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Wawanesa Mutual Insurance Company is an insurance concern, based in Canada. The entity offers a wide range of life and non-life insurance products and packages to individuals and corporations. It operates through two of its wholly owned subsidiaries, namely, Wawanesa General Insurance Company and The Wawanesa Life Insurance Company.
Wawanesa Life Insurance Company provides group insurance policies, individual life insurance products, investment products, and annuities. However, Wawanesa General Insurance Company provides residential and automobile insurance policies. Wawanesa dispenses its products vide independent insurance brokers as well as company agents. It has a total of nine branch offices across Canada and the United States. While, Wawanesa has its headquarter at Winnipeg, Manitoba, Canada.
Wawanesa is a strong, innovative insurance company that our customers and brokers have a great relationship with because they value who we are and what we offer. The feeling’s mutual. (Wawanesa, 2018)
“Earning your trust since 1896“… As a policyholder-owned mutual insurance company, we will continue to earn trust by providing quality products and services at the lowest price which supports long-term growth and financial stability. (Wawanesa, 2018)
The vision and mission statements of the entity are depicting the espoused values of the organization i.e. being trustworthy, value to money, innovative, and quality focused. These values are likely to cast a deep shadow upon the sub-conscious of the reader. However, we believe that the company should also have added a humanitarian perspective to the vision and mission statements as well to make them sound more caring and concerned.
Mission statement assessment is still not good enough. This was thenote that I provided in my feedback. This still needs to be corrected.
“The assessment that you provided does not contain suitable depth or analysis. How do you know if it is a good vision statement? Vision statements should represent want an organization wants for the future and your team did not contemplate this. With regards to the mission statement, your team should have considered the what, how, who and why. It also could have considered the points from the video. Is it short, simple, operative and say what it will do and what it will not do. This feedback regarding how to properly assess a mission statement was provided to all three team members for the case study #2. Further, I specifically mentioned in class that all students should review the feedback from the case studies in order to ensure that this assignment was being done properly.”
Threat of new entrants: Low – You must use each of the criteria for this factor. Refer to the textbook or the Unit 2 notes to ensure that you are including all the criteria is for this factor.
There are already successful companies like Hub International, Blue Cross, and more in the market in Insurance Industry which are doing their business at a good level. We feel the threat of new entrants entering this market is low, as the market is in a stable position. Moreover, this industry requires a strong network, a good customer base, and a relationship. The levels of risk is pretty high for a new entrant. To enter in insurance business one need huge funds to meet initial claims if anything bad happens at the begging of business, this is the reason behind the low threat of new entrant.
Bargaining power of buyers: Low to Medium
As a Broker: (bargaining power is medium) Insurance companies do not go directly in the market to sell their insurance. Brokers work as intermediaries between the final consumer and company. In Canada, many other companies are selling insurance. We can also say that Wawanesa Insurance is not a monopoly. Brokers are selling insurances of other companies too. So, they have bargaining power with companies. Brokers can bargain up to some extent but not too much because these companies do not go beyond some limit.
As a Final consumer: (bargaining power is low) Final consumers are the people who use products or services. Here in this case final consumers are owners of property such as houses and vehicles. Consumers visit brokers for purchasing insurance. These brokers sell insurance of many companies, but they focus more on those from which they earn more profit. There are not too many options for the consumers and the price of all insurances is almost the same. So, they have to buy it on the price fixed by the broker. People are also buying insurance online and the price of insurance is fixed here also.
Bargaining power of suppliers: Low
As companies have to offer lower prices to the customers, they are not able to offer higher percentage to their shareholders (people investing money in the company). Hence, the shareholders cannot bargain much. Shareholders get dividend and the amount of dividend is more if the company earn high profit and if the company earn low profit then amount of dividend is low. The amount of dividend can be zero if company face loses for a year.
Threat of Substitutes: Low
The threat of substitutes is low in the insurance industry as there is no substitute for the insurance industry till the date. Innovation and evolution of services is not the substitute but improvement in service offerings.
Rivalry among competitors: High- You must use each of the criteria for this factor. Refer to the textbook or the Unit 2 notes to see what all the criteria is for this factor.
As companies try to offer deals and group benefits on extended health policies the chances of rivalry among competitors increases. There are so many insurance companies in the market, and everyone wants to get more profit by selling their insurance more and more. Companies with low costs, operating efficiency, and superior service will be more competitive. We need the innovation of tactics and infrastructure to win over customers and maintain profit under stringent legislation.
The Insurance industry in Canada has seen a decline over the past five years to 2020 due to the COVID-19 (coronavirus) pandemic. Industry operatives accept liability for life insurance policies, accidental death and dismemberment, and disability income insurance policies, while investing the premiums received from clientele into a variety of financial instruments.
The industry has largely suffered from the adverse economic effects caused due to the coronavirus pandemic, for instance an increase in the morbidity, and lower interest rates. Consequently, industry revenue is expected to decline by annualized proportion 1.6% to $76.7 billion over the span of five years to 2020, with a sharp decline of 6.8% in the year 2020 alone, as a consequence of the coronavirus pandemic.
Provided below is the list and stats of competitors of Wawanesa Insurance on the basis of their annual premiums (Policy Advisor, 2020).
|Name of Company||Founded||Headquarters||Annual Premiums||Total Assets|
|Primerica||1977||Duluth, GA||$311 M||$3.7 B|
|Assurant||1902||Toronto, ON||$279.7 M||$2 B|
|Knights of Columbus||1882||New Haven, CT||$210.6 M||$3.9 B|
|Humania||1874||Saint-Hyacinthe, QC||$158.3 M||$0.6 B|
Operations: – More factors needed for this category
Finance and Accounting: -what about net income?
The key competitive advantage of the company is based on two factors:
Intense Competition for Market Share: Every customer of the company who buys a policy from Wawanesa also owns a part of the business. There are more than 113000 Wawanesa policies in force with company assets in excess of $1.6 billion and as the customer base expands the company takes advantage of the economies of scale offered by large number. Wawanesa Mutual Life Insurance Company was converted into a wholly owned stock subsidiary of mutual insurance company which streamlined their operations and create better mutual support.
Volatile Interest Rates: The company remained loyal to its customers even in the times of economic downturn and also took the opportunity to consolidate its position. Profits are reinvested in the company to provide security and stability for the policyholder. As a secure and stable company, Wawanesa has built a reputation of putting the policyholder above else. (Wawanesa, 2019)
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