There are various changes in a business environment which are ultimately meant to increase the profitability of the firm.
For instance, when a new management team is brought to an insurance firm people will tend to disobey them because they are new to the region.
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The study was conducted, and over 806 people were involved, and their widespread concern was that the country had more and onerous regulations compared to other neighboring countries and some even threatened to go to those countries.Insurance companies thrive well in a favorable climate where the government comes to play and equally regulates all the players in the industry.However, according to a Pricewaterhouse Coopers report of 2015 on a study of insurance companies in Singapore, they found out that the major challenges in the market included over regulation, cyber crime, change management and natural catastrophes Most insurance managers noted with a lot of concern that Singapore was very strict when it came to issues relating to rules.I finished my contract and returned to the Philippines where we both met face to face for the first time and there were sparks!We are now excited to welcome our 1st baby next month!
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This has been a major challenge facing insurance companies in Singapore.