The document summarizes how insurance companies in India have adapted to employees working from home during the COVID-19 pandemic. It discusses how companies ensured their employees had proper digital infrastructure to work remotely, such as providing laptops, internet access, and virtual meeting tools. It also addresses the impact on employee outreach and processes, including initiatives to check on employee well-being, provide training, and boost morale. While productivity has increased in some cases, challenges include fear and anxiety from the pandemic situation as well as ensuring data security and productivity with remote work.
Disrupted - Executive Perspectives on Banking & InsuranceAlastair Davies
Management Events' Surveys team interviewed more than 600 decision makers from leading Banks and Insurers in Europe and Southeast Asia to find their key business needs, development projects and solution investments.
In response to the bold and accelerating change in our Health Care industry, a cross-organization group of health care CSOs gathered together for a first-of-its-kind summit to define and align on current and future state health care opportunities and challenges and to co-design a shared vision for an annual health care CSO summit.
The document reports on a survey and case studies about companies' adoption of cloud applications. The survey included over 600 respondents from various regions and company sizes. Case studies included in-depth interviews with seven companies from various industries that had implemented cloud applications. The case studies found that cloud adoption provided benefits like reducing infrastructure costs, quickly scaling resources, and allowing faster development and implementation of new applications. Key challenges mentioned were overcoming security concerns and demonstrating early financial benefits of cloud.
MSC presents a report to understand and assess the impact of the pandemic on the FinTech ecosystem. It also focuses on how the FinTech ecosystem has progressed and adapted to the new normal.
TCS 2021 Global Financial Leadership Study - The Next Era in Financial Planni...Tata Consultancy Services
Read TCS’ study to know how global finance leaders are utilizing cloud-based systems & data analytics in finance to plug FP&A gaps & achieve sustainable growth.
A Customer Centricity Paradox; Whitepaper by AcxiomVivastream
The survey found two key paradoxes around customer centricity: 1) While most marketers assessed their capabilities as high, few could successfully measure results at the customer level. 2) Many said they focused on building customer insights, but this did not align with their companies' investment strategies. Additionally, the survey showed most marketers struggle with integrating customer data across online and offline sources and measuring success at the individual customer level. However, marketers remain committed to improving customer centricity and see top companies as role models for enabling personalized experiences through aligned strategies and capabilities.
Finance Crunsh Time Reporting | Deloitte Indiaaakash malhotra
Reporting is an essential function of every organization because it tracks an employee's performance. But superiors are wasting a lot of time in creating and updating reports; rather, they should use that time to communicate with subordinates. This can be possible only when the whole reporting function gets automated in the organization.
Disrupted - Executive Perspectives on Banking & InsuranceAlastair Davies
Management Events' Surveys team interviewed more than 600 decision makers from leading Banks and Insurers in Europe and Southeast Asia to find their key business needs, development projects and solution investments.
In response to the bold and accelerating change in our Health Care industry, a cross-organization group of health care CSOs gathered together for a first-of-its-kind summit to define and align on current and future state health care opportunities and challenges and to co-design a shared vision for an annual health care CSO summit.
The document reports on a survey and case studies about companies' adoption of cloud applications. The survey included over 600 respondents from various regions and company sizes. Case studies included in-depth interviews with seven companies from various industries that had implemented cloud applications. The case studies found that cloud adoption provided benefits like reducing infrastructure costs, quickly scaling resources, and allowing faster development and implementation of new applications. Key challenges mentioned were overcoming security concerns and demonstrating early financial benefits of cloud.
MSC presents a report to understand and assess the impact of the pandemic on the FinTech ecosystem. It also focuses on how the FinTech ecosystem has progressed and adapted to the new normal.
TCS 2021 Global Financial Leadership Study - The Next Era in Financial Planni...Tata Consultancy Services
Read TCS’ study to know how global finance leaders are utilizing cloud-based systems & data analytics in finance to plug FP&A gaps & achieve sustainable growth.
A Customer Centricity Paradox; Whitepaper by AcxiomVivastream
The survey found two key paradoxes around customer centricity: 1) While most marketers assessed their capabilities as high, few could successfully measure results at the customer level. 2) Many said they focused on building customer insights, but this did not align with their companies' investment strategies. Additionally, the survey showed most marketers struggle with integrating customer data across online and offline sources and measuring success at the individual customer level. However, marketers remain committed to improving customer centricity and see top companies as role models for enabling personalized experiences through aligned strategies and capabilities.
Finance Crunsh Time Reporting | Deloitte Indiaaakash malhotra
Reporting is an essential function of every organization because it tracks an employee's performance. But superiors are wasting a lot of time in creating and updating reports; rather, they should use that time to communicate with subordinates. This can be possible only when the whole reporting function gets automated in the organization.
Articles published as sponsored content in the Risk & Compliance Journal from The Wall Street Journal from August 2017 to August 2018. https://deloi.tt/2CMG6lI
AI Use Expected to Increase in Risk and Compliance Efforts, But Few Have Ethi...Deloitte United States
According to a September 2019 Deloitte poll, nearly half of C-suite and other executives at organizations that use AI expect to increase its use for risk management and compliance efforts in the year ahead. Yet, few report that their organizations have an ethical framework in place for such AI use.
Basel III Mortgages: Australia - Key Themes and Strategic Approachaccenture
The point of view explores the new Basel III reforms and the significant impact they will have on data and systems in Australia. The piece offers a strategic approach to Basel III Mortgages and outlines five key questions Australia’s banks need to ask as they prepare for additional regulatory obligations.
This document outlines a North America STEM initiative focused on increasing student interest and career readiness in STEM fields. It discusses challenges in STEM education in the US and Canada, including a lack of computer science programs and high unemployment among youth. The initiative includes thought leadership activities to advocate for STEM, partnerships with non-profits supporting underserved groups, and a goIT program providing hands-on STEM learning to students. Feedback praised the company's leadership in driving research, convening partners, and developing solutions to fill STEM talent gaps through corporate involvement.
1) The study examines how senior business leaders are balancing innovation and optimization in their digital strategies, products/services, ways of conducting business, and leadership approaches between now and 2025.
2) Key findings include that senior leaders predict continued growth will come from new collaborators, digital offerings, and industries/ecosystems. They also predict innovation, customer/employee focus will be higher priorities than shareholder value. Additionally, many areas are viewed as likely to experience cyberattacks.
3) However, most senior leaders underestimate how much innovation will be needed, as they predict optimization will be more important than innovation for growth despite anticipating greater digitization. Leaders recognize innovation and collaboration will be essential more than followers
TCS reported its financial results for the quarter and fiscal year ending March 2014. For FY2014, TCS reported revenue growth of 29.9% in INR terms and 16.2% in USD terms over the previous fiscal year. Net income for FY2014 grew by 25.4% in INR terms and 22.9% in USD terms over FY2013. In Q4 FY2014, TCS reported revenue growth of 31.2% in INR terms and 15.2% in USD terms over Q4 FY2013. Net income for Q4 FY2014 grew by 16.7% in INR terms and 13% in USD terms over Q4 FY2013. TCS saw strong growth
Business intelligence and analytics solutions can help organizations turn abundant data into actionable insights to make better business decisions. As data increases 650% over the next five years, these solutions can leverage big data to build customer insights, enhance customer experience, and understand customer behaviors. Enfathom helps organizations identify areas for new revenue and performance improvement by delivering data solutions to derive insight from data and achieve transformative business results such as improved customer relationships, profitability, and margins. Enfathom has delivered hundreds of solutions to large companies to improve processes like customer acquisition, reduce reporting redundancy by 70%, and conduct predictive modeling and statistical analysis.
Customer-centric IT - Enterprise IT trends and investment 2013arms8586
The CIO KLUB survey aimed to capture IT priorities and investment plans of CIOs in India. Key findings include:
1) Top priorities for CIOs in 2013-14 are enhancing customer experience, automating business processes, ensuring business continuity, and investing in mobility and business intelligence.
2) Median IT spend as a percentage of revenue is 1.08% for manufacturing and 3% for services like banking.
3) Innovation will continue to drive capital investments but overall IT spend is expected to remain consistent with prior years due to economic uncertainties.
4) CIOs will focus on improving margins by enhancing customer experience and operational efficiencies through IT.
CEOs now expect more from their communications functions in the digital age:
1) CCOs must provide granular, data-driven measurements of corporate reputation across many stakeholder groups and brand attributes.
2) Communications strategies must be prepared for rapid response since issues can emerge quickly via social media.
3) The function has an offensive role in proactively building relationships, not just defense against crises.
4) Active listening to social media and stakeholder opinions informs corporate decision-making.
White Paper - leveraging Customer Inputs to Accelerate Business ObjectivesValueNotes
Successful companies place the customer at the heart of their business, and base their activities and decisions on the customer’s needs and preferences.
Small Business Tracking Study - Insurance & Financejgerber117
This document summarizes the findings of a small business tracking study conducted in May 2015. 505 small business decision-makers were surveyed across various industries. Key findings include:
- Most small businesses believe they are growing and are optimistic about future growth.
