system + The National Assembly passed the Law on Insurance Business on December 9, 2000 at the 8th session of the Xth National Assembly, creating an important legal basis for the healthy and Prudential sustainable development of the Vietnamese insurance market consistent with the trend of international integration + The system of legal documents on insurance business has been relatively complete according to international standards The Ministry of Finance supervises insurance enterprises in business activities, from recruitment and agency training to a system of business monitoring indicators Environmental Factors -Weather is erratic, so human health is Same information susceptible to disease Insuarance Prudential -Climate pollution globally -The influence of Covid 19 has a strong impact on the source of insurance -Climate change is the biggest impact to people (storms, floods, earthquakes, etc) Conclusion : In short, the insurance industry in the Vietnamese market is on the rise, with political factors affecting the insurance market, levels of corruption, bureaucracy, tax and trade regulations cooperation, compensation and other policies affecting business Economic factors have strong economic growth and GDP increases every year, inflation falls sharply, people begin to accumulate and learn about insurance products Social factors have many advantages, the population is large, the young population accounts for the majority (40%), but the insured is not large Technology has allowed businesses to minimize processes and improve customer service with high technology The legal factor, the state has the function of managing insurance products, pays attention to and encourages the development of insurance, the legal system is relatively complete Environmental factors such as the effects of climate fluctuations, especially in covid 19 both translate and seriously affect the insurance system The above factors determine the existence of the electronic insurance system which may or may not exist The influence of the dissimilar factors on the behavior of the buyer and the seller on insurance services will bring benefits to both the buyer and the seller when the two parties cooperate with each other 4 Bruk-Litwin model 4.1 Model of Prudential Insurance External Enviroment Vision and mission : Vision: The number choice in life insurance for all Vietnamese families Mission: Provide safe and effective insurance to all people Prudential's Commitment: Prudential focuses on placing customers at the center of the business and emphasizes simplicity, creativity and human connection in all customer-oriented activities Leadership : Mr Phuong Tien Minh is General Director of Prudential Vietnam BHNT Company Limited Mr Phuong Tien Minh is the General Director of Prudential Vietnam and a member of the Board of Directors of Prudential Vietnam Mr Minh is responsible for promoting Prudential Vietnam's strategy, continuing to grow strongly nationwide and providing people with appropriate insurance and investment solutions, continuing his commitment to “Act for a healthy and prosperous Vietnam ” Mr Minh used to hold leadership positions such as Deputy General Director of Sales and Deputy General Director of Marketing in the period of 2016 - 2018 In these positions, Mr Minh has successfully developed new marketing channels, leading leading the transformation and digitization of the Agency channel, at the same time exploiting the growing segment of urban customers Organization Culture : Create a professional working environment for all employees The company's logo is the goddess Prudence, which represents four elements: prudence, fairness, integrity and standard character Considering bonus, increasing salary, increasing organization, organizing annual teambuilding for employees with good performance Always towards positive benefits for all employees when participating in Prudentials Structure : Prudential Insuarance's organizational structure begins with the President / CEO at the top The President manages the support center for the restaurant, which includes: human resources, marketing , finance, and properties The President also oversees field functions, including the director of management, operations managers, region managers, general manager and deputy manager of the restaurant, duty managers , team leaders, and members of the team Work unit climate : • • Good place at work Management profesional • • Work place culture is good Employees share knowledge with co-worker Polices and process : • Prioritize putting customers first • • Focus on what customers want from their corporate insurance Quality of service in accordance with the standards of professional environment • To thoroughly handle problems that arise unintended and from customers Task skills : • Communication skills • Listen • Creation • • Confidence - Dynamic Set goals • Working group • Leadership • Time management In the model of Prudential insurance there is no information about individual needs and value, motivation, system, individual and organizations result so there will be no updates to the above model Conclusion : In short, Prudential's organizational model of insurance is very effective to easily and practically apply the goals Focus on vision and mission to stay on top of progress as you progress Management skills are also essential in the development of the company, it is an important bridge and knot in any goal Organizational culture contributes to promoting a positive image to employees or even outside the organization improving many team skills and other skills The company's organizational structure is full of departments such as IT department, HR