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PROJECT SYNOPSIS

ON

Agency business model of


Insurance companies
“Competitive strategies”

BY

Aiyappa Biddanda
Project proposed
Agency business model of different insurance companies
of Ethiopia- competitive strategies.

Different agencies of different insurance companies are


having some strategies to survive in the market. Their
strategies may be in the form of:

• How they target their customers.

• How they make their advisors active.

• How they make their operational and sales department


effective.

• How they promote their employees.

• How they handle the conflict in agency.

Objective of the project

Main objective of the project is to find out the strategies of


different insurance agencies and evaluate them. Project is
about to penetrate the competitors of Awash Insurance
Company. Conclusion of this project can give an idea of
strategies of different companies which may be helpful to
the company. Now days all the insurance companies in
Ethiopia are trying to establish themselves in the
competitive market. They are introducing innovative
marketing strategies to survive in the market. Many other
private companies are looking to enter in the Ethiopian
insurance market, so it is very essential to a company to
innovate their marketing strategies in terms of

• Recruiting their advisors

• To make their advisors active

• Well educated and capable employee in the agency

• Marketing of their products

• Deployment of their products

• Targeting the right and potential customers

• Differentiating from other companies

• Future plan of the company

This study consists of to find out the marketing strategies


of different insurance companies which are the
competitors of Awash Insurance Company. This research
requires the interview of branch managers of different
insurance companies and find out their branches are
working in terms of above mentioned factors.

Methodology

Research is totally based on primary data. Secondary data


can be used only for the reference. Research has been
done by primary data collection, and primary data has
been collected by meeting with the branch and agency
manager of different insurance agencies and branches in
Addis Ababa. Data collection has been done through by
giving structured questioner. Research has been done
after 27 branch managers or agency manager. This study
will be based on judgment sampling and this research is
skewed to organization level. This is an exploratory type
of research. And this research needs further study also
Research is a kind of pilot study.

Sampling

Sample size has been taken by judgment sampling.


Judgment sampling is a process in which the selection of a
unit, from the population is based on the pre judgment.
This research requires the survey of different insurance
agencies in Addis Ababa city. So research concentrates on
the branch or agency manager of different insurance
companies. So the selection of unit for this research has
been judged by the researcher. Sample size for this
research is 27.

Limitations

• Time limitation

• Research has been done only in Addis Ababa.

• Companies did not disclose their secrets data and


strategies.
• Possibility of Error in data collection.

• Possibility of Error in analysis of data due to small

sample size.