- Top concerns for small businesses include finding work-life balance, staying ahead of competition, and managing technology needs.
- Small businesses are upgrading their technology but concerned about cybersecurity.
- Health insurance, financial benefits, and commercial insurance vary depending on business size.
- Small businesses consult various sources for advice, including financial advisors, online research, and insurance brokers.
IoT: Powering the Future of Business and Improving Everyday LifeCognizant
New survey shows IoT at scale is a critical path, but many companies struggle to realize value. See how 10 companies are overcoming these challenges and succeeding in the new normal.
Client case studies: Where will your company find top talent? Look to the cloudPwC
A large entertainment, media & communications company found that its five semi-autonomous divisions each had its own vastly different talent management needs and processes, and that was a problem when it came to identifying and retaining top talent across all the operating units. Although the enterprise technically owned the core HR solution for four of the divisions, the support model was handled at the division level and did not use a Shared Services model, leading to inefficiencies and redundant efforts. The company wanted to develop standardized processes, procedures, and technologies across the divisions to create a cross-divisional view of talent focusing on operational excellence and employee engagement.
Moving beyond multichannel: A Deloitte perspective on customer experience in ...Deloitte Canada
Think like a retailer: Multiply your multichannel returns
Is it a café? A financial genius bar or an app? The financial institution (FI) of tomorrow is already here, giving customers countless new ways to carry out their financial transactions.
Consumers are driving this transformation. They’re connected, knowledgeable, tech-savvy and very demanding. They don’t just compare one FI’s services to another, but to the best customer service they’ve had anywhere.
There’s much at stake. Some studies show Millennials count banks among their least-loved brands. Others show disruption in the FI space could impact existing market share dramatically in just five years.
However, FIs are adapting to these shifts. They are borrowing the best ideas from other businesses to create an intimate customer experience—especially from retailers.
But there’s more to be done.
• FIs need to structure themselves around customers. Not products or services.
• They need to understand each customer’s path to purchase.
• They need to make interactions simple and enjoyable.
• They need to evolve their internal structure: P&L, culture and their real estate strategy.
To learn more about how outstanding customer service is the key to delivering long-term business value, view our Slideshare, the second piece in our series, Making Change: Creating the financial Institution of the future.Then ask yourself, what opportunities are you going to take hold of, and what kind of FI do you want to be. Please get in touch with us for more information.
Competitive Intelligence Needs-Assessment: Asking the right questions ValueNotes
The document discusses the importance of conducting a competitive intelligence needs assessment to identify an organization's key intelligence topics (KITs) and key intelligence questions (KIQs). It states that asking the right questions is critical for competitive intelligence to provide actionable insights that help the organization achieve its goals. The needs assessment process should involve both decision-makers and competitive intelligence professionals collaborating to identify the KITs and KIQs. This ensures the intelligence needs cover opportunities, threats, strategies and competitors in a comprehensive yet prioritized manner. Identifying the right intelligence needs upfront allows an organization to maximize return on investment from its competitive intelligence activities.
Comparative analysis of insurance market in india on hdfc-life-1-1Flex
This document is a project report submitted by Vivek Kumar to SavitriBai Phule Pune University for the degree of Master of Business Administration. The report is about life insurance and taxation in India, with a focus on HDFC Standard Life Insurance. It includes approval letters for the internship and project, a certificate confirming the original work, and declarations. It also provides acknowledgements, preface, index, and executive summary sections.
The present book is a great step in forward direction of Indian Insurance sector ; and I have no doubt that after studying this book in detail and getting through the examination successfully, the insurance agent will gain substantially in accomplishing the tasks that are assigned to him or her. I would keenly look forward to its huge success in the Indian insurance domain in the days to come.
The insurance companies have to ensure quality products at a competitive price. Companies can
lower the price of the product by reducing the cost. Their survival depends upon their policy-holders. The
policy-holders become confident of not losing much when an accident or uncertainty takes place. On the
report of the insured about an accident the company officials send surveyors to assess the loss caused to
the policy-holders. However, as several of the insurance providers are international companies having
made their presence felt in several countries, the service provided by them is a reflection of the experience
gained by them across the globe, and in that sense, the findings may be generalised to a great extent.
The insurance companies have to ensure quality products at a competitive price. Companies can
lower the price of the product by reducing the cost. Their survival depends upon their policy-holders. The
policy-holders become confident of not losing much when an accident or uncertainty takes place. On the
report of the insured about an accident the company officials send surveyors to assess the loss caused to
the policy-holders. However, as several of the insurance providers are international companies having
made their presence felt in several countries, the service provided by them is a reflection of the experience
gained by them across the globe, and in that sense, the findings may be generalised to a great extent.
The document discusses insurance and its types. It defines insurance as a contract between an insurance company and a policyholder, where the insurer agrees to pay a specified amount if a specified event occurs. Insurance is divided into life insurance, which covers human lives, and non-life (general) insurance, which covers other assets. The document then discusses SBI Life Insurance, its joint venture with State Bank of India and Cardif SA, and its various individual and group insurance products.
Market research and customer satisfaction at kotak mahindra life insurance co...Vinay Saxena
The document provides information about Kotak Mahindra Life Insurance Company's products: Kotak Flexi Plan, Kotak Retirement Income Plan, Kotak Endowment Plan, and Kotak Capital Multiplier Plan. It summarizes the key advantages of each plan such as minimum and maximum entry ages, premium payment options, riders, and withdrawal/loan facilities. The project report aims to conduct market research and analyze customer satisfaction for Kotak Mahindra Life Insurance Company in Pune.
This document provides an overview of the Indian insurance industry. It discusses that the insurance industry in India has a history dating back to 1818 and provides life and general insurance. It notes that the industry has gone through changes in recent years with the opening up of the private insurance sector. It then discusses the nature of the industry, including that it provides protection against financial losses. It also discusses industry organizations, products offered, and recent developments like increased online services. It provides information on working conditions and common occupations in the industry.
Articles published as sponsored content in the Risk & Compliance Journal from The Wall Street Journal from August 2017 to August 2018. https://deloi.tt/2CMG6lI
AI Use Expected to Increase in Risk and Compliance Efforts, But Few Have Ethi...Deloitte United States
According to a September 2019 Deloitte poll, nearly half of C-suite and other executives at organizations that use AI expect to increase its use for risk management and compliance efforts in the year ahead. Yet, few report that their organizations have an ethical framework in place for such AI use.
Basel III Mortgages: Australia - Key Themes and Strategic Approachaccenture
The point of view explores the new Basel III reforms and the significant impact they will have on data and systems in Australia. The piece offers a strategic approach to Basel III Mortgages and outlines five key questions Australia’s banks need to ask as they prepare for additional regulatory obligations.
This document outlines a North America STEM initiative focused on increasing student interest and career readiness in STEM fields. It discusses challenges in STEM education in the US and Canada, including a lack of computer science programs and high unemployment among youth. The initiative includes thought leadership activities to advocate for STEM, partnerships with non-profits supporting underserved groups, and a goIT program providing hands-on STEM learning to students. Feedback praised the company's leadership in driving research, convening partners, and developing solutions to fill STEM talent gaps through corporate involvement.
1) The study examines how senior business leaders are balancing innovation and optimization in their digital strategies, products/services, ways of conducting business, and leadership approaches between now and 2025.
2) Key findings include that senior leaders predict continued growth will come from new collaborators, digital offerings, and industries/ecosystems. They also predict innovation, customer/employee focus will be higher priorities than shareholder value. Additionally, many areas are viewed as likely to experience cyberattacks.
3) However, most senior leaders underestimate how much innovation will be needed, as they predict optimization will be more important than innovation for growth despite anticipating greater digitization. Leaders recognize innovation and collaboration will be essential more than followers
TCS reported its financial results for the quarter and fiscal year ending March 2014. For FY2014, TCS reported revenue growth of 29.9% in INR terms and 16.2% in USD terms over the previous fiscal year. Net income for FY2014 grew by 25.4% in INR terms and 22.9% in USD terms over FY2013. In Q4 FY2014, TCS reported revenue growth of 31.2% in INR terms and 15.2% in USD terms over Q4 FY2013. Net income for Q4 FY2014 grew by 16.7% in INR terms and 13% in USD terms over Q4 FY2013. TCS saw strong growth
Business intelligence and analytics solutions can help organizations turn abundant data into actionable insights to make better business decisions. As data increases 650% over the next five years, these solutions can leverage big data to build customer insights, enhance customer experience, and understand customer behaviors. Enfathom helps organizations identify areas for new revenue and performance improvement by delivering data solutions to derive insight from data and achieve transformative business results such as improved customer relationships, profitability, and margins. Enfathom has delivered hundreds of solutions to large companies to improve processes like customer acquisition, reduce reporting redundancy by 70%, and conduct predictive modeling and statistical analysis.