department, Sales department,etc The skills and duties of employees in the company are very specific in accordance with their positions and limitations Through the Burke-Litwin model of the Prudetials insurance company we can see that the company focuses on structure, because whether a company is sustainable or not is based on human factors affecting the organization, the change of structure can affect the individual's behavior in the organization, easily affected, leading to an impact on productivity at work The change of technology in the organization also affects the behavior of individuals, new technological factors entering the market have a strong impact, contribute to change and accelerate the workflow of alternative ways old work long ago and outdated Social behavior helps managers easily recognize the change and promptly devise appropriate strategies and apply them to employees to promptly adapt and develop a comprehensive personal capacity Task skills also have an impact on organizational behavior, it transforms individuals based on what it offers including boosting the skill elements needed to function effectively, each individual being affected The effects of that word have a strong impact on the organization HR Manager Managers in human resources prepare, guide, and organize an organization's administrative functions They oversee the training, recruiting, and hiring of new hires; collaborate on strategic planning with top executives; and act as a liaison between the administration of an company and its employees 5.1 HR Manager in Prudential Insuarance HR manager in Prudential Insurance, the first thing would change is to change vision and mission The vision and mission here is change to more diversify customer segments and serve the whole benefit of customers as well as services or benefits when participating in insurance Second, replace task and skills, in addition to the above skills, let staff hone in a few more diverse soft skills and foreign language courses to serve a variety of customers Third change that is the working environment to become more professional and greener with the current environmental situation Stimulate employees to work overtime and find their own clients Finally, change that is the way employees work to become more motivated to motivate the company to grow and consider the right salary increase and bonus for individuals and organizations with good performance Sales Director Sales director is responsible for making sales reports, giving out plans to achieve sales targets and estimating sales profits for products 6.1 Sales Director of Prudential Insurance Change the company's strategies : for building and implementing strategic plans to achieve sales goals Change the personnel system : train and promote the sales force to increase sales daily, monthly, and quarterly Change organizational culture: become a more professional and dynamic environment for all employees, organize more extracurricular activities and talk show or seminars to connect and disseminate public activities Change agent practices: there are incentives for interns to work at the company, salary and bonus according to the employees' skills and achievements Change tasks and skills: each period needs to be hone is to retrain employees' effective working skills, and encourage them to learn from outside with skills necessary for the job Supporting product salespeople towards more customer segments Conclusion : In short, through the Swot and Pestle accumulation shows the characteristics of each company with advantages and disadvantages From there, we can also see how the unique characteristics in creating the organization's structure affect other factors The advantages show the strengths of the organization and how to develop it further, the weaknesses are pointed out to overcome and change to suit a very strict market like Vietnam Change has a very strong influence on individual behavior in the organization The real elements have to be closely linked together to form a strong growth network In the situation of Covid 19, but with the experience and active activities of the organization, the impact on the insurance economy is still in a stable state Thereby we can see that leading and changing are very important to the long-term development of the organization References : SWOT & PESTLE.com 2020 Prudential SWOT & PESTLE Analysis | SWOT & PESTLE [online] Available at: [Accessed 14 October 2020] lazento.com, L., 2020 Phân Tích Mơi Trường Kinh Doanh Bảo Hiểm Của Việt Nam Tập Đồn Bảo Việt Bằng Mơ Hình SWOT Để Đưa Ra Phương Hướng Chiến Lược Kinh Doanh A [online] Khotrithucso.com Available at: [Accessed 14 October 2020] Baoviet.com.vn 2020 Bảo Việt - Hoạt Động Bảo Việt [online] Available [Accessed 16 October 2020] at: Baoviet.com.vn 2020 Bảo Việt - Hoạt Động Bảo Việt [online] Available at: [Accessed 16 October 2020] Baoviet.com.vn 2020 Bảo Việt - Hoạt Động Bảo Việt [online] Available [Accessed 16 October 2020] at: Prudential Việt Nam 2020 Prudential Việt Nam Site [online] Available at: [Accessed 16 October 2020] Prudential Việt Nam 2020 Prudential Việt Nam Site [online] Available at: [Accessed 16 October 2020] ... .10 4 .1 Model of Prudential Insurance 11 ,12 ,13 5.HR Manager 14 5 .1 HR Manager in Prudential Insuarance 14 Sales Director 14 6 .1 Sales Director... 14 6 .1 Sales Director of Prudential Insurance 14 7.Conclusion 15 8.References 15 ,16 Topic : Competitors of Prudential are rapidly increasing their... signature Grading grid P1 P2 P3 M2 M2 D1 r Summative Feedback: Resubmission Feedback: Grade: Assessor Signature: Internal Verifier’s Comments: Signature & Date: r Date: Table Content 1. Introduction