An analysis of the strategic direction and process of business transformation at Munich Reinsurance Company of Africa : a case study

Abstract :

The purpose of this research study is to analyse the strategic direction and process of transformation within context of the environment at Munich Reinsurance Company of Africa. The Munich reinsurance current business philosophy is under threat as a result of a change in the global reinsurance industry rules therefore a review and possible change in the business philosophy is required. Continuous changes in the economic conditions within the global reinsurance industry had a significant influence on the business outlook of Munich Reinsurance of Africa. Political changes within African countries continuously also present opportunities and threats to the organisation. Munich Reinsurance therefore needs to continuously review and align its corporate philosophy with the macro environment, reinsurance industry and internal environment, through the development and maintenance of appropriate strategies. The strategies at various levels in the organisation should therefore be consistent and corporate, business and operational strategies must be aligned. A quantitative paradigm was utilised in conducting this research project. The qualitative paradigm was mainly used to understand and explore the current actions and future actions required by Munich Reinsurance to transform the organisation by further aligning the business objectives and transformation initiatives, in order to gain competitive advantage. The primary data sources which consists of management records, research reports and other company documentation were relied on in order to obtain information about the opportunities threats, strengths and weaknesses of the Munich Reinsurance external and internal environment including the financial, marketing, human resources and operations value chain activities. The research determined that growth in market share and revenue streams on a sustainable basis could only be achieved if the company adopts a robust market strategy supported by other key activities. The key activities within the Munich Reinsurance value chain therefore have to facilitate delivery, based on the business philosophy of the company, within the context of the internal and external environment. Creation of an internal environment for efficient and effective human resources utilisation, is key to success of Munich Reinsurance, without this valuable intellectual capital may be drained and the quality of service delivery to customers may be negatively impacted. Clear strategies to sustain economic value added with the appropriate actions and business activities based on the company’s vision are imperative to avoid losing market share resulting ultimately in a loss of revenue streams to competitors or alternative products or services. Sustainable competitive advantage, through implementation of appropriate operational strategies, will ensure that the input of the organisation is transformed into value added services to customers, therefore the competitive position of the company will be improved.

 

Details

Author Hassen-Botha F
URL http://hdl.handle.net/20.500.11892/179384
Date Accessioned 2016-09-26T06:59:20Z
Date Available 2016-09-26T06:59:20Z
Date Created 2000
Identifier URL 2001
Language English
Subject Business administration / Business leadership
Subject 2 Business administration / Business leadership
Alternative Title
Degree Type Masters degree
Degree Description  MBA