Transcript
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I N S U R A N C E & P E N S I O N C O M PA N Y
AEGON GROUP, U.K.
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FACTS
Industry : Insurance & financial services
Founded : 1831 as Scottish Equitable.
Headquarters : Edinburgh, Scotland.
Area served : 20 countries.
Revenue: 30,000 million (ended 2012)
Services :
PROTECTION
INVESTMENTS
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FACTS
Employees: 27000
Customers: 40 million.
Part of AEGON Group, a multinational life insurance, pensions
and asset management company, Netherlands
Till 1994, its major markets were in the USA and Netherlands.
Since 1994, the UK has become another major and increasingly
important market and hence, in 1994 AEGON bought a large
stake in Scottish Equitable.
Scottish Equitable was a strong brand with a heritage that went
back to the 1830s and was famous among customers.
AEGON has also acquired many other businesses in UK.
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FACTS
As most of the acquired companies kept their existing identities, awareness
of AEGON in the UK remained relatively low.
The other AEGON businesses in UK included-
i. Kames Capital .
ii. Positive Solutions.
iii. Origen.
iv. Stonebridge International Insurance Ltd.
v. AEGON Global Pensions.
AEGON realised that such low levels of awareness could impact on itsability to achieve its ambitions.
Therefore, it needed to combine the global strength of its parent with the
experience and reputation of the domestic company brands, like Scottish
Equitable, that made up AEGON in the UK.
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FACTS
Due to better medical facilities, UKs lifestyle and life expectancy
were changing.
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PROBLEM 1
Inability to choose the correct
required financial solutions
Thinking ahead and saving forretirement is a concept that is
most of the times difficult for
people to understand and people
do not always feel equipped tochoose between the range of
financial products and services
and are not sure where to seek
support and advice.
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PROBLEM 2
Increased life expectancyof UK people
It has risen in recent yearsso people can expect to be
retired for longer.
There is also a drive by
the UK government toreduce dependency on the
State in old age.
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PROBLEM 3
Mis-selling financial
products.
AEGON, UK have been
accused of 'mis-selling'
by not providing
consumers with the bestproduct for their needs.
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PROBLEM 4
Falling Stock Exchangevalues.
The falling values on theStock Exchange have
affected the investmentreturn on some products,
such as mortgageendowments and the
government-imposed pricecontrols had reduced
profitability.
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PROBLEM 5
Competition
AEGON is in competition
with organisations whichsell directly to consumers
and which are better knownin the UK. AEGON
distributes its products andservices to customers
mainly through financialadvisers.
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PROBLEM 6
Many trading names
As AEGON traded under a number
of brand names it was not always
easy for financial advisers and
consumers to recognise the breadth
and depth of the company in the
UK.
AEGON, as a reputable company,
has had to address and overcome
these industry-wide problems to
remain competitive.
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SOLUTION 1
To solve the confusion among customers, about the existence of
AEGON in UK and its services, as it traded under a number of
different company brands, BRANDSTRATEGYis suggested.
The brand strategy helped to reposition the brand within theindustry.
All the brands now carry a new common look which is refreshing
and different.
BRAND STRATEGY
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SOLUTION 2
External promotional
campaigns will help toreinforce the local knowledge
and the global power of
AEGON in the UK.
A partnership with BritishTennis to help increase
awareness of the AEGON
brand with the target consumers
in the UK
PROMOTIONAL STRATEGY
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SOLUTION 3
Need for the change in strategy of operations
This means building a responsive organisation to the needful change and
competition
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SOLUTION 4
MANAGEMENT
DEVELOPMENT PROGRAMME
To simplify financial services and provide
more customer focus.
Think customer- ensuring that the customer's
needs are at the heart of business, informing
actions, decisions and behaviours'.
Other managers and professionals are
encouraged to 'innovate with your customers inmind'.
This will prevent from miscalculation in
selling financial services.
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SOLUTION 5
Skilled and trained sales staffTo develop the workforce which can relate and communicate adequately with the
customers, explaining them the accurate financial advice.
The objective will help to develop the skills needed within the business to help it
change.
The emphasis is on making information clearer for the customer to understand
and the company easier to do business with.
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CONCLUSION
Change is continuous. The process of change is a journey.
External factors will always be there to influence business organisations.
AEGON responded to these factors by simplifying, clarifying and strengthening its brand
in the UK.
As organisations change, their patterns of behaviour and business culture develop.
For AEGON, this is a cycle in which the business uses its knowledge to learn from its
experiences.
This has helped AEGON as an organisation to move positively towards achieving its full
potential and to remain competitive in an increasingly difficult market.
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Thank You!!
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