Customer-centric IT - Enterprise IT trends and investment 2013arms8586
The CIO KLUB survey aimed to capture IT priorities and investment plans of CIOs in India. Key findings include:
1) Top priorities for CIOs in 2013-14 are enhancing customer experience, automating business processes, ensuring business continuity, and investing in mobility and business intelligence.
2) Median IT spend as a percentage of revenue is 1.08% for manufacturing and 3% for services like banking.
3) Innovation will continue to drive capital investments but overall IT spend is expected to remain consistent with prior years due to economic uncertainties.
4) CIOs will focus on improving margins by enhancing customer experience and operational efficiencies through IT.
CEOs now expect more from their communications functions in the digital age:
1) CCOs must provide granular, data-driven measurements of corporate reputation across many stakeholder groups and brand attributes.
2) Communications strategies must be prepared for rapid response since issues can emerge quickly via social media.
3) The function has an offensive role in proactively building relationships, not just defense against crises.
4) Active listening to social media and stakeholder opinions informs corporate decision-making.
White Paper - leveraging Customer Inputs to Accelerate Business ObjectivesValueNotes
Successful companies place the customer at the heart of their business, and base their activities and decisions on the customer’s needs and preferences.
Small Business Tracking Study - Insurance & Financejgerber117
This document summarizes the findings of a small business tracking study conducted in May 2015. 505 small business decision-makers were surveyed across various industries. Key findings include:
- Most small businesses believe they are growing and are optimistic about future growth.
- Top concerns for small businesses include finding work-life balance, staying ahead of competition, and managing technology needs.
- Small businesses are upgrading their technology but concerned about cybersecurity.
- Health insurance, financial benefits, and commercial insurance vary depending on business size.
- Small businesses consult various sources for advice, including financial advisors, online research, and insurance brokers.
IoT: Powering the Future of Business and Improving Everyday LifeCognizant
New survey shows IoT at scale is a critical path, but many companies struggle to realize value. See how 10 companies are overcoming these challenges and succeeding in the new normal.
Client case studies: Where will your company find top talent? Look to the cloudPwC
A large entertainment, media & communications company found that its five semi-autonomous divisions each had its own vastly different talent management needs and processes, and that was a problem when it came to identifying and retaining top talent across all the operating units. Although the enterprise technically owned the core HR solution for four of the divisions, the support model was handled at the division level and did not use a Shared Services model, leading to inefficiencies and redundant efforts. The company wanted to develop standardized processes, procedures, and technologies across the divisions to create a cross-divisional view of talent focusing on operational excellence and employee engagement.
Moving beyond multichannel: A Deloitte perspective on customer experience in ...Deloitte Canada
Think like a retailer: Multiply your multichannel returns
Is it a café? A financial genius bar or an app? The financial institution (FI) of tomorrow is already here, giving customers countless new ways to carry out their financial transactions.
Consumers are driving this transformation. They’re connected, knowledgeable, tech-savvy and very demanding. They don’t just compare one FI’s services to another, but to the best customer service they’ve had anywhere.
There’s much at stake. Some studies show Millennials count banks among their least-loved brands. Others show disruption in the FI space could impact existing market share dramatically in just five years.
However, FIs are adapting to these shifts. They are borrowing the best ideas from other businesses to create an intimate customer experience—especially from retailers.
But there’s more to be done.
• FIs need to structure themselves around customers. Not products or services.
• They need to understand each customer’s path to purchase.
• They need to make interactions simple and enjoyable.
• They need to evolve their internal structure: P&L, culture and their real estate strategy.
To learn more about how outstanding customer service is the key to delivering long-term business value, view our Slideshare, the second piece in our series, Making Change: Creating the financial Institution of the future.Then ask yourself, what opportunities are you going to take hold of, and what kind of FI do you want to be. Please get in touch with us for more information.
Competitive Intelligence Needs-Assessment: Asking the right questions ValueNotes
The document discusses the importance of conducting a competitive intelligence needs assessment to identify an organization's key intelligence topics (KITs) and key intelligence questions (KIQs). It states that asking the right questions is critical for competitive intelligence to provide actionable insights that help the organization achieve its goals. The needs assessment process should involve both decision-makers and competitive intelligence professionals collaborating to identify the KITs and KIQs. This ensures the intelligence needs cover opportunities, threats, strategies and competitors in a comprehensive yet prioritized manner. Identifying the right intelligence needs upfront allows an organization to maximize return on investment from its competitive intelligence activities.
Comparative analysis of insurance market in india on hdfc-life-1-1Flex
This document is a project report submitted by Vivek Kumar to SavitriBai Phule Pune University for the degree of Master of Business Administration. The report is about life insurance and taxation in India, with a focus on HDFC Standard Life Insurance. It includes approval letters for the internship and project, a certificate confirming the original work, and declarations. It also provides acknowledgements, preface, index, and executive summary sections.
The present book is a great step in forward direction of Indian Insurance sector ; and I have no doubt that after studying this book in detail and getting through the examination successfully, the insurance agent will gain substantially in accomplishing the tasks that are assigned to him or her. I would keenly look forward to its huge success in the Indian insurance domain in the days to come.
The insurance companies have to ensure quality products at a competitive price. Companies can
lower the price of the product by reducing the cost. Their survival depends upon their policy-holders. The
policy-holders become confident of not losing much when an accident or uncertainty takes place. On the
report of the insured about an accident the company officials send surveyors to assess the loss caused to
the policy-holders. However, as several of the insurance providers are international companies having
made their presence felt in several countries, the service provided by them is a reflection of the experience
gained by them across the globe, and in that sense, the findings may be generalised to a great extent.
The insurance companies have to ensure quality products at a competitive price. Companies can
lower the price of the product by reducing the cost. Their survival depends upon their policy-holders. The
policy-holders become confident of not losing much when an accident or uncertainty takes place. On the
report of the insured about an accident the company officials send surveyors to assess the loss caused to
the policy-holders. However, as several of the insurance providers are international companies having
made their presence felt in several countries, the service provided by them is a reflection of the experience
gained by them across the globe, and in that sense, the findings may be generalised to a great extent.
The document discusses insurance and its types. It defines insurance as a contract between an insurance company and a policyholder, where the insurer agrees to pay a specified amount if a specified event occurs. Insurance is divided into life insurance, which covers human lives, and non-life (general) insurance, which covers other assets. The document then discusses SBI Life Insurance, its joint venture with State Bank of India and Cardif SA, and its various individual and group insurance products.
Market research and customer satisfaction at kotak mahindra life insurance co...Vinay Saxena
The document provides information about Kotak Mahindra Life Insurance Company's products: Kotak Flexi Plan, Kotak Retirement Income Plan, Kotak Endowment Plan, and Kotak Capital Multiplier Plan. It summarizes the key advantages of each plan such as minimum and maximum entry ages, premium payment options, riders, and withdrawal/loan facilities. The project report aims to conduct market research and analyze customer satisfaction for Kotak Mahindra Life Insurance Company in Pune.
This document provides an overview of the Indian insurance industry. It discusses that the insurance industry in India has a history dating back to 1818 and provides life and general insurance. It notes that the industry has gone through changes in recent years with the opening up of the private insurance sector. It then discusses the nature of the industry, including that it provides protection against financial losses. It also discusses industry organizations, products offered, and recent developments like increased online services. It provides information on working conditions and common occupations in the industry.
This document provides an overview of the Indian insurance industry. It discusses that the insurance industry in India has a history dating back to 1818 and provides life and general insurance. It notes that the industry has gone through changes in recent years with the opening up of the private insurance sector. It then discusses the nature of the industry, including that it provides protection against financial losses. It also discusses industry organizations, products offered, and recent developments like increased online services. It provides information on working conditions and common occupations in the industry.
This document discusses HDFC Standard Life Insurance Company and its products. It provides an overview of HDFC Standard Life, highlighting its strengths such as financial expertise, range of solutions, and track record. It then discusses the company's major individual and group products. For individual products, it outlines various term plans, investment plans like single premium whole of life plans, pension plans, and savings plans. The group products section is not included in this summary as it was not part of the given document. The document provides details about HDFC Standard Life's product portfolio and solutions.
This document discusses a study on the attitudes of consumers and the effect on life insurance companies. It analyzes how customer service and satisfaction impact customer attitudes. The study examines 150 insurance customers in Lucknow, India. It finds that meeting rising customer expectations through initiatives like CRM is important for retention. However, customer acquisition is also vital for growth. The competitive environment makes it difficult for insurance companies and agents to gain profits while reducing costs. The study aims to understand the effect of insurance intermediaries and services on customer attitudes and investment decisions. It uses surveys and statistical analysis to test hypotheses about these relationships.
The document provides background information on the insurance industry in India. It discusses how the industry was nationalized in 1956 but opened up to private players in the 1990s. Currently there are 52 insurance companies operating in India, with the life insurance industry experiencing a decline in growth of 1.57% in 2011-12. The insurance sector has significant growth potential as penetration rates remain low compared to other Asian countries, providing opportunities for interested companies.
