State Farm Insurance: Challenges to Entry into International Market

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Presentation transcript:

State Farm Insurance: Challenges to Entry into International Market

Introduction State Farm Insurance Company Founded in 1922 by George Merchele Auto insurance Insurance, banking and financial services

Goals of Expansion to International Market State Farm plans to expand internationally in the following countries: Countries : Canada China State Farm Faces Business Challenges and Legal Risks in the process

Business Challenges in China Finding Qualified Human Resource in China Administration licensing for Insurance Companies Lack of Consumer awareness in the Chines market about Insurance Policies

Business Challenges in China cont. Competition from other International Insurance companies already working in China. Competition with Chinese Insurance Companies, The need for policy reforms by China Government

Legal Risks in China Issues of Transparency Legal Restrictions on Inbound Investments Minimum amount of Registered Capital for foreign insurance companies.

Legal Risks in China cont. Provisional Regulation of Equity Investment in Insurance Companies in China Policy Risks in Premium Rate Control Insurance Legal Disputes Harassment

Conclusion Great opportunities entering the international market. Follow all the legal rules governing international trade. Failure the guidelines lead serious legal difficulties. Failing the legal guidelines lead to the loss of the society’s goodwill and following loss of business.