NTUC Income

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Background: One of the founding leaders of NTUC, Mr Devan Nair articulaated the need for the Labour Movement to turn into a social instituion to serve Singaporean workers in various ways. Then Fiance Minsiter Dr Goh Keng Swee supported this call and urged NTUC to set up social enterprises in areas such as life insurance and essential consumer goods to meet the needs of the working population. NTUC Income (Income) was made different from the start. Founded in 1970 to provide affordable insurance for workers in Singapore, our mission has always been to maximise value for customers above profits for shareholders. Income serves over two million customers. It is the top composite insurer in Singapore and one of the largest general insurers and health insurance providers. Income is also the largest motor insurer in Singapore, covering about one in four vehicles in Singapore It currently has seven branches and five lite branches across Singapore. Industry:   Ntuc Inc...

Customer: NTUC Income has many different customers due to the vast amount of insurance schemes it provides, hence NTUC Income has many different customers from the age of an infant all the way to retirees/elderlies. NTUC income serves up over 2 million customers up to date. NTUC Income aims to ensure all its customer is building a future they like and being protected. The customer range from students to elderlies. They also provide insurance scheme for the special group of people such as those with autism and down syndrome so as to help the families of those. Target Market: The primary target that NTUC Income is targeting would be from the age of 21-40 where they would be more financially stabled and can start planning for their future. From the age of 21-40, the customers would usually start to be more health-conscious and start preparing for a better future and thus would start opting for different plans which would benefit them in the future. Hence, the primary targe...

Competitors: Competitors of NTUC Income would include... Prudential Insurance Retrieved from: https://www.prudential.com.sg/en/ Great Eastern Life Insurance Retrieved from: https://www.greateasternlife.com/sg/en/index.html AIA Insurance Retrieved from: https://www.aia.com.sg/en/index.html SWOT Analysis: SWOT analysis is a useful technique to understand the Strength and Weaknesses, and for identifying the Opportunities open up to the Organisations and the Threats it faces so as to work on the organisation. S trength : Diversity of Schemes - NTUC income provides a wide range of scheme for its customer such as the Life Insurance, Health Insurance, Travel Insurance and also Specialized care Insurance which is the first in Singapore. - Having many schemes allow the customer to pick and choose the one which caters and is the most suitable plan for them. Sponsorship and endorsement  - NTUC Income has actively par...

Sponsorship Involvement: NTUC Income Kite Festival  NTUC Income has been actively participating in sponsorship around Singapore, from organising different events and endorsing some athletes. An example of a sponsorship that NTUC Income is involved in is NTUC Income Kite Festival.  NTUC Income kite festival started out in 2009 and lasted all the way till 2014. The kite festival aims to bring people from all walks of life together to discover the art of kite making and kite flying. By Sponsoring this event, NTUC Income is being perceived as an organisation who not only care about making a profit but also the interests of the people, where NTUC Income motto is to protect and support the youth.  NTUC Income Senior Vice president & Head, Sales & Marketing Division, Lynette Ang explained why NTUC Income chose to sponsor the Singapore Kite Festival annually, which is because  "NTUC Income chose to sponsor the Singapore Kite Festival annually beca...

Sponsorship Recommendations: NTUC Income can sponsor more sports events as being in the sports industry would definitely incur in more accidents, which NTUC Income can help to cover. By having Sponsorship from NTUC Income, as per Dr Mok, he mentioned that being an athlete, getting sponsored by an insurance company knowing that their well-being and interest are being protected are very important to them where they can freely practice and play their sports. By sponsoring the sports events, it helps to create awareness where more athletes get to know about it. By getting awareness, they would be able to sell more protection and personal accident insurance. NTUC Income can also sponsor more community events such as those organised by community centres, such as eco-run around the park. As community centres usually organise events for families, if NTUC Income sponsors the event the community centres organise, the families would indirectly get to know more about NTUC Income. NTUC In...