A Study Of Comparative Analysis Between LIC And HDFC Life Insurance CompaniesNatasha Grant
This document compares the performance of Life Insurance Corporation of India (LIC) and HDFC Life Insurance Company. It analyzes data on their total premium, total income, and number of policies from 2014-2019. The data shows that LIC's total premium and total income were significantly higher than HDFC's over this period. However, HDFC saw steady growth, with its premium and income increasing each year. The document also provides background on the growth of India's insurance industry since it was opened to private companies in 2000. It aims to help understand the competitiveness of the two leading players, LIC and HDFC, in the current insurance sector.
briefly decsription on insurance sector and customers perception towards insurance and exide life insurance in odisha...
it will help in marketing as well as finance student those who comes from BBA,MBA, and also management studies...
In this paper an attempt is made to study the financial performance and investment performance of Life Insurance Corporation of India Ltd. (LIC) during the period 2001-02 to 2015-16. To examine financial performance income, outgo and their sub-components are chosen. As far as investment performance is concerned sector-wise, instrument-wise and also their sub-components are taken. This paper is divided into two Sections. In the first section financial and investment performance is examined. In the second section the impact of sector-wise and instrument-wise investment on total income of LIC is assessed.
This document provides an overview of the life insurance industry in India. It discusses how the industry has grown significantly over the years and now represents a major economic sector. While insurance penetration is still low compared to other countries, there is huge growth potential as nearly 80% of the population lacks adequate life or health insurance. The regulatory framework for insurance is outlined, including the key acts governing the industry and the role of the Insurance Regulatory and Development Authority. Segment-wise splits of new business premiums collected in 2010 and 2011 are also presented in charts.
Training needs identification in service industries shubhangini sahuSanjib Pal
This document provides details about a research report submitted for a Master of Business Administration degree. It includes an abstract that introduces the topic of correlating theoretical management studies with practical business experience through research projects. It also discusses how the fast pace of technological change is impacting businesses and individuals. The document then outlines the importance of the insurance sector to the economy. It provides a table of contents and acknowledges those who helped with the research. It also includes sections on the company profile, research objectives, methodology, data analysis, limitations and conclusions. Overall, the document presents a research report on identifying training needs in the service industry.
This document discusses the history and development of the insurance industry in India. It notes that the first Indian life insurance company was established in 1818. The industry grew to over 350 companies but was then nationalized in the 1950s-1970s. Economic reforms in the 1990s led to the passage of laws in 1999 allowing private companies to enter the insurance market. This increased competition and improved products and services. Private companies have targeted common people more aggressively. The industry is growing over 25% annually but penetration remains low at only 2% of GDP. Increased education and expected GDP growth indicate further potential for the industry. Private companies have improved markets, products, customer focus, and channels like banks and the internet. Training programs have also expanded
The role of integrates marketing communications in life insurancetSupa Buoy
Hi Friends
This is supa bouy
I am a mentor, Friend for all Management Aspirants, Any query related to anything in Management, Do write me @ supabuoy@gmail.com.
I will try to assist the best way I can.
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Supa Bouy
Generative AI’s potential to accelerate India’s digital transformationEYIndia1
I
ndia, today, is in a powerful position to set
the agenda and realize significant benefits
as the world starts to leverage an explosion
of AI capabilities. While 2023 was a year of rapid
innovation, in the next decade, Generative AI (Gen
AI) will break out from labs and Proofs of Concept
(POCs) and into the open terrain of consumer and
enterprise applications. Millions of Indian citizens
stand to benefit from next-generation scaled AI
applications across industries with the biggest impact
on healthcare, drug discovery, financial services,
education and entertainment.
Slovenia, Lithuania, and Columbia were not
OECD members on the date when India
executed DTAAs with these countries.
Accordingly, the MFN benefit given to
these countries is in their own right and
was not due to the fact that they were
OECD members
Visit-file:///C:/Users/SCH/Downloads/delhi-hc-applies-5-pc-withholding-tax-under-india.pdf
https://www.ey.com/en_in
Ey semiconductor-supplies-hitting-vehicle-salesEYIndia1
How Supply Chain challenges can be effectively managed through Digital Technology & Solutions for planning
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act as technical summaries . For more information,
please contact EY India.
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changes in legislation that
affect Indian businesses. They
act as technical summaries . For more information,
please contact EY India.
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Impact on Employee Outreach and People Processes | EY India
1. 1 Work-From-Home (WFH) in the Insurance Industry: Adapting to the New- Normal
June 2020
Work-From-Home (WFH) in
the Insurance Industry:
Adapting to the New- Normal
click here to enter
2. A Study by
National Insurance Academy, India
and EY, India
Note: The WFH practices adopted by various organizations, as quoted in this study were shared by the officials of the respective organizations during interviews taken by the NIA team. We have mentioned names of
the respective officials in the acknowledgement section.
3. 3 Work-From-Home (WFH) in the Insurance Industry: Adapting to the New- Normal
From the
Director’s desk
The COVID-19 Pandemic has overnight disrupted the way
businesses function. The lockdown enforced in March 2020
compelled a majority of employees in the insurance industry
to Work-From-Home (WFH). This study explores how insurance
companies have managed to provide customer service in these
challenging times and how digital infrastructure has helped the
smooth transitioning from office-to-home. The study also explores
employees’ perceptions about the change, and its impact on the
future workplace scenario. Most importantly, the study explores
how insurance companies can capitalize from lessons learnt
during these times to enhance organizational performance and
effectiveness.
My colleagues at the NIA, Dr Sushama Chaudhari, Head-HRM & OB,
Ms Ruchika Yadav, Research Associate conducted this qualitative
study on “Work from Home (WFH) in Insurance Industry: Adapting
to New Normal”. They partnered with the team of Ernst & Young
India, Mr Sunmeet Chahal – Partner People Advisory Services, Ms
Neetisha Arya and Ms Nupur Dsouza – Managers E&Y to present a
framework on adapting to the New Normal in this report.
I am happy to present the report to you, and, I hope you find it
useful.
G Srinivasan
Director
National Insurance Academy, Pune (India)
4. Acknowledgements
We profusely thank Mr. Mukesh Gupta, Managing Director, LIC of India; Mr SK Mehra,
MD & CEO, Health Insurance TPA of India; Mr. M Muraleedharan, Head of Technology,
Se2 India; Ms. Amrit Jadka Arora, Head HR, GoDigit General Insurance (GoDigit);
Mr. Saptarshi Bhattacharya, Head-HR Shared Services, Bajaj Allianz General Insurance
Co Ltd; Mr. Vaideswaran, DGM, New India Assurance Co Ltd; Mr. Arun Sharma
Head-Customer Experience Management (CEM), HDFC ERGO General Insurance;
and Mr. Sandeep Mankad, Head-New Business Initiative, SBI General Insurance Co.
Ltd. for their valuable inputs and insights on the initiatives taken by these respected
personalities with regard to the various aspects of “WFH – the New-Normal”.
We also thank the other senior and junior executives from Life Insurance, General
Insurance, Standalone Health Companies and Insurance Brokers who participated
in the candid conversations about their experiences related to WFH during March to
May 2020. We are thankful to Mr. G Srinivasan, Director National Insurance Academy
for constant support and encouragement and the EY team for providing functional
insights to chart the course for the future.
5. Table of
contents
01
02
03
The study
Setting the context
Get the ball rolling: ensuring digital infrastructure for Work From Home
Impact on employee outreach and people processes
Perceived benefits of Working From Home
The other side: challenges faced by employees
Crafting the future strategy
EY Framework on Adapting to the New Normal
Workforce re-modeling and manpower planning
Hiring right
Intelligent automation across people processes
Employee wellness
Measuring and managing productivity
Role of the leadership team
Conclusion
6. 6 Work-From-Home (WFH) in the Insurance Industry: Adapting to the New- Normal
The study
The COVID-19 pandemic has suddenly
crippled normal life and how individuals
and institutions function in the entire
nation. A “lockdown” was enforced in
March 2020 to restrict the transmission
of the Corona Virus. The lockdown
led to a majority of employees across
sectors having to Work-From-Home
(WFH), and the insurance industry
was no exception. In these times of
crisis, customers have a greater need
for seamless insurance services, such
as life insurance, health insurance, or
continuation of risk covers for other
types of insurance. The insurance
industry is caught between two
conflicting needs. On one side, there
is a need for restricted movement and
limited manpower in offices. On the
other side, there is a greater urgency
and need of providing insurance and
relief to customers at this time. In order
to cope with this conflicting situation,
a majority of insurance organizations
initiated WFH for their employees.
