Strategic choices for Cathay Life Insurance to compete in Vietnam market

Abstract

Vietnam is one of the most potential markets for insurance business to develop strongly in the near future.The objectives of this study are to propose a strategy for Cathay Life insurance competing in the market, as well as to suggest recommendations for Cathay Life insurance to leverage its strengths. The research applied the qualitative and quantitative approach, in which qualitative is regarded as main method. The unit of analysis was individual working in insurance market. The study reveals that even the insurance market is attractive, but strongly competitive and consists of lots of threats such as unclear policies from government, and unstable economy. Regarding to the finding, we learn that to compete successfully in the insurance market, Cathay Life should focus on managing internal system, training human resource, inventing products. Keywords: strategic management, insurance, strengths, weaknesses, opportunities, threats.