<ul><li>SYNDICATE – A </li></ul><ul><li>MAX NEW YORK LIFE INSURANCE COMPANY </li></ul><ul><li>AJAY  YADAV(LEADER) </li></u...
 
 
 
<ul><li>Making the right moves in business is not an easy process. Anticipating market and technology changes, competition...
 
<ul><li>Improper market segmentation. </li></ul><ul><li>Inadequate distribution system. </li></ul><ul><li>Lack of customer...
 
<ul><li>No plans designed for the joint welfare of the newly wed couples. </li></ul><ul><li>A void exists in the rural mar...
<ul><li>No insurer in India provides dual benefits of the welfare of the newly wed couples. </li></ul><ul><li>LIC introduc...
<ul><li>Policies required for the poorer sections of the rural markets. </li></ul><ul><li>The policies can be devised for ...
<ul><li>The company must launch its operations in the general insurance sector as soon as possible </li></ul><ul><li>The s...
<ul><li>The company must focus on Cat ‘C’ cities in the health insurance sector </li></ul><ul><li>The Max hospitals of the...
 
<ul><li>Need to open more branches in the Cat ‘C’ cities & Townships of India. </li></ul><ul><li>Policies need to be desig...
<ul><li>Urgent need to educate the masses about the benefits of having Health Insurance </li></ul><ul><li>Benefits may be ...
<ul><li>No women specific plan is available. </li></ul><ul><li>Need to devise plans exclusively for the welfare of the wom...
<ul><li>Life insurance must not be forgotten. </li></ul><ul><li>Work must be done to increase the customer retention level...
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Max New York Phase Ii

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

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Max New York Phase Ii

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

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