AEGON Group, Uk

7/29/2019 AEGON Group, Uk

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I N S U R A N C E & P E N S I O N C O M PA N Y

AEGON GROUP, U.K.


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FACTS

Industry : Insurance & financial services

Founded : 1831 as Scottish Equitable.

Headquarters : Edinburgh, Scotland.

Area served : 20 countries.

Revenue: 30,000 million (ended 2012)

Services :

PROTECTION

INVESTMENTS
http://en.wikipedia.org/wiki/Eurohttp://en.wikipedia.org/wiki/Euro


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FACTS

Employees: 27000

Customers: 40 million.

Part of AEGON Group, a multinational life insurance, pensions

and asset management company, Netherlands

Till 1994, its major markets were in the USA and Netherlands.

Since 1994, the UK has become another major and increasingly

important market and hence, in 1994 AEGON bought a large

stake in Scottish Equitable.

Scottish Equitable was a strong brand with a heritage that went

back to the 1830s and was famous among customers.

AEGON has also acquired many other businesses in UK.


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FACTS

As most of the acquired companies kept their existing identities, awareness

of AEGON in the UK remained relatively low.

The other AEGON businesses in UK included-

i. Kames Capital .

ii. Positive Solutions.

iii. Origen.

iv. Stonebridge International Insurance Ltd.

v. AEGON Global Pensions.

AEGON realised that such low levels of awareness could impact on itsability to achieve its ambitions.

Therefore, it needed to combine the global strength of its parent with the

experience and reputation of the domestic company brands, like Scottish

Equitable, that made up AEGON in the UK.


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FACTS

Due to better medical facilities, UKs lifestyle and life expectancy

were changing.


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PROBLEM 1

Inability to choose the correct

required financial solutions

Thinking ahead and saving forretirement is a concept that is

most of the times difficult for

people to understand and people

do not always feel equipped tochoose between the range of

financial products and services

and are not sure where to seek

support and advice.


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PROBLEM 2

Increased life expectancyof UK people

It has risen in recent yearsso people can expect to be

retired for longer.

There is also a drive by

the UK government toreduce dependency on the

State in old age.


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PROBLEM 3

Mis-selling financial

products.

AEGON, UK have been

accused of 'mis-selling'

by not providing

consumers with the bestproduct for their needs.


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PROBLEM 4

Falling Stock Exchangevalues.

The falling values on theStock Exchange have

affected the investmentreturn on some products,

such as mortgageendowments and the

government-imposed pricecontrols had reduced

profitability.


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PROBLEM 5

Competition

AEGON is in competition

with organisations whichsell directly to consumers

and which are better knownin the UK. AEGON

distributes its products andservices to customers

mainly through financialadvisers.


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PROBLEM 6

Many trading names

As AEGON traded under a number

of brand names it was not always

easy for financial advisers and

consumers to recognise the breadth

and depth of the company in the

UK.

AEGON, as a reputable company,

has had to address and overcome

these industry-wide problems to

remain competitive.


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SOLUTION 1

To solve the confusion among customers, about the existence of

AEGON in UK and its services, as it traded under a number of

different company brands, BRANDSTRATEGYis suggested.

The brand strategy helped to reposition the brand within theindustry.

All the brands now carry a new common look which is refreshing

and different.

BRAND STRATEGY


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SOLUTION 2

External promotional

campaigns will help toreinforce the local knowledge

and the global power of

AEGON in the UK.

A partnership with BritishTennis to help increase

awareness of the AEGON

brand with the target consumers

in the UK

PROMOTIONAL STRATEGY


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SOLUTION 3

Need for the change in strategy of operations

This means building a responsive organisation to the needful change and

competition


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SOLUTION 4

MANAGEMENT

DEVELOPMENT PROGRAMME

To simplify financial services and provide

more customer focus.

Think customer- ensuring that the customer's

needs are at the heart of business, informing

actions, decisions and behaviours'.

Other managers and professionals are

encouraged to 'innovate with your customers inmind'.

This will prevent from miscalculation in

selling financial services.


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SOLUTION 5

Skilled and trained sales staffTo develop the workforce which can relate and communicate adequately with the

customers, explaining them the accurate financial advice.

The objective will help to develop the skills needed within the business to help it

change.

The emphasis is on making information clearer for the customer to understand

and the company easier to do business with.


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CONCLUSION

Change is continuous. The process of change is a journey.

External factors will always be there to influence business organisations.

AEGON responded to these factors by simplifying, clarifying and strengthening its brand

in the UK.

As organisations change, their patterns of behaviour and business culture develop.

For AEGON, this is a cycle in which the business uses its knowledge to learn from its

experiences.

This has helped AEGON as an organisation to move positively towards achieving its full

potential and to remain competitive in an increasingly difficult market.


19/19

Thank You!!

AEGON Group, Uk

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