Case Study of Principles and Practices of Management
1. 0 About Allianz Malaysia Bhd. The Allianz Group is a group with a long history and a strong tradition. Founded in 1890 in Germany, the Group provides a comprehensive range of services to approximately 75 million customers worldwide through an international network of subsidiaries. The Group operates in about 70 countries and is supported by a team of nearly 153,000 employees worldwide Allianz officially ventured into Malaysia in 2001 when it became the controlling shareholder of Allianz General Insurance Malaysia Berhad (“AGIM”) in 2001.
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In 2007, the general insurance business of AGIM was transferred to its wholly-owned subsidiary, AGIC. Following the completion of the transfer of general insurance business, AGIM changed its name to AMB and became an investment holding company. AMB is an investment holding company and is the holding company for both life and general insurance entities in Malaysia mainly Allianz Life Insurance Malaysia Berhad (“ALIM”) for life insurance arm, Allianz General Insurance Company (Malaysia) Berhad (“AGIC”) and Bright Mission Berhad (formerly known as Commerce Assurance Berhad) (“BMB”) both for general insurance arm.
AGIC is one of the top two general insurance players in the country, offering a broad spectrum of services in personal lines, small to medium enterprise business and large industrial risks. It is supported by a strong network of branches and agents located throughout Malaysia. AGIC offers a comprehensive and innovative range of general insurance products for both corporate and individuals. ALIM, on the other hand, has consistently outgrown the market and is now one of the country’s fastest growing life insurance companies.
In 2008, ALIM had total gross written premiums (GWP) of RM692 million and total assets of RM1. 97 billion. ALIM offers a comprehensive range of life insurance products tailored to suit corporate and individual needs. On 28 August 2007, AMB completed the acquisition of a 100 percent equity interest in BMB. This landmark event was the second major direct foreign investment that Allianz has made in Malaysia, which underlines the commitment of Allianz to Malaysia and the Asia Pacific Region.
Allianz Malaysia aims to distinguish itself as the most trusted provider of financial services to suit the lifetime needs of Malaysians. We are a team of skilled and committed people, leveraging on Allianz global expertise and aims to provide innovative exceptional solutions and services to our customers wherever they are with a sustainable ethical business model for all stakeholders. 2. 0 Company Profiles * Vision To be the most reliable partner, always delivering in moments of truth * Mission Insurance solutions from A-Z * Customer Focus
Allianz will create superior customer experience through innovative solutions that continuously exceed customers’ expectations * Integrity Allianz delivers promises whilst maintaining highest ethical standards, integrity and honesty in all aspects of our business * High Performance Culture Allianz encourages, recognizes and rewards exceptional performance * Open Communication Allianz practises and promotes clear, open and transparent communication * Social Responsibility Allianz cares and is committed to building the community through socially responsible initiatives . 0 Allianz’s Products Allianz Malaysia Bhd main product is Life Insurance and Investment Solution. Combining local understanding with global outlook, they create integrated and innovative insurance solutions to fit their customers’ needs. Regardless of whether customer’s need general or life insurance solutions, they will definitely have one that will suit the customer’s need. 4. 0 The models related to the organization. 4. 1 SWOT Strength * Globally well known organization. * The stability of the organization which we can see from their worldwide branches. The quality of a good work done by the organization to satisfy their customers. Weakness * Lack of promotion in electronic media such as television or radio. Opportunity * The number of people who are ready to insure their life is increasing day by day. * Developing market since peoples are being educate about their body and health. Threats * The competition by other organizations who will be offering the same products but different price rate. 4. 2 BCG Matrix Star ( high market growth, high market share) Cash cows ( low market growth, high market share)
Question mark ( high market growth, low market share) Dog ( low market share, low market share) 4. 3 Porter’s 5 Forces 1. The threat of the entry of new competitors. | * Newcomers cannot be a threat to the organization since they are a well know organization globally and in this sector, they are few other companies which are almost like Allianz. They are dominating the market. | 2. The threat of substitute products or services. | * Substitutes products are well managed by their management. | 3. The bargaining power of customers (buyers). * Customer may not bargain for the rate that they are charging for life insurance and investment solution but they are may be bargaining for the service of the organization. | 4. The bargaining power of suppliers| * No suppliers involved in life insurance and investment solution. | 5. The intensity of competitive rivalry. | * They are all almost at the same level of dominating the market. | 5. 0 Case Study by ETS (employee survey) “Allianz, a major insurer in the UK, uses 360-degree feedback to support its leadership development programme.
Trevor Smith, Training and Development Manager at Allianz, has brought about measurable behavioural change through these programmes. He advocates investing time in face-to-face contact with leaders to get results. ” 360-degree feedback is an integral feature of helping UK leaders at Allianz to understand themselves better. Today, it’s directed at a leadership population of over 400 managers who are based mainly in the UK but also in an offshore location in India. All managers at Allianz are introduced to the 360 process through leadership workshops.
On completion of the survey, a second workshop encourages them to share the outcomes in discussion with peers, which helps them to interpret the feedback and agree development actions. Working with ETS, Allianz has created a solution that enables them to release 360 reports to co-incide with the workshops, which had previously been an administrative challenge. Allianz is also able to monitor feedback and to run reports on groups of managers’ scores over time. Trevor describes ETS as fulfilling two roles: * IT infrastructure: able to draw off reports and summary data. * ETS gave us best practice advice around handling 360 surveys.
The initiative is demonstrably successful. Through the 360 and other surveys such as staff attitude, Trevor is able to describe a good picture of the perceived strengths and weakness of the management population by division. The ETS tool means that he has been able to compare perception levels from the first two years that the 360 was implemented with the two most recent years. He reports a clear improvement in perceptions in all four competency clusters (setting direction, drive improvements, mobilise people and make decisions), which is affirmed by the results of the most recent staff survey.
From a subjective point of view, the management population is much more appreciated by people around them. Talking about why ETS was chosen for the project, Trevor said: ‘The key thing that sold me all the way through was the focus on customer service. ETS is one of the most customer-focused organisations that I’ve come across. That’s why the relationship has continued to this day. Even four years down the route, I still get the same instant response that I did in the early days. ’ What next for the programme?
Trevor describes leadership as a continual journey. All managers complete a 360 survey every 2 years. This is an integral element of our leadership development programme to identify strengths and development needs and align to a broad range of development opportunities to continually enhance capabilities. ” 5. 1 Summary of Case Study (our point of view) As the survey being done by ETS, we can see that Allianz has done some effort to know about their employee to improve their management and human resource skills.
According to the survey also, we will find out that they were able to find their strengths and weaknesses as we learnt SWOT ( strength, weakness, opportunity and threats). 6. 0 Organization Nowadays. Few years ago, everybody who is joining a company or just started their career they will be asked to attend employee induction like. They have to spend like few days to attend the induction with the intention that they will know their company background. However, as the technologies are rising up, everything can be done through the internet or online.
For example, online employee training. Online employee training is an interactive way for employees to learn. More economical in both time and money than conventional training, this form of training has become more and more popular as Internet technology has improved and Web access has become near ubiquitous. Falling under the umbrella of E-learning, online employee training is also known web-based training. Web-based training has several advantages. Online training allows employees to learn at their own pace and at a time that’s convenient for them.
In other words, they are good for self-directed training and refresher training. And, no matter which shift an employee works, training is always available anywhere there is an Internet connection, which makes these programs effective for training across multiple locations. Because all the trainees will use the same program, training materials are standardized. The materials are also easy to update. Online employee training also makes tracking results easier. In other words, an employer is better able to see who has completed training and review their scores.