There are discussions taking place
globally and in India regarding the
merits and demerits of WFH. The CEO
of Twitter, Jack Dorsey, has declared
1
https://www.forbes.com/sites/jackkelly/2020/05/13/twitter-ceo-jack-dorsey-tells-employees-they-can-work-from-home-forever-before-you-celebrate-theres-a-catch/#7233a5e12e91
2
https://www.theverge.com/2020/5/21/21265780/facebook-remote-work-mark-zuckerberg-interview-wfh
3
https://www.businesstoday.in/current/corporate/post-coronavirus-75-percent-of-3-5-lakh-tcs-employees-permanently-work-from-home-up-from-20-percent/story/401981.html
4
https://www.indiatoday.in/technology/news/story/permanent-work-from-home-can-be-damaging-for-mental-health-of-employees-says-satya-nadella-1679313-2020-05-18
5
https://www.youtube.com/watch?v=Jc6iCmU5LwU&t=3s
6
https://www.youtube.com/watch?v=Jc6iCmU5LwU&t=3s
7
https://www.timesnownews.com/business-economy/economy/article/nandan-nilekani-on-why-people-should-work-from-office-too/600139
that he is ‘ok even if 100% of his
employees work from home’1
. Mark
Zuckerberg of Facebook has asserted
that WFH is likely to continue in the
future, and that he is planning for the
remote-work scenario to become the
new-normal for work in the coming
years2
. Tata Consultancy Services (TCS)
has announced that WFH is likely to
continue, and is seriously considering
the possibility of only 25% of its
employees working from its offices
by 20253
. However, Microsoft’s CEO,
Satya Nadella, has cautioned that
making remote work permanent could
have negative consequences, because
it will limit social interaction and pose
serious mental health problems for
workers4
. He believes that virtual
video calls cannot replace in-person
meetings. Mr G Radhakrishnan,
Chairman and Managing Director of
United India Insurance Co. Ltd. stated
during a recent webinar ‘the post-
COVID world will not be the same as
we knew it’5
. Mr Tapan Singhel, CEO
of Bajaj Allianz General Insurance
expressed his concerns about mental
health of employees if WFH continues
for a long time. He stated it during a
webinar organized by NIA, Pune, called
Customer Service in COVID Era: A New
Paradigm6
. Mr Nandan Nilekani, Co-
Founder and Non-Executive Chairman
of Infosys said that ‘eventually two-
third of employees might work in the
office with one-third working from
home’ because the gossips and social
interactions lead to creative ideas7
.
Against this backdrop, it is interesting to
study how various insurance companies
– large/small and public/private – are
coping with the situation and facilitating
an uninterrupted service delivery
system in spite of working from home
after almost three months.
In order to study the pros and cons
of the situation, we telephonically
interviewed 27 executives working in
Indian insurance industry, representing
all levels, functions, and genders to
understand how they faced the crisis
so far and their experiences regarding
WFH. We also discussed challenges
faced, lessons learnt, and innovative
approaches which they adopted to
facilitate the new normal.
Setting
the context
7. 7 Work-From-Home (WFH) in the Insurance Industry: Adapting to the New- Normal
Get the ball rolling:
ensuring digital infrastructure for WFH
While all insurance companies have
business continuity plans, they have
never been designed or tested for a
situation like COVID-19 where almost
all employees had to be cut off from
their offices overnight. The fact that
the timing of the event was during the
end of the financial year, compounded
the problem because insurers normally
witness heightened business activities,
closing of accounts, disbursement of
commissions, and payment of premiums
during this period. Regulators provided
a major concession to customers
for delay in payment of premiums.
While the move helped insurers too,
they had to carry out other regular
activities such as sending renewal
notices, change in nomination, and
other services like change in payment
mode etc. without a stop. The major
challenge for insurance companies
was the availability of required digital
infrastructure at employees’ homes,
such as internet connectivity and virtual
meeting tools, to ensure business
continuity. Simultaneously, they also
had to ensure, absolute data security
and productivity, and ensure the
comfort of employees who had to work
with digital tools for long hours.
Irrespective of the extent of
digitalization, every company has
taken initiatives to provide digital
infrastructure to facilitate WFH. Life
Insurance Corporation of India (LIC),
a mammoth organization with a large
branch network, has rendered services
to more than 30 crore policy holders
and coordinated with more than 10 lac
Agents during this period. LIC has not
only managed to disburse commissions
to its agents as per schedule through
a centralized mechanism, it also
facilitated the underwriting of policies
remotely through agents. Interestingly,
the investment department was also
able to work remotely, and, their
dealers started transacting from home
as per SEBI guidelines. As a policy, LIC
has been providing laptops to its select
cadre of employees to facilitate WFH.
Dr S Prakash, Managing Director of Star
Health and Allied Insurance in a Webinar
opined that WFH is likely to continue for
a few more months and his company
has made sure that health claims and
other operations run smoothly during
this time8
.
Bajaj Allianz General Insurance
Company (BAGIC) has allowed some
employees to take home their desktops
and laptops in order to ensure
uninterrupted customer service.
BAGIC also reimbursed the charges
incurred for data card acquisition to its
employees who were operating from
small towns and could not get WiFi
connections.
GoDigit ensured that every single
employee working from home was
provided with a laptop or equipped
with a desktop along with a WiFi
connection and a dongle to stay
connected. All operations are being
managed by remote-desk technology
and their dedicated cloud computing
capacity. Incidentally, GoDigit is the only
insurance company which is completely
on the cloud.
Employees of New India Assurance Co
Ltd, apart from using laptops/desktops
at home, in some cases, as per business
priority, have been given access to their
office desktops from their homes. For
many of its personnel in the head office,
the facility has proved to be extremely
beneficial to continue operations during
the strict lockdown situation.
Se2 India, an Insuretech company,
has allowed its employees to work
from home using company laptops
besides their personal computers. The
company had hired additional laptops
before the lockdown was announced
to support its ongoing business service
delivery. Digital infrastructure in the
organization, such as virtual desktops
and security mechanisms for remote
working, enabled a seamless switchover
to the new work norm.
HDFC ERGO used its digital
infrastructure to divert calls from
customers to individual employee’s
mobile numbers. That way they
could provide services to each and
8
https://www.youtube.com/watch?v=xWdJTmY_2OE
8. 8 Work-From-Home (WFH) in the Insurance Industry: Adapting to the New- Normal
every customer trying to reach the
company during lockdown even when
100% employees were working from
home. The company also ensured the
availability of laptops and internet
connectivity within 3 to 4 days of
lockdown 1.0 to its employees. HDFC
ERGO’s website is a Sales and Service
Website, and customers reaching out
to employees for various services
and queries were educated to use
the company website to fullest. As
and when the customers contacted
the company for any kind of service
or complaint, other relevant features
were also explained apart from
addressing their query. As a result,
digital transactions have increased
manifold. The company was also able to
accomplish speedy disposal of queries
and reported higher levels of customer
satisfaction.
Health Insurance TPA of India put a
business continuity plan one week
before the lockdown 1.0 and made sure
that health insurance claims could be
settled by any branch for any customer
throughout India with the help of
technology.
All executives we interviewed
mentioned that they extensively use
‘virtual meeting tools’ like Microsoft
Teams, Cisco WebEx, and Zoom. Their
respective companies have made sure
that employees are appropriately
oriented and well trained to use these
tools. Se2 India has made sure that
all its employees are comfortable and
adept at using various ancillary tools
available in the organization, such as
WebEx, Skype, and Microsoft Teams.
It has scheduled regular 15-minute
meetings to check business continuity
in services and has ensured ease of
access to the infrastructure, tools and
connectivity for employees.
The other major issues apart from the
availability of digital infrastructure and
connectivity at employees’ homes are
fear, anxiety, and confusion which might
have arisen due to the unprecedented
situation presented by the pandemic.
The companies adopted WFH effects to
continue the business activity as well as
address the above mentioned concerns
experienced by its employees. However,
WFH is not only about the provisioning
of adequate digital infrastructure
at home, but also about feeling
comfortable, ability to work in the new
environment, and committing oneself to
continuous office work in spite of fear of
contagion.
Productivity has increased despite the hindrances.
In fact, we have realized that we are able to do the
same amount of work with less staff. (As of now,
only 3 people can work on VPN in the office. If more
people use it, there are connectivity issues.) Renewal
is not an issue since most customers prefer going to
their current branch for renewal. So there is business
growth also as we are able to maintain the base with
renewals plus some fresh business which we are
getting through mails.
Quoting a respondent from a public sector general insurer
about his experience of WFH:
Another officer said:
Work from home is a very big possibility for our
organization. We have been using VPN and doing
all approvals on e-mails. We coordinate through
video calls. Very few people or departments, like
accounts department, may visit the office as per need
once in a week or so. Everything else can be done
virtually online with the help of e-mails and video
conferencing.
“
“
9. 9 Work-From-Home (WFH) in the Insurance Industry: Adapting to the New- Normal
Impact on employee outreach
and people processes
GoDigit has taken a number of
initiatives to make sure that pace of
work in the organization continues
smoothly. They address knowledge
gaps of employees through product
trainings which employees can access
from home. They have an online
induction programme for those who
joined the company since the lockdown
was declared. Their HR team contacts
the employees on regular basis,
arranges e-meetings (on video) and
keeps track of their work. GoDigit also
has an online employee engagement
programme called ‘virtual happy hours’
to boost staff morale and to reinforce
interactions within and among teams.
