Analyze AIG Insurance strategy and competitive advantage. As a reminder, students are expected to set their team performance and collaboration expectations early in the semester and follow them. Step-by-step Directions Identify if the company competes based on cost advantage or product differentiation. Provide evidence to support your conclusion. (1 slide)Explain how the company maintains its competitive advantage. (2-3 slides)If it focuses on cost advantage, discuss each of the five sources of cost advantage and identify which ones the company uses and how (refer to Table 4.1, Dyer et al., 2022, p.60)If it focuses on product differentiation, discuss each of the four sources of differentiation advantage and identify which ones the company uses and how (refer to Figure 5.1, Dyer et al., 2022, p.78)Analyze how the company creates value through diversification by applying thoroughly either the Exploit and Expand Resources and Capabilities Model (refer to Figure 6.1, Dyer et al., 2022, p.98) or the Eight Ss Model. (2-3 slides)Based on your preceding analyses, assess the strategy of the organization (1 slide)Is the strategy successful and why?What risks to sustaining competitive advantage the company faces?What impact does the strategy have on the company, the competitors, and the society? Share on Facebook Tweet Follow us Sample Answer AIG Insurance: Strategy and Competitive Advantage Analysis Slide 1: AIG’s Competitive Strategy – Competes on Product Differentiation- AIG Insurance focuses on product differentiation by offering a wide range of specialized insurance products and services tailored to diverse market segments. – Evidence:- Extensive product portfolio: AIG provides personal insurance, commercial insurance, and specialty insurance, allowing it to cater to various customer needs. – Innovative risk management solutions: AIG emphasizes customized coverage options and risk assessment services that distinguish it from competitors. Slide 2: Maintaining Competitive Advantage (1/2) – Customer-Centric Approach – AIG’s commitment to understanding customer needs leads to tailored solutions. – Investment in technology enhances customer experience through efficient claims processing and digital service platforms. – Strong Brand Reputation – AIG has established a reputable brand recognized for financial stability and reliability. – Continuous investment in marketing and public relations reinforces its brand image and builds trust among consumers. Slide 3: Maintaining Competitive Advantage (2/2) – Global Reach and Expertise – AIG operates in over 80 countries, allowing for a diversified risk portfolio and localized expertise. – Access to global resources enables AIG to offer competitive pricing while maintaining comprehensive coverage options. – Innovation and Adaptation – AIG invests heavily in technology to streamline operations and enhance product offerings. – The company adapts to changing market conditions, such as emerging risks related to cybersecurity and climate change. Slide 4: Sources of Differentiation Advantage – Branding – AIG leverages its strong brand identity as a symbol of reliability in the insurance industry. – Quality of Service – High-quality customer service and claims handling set AIG apart from competitors. – Customization – AIG offers tailored insurance solutions that meet specific client needs, enhancing value for customers. – Innovation – Continuous development of new products allows AIG to address emerging risks and customer demands effectively. Slide 5: Value Creation through Diversification (Exploit and Expand Resources and Capabilities Model) (1/2) – Exploitation of Resources – AIG utilizes its extensive data analytics capabilities to assess risks and develop innovative insurance products. – Expansion of Capabilities – The acquisition of complementary businesses enhances AIG’s product offerings and market penetration. – Integration of Resources – Cross-selling opportunities arise from integrating various insurance lines, driving customer retention and satisfaction. Slide 6: Value Creation through Diversification (Exploit and Expand Resources and Capabilities Model) (2/2) – Leveraging Global Network – AIG’s global presence allows for the sharing of best practices across regions, optimizing service delivery. – Knowledge Sharing – Internal collaboration among teams fosters innovation and enables the development of comprehensive solutions for clients. Slide 7: Assessment of AIG’s Strategy – Success of the Strategy – AIG’s strategy is successful due to its focus on product differentiation, strong brand reputation, and customer-centric approach. – Risks to Sustaining Competitive Advantage – Intense competition from both traditional insurers and insurtech startups. – Regulatory changes that may impact product offerings or pricing strategies. Slide 8: Impact of AIG’s Strategy – On the Company – Enhanced market share and profitability through diversified product offerings. – On Competitors – AIG’s innovative strategies push competitors to enhance their own offerings, fostering industry-wide improvements. – On Society – By addressing emerging risks (e.g., climate change), AIG contributes to societal resilience while promoting responsible risk management practices. This presentation structure provides a comprehensive analysis of AIG Insurance’s strategy, competitive advantage, and implications while adhering to the specified guidelines. Each slide focuses on key aspects essential for understanding how AIG positions itself within the competitive landscape of the insurance industry. This question has been answered. Get Answer
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