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Sunlife Insurance - Case Study Example

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The paper "Sunlife Insurance" describes that the firm had decided to diversify into other businesses at a time when it was facing very stiff competition from new entrants into the insurance business. The company responded so well to the pressures of diversification through moving into the businesses that were contiguous to its traditional insurance base…
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Sunlife Insurance
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Extract of sample "Sunlife Insurance"

Management - Sunlife Insurance Case Study
Question: Discuss how well the choices of Sun Life met the needs of the firm?
The firm had decided to diversify into other businesses at a time when it was facing very stiff competition from new entrants into the insurance business. The company responded so well to the pressures of diversification through moving into the businesses that were contiguous to its traditional insurance base. These businesses included residential mortgages, mutual funds, as well as personal trust services. Through these businesses, the sales agents were able to push the other services of the company, much to the benefit of the company. The mutual funds business was able to generate profits at a time when other companies were recording losses and therefore diversification into the line of business and relying on the sales agents was a good decision (Sun Life Financial, 2012).
By getting into the other lines of businesses like consumer banking, the firm was able to attract other customers through its other businesses like the consumer banking where the agents were referring the customers at the bank to buy mortgages and the other services offered by the firm.
Its partnership with Century 21 Real Estate enabled it to get to sell mortgage packs to the customers referred to it by the real estate firm into which it bought some stake some time earlier. The agency system the company had invested in enable the firm to achieve very broad coverage that it would not have been able to had it gone for the brokerage system used by other firms. All in all, the decision to diversify into the other lines of business favored it.
References
CanEquity. (2012). Sun Life Assurance Company of Canada. Retrieved May 8, 2012, from CanEquity: http://insurance.canequity.com/company/sun-life-assurance-company-of-canada.htm
McNaughton, J. (1992). SunLife's MAESTRO. Ontario: Ivey School of Business.
Sun Life Financial. (2012). Our history. Retrieved May 8, 2012, from Sun Life Financial: http://www.sunlife.com/Global/About+us/Our+history?vgnLocale=en_CA Read More
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