These programmes, include activities
over a video call, such as having a
group chat or playing games. The HR
team also takes the initiative to call
every employee to have a one-to-one
interaction to know about physical and
mental well-being of employees.
BAGIC makes sure that it contacts
every employee to enquire about
their wellbeing. Additionally, BAGIC
also connected with Alumni and
and wished them well. BAGIC has
established a dedicated call center
and has appointed a doctor on 24/7
call to attend to employees’ medical
emergencies or answer queries.
The company has also developed a
COVID-19 database to keep track of
any infections among employees, their
families, or friends. They have also
created a database on how many of
their employees are staying in ‘RED/
Orange/ Green/Containment Zones’.
In addition, they keep track of district-
level announcements related to the
lockdown, including relaxations, so
that they may issue prompt advisories
about the opening of offices and travel
arrangements.
Many organizations have started
WhatsApp groups to help employees
seeking medical or any other
assistance.
Some companies have made sure that
they do not postpone anything of a
routine nature because of the lockdown,
be it the training schedules or appraisal
process or releasing increments or
giving of bonus or awarding of winners,
or granting promotions, because they
strongly believe that everything should
go on as per the timeline.
The top managements of organizations
have realized that positive and proactive
communication with employees through
virtual meeting tools or social media is
extremely essential to ensure that they
maintain a high morale in this difficult
time.
Top management officials of Health
Insurance TPA of India connect with
employees working from home on a
regular basis to ensure their wellbeing
and address issues which they raise.
10. 10 Work-From-Home (WFH) in the Insurance Industry: Adapting to the New- Normal
Perceived benefits of
Working From Home
Based on the discussions, officials and respondents outlined benefits of WFH like:
Productivity
1
Earlier we never delivered or
deployed anything on Friday because
after that there are 2 days off. Now
since we are working from home we
can deliver even on Saturdays and
Sundays. Every day is a weekday now.
One of the executives working
in a private general insurance
organization said:
“
LIC of India, as per the government’s
guidelines issued during the lockdown,
had 85% of its branch offices open and
functioning. LIC agents were equipped
with digital portals to underwrite and
issue e-policies within the prescribed
guidelines. LIC has ensured that
customers can pay premiums through
any suitable digital payment mode.
They have successfully managed their
data centers, core systems and portal
systems remotely.
Life and general insurers have ensured
that customer service functions, such
as renewals, underwriting and claims
disposal are not hampered in any way,
and, delays, if any, are minimized. Only
few employees could work from the
office as per government guidelines,
which helped in coordinating and
attending to business priorities.
Many respondents spoke about
productivity, efficiency and benefits
of WFH. Some of the responses are
reproduced verbatim below:
• Productivity has increased by more
than 100%. Whenever the year-end
activities get over, the reinsurance
configuration needs to be completed
in our system for the next financial
year. Earlier we used to do it in 5
days for each line of business. But
during this lockdown period we have
completed it in just one single day.
• Work from home provides more
productivity and better supervision –
in the sense that our nature of work
warrants quick online disposal of
requests and mails. No paper work,
approvals are on mail. Quicker action
and better record keeping (if one is
conversant with cloud storage, like
Evernote, OneDrive, etc.)
• Some people have started coming
up with creative ideas and solutions
in their routine tasks. People are
getting freedom in exploring their
creativity, by at least a small amount,
if not to a very large extent. They
are creating ready reckoners which
help in better coordination and data
sharing pan-India. Knowledge sharing
via WhatsApp chats has increased.
People are readily providing solutions
from all over the country for a problem
that someone faces. This will also
reduce over dependence on one
person for a task even when a person
is on leave or is not available.
• Issues can be discussed and everything
can be resolved with the online
platform. Work from home is the new
trend. It is the new way of working.
Going to office, travelling for 3 hours
has become completely obsolete, since
productivity level is almost the same.
There is not a huge difference in the
amount of work being done and the
focus that we have. It is almost the
same. Things are being managed very
well. It has been 2 months into this and
I have not faced any issues till now.
• Best advantage is that travelling time
is saved a lot. I get a lot of time to
do exercise which also increases my
efficiency and keeps me motivated
towards my work. We are also free
from some of the useless discussions
that happen in the office. We can now
simply focus on the task to be done
and once we are done with the task,
we can focus on other things.
• I am in IT department, and everyone
is saying that we have really risen to
the occasion. Business continuity plan
has been done very beautifully in our
company. People are able to do their
11. 11 Work-From-Home (WFH) in the Insurance Industry: Adapting to the New- Normal
Dealing with redundancies
2
There are chances that if social
distancing guidelines continue then
there will be spare work spaces, and 100
% employees cannot function during the
office hours. Thus manpower strength
can be better utilized if shift working
is introduced so that customer service
hours can increase.
As one respondent said:
“
“
Resetting and realigning processes to facilitate
WFH had an added advantage. Companies could
identify process, role, and skills redundancies.
These could be removed through business
process re-engineering and tweaking some of
their standard operating procedures.
GoDigit extensively used cross training to
remove skills redundancies and improve product
knowledge and to build capacity.
Going forward, business process engineering will
become important to ensure better streamlining
and efficient processing.
job. So it is quite satisfying. We had
to put everything on ‘on-mode’. It
is much more than what we were
doing in the office. We have tried to
give Request for Proposals (RFP) on
e-mail. We have put extra hours in
the night also for sending the RFPs
and getting quotations on mail, even
getting approvals on mail. Good thing
is that we have released payments
worth at least 10 crore during this
period, with all approvals on mail.
• Meetings have become more
productive; earlier a lot of time was
wasted to find a meeting room, settle
down, and exchange pleasantries;
now we can have more focused
discussions.
However, while employees are currently
reducing TATs for response/service
delivery by working extended hours
on weekdays and weekends, the
questions are: (i) Can this approach
be sustainable in the long term? (ii) Is
increase in productivity being observed
in certain pockets in the organization,
or do these views hold across teams and
levels? Further, how can productivity of
front-line sales staff be assessed if both
the volume and value of transactions
have dropped during the last 2 months?
These are relevant issues that need to
be reviewed and resolved.
12. 12 Work-From-Home (WFH) in the Insurance Industry: Adapting to the New- Normal
Cost reduction
4
WFH is also being viewed as an important cost reduction
strategy. On this topic, respondents opined that:
• From a company’s point of view, WFH can result in
huge savings through lesser utilization of space, office
expenses, and travel. A company could save some
management expenses as well. If we are working with a
strength of 33 or 50% people, we do not actually need all
the space which is being occupied currently.
• The Call Centre is working 24*7 as of now. I feel that it is
not required. We can save electricity and admin costs. We
can reduce manpower as well. In operations and claims –
at least 50% of the staff can work from home.
• Almost everything can be made to happen from
home. Only there might be a problem in terms of legal
documentation, but if we have digital signature, we can
even overcome that hurdle. This will lead to lot of saving
for the organization provided security protocols are in
place.
• In my opinion everything can be shifted to the home
because the company is being run from home since the
last 2 months. The only people who need to be in office
are the cashiers who have to collect the cash or cheques.
Otherwise now-a-days brokers and development officers
are collecting and bringing in the premium. Even a link
is now provided to the customer so that s/he can pay
directly. If you ask me, all work can be shifted to the
home. Claims are being settled online and all reports are
coming online. Once the company takes a call to do so,
almost 60-70% of the work can be shifted to work from
home which will lead to cost reduction.
Flexibility and trust
3
Initially everybody had misgivings as to
whether this kind of a proposition will work
or not. But after a few days and initial hiccups,
the only question that mattered was : what
kind of a routine can you actually have when
you are working from home because in
office the entire day’s schedule is planned;
whereas, while working from home people
initially thought that maintaining a routine
was not possible because everything had to be
coordinated over phone calls. But acceptance
of the situation eventually increased across
the board because work had to be done.
While working from home it is more about
an element of trust and acknowledging the
fact that whatever a person is telling you is
right because there is no need to put everyone
under a surveillance system, which in any
case would be hampering your own time and
their time too.
A senior vice-president of a private
general insurance company said:
“
“
Lockdown has presented an extraordinary situation in most
of the households where kids, spouse are all in the house
and mostly domestic help is not available. For working
couples, challenges have increased in terms of balancing
office work and daily life in the same place.
Most organizations have accommodated flexible time
schedules and have ensured clear communication about
objectives and expectations.
GoDigit mostly used video calls for office communication.
Employees were expected to follow the office dress-code
routine during the video calls so that the office decorum/
etiquette was followed, and sincerity and diligence in each
and every activity was elicited. Flexible schedules were
accommodated to the extent possible.
