Presentation - ccirm.org

Presentation - ccirm.org

Delivery not distribution: Time to revisit our industry architecture CICIRM, 2013 KUNMING, CHINA PRAVEEN GUPTA MA, Dip. DM, FCII, FIII, CHARTERED INSURER MANAGING DIRECTOR & CEO RAHEJA QBE GENERAL INSURANCE CO. LTD. MUMBAI 1 Agenda

Why delivery and not distribution as the focus of attention and action? What is the keystone of current architecture? Why change? Did we ask the customer?

Drivers of change? Alternatives? Prescriptions for reviving delivery? 2 Delivery not Distribution* :

Tend to be used as synonyms. Owing to growth opportunities, sales becomes a dominant mode leading to the spurt in distribution! Many of the woes in financial services emanate from an over-emphasis on distribution. Emerging markets need to beware! Treating Customers Fairly is still off the radar. Tendency to imitate the channels but disregard readiness and suitability! Aside from the reputational risks, a client no longer a companys property but a prisoner of the channel that acquired him or her! Delivery is service driven; unfortunately and increasingly insurance is being configured as a sales organisation. Mutates the personality and behavior into something inherently contradictory! *Thinkpiece No 91 ; CII (UK), November 2012 3

What is the current architecture? Point-of-Sale centric : Fault Lines Be this an organisation; channels; partners! Topline; growth; penetration; density! One year contract! Price as a reinforcer customer does not even remember the brand overlaps with the intermediary! Even a good claims service tends to be forgotten; loyalty a challenge! Theres always a hungrier insurer or an aggressive channel! 4

Why Change? Think of the final customer first! Tangibalise (Cashless; TPA; Underinsurance; Renewals; Add ons; Portability)! Telescope : compressed what took over a 100 years plus to evolve in the last 10-15 years! Transplant : Weak roots! No Clear dividing lines/overlaps! Mutating channels : Local variants/ Regulatory initiatives (Broking sub-broking / Banca broking)! Cannibalise channel partners! Fraud proofing! 5

Why Change? Tend to be role models for evolving financial services at the bottom of the pyramid! Instill brand loyalty! Opportunities for cross-selling and up-selling! Higher retention; Lower acquisition cost thereby improved bottom line! Pre-empt mis-selling! Crying need for a credible, professional and sustainable inclusivity agenda! 6 Drivers of change:

Life styles Technology : KP Study / Leapfrog Regulatory : National/ International Flat world Viral marketing Web-aggregators Consumerism Over choice in other segments Distribution as a hindrance to delivery 7 Alternatives: We do not have a choice!

Cart before the horse? Mirroring the regulations? Front ending the backend! Local genius? The key lies in Reviving Delivery? 8 Reviving Delivery* : Move away from the point of sale obsession by developing longer term strategies Make servicing client needs an essential part of KPIs and base incentives on customer satisfaction rather than customer acquisition Move away from one size fits all to segmenting each socio-economic

class to match the respective needs and situations Ensuring promises are delivered (e.g. : contract certainty, price, fair treatment) A holistic approach to eliminate likes of the channel conflict and interdepartmental disconnect *Thinkpiece No 91 ; CII (UK), November 2012 9 Thank You! 10

Recently Viewed Presentations

  • cogsim.2units.dvi - ski.clps.brown.edu

    cogsim.2units.dvi - ski.clps.brown.edu

    AdministrativeStuff. Labs: Metcalf 107 Tues 5-7pm; Wed3-5pm. If you don't finish, download sims(website) All assignments (simulation exercises and RR) are due ...
  • Vocabulary Unit Are you ready for the challenge?

    Vocabulary Unit Are you ready for the challenge?

    You will need to create a four part card for each word, which needs to be kept in your notebook. Example of Vocabulary Card I Word: cajole (verb) An action word Definition: to coax, urge strongly Synonym: persuade Illustration Link:...
  • Why Do a Situation Analysis - Sacramento State

    Why Do a Situation Analysis - Sacramento State

    Why Do a Situation Analysis A situation analysis identifies strategic options and opportunities A situation analysis involves ... competitive advantage Key success factors consist of 3-5 major determinants of financial and competitive success in an industry Rivalry among sellers Substitute...
  • Scuola Dell'Infanzia "C.parini" Progetto Di Scrittura ...

    Scuola Dell'Infanzia "C.parini" Progetto Di Scrittura ...

    SCUOLA DELL'INFANZIA "C.PARINI" PROGETTO DI SCRITTURA CREATIVA Anno scolastico 2008/09 Sezione D 5 anni Insegnanti: BALDO-CANGIANO Il progetto ha come obiettivo principale avvicinare i bambini all'ascolto attento di storie e favole, alla rielaborazione verbale e grafica di brevi racconti, per...
  • Singular and Plural Nouns Notes On Generalizations For

    Singular and Plural Nouns Notes On Generalizations For

    dues economics news measles Singular Generalizations for forming plural nouns: Compound Nouns For most compound nouns, make the most important word plural. For a compound noun written as one word, make the last part plural. For a compound noun written...
  • Space News Update - August 6, 2019 In

    Space News Update - August 6, 2019 In

    The Moon and Mercury May Have Thick Ice Deposits . In this computer graphic, NASA's Voyager 1 probe, moving toward upper left, nears the edge of the sun's influence, flying through a region of space dominated by a "magnetic highway"...
  • Analysis of ASL motion capture data towards identification of ...

    Analysis of ASL motion capture data towards identification of ...

    The Biological Bases of Syntax-Semantics Interface in Natural Languages: Cognitive Modeling and Empirical Evidence. event structure Evguenia Malaia
  • Presentation Title

    Presentation Title

    Food Services. Khun Wichit Aree-oe. Guidebook to BPS Food Services. Patana Card. Secondary Canteen. Snack Bar, Smoothie & Noodle Bar. Catering. Lunch - can bring own or if signed up to set lunch programme lunch will be provided daily.