PRAYAS - 2015

By: Purvi Jain (MBA-II Year)

Case Study Analysis and Presentation Competition

INTRODUTION

ICICI Lombard GIC Ltd. is a joint venture between ICICI Bank Limited, India's second largest bank and Fairfax Financial Holdings Limited, a Canada based diversified financial services company. ICICI Lombard deals in personal products and business products. ICICI Lombard has various achievements and recognitions.

Key Person:Sandeep Bakshi( MD and CEO)

Key Functions:1. Sales2. Claims3. Underwriting4. Marketing

MD and CEO(Sandeep Bakshi)

Executive Director(Vishakha Mule)

Retail Head(Rakesh Jain)

SWOT ANALYSIS

STRENGTHS WEAKNESS

OPPORTUNITIES THREATS

Brand Name Strong Management

New insurance products Innovation

Employee turnover(Attrition rate)

Intense competition Varying government policies

Role

Entrepreneurs

Corporate

EconomyNation

World

Individuals

Role of Insurance companies in the development sector

INDIVIDUALS Mobilization of savings A medium to save and invest money Social security- -Sense of security and safety -Employment generation Aid at the time of- -Old age and retirement -Education -Marriage -Risks related with fire, theft, accidents and others.

CORPORATE & ENTREPRENEURS

Fosters investment and Innovation Stimulation for commerce, trade and industry Transfer of risks Survival and long life of business

Thus development of nation as a whole

Potential of Insurance sector in India after Privatization

Impact of Privatization

Growth of• Industrial

sector• Education• Technology• Financial

Markets• FDI• Insurance

Increased awareness

Increased Risks Increased pays

Customer Satisfaction

LiteracyNew Insurance

Products Untapped rural

market

Huge potential for Insurance

Potential of Insurance sector in India after Privatization

The life insurance penetration as a % of GDP stood at 4.40 in 2010-11, while the non life insurance penetration remained at 0.71 during the same period. In other words there is vast untapped potential as regard insurance penetration.

Personal Products Business Products

• Health Insurance• Home Insurance• Motor Insurance• Overseas travel Insurance• Domestic Travel Insurance• Student Medical Insurance

• Fire Insurance• Marine Insurance• Industrial Insurance• Corporate Insurance• Liability Insurance• Credit Insurance

Channels

Sales ExecutivesSales forceAgentsBrokersOnlineBanksBancassurance channelTelesales Channel

Sale of Products

Business Process

Customer and Claim

Settlements

Issues and Challenges Diversified Indian markets

Regulatory Environment

Who, What, Why, When and how will buy the product???

Competition : Public and Private

Claim Settlements

Attrition rate

Ways in which MIS can help to overcome challenges

MIS is designed to acquire, store and convert data in to timely relevant information to help managers carry out the planning,

control and operation and operational functions of the organizations.

• Transaction Processing System (TPS)• Management Information System (MIS)

• Decision Support System (DSS)

Ways in which MIS can help to overcome challenges

Data mining Right use of information By planning the information architecture Customer Relationship Management Faster Business process Office Automation system Geographic Information System

InformationTimePlacePriceSourceCustomer

Better functioningetter Coordinationetter customer serviceetter database management

Ease of orderingase of settling claimsase of informationase of ordering

MIS

CONCLUSION

Insurance sector has lots of potential to grow. In this aura of cut throat competition the need is to delight customers through innovative products and services, ICICI Lombard surely would reach Emerald Heights.

Thank you