Marketing Strategy For Alexander Forbes

2663 Words11 Pages
Executive Summary Alexander Forbes is a leading provider of financial and risk services internationally. We provide an outstanding level of service to our customers internationally in the fields of risk management, insurance broking, employee benefit consulting and administration, actuarial services, asset management consulting, multi-management investment services as well as alternative risk finance and underwriting solutions. East London Branch comprises Risk Services, Health Care, Employee Benefits and Personal Insurances. Despite Alexander Forbes being the largest independent Broker in South Africa, it seems to lag behind some of the local brokers in East London and surrounding areas. This could also be associated with a wrong perception in the minds of some prospective clients as they perceive it an auditing firm. The Risk Services Division is divided into Commercial Solutions, which caters for the Small Medium and Macro Enterprises and Risk Products, the empowerment leg of the business, serving the Black Economic Empowerment initiatives. The business has experienced a decline in market share for the years 2007 and 2008. This partly due to difficult trading conditions resulting from the economic downturn. Also, the business has lacked a cohesive marketing plan, which resulted in staff members losing focus on the target markets, namely small businesses and Parastatals. Due to the division having three individuals responsible for the new business, a slight shift in focus is soon becomes evident. One of the marketers has recently resigned to start his own insurance broking firm. About 80% of the clients he serviced were taxi owners and they have moved their book of business to him, the 20% balance is Municipal business for he has no capacity to service. This will have little impact on the business as taxi business is not our target
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