ARABIA Insurance, Inc. SWOT Research
Presented By:
Project Outline:
1. Research Guidelines & Purpose (Abstract)
2. Company Background Info
3. SWOT Analysis
4. IFE Matrix
5. EFE Matrix
6. Grand Strategy Matrix
7. SWOT Matrix
8. Alternative Strategies
9. QSPM
10. Strategy Implementation
Research Abstract
To create the IFE and EFE matrix, we first did a SWOT analysis of Arabia Insurance Company
after narrowing down our possibilities and selecting it. The SWOT Matrix and the Grand Strategy
Matrix were used in our second stage, and we will go over each one in detail in our research.
After assessing both of these tools, we picked two main approaches that can be used to help the
business achieve its objectives and mission statement; the strategies used are both relevant and
realistic.
On the basis of our suggested strategies, we used the Quantitative Strategic Planning Matrix
(QSPM) to identify the most appealing option, taking into account the value of each factor in
QSPM column 1. Finally, we’ve devised an action plan to steer the company through the
implementation of the chosen approach.
It’s worth highlighting that all of the grades and weights assigned in this study’s analysis have been
done in a very collaborative and analytical approach. All of the grades were debated, modified,
and agreed upon by the group’s members.
Company Background Information:
WHO ARE WE?
Arabia Insurance, which was founded in 1944 and now operates in nine Arab countries, credits its
success to 75 years of regional knowledge, regionally designed solutions, and a strong focus on a
customer centric approach to suit customers’ changing
demands. Arabia Insurance’s goals include providing
appropriate coverage, proper and timely claims handling,
product development, and the most up-to-date technical information. In addition, understanding
individual needs and keeping a personal relationship with consumers are at the heart of Arabia’s
success.
VISION
To be the foremost Arab insurer that is “customer-centric.”
MISSION
To create goods and services that are accessible, simple, effective, and client-friendly, and that
respond to our clients’ changing demands.
In other words, Arabia Insurance is a life insurance firm that helps people protect their assets,
families, possessions, and futures all across the world. The corporation has demonstrated its
dedication and credibility to its customers, shareholders, staff members, and, of course, the mission
statement and company’s purpose by safeguarding their families, helping their communities, and
advancing society as a whole. The company is changing and taking on new challenges that will
help it grow its competence in asset management, financial stability, and employee benefits.
SWOT Analysis
We will begin by tackling the company’s SWOT Analysis in order to determine the company’s
internal and external status in regards to their production cycle.
Strengths (S):
S1. A highly competent and knowledgeable workforce and staff team: Arabia Insurance employs
some of the best insurance and policy development professionals in the industry. Members of the
Lebanon office have earned doctorates and international diplomas in the fields of insurance and
actuarial sciences.
S2. Arabia is involved in CSR (Corporate Social Responsibility): Arabia is well-known for its
continued efforts to promote environmental and community health through corporate social
responsibility. The Arabia Foundation has been established by the insurance company. The latter
believes that financial security should be available to everyone. As a result, the Foundation brings
together financial resources, bold solutions, and significant donations to help people who are
disadvantaged, from individuals to the environment and communities, achieve financial well-
being. Arabia Foundation has also launched an employee volunteer program to encourage its
workers to participate in social responsibility initiatives. Arabia is also well-known for its support
for women in the workplace. In fact, the group promotes women in leadership, working women,
and mother workers, and it has received various prizes and accolades in this area.
S3. Arabia is a culturally diversified corporation that provides a wide range of products and values
a varied workforce. Arabia’s most important strategy is diversity.
The following are the goals for which the organization is striving:
– Obtain market dominance by providing the best goods and services in the world that are tailored
to and penetrate every target market the company desires to join.
– The corporation takes a market leader approach in order to explore new untapped markets and
retain existing ones.
– Extensive marketing in new markets to gain customers.
– Consumer research and study to better understand the demands of each group.
S4. Collective Decision Making: Arabia is becoming increasingly decentralized, with the company
attempting to solicit ideas and decisions from mid- and lower-level executives, as well as
suggestions from managers on how to better subordinates, rather than issuing all orders from the
top.
Arabia is a massive international corporation with over 10,000 employees and operations in over
9 countries. If top executives were to make decisions on their own, the result would be
unsatisfactory and unproductive. A decentralized architecture helps businesses to relieve some of
the strain from top management, prepares everyone engaged for emergencies, allows for more
productive decision-making, and, most importantly, allows them to expand globally.
S5. Staff training via online courses: Arabia Insurance employees will be required to take an
online course called “The Delivering on our Strategy,” which was designed in 2016. More than
7,000 employees had completed the training by 2017. It’s intended to assist people improve their
communication, technology, problem-solving, and a variety of other abilities while working
toward the company’s goals.
Weaknesses (W):
W1. Arabia’s R&D investment is lower than that of the industry’s fastest-growing companies.
Arabia has been unable to compete in terms of innovation with the industry’s best competitors,
while spending more on research and development than the industry average. It has established
itself as a well-established corporation eager to introduce products to the market with proven
qualities.
W2. Arabia is not adjusting to new product demands, and as a result, new chances may be missed.
