Market Research of the Life Insurance Industry in Singapore
An individual entrepreneur was particularly interested in entering the Life Insurance market in Singapore. In order to do so, he needed a Market Research on the life insurance industry in Singapore. This was to see the current situation of the market as well as its potential.
The process and results
For the purpose, we divided the research into three parts:
- Market – An overview of the Life Insurance industry in Singapore. The overview consequently included its development over the years, main channels of distribution, consumer characteristics, potential market, future trends etc.
- Competition – An analysis of the competition in the Life Insurance industry in Singapore and their features. We divided the competition into direct competitors(companies which are closest to our business idea) and indirect competitors(other companies that offer life insurance)
- Governance – Legal aspect of starting a Life Insurance company in Singapore, the rules and regulations in the industry, the responsible body for regulation, the social media policy, minimum capital etc.
In the end, we included a 2 page summary with all of the conclusions derived from the research as a result.
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