D16 - Organization description and Problem Statement The...

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Organization description and Problem Statement The problem under consideration is the market expansion of a leading Indian insurance firm which operates in Life Insurance sector. The firm currently holds about 85% market share in the Life micro-insurance segment and is aiming to expand further. The market to be tapped is huge and the penