Competitors

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.

Strength:

• 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 participated in supporting the lower-income families where they launched a free insurance scheme in the case of the main caretaker passed on or becoming permanently disabled, they would receive a payout of $5,000.

- NTUC income has also constantly supported the youth, especially the disadvantaged youth. They launch a Montfort Challenge which is to give a chance to the disadvantaged youth to develop their talents that may necessarily be academic.

-NTUC Income also sponsored Dr Mok, who is a gold medalist to realize his dream of representing Singapore at the Olympics. As NTUC income strives to help the youth and Dr Mok had been sponsored by NTUC income to represent Singapore in the Olympics.

• Unique Product

- NTUC Income is the only insurance company which covers the insurance of patients with autism and down syndrome where it was first launched on 14 August 2013. This shows the strength of NTUC Income as it has a scheme where no other insurance company dare to launch.

• Notable Reputation

- NTUC Income has a notable reputation as it is known as the top insurance company for general insurance in Singapore, where it was established in 1970 with the aim of meeting the needs of the working population. 

Retrieved from: http://www3.asiainsurancereview.com/News/View-NewsLetter-Article?id=34616&Type=eDaily

Weaknesses:

• Unworthy Policy

- Although NTUC Income provides a lot of different schemes to cater to the needs of the different age group and type of business, there are schemes which are not as worthy as others such as paying more to get lesser payout without the customer knowing.

-Hence, sometimes customers would purchase a scheme which does not give the best benefit that they deserve.

• Unprofessional Staff

- Although NTUC Income is very well-known, there are bound to be staffs that are not being professional and not having the best interest of their customer. There is unprofessional staff who would be less committed than the professional staff and not thoroughly go through all the details with the customer.

- Customers who did not get all the essential information that they require would then be missing out in some benefits or really getting the plan that best caters to them, Thus the unprofessionalism is a weakness of NTUC Income


Opportunities:

• More Sponsorship

- Although NTUC Income has been involved in a few sponsorship and endorsement, however, these events are limited. if NTUC Income continues and sponsor more events relating to youth and for health-related events, it will not only boost their reputation more than just an insurance company but an insurance company who assures to protect the youth and those who are concern about their health. 

-  Sponsorship makes the company look better as when people who join the event would unknowingly remember the brand and associate them with a caring company and not one which is only concern with earning a profit. By doing this, it, in turn, helps to earn more profit for the company.

• Ageing Population 

- As Singapore is experiencing an ageing population, there would be more elderlies in Singapore. By having more elderlies, they/their children would plan and think ahead of them in the case of any accidents that may occur. Hence they would purchase more insurance scheme and the company would stand to profit. Hence there are more opportunities for NTUC Income as there is an ageing population who would, in turn, be more health-conscious and get an insurance plan for themselves.

Threat:

•  Scams and Cyber Crime

- As NTUC Income is a well-known company, hackers and scammers would take their chance and scam NTUC Income's customer, especially the elderlies by requesting them to pay more money to another account with the threatening of their insurance accounts being terminated.

- Although some may not get scammed, some elderlies would tend to believe the hackers and send them money which results in a scam and it would tarnish the reputation of the company. Thus one threat NTUC Income faces would be scams from an external party to their customers.

• Rise in Tax in the Future

- A threat to NTUC Income is that it is foreseen that in Singapore, the goods and service tax named GST would rise in the years between 2021 to 2025. Following the rise of GST in Singapore, Many Singaporeans would feel that they would have to spend lesser on both goods and services. With the rise of 2% in GST charges, from the current of 7% to 9%, it would bring a toll to the customers as they would think twice before purchasing a insurance scheme due to the increase in price. As taxes go up, generally the insurance scheme prices would also go up. Thus a rise in tax in the future would be a threat to NTUC Income in the future as prices goes up.