The paper "The Daman Insurance Company" is a great example of a Marketing Case Study. Daman is among the well-recognized health insurance companies in UAE with the Abu-Dhabi governing owning 80% of it and the remaining 20% being owned by Munich Re from Germany. This firm was started in the year 2005. The report has undertaken to discuss the situational analysis of Daman Insurance in the UAE. Daman Insurance offers a wide range of health policy plans which address the various health needs of the different groups of people in the UAE.
The primary reason for selecting Daman Insurance for analysis is its ability to have the financial muscle to strive through the changing economic times and their marketing strategies that have made them among the most successful insurance firms in the region. The report will, therefore, seek to undertake a marketing audit and situational analysis of Daman Insurance through assessment of various aspects of their business environment, target market, competition analysis, brand positioning, value proposition, and the organizational performance. Environmental Analysis PESTEL Analysis Political Factors (0.1) The Daman Insurance Company is categorized as a joint-stock public firm where the government of Abu Dhabi possesses 80% of it, and Munich Re, which is Germany-based possesses the remaining 20% (Gillespie, 2007).
This significant ownership of Daman by the government follows the fact that health insurance has been made compulsory in that country which then means that there is a significant political intervention in the company (Gillespie, 2007). Since the Abu Dhabi government owns a large share of Daman, they can drive for the implementation of employer-sponsored plans especially because a large population in Abu Dhabi is expatriates and is working class.
Since the Abu Dhabi government is firmly on the side of Daman in UAE, the political factor has been ranked at +3. Economic Factors 0.1 The consumer income plays a significant role in the determination of the economic factors that impact Daman Company. As the consumers earn more income, it will lead to enhanced disposable income levels where individuals will tend to spend more so ensure that their health is secured through taking up the various insurance claims (Gillespie, 2007). Daman could choose to shift towards the adoption of a consumer-oriented mindset.
This will enable the firm to offer different options for the consumers in both the private and public exchanges and in turn attract more clients. Given that most people in UAE are expatriates and are working, there is a tendency of economic security which will be favorable for Daman hence a rank of +2.5. Social Factors 0.1 The social environment, in this case, will primarily focus on the societal values of the individuals in the UAE. Most of the people in the UAE are working which means that they have a significantly elevated social value on life and health security (Gillespie, 2007).
Daman could provide a wide variety of insurance claims and tap into specific health needs of different individuals across all ages to ensure that all the health requirements of all individuals are included in the range of insurance plans. The society and its values are constantly subject to change especially if the firm does not work to suit these set societal values which present a risk for Daman and consequently a rank of -2.
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