529 Understanding and Leading Change ASSIGNMENT 1

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 1 FRONT SHEET

Unit number and title Unit 17: Understanding and Leading change

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Table Content

1.Introduction 3

2.SWOT Analysis 3

2.1.Prudential Insurance with Bao Viet Insuarance 4,5 3.Pestle Analysis 5

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

6 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

1 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 do 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

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Good grasp of customer psychology

Focusing on governance for each product (savings insurance, protection, investment, retirement) Professional consulting staff and offices all over the country

Has strong financial potential

(Foreign investment) Invest heavily in infrastructure and improve service quality (Many headquarters and subsidiaries in Vietnam)

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•

•

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Not well grasping customer psychology

Not focusing in depth on the products brought to

Vietnamese people

Most of the staff are aging and have not brought good service quality to Vietnamese people Infrastructure is not high

Weakness •

•

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

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Investing heavily in technology software for management in the whole system

Thoroughly solve problems when they arise

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The development of the financial market has facilitated the

introduction of insurance products

to link investment

The safe investment trend of the insurance market exploded

Information technology development

• The financial market is still limited because it has not received much outside investment

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•

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Joining the WTO, many insurers entered the Vietnamese market

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

•

• There is no inflation

Clear financial markets

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

3 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

(Advantages + ) (Disadvantages -) Political Factors +The political stability and the value in

the country's economy of the insuarance industry

-The level of corruption-especially the level of regulation of industry

-The Service's trade regulations & taxes

+Partners in exchange are favoured

Same information Prudential Insuarance

+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 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

Prudential

Social Factors + There are many advantages for Life

Insurance to develop

+ About population Vietnam is

a populous country in the world + By the end of 2005, Vietnam's population reached more than 83

Same information Insuarance

Prudential

million people, of which workers and children are the majority

- However, the number of new life insurance participants is about 5 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,

the State exercised monopoly on 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

Same information Insuarance

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

susceptible to disease

-Climate pollution globally

-The influence of Covid 19 has a strong

-Climate change is the biggest impact to people (storms, floods, earthquakes, etc)

Same information Insuarance

Prudential

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 1 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 :

Polices and process :

Task skills :

• Listen

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

5 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