Health insurance TPA of India modified some of its claim
processes and allowed customers to upload requisite
documents through WhatsApp for claims pending. The
company dedicated a set of employees to look into such
pending claims and support the customers in completing
formalities.
Se2 India has ensured empathy towards its employees and
offered flexibility to choose appropriate channel (such as
video calls or audio calls) for meetings, appropriate tools
(such as WebEx or Microsoft Teams or Skype) for online
communication, and appropriate devices (such as mobile
or laptop or desktop) for connectivity. They also organized
a session for their employees to share the experiences and
efficient practices adopted as a result of the work from
home routine.
13. 13 Work-From-Home (WFH) in the Insurance Industry: Adapting to the New- Normal
The other side:
challenges faced by employees
Some respondents have been very vocal about the challenges
faced by them while WFH. They say:
In the office there is scheduled tea-break
and lunch-break, and people typically may
not call during that time, or on Saturday-
Sunday. But now people are assuming that
even on a Saturday and Sunday you are
available. Those boundaries are slightly
blurred.
“
“
Some women staff are finding WFH stressful. They do
appreciate flexibility; but presently it is difficult for some of
them to balance office work and personal life at home. To
quote some of their concerns as follows:
• People generally have this mindset that when a lady
is at home, she should be readily available for them all
the time. My job requires a lot of concentration as I am
having powers of up to 1 crore, and if I make any mistake
I may have to suffer a lot because of that later. So I need
to work with lot of concentration. Initially it was very
difficult to work with so much concentration due to such
disturbances. So I have now changed my work-time cycle.
When people in the house are taking rest, I start my
work.
• 100% work from home? I will not be happy. Working from
home is more stressful for ladies. We have to take care
of all household chores also. So it becomes like a double
stress. Sometimes I feel that I am obliging the company by
doing office work at home, as office work is to be done in
the office. Many a times I feel that I am doing office work
on a paid holiday or EL. And then I don’t know whether
I am doing justice to my office work or to my home. This
could also be because this is something new for us…it is
a new culture for us. I will prefer to work from office only.
Work from home is not possible in insurance sales.
• Everyone’s home situation is not the same. For people
living in 1 BHK, it is not possible to have a separate space
for work; there is constant disturbance at home, and
schools are also shut. So it’s difficult for especially women
to manage the household and kids along with working
from home. Also 100% WFH for full-time workers is
actually not feasible and will become a mental hurdle. So
some people may want now to get back to work and go to
office physically.
14. 14 Work-From-Home (WFH) in the Insurance Industry: Adapting to the New- Normal
Even some men are finding WFH challenging and stressful.
Some of them say:
• The only benefit of working from home is that my
traveling time is saved. Apart from that, the work flow
is still the same. It’s difficult to manage work from home
and work for home, as we tend to receive claims at odd
hours also.
• In the office we can take breaks and work upto a specific
time but at home there is no fixed time. We get a mail at
8 o‘clock in the morning or in the evening to which we
have to respond to, and even on Sundays.
• Although we are with family for more time yet we are
not able to spend personal time with them as we have to
attend calls at any time.
Maintaining performance levels, communication, and
connectivity has been challenging; especially sales
personnel do not find WhatsApp calls very effective. Below
are few comments we received during interviews with
respondents.
• I have to talk to my team members individually,
mostly on phone, which is different from face to face
communicating. Personal touch is not there. I have to put
in more energy while talking on phone and understanding
is also not that much on phone as we are not able to see
the body language.
• Productivity has gone down; earlier I could walk up
to someone to solve an issue, but now the same
communication takes 2-3 iterations.
• My experience has not been very good. I am into
insurance sales and being at home, it has become even
more difficult. Now I am contacting people through
WhatsApp calls, but it is not converting into very
effective sales. The numbers have gone down. In the
current situation, with lack of face-to-face interaction,
convincing people for making investments via insurance
has become challenging.
• Sometimes you have to short-circuit the processes. For
instance, if we go strictly by CVC guidelines, the tenders
are to be done in a certain way, which is not possible
while working from home. Now we are only talking on
phone and the actual human touch, which is required,
gets missing.
• The work and home space have actually to be
segregated for the physical, mental, emotional well-
being.
• In case of a claim payment, we need the policy
document. We need to print it. We need to take print
of the voucher and take signatures. Without signatures
on the documents we can’t make a payment. All these
things are not possible while working from home. We
don’t have that kind of IT infrastructure (like a printer,
etc.) at home.
• I prefer to work from office only as it is more
convenient. If I am stuck anywhere, I can solve the
problem immediately by discussing the issue with my
colleagues then and there.
• Most of the time goes into organizing and setting up the
things, and contacting people. The method of working
has changed. It takes little extra time as things are not
in front of you. Work from home is not as seamless as it
was in the office, because in office you call up someone
and you will get the information instantly.
• Sometimes I feel that setting up such meetings takes
up a lot of time (we are using Microsoft Team to talk
to each other), as there is no IT guy to help me. This
experience of working from home has never been there;
in fact, we are learning it literally.
15. 15 Work-From-Home (WFH) in the Insurance Industry: Adapting to the New- Normal
When you work in a team, when you work
in an office environment that typically
becomes your extended family. You are
glued to everything that is happening
in the office and what is going around.
You are invested in the office. For any
individual who is working from home,
that investment goes down and then you
have to take extra- ordinary efforts to be
in touch with everybody else, which is why
complete work from home is never a good
idea. It might make sense that you allow
people to choose days that they want to
work from home or have a rotation basis
policy, but at least once or twice they
should come to the office and meet up
with people, not just for work per se while
work gets done but more so to keep their
networks going intact.
Social interaction has been impacted; casual
conversations, connecting with colleagues
while walking in office corridors is being missed
by most of the employees. A senior executive
is of the following opinion:
“
“
The interview data has provided valuable inputs about
what is workable, and what is not feasible for the
insurance companies as of now. The interview responses
have also provided insights into employees’ experiences,
mindsets, and their viewpoints about the efficacy of WFH.
The world at large is undergoing a transformation in the
way work is being done. While the COVID-19 pandemic
has truly accelerated the digital adoption and forced us
into an era where remote working seems to be becoming
the norm, we are yet to adopt and adapt to a more
sustainable and operating model.
16. 16 Work-From-Home (WFH) in the Insurance Industry: Adapting to the New- Normal
Crafting the future strategy
NIA partnered with EY to understand their points of view on the emerging priorities for the organizations in the ‘new normal’ and on how the Insurance industry could gear up to address
some of these hotspots. EY entails the way forward through a framework on adapting to the New Normal.
While the macro situation remains quite fluid on the ground, and, business challenges multiply daily, there are some measures that we can take in the near (Now), short (Next) and the
long (Future) terms in order to create a robust strategy for an effective remote working environment.
Let us now look at some of the emerging people-priorities in order to adapt to operations and thereby increase resilience for the long term.
EY Framework on
Adapting to the New Normal
• Tactical business continuity
measures
• Secure financial stability
• Continue operations
• Protect employees
• Future-proof business models – recalibrate business model to facilitate contactless sales
• Agile Talent workforce to support recovery with increased productivity
• Customer-centric propositions - Need-based, simplified and innovative products, Virtual
care continuum and VAS
• Technology readiness - Zero-touch, cloud-enabled IT environment, Adoption of AI/ML
and intelligent automation
• Cyber resilience - Authentication security, Review privilege assignment and Perform
vulnerability assessments
• Financial health - Monitor investment portfolio, IR risks, Optimize COR, Stress-test for
liquidity and solvency
• Reimagine your business for long-term
sustainability: Digitization, risk and
operational resilience
• Build a digital DNA, leaner and more agile
• Accelerate strategic transformation agenda
• Mobilize finance into the new normal
NOW
Adapt operations and Increase resilience
Continue Reframe
NEXT BEYOND
Employees – Keep employees informed, motivated, committed and trained
Capital providers – Proactive and transparent communications
Customers – Focus on brand perception and provide two-way communication loop
Government – Monitor regulatory changes and adapt accordingly
Business Partners (including Competitors and Suppliers) – Understand full ecosystem impacts and recovery options
Stakeholders
Core
themes
17. 17 Work-From-Home (WFH) in the Insurance Industry: Adapting to the New- Normal
Workforce re-modeling and manpower planning
Map changes to skill profile for critical roles
Realign existing workforce
Prepare manpower plan for the next financial year
Identify gaps and additional role requirement/s
1
2
4
3
One of the main challenges we heard from insurance majors has been about restructuring manpower from the lens of remote
working. While we are all cognizant of the latent benefits of remote working, designing a sustainable operating model is the key
challenge.
EY recommends the following broad guidelines to re-purpose the workforce model:
With the changes in the way we work, expectations from most roles in the organization are also evolving. With in-person
interactions being limited at-least for the foreseeable future, the profile of the front-line sales managers would need to evolve.
Enhanced individual comfort with technological tools and effective, personalized conversations over virtual touchpoints will
become imperative for new acquisitions. Communication, which has normally been strengthened/supported with behavior and
emphatic gestures, will need to be strengthened. Similarly, the evolution in skills will need to be mapped for other critical roles,
so as to transform the overall skills’ framework for the organization.
• Identify activity clusters and assess the remote working feasibility levels for unique roles.
• Arrive at a remote work feasibility heat map to understand the overall workforce reality.
• Geographical re-alignment – Study the feasibility of spreading critical operations across multiple micro-sites; create hubs for
long-term sustainability to survive future disruptions.
• Based on the inputs from existing remote work-force model/s, we can figure out if we need the same number of employees
for the said task as the dynamics change or, if required, internally few employees can be transferred.
• Additional role requirement for new roles is to be mapped.
Additional role requirement for key and changing focus areas is to be identified.
18. 18 Work-From-Home (WFH) in the Insurance Industry: Adapting to the New- Normal
Hiring right
Intelligent automation across people processes
As the trend towards differential workforce capabilities
and remote workforce models comes into play in the new-
normal, we should now pre-empt the requirement to hire
right.
Let us delve deeper in order to understand what we mean
by “hire right”.
• ►Right workforce mix: A changing workforce model can
open doors to contractual gig workers for project or
requirement-based short-term assignments. Additionally,
as we settle in the virtual workplace, the generation-
mix will also undergo changes. There will be a surge in
demand for talent that would be comfortable with digital
platforms and open to collaboration, which can as a
result have an impact on the generation-mix too.
• Right sourcing channel: Erstwhile source-mix will
Intelligent automation across HR enables reduction in cost
and increase in productivity. We have seen that these two
factors pivot the growth of enterprises. With this solution,
HR centers can optimize resources and costs spent on
transactional work and focus more on designing solutions.
As we understand, the insurance sector has a heavy mix
of front-line sales staff and contractual workers, who are
geographically and technologically distant, it is pertinent
to find solutions that can reach this segment. The HR
value chain from “Hire to Retire” should be seamless and
available to the maximum extent possible and adept in all
scenarios. This is feasible if companies start investing in
intelligent automation across critical HR processes. Some of
these automation opportunities include the following.
• Digital recruitment solution: Document collation, offer
letter roll out, background verification review.
• Virtual on-boarding process: The insurance sector faces
the maximum attrition rate and dissent during one’s
initial 90 days in office; this might accentuate in the
current scenario with anxiety and job disconnect. Virtual
on-boarding could provide benefits of Hi-Tech and Hi-
touch during this uncertain period.
• Learning and development: While many of us are
focusing on increased learning hours during this
lockdown, we should aim at role-specific learning
intervention and enable a catalogue of learning solutions
for a holistic development model. Intelligent automation
can provide insights on learning effectiveness and
adoption level.
undergo change, i. e. if your source-mix was vendor or
placement agency-dependent, which in turn relied on
face-to-face interviews or tele-screening, these will have
to now tilt more towards job portals, websites, head
hunting for niche talent, gig workforce for contractual
short roles and RPO model. Additionally, the evaluation
and assessment process will undergo a shift towards the
virtual platform. Cost per hire would continue to be a
significant metric to track effectiveness of the channels
deployed.
• Fit-for-purpose hiring: Smart hiring by gauging retention
parameters before initiating recruitment will save effort
and cost, both in the short and long term.
• Invest in smart recruitment solutions: It is pertinent
that organizations now invest not just to digitize and
automate the recruitment life-cycle but also leverage
predictive analytics to indicate the success of a hire.
Profile screening basis, semantic search and net
scrapping can help identify profiles with a higher
probability of success in the role from a vast talent base.
The strength and need for insights from data analytics
have been long understood, but the COVID-19 pandemic
has just accelerated the need for adoption of digital
solutions for working smart, hunting for niche talent, gig
workforce for contractual short roles and RPO model.
Additionally, the evaluation and assessment process will
undergo a shift towards the virtual platform. Cost per
hire would continue to be a significant metric to track
effectiveness of the channels deployed.
• Employee self-management: The most common impact
area has been the ‘employee self-manage and benefits
management. This aspect of HR was heavily driven
by manual checks, i. e. reimbursement, travel claim,
employee data updation, payroll process. To a large
extent this has been neglected and and manually driven
industry; but we see immense potential in automating
this segment.
• Off-boarding: Similar to the on-boarding process, the
principle of Hi-Tech and touch should be maintained
even in off-boarding to identify predictive retention
opportunities and to facilitate smooth off-boarding.
19. 19 Work-From-Home (WFH) in the Insurance Industry: Adapting to the New- Normal
Employee wellness Measuring and managing productivity Role of the leadership team
As most of the employees have transitioned from an
occasional spell of remote working to having to operate
exclusively - and indefinitely - from home, feeling of lack of
choice over the situation combined with fear of job security
and the health risks for family and friends have inevitably
led to increased levels of stress and anxiety. Continuing to
work remotely in the long term will need focused efforts
on managing employee well-being holistically. Coping with
blurred lines between home and work hours, and with
the isolation that accompanies it, will be critical to ensure
mental well-being and in the long term, productivity as well.
In times to come, HR teams will need to structure their
approach and find answers to 3 key questions on:
• The Employee Lens: What steps can individuals take to
ensure their own well-being?
• The Managerial Lens: How can managers/leaders ensure
their team members’ well-being?
• The Organizational Lens: What practices can
organizations introduce to support employees’ overall
well-being?
A design-thinking approach will need to be adopted for
driving the wellness agenda at all the employee-experience
touch points. Holistic well-being (physical, mental, social
ethical/moral and financial) will have to remain at the core
of all communication, engagement or collaboration efforts.
The communication itself will need to be:
• Humane (honest, transparent, empathetic and direct),
• Frequent (ensuring awareness, and alignment to the
larger goal), and
• Intentional (addressing specific needs of respective
audience).
Innovative engagement opportunities will need to be
created to inculcate a sense of: (i) belongingness to the
organization, (ii) trust building and (iii) enhanced teaming
in the virtual workspace
Traditionally, physical presence at the workplace has been
perceived as a measure of team productivity. Managers
have often questioned their teams’ ability and intent to work
out of alternative locations. Parallelly, employees have often
stayed back late in the office, to ‘prove’ their dedication and
clear the work load. While several organizations now think
progressively about work from home being an effective
alternative, leading remote teams, and ensuring optimum
productivity are still a challenge for many. This is relatively
easier for transactional roles – for instance, (a) productivity
of the claims-servicing team may be evaluated on the
basis of cases handled per week; (b) performance of the
customer-service team can be assessed on the basis of the
incidents successfully closed in a day, and so on.
This manner of evaluation may however be more
challenging for heterogeneous roles, where efforts in the
right direction may need to be looked at over immediate
results. The idea for managers here is not to track activities
performed at a micro level, but instead, it is to ensure that
every ounce of effort put in eventually helps achieve the
team’s and the organization’s goals in the best way with the
best efforts.
Having a real-time, direct visibility to the team’s
performance would enable managers to quickly adapt
to the changing business context by fixing individual
accountabilities. Additionally, this will also help managers
identify the re-skilling/up-skilling needs of the team, to
ensure re-purposing within the year, if so needed.
Leaders and managers play a crucial role in the
organization in managing the change, by effectively
reassuring, motivating, and steering their workforce.
Their role becomes even more critical in the context of
building a sustainable remote-based workforce. With all
the other unpredictable external changes happening
constantly, leaders will themselves need to be emotionally
and intellectually prepared for the future. Empathetic
team handling, clarity in direction, transparency in
communication, encouraging flexibility in the way of
working, and agility in decision making will be the magic
key to building a high-performing and motivated virtual
workforce.
20. 20 Work-From-Home (WFH) in the Insurance Industry: Adapting to the New- Normal
Conclusion
By adapting to disruptions in the way of working and
ensuring business continuity, the insurance community
has set an example. They have adapted quickly and
smoothly to the emerging situation. They have identified
and resolved priorities without any disruption to customer
service. Insurers need to re-invent their business operating
models and adapt themselves to emerging work-force
models to be prepared for the unpredictable future. The
suddenness of the current lock-down situation has forced
organizations to test their readiness and build capabilities
for remote operations in the future. Repurposing the robust
organization to meet the constantly changing work and
market environment, enabled by people-friendly policies
and processes, will be imperative to ensure continuous
growth on a long-term basis and ensure profitability in
insurance business.
21. The Study Team
Dr Sushama Chaudhari
Associate Professor
Head - HRM & OB
Email: sushama@niapune.org.in
Sunmeet Chahal
Partner
People Advisory Services
Email: sunmeet.chahal@in.ey.com
Ruchika Yadav
Research Associate
Email: ruchikayadav@niapune.org.in
Neetisha Arya
Manager
Email: Neetisha.Arya@in.ey.com
Nupur Dsouza
Manager
Email: Nupur.Dsouza@in.ey.com
NIA team EY team