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P365 – C.D. DESHMUKH SEMINAR ON BALANCE SCORE CARD FOR THE 

LIFE INSURANCE INDUSTRY IN INDIA (LIFE)

 

Background:

 

Entire market scenario for life insurance has changed after the sector was thrown open to the private players by IRDA in 1999 – 2000.  Now the time has come for the life insurer to position the firm  balancing  its strengths against the market opportunities while minimizing its weaknesses and avoiding the industry threats. While doing this the following value propositions are normally identified:

·   Increase investment profitability

·   Improve customer intimacy

·   Retain customers for Life

·   Enable electronic business

·   Establish strong partnerships

·   Reduce costs

Based on the value propositions 4 balance score cards  perspectives are arrived at with4 organisatonal behaviour indicators.  They are Internal  Process, Customer Relationships, Learning and Growth and the Financial Equity of the Insurance Company.

Objectives:

At the end of the programme, the participants will be able to  :

  • Formulate their company’s business plan in the process of the realization of their strategic targets.

  • Identify the challenges for this task

  • Get an indepth knowledge for the present industrial position in these parameters

  • Develop and frame new  methods of professionalisation

Contents:

  • The part to be played by different wings of the insurance company in achieving the balance score card objectives like the marketing wing, investments, finance, product development, CRM and others.

  • How to improve the customer intimacy with the insurer establishing strong partnerships

  • Determine the market development strategy to achieve these objectives

  • To measure the results of these exercises to arrive at quality of product / services, customer satisfaction and profitability

Participants Profile:

Executives at the Middle and senior level from LIC of India (Divisional Managers and above).  Executives from Private Life Insurers. 

Representatives from :  IRDA,  LIFE COUNCIL,   MINISTRY OF Finance (GOVT. OF India, Insurance Dept.),

Duration: 2 Days

Dates:  22.09.2008 – 23.09.2008