Case study Analysis and Presentation -ICICI Lombard
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Transcript of Case study Analysis and Presentation -ICICI Lombard
PRAYAS - 2015
By: Purvi Jain (MBA-II Year)
Case Study Analysis and Presentation Competition
INTRODUTION
ICICI Lombard GIC Ltd. is a joint venture between ICICI Bank Limited, India's second largest bank and Fairfax Financial Holdings Limited, a Canada based diversified financial services company. ICICI Lombard deals in personal products and business products. ICICI Lombard has various achievements and recognitions.
Key Person:Sandeep Bakshi( MD and CEO)
Key Functions:1. Sales2. Claims3. Underwriting4. Marketing
MD and CEO(Sandeep Bakshi)
Executive Director(Vishakha Mule)
Retail Head(Rakesh Jain)
SWOT ANALYSIS
STRENGTHS WEAKNESS
OPPORTUNITIES THREATS
Brand Name Strong Management
New insurance products Innovation
Employee turnover(Attrition rate)
Intense competition Varying government policies
Role
Entrepreneurs
Corporate
EconomyNation
World
Individuals
Role of Insurance companies in the development sector
INDIVIDUALS Mobilization of savings A medium to save and invest money Social security- -Sense of security and safety -Employment generation Aid at the time of- -Old age and retirement -Education -Marriage -Risks related with fire, theft, accidents and others.
CORPORATE & ENTREPRENEURS
Fosters investment and Innovation Stimulation for commerce, trade and industry Transfer of risks Survival and long life of business
Thus development of nation as a whole
Potential of Insurance sector in India after Privatization
Impact of Privatization
Growth of• Industrial
sector• Education• Technology• Financial
Markets• FDI• Insurance
Increased awareness
Increased Risks Increased pays
Customer Satisfaction
LiteracyNew Insurance
Products Untapped rural
market
Huge potential for Insurance
Potential of Insurance sector in India after Privatization
The life insurance penetration as a % of GDP stood at 4.40 in 2010-11, while the non life insurance penetration remained at 0.71 during the same period. In other words there is vast untapped potential as regard insurance penetration.
Personal Products Business Products
• Health Insurance• Home Insurance• Motor Insurance• Overseas travel Insurance• Domestic Travel Insurance• Student Medical Insurance
• Fire Insurance• Marine Insurance• Industrial Insurance• Corporate Insurance• Liability Insurance• Credit Insurance
Channels
Sales ExecutivesSales forceAgentsBrokersOnlineBanksBancassurance channelTelesales Channel
Sale of Products
Business Process
Customer and Claim
Settlements
Issues and Challenges Diversified Indian markets
Regulatory Environment
Who, What, Why, When and how will buy the product???
Competition : Public and Private
Claim Settlements
Attrition rate
Ways in which MIS can help to overcome challenges
MIS is designed to acquire, store and convert data in to timely relevant information to help managers carry out the planning,
control and operation and operational functions of the organizations.
• Transaction Processing System (TPS)• Management Information System (MIS)
• Decision Support System (DSS)
Ways in which MIS can help to overcome challenges
Data mining Right use of information By planning the information architecture Customer Relationship Management Faster Business process Office Automation system Geographic Information System
InformationTimePlacePriceSourceCustomer
Better functioningetter Coordinationetter customer serviceetter database management
Ease of orderingase of settling claimsase of informationase of ordering
MIS
CONCLUSION
Insurance sector has lots of potential to grow. In this aura of cut throat competition the need is to delight customers through innovative products and services, ICICI Lombard surely would reach Emerald Heights.
Thank you