Max New York Phase Ii

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Phase II of the war game, based on the Indian Insurance Industry

Phase II of the war game, based on the Indian Insurance Industry

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Transcript

  • 1.
    • SYNDICATE – A
    • MAX NEW YORK LIFE INSURANCE COMPANY
    • AJAY YADAV(LEADER)
    • VARDHMAN JAIN
    • UTKARSH KUMAR SINGH
    • RAHUL BANSAL
    • MANOJ PRATAP SINGH
    • RICHA KUMARI
  • 2.  
  • 3.  
  • 4.  
  • 5.
    • Making the right moves in business is not an easy process. Anticipating market and technology changes, competition, and the business environment is an art that requires analysis and interpretation.
    • So, the answer lies in the strategy.
  • 6.  
  • 7.
    • Improper market segmentation.
    • Inadequate distribution system.
    • Lack of customer knowledge as to what insurance actually is…..
    • Improper orientation of the agent recruited.
    • Improper promotional mix.
  • 8.  
  • 9.
    • No plans designed for the joint welfare of the newly wed couples.
    • A void exists in the rural market, which needs to be tapped with cheap premiums.
    • The company may foray into the general insurance sector.
    • The company must focus on the health insurance in the Cat ‘C’ cities & towns
  • 10.
    • No insurer in India provides dual benefits of the welfare of the newly wed couples.
    • LIC introduced this type of policy in ‘80s & later on withdrew it.
    • The company may put on a clause that the policy will get lapsed if the female dies within 5 or 7 years of marriage.
  • 11.
    • Policies required for the poorer sections of the rural markets.
    • The policies can be devised for them that include death benefits only.
    • The premiums must be low, & the duration high, so that the policy holder can pay less & remain insured for a log time.
    • Increased no of offices must be set up in Cat ‘B’ & Cat ‘C’ cities for proper penetration
    • Agents must be deployed in the rural areas in greater numbers.
  • 12.
    • The company must launch its operations in the general insurance sector as soon as possible
    • The step will make the company well recognized in the mindset of the people
    • The company may come up with innovative policies.
    • Accident insurance to be provided free along with the vehicle insurance.
  • 13.
    • The company must focus on Cat ‘C’ cities in the health insurance sector
    • The Max hospitals of the company can have tie-ups with prominent hospitals of these cities.
    • These hospitals can be renovated to provide best in class treatment facilities.
    • The customers having health insurance from the company to be treated free of cost
    • Health insurance policies can be sold to the regular customers of the hospitals
    • Beneficial for both the Max hospitals & Max New York Life Insurance Company.
  • 14.  
  • 15.
    • Need to open more branches in the Cat ‘C’ cities & Townships of India.
    • Policies need to be designed with low premiums that allow monthly payments.
    • Campaigns should be launched in rural India to create awareness about insurance & the company.
  • 16.
    • Urgent need to educate the masses about the benefits of having Health Insurance
    • Benefits may be provided to the policy holders on the existing disease, subject to hospitalization for not more than 15 days
    • Covering the newly emerging epidemics such as Swine Flu etc.
    • Offering combined plans that offer life insurance cover along with health insurance
  • 17.
    • No women specific plan is available.
    • Need to devise plans exclusively for the welfare of the women.
    • Special plans need to be devised for securing the working women.
    • Additional health plans can be devised that cater especially to the diseases that affect only women.
  • 18.
    • Life insurance must not be forgotten.
    • Work must be done to increase the customer retention levels,& customer delight.
    • It is a service based industry: so the quality of the services provided must be increased.
    • Focus must lie on strengthening the back office processes, especially the claim settlement.
  • 19. YOU