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Have you bought a new car and want to buy car insurance? In that case, NRMA insurance could be the best choice for you. NRMA (National Roads and Motorists' Association Company) is a strategic business unit in Australia, with more than 2.6 million members across the Australian Capital Territory and New South Wales. The company provides insurance services such as international driving permits, motoring advice, and motoring advice to its broader community. Due to the unique strategic business utility, marketing students often get assignments related to NRMA case studies. Case studies are usually tricky to compose as they require theoretical knowledge and practical expertise. Moreover, marketing case studies contextualize standard marketing practices.

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NRMA Case Study: A Strategic Business Unit

NRMA is the largest Member organization in Australia that has kept people moving for more than 100 years, offering roadside assistance with assured quality. The NSW branch of the National Roads Association was established in February 1920, and in 1923 it became NRMA. Since its establishment, the brand has looked for ways to enhance the road conditions for motorists and automobile users. Besides caring for its members, the company also supported the motorist community. In 1982, NRMA Insurance worked with the NSW government to enhance road safety by introducing random breath testing. In 2001, the company worked hard to reduce the fuel excise, saving almost 10 cents per litre of petrol. 

NRMA works under a parent company, Insurance Australia Group Limited (IAG), with general insurance groups operating in Thailand, Australia, New Zealand, and Vietnam. IAG was founded in 1925 as a multinational insurance company that has expanded substantially to incorporate several other well-known brands and become an umbrella organization. NRMA Insurance is a service-oriented company, and thereby, it does not offer any running products within the marketing segments.

NRMA provides a variety of road safety programs and initiatives. Out of these programs, NRMA runs a Science and Road Safety program in primary schools. NRMA created this program and ensured its implementation in various schools in Sydney. The science shows are presented by the science professionals working on a contractual basis with NRMA. The program's primary aim is to use science to demonstrate and convey crucial road safety messages, such as the importance of wearing seatbelts and bicycle helmets to the younger population. Parents are also invited to attend the shows to learn more about the ways of keeping their children safe.

PESTEL Analysis of NRMA Insurance

  • #1. Political factors - Political factors investigate how government regulations and legal issues impact the organization's ability to execute its business functions successfully and profitably. Political factors involve various aspects such as copyright, property law enforcement, and tax guidelines. Another essential political factor that a business organization should consider while proceeding in a marketing segment is political stability. As per the market researchers, alterations in the political environment such as legislation, world power shifts, and company regulations impact how business operations are carried out within a country.

Considering the political factors, the marketing segments where NRMA insurance works are politically stable. Generally, the Australian political environment is stable. There is no civil unrest in the country that has enabled the IAG business unit to function in the growing market and economy with low inflation rates.

  • #2. Economic factors - Economic factors evaluate the macroeconomic issues independent of the company that play a vital role in the development of the business. These factors involve exchange rate, economic growth, economic stability, inflation issues within the economy, and interest rates. The economic factors impact the business management and the extent to which a business should invest within a market segment.

In 2016, the Australian economy boosted by 2.5 per cent in terms of GDP and a much more substantial growth was expected in 2017. Generally, the stable economy of Australia allows several businesses to thrive. This results in a higher employment rate in the country that enables the employees to avail different categories of insurance provided by NRMA insurance because of several premium offers and affordability.

  • #3. Social factors - Social factors encompass the cultural and demographic aspects of an organization's operational structure. This framework aids an organization to evaluate the needs and preferences of its customers, which eventually influence them to use their services or products. Social factors involve age distribution, population growth, lifestyle changes, market trends, and religious beliefs.

The service line of NRMA insurance considers the cultural and demographic aspects of the market where it is operative. For example, NRMA considers the culture of the NSW region, where people are fond of fishing and boating. NRMA has efficiently positioned itself within this market by considering the requirements and understanding of the consumers, which influences the consumers to insure their property. That's why NRMA offers them boat insurance.

  • #4. Technological factors - Technological factors examine how technology impacts how an organization brings its services and products to the market. These factors involve the role played by the internet in the marketing process, how the government invests in technology, and general advancements in the technology.

Technology largely influences the success story of NRMA insurance. The company has conducted technological research to know the marketing status of its products and services in the marketing segments where the organization operates. Social media websites like Twitter and Facebook are some of the technological tools employed by the company to advertise and market its products. The strategic business unit has also introduced mobile apps that the customers can download on online platforms such as the Apple store to keep them updated with the latest offers.

  • #5. Environmental factors - Environmental factors are those factors that affect the way an organization manages its business activities. Some of these factors include geographic aspects, climate changes, and the country's climate where the company's operations are undertaken.

Several external factors such as weather, climate and geographical setups of the operative sites influence how NRMA insurance establishes its premium on various service lines. Let's take the example of geographical location. Clients living in regions prone to natural disasters such as earthquakes and tsunamis are charged more in life, home, and business insurance.

  • #6. Legal factors - The legal factors can be either internal or external. Internal factors involve the policies that have to be regulated by the company itself. External factors involve the country's laws, such as labour laws and safety standards that the companies must abide by.

NRMA insurance appraises both the internal and external dimensions of Australian legal policies. Considering the internal factors, the organization ensures that its employees abide by the rules and regulations enlisted in the company charter. The external sides of the legal policies ensure that the company abides by the labour and consumer laws, which are described in the Australian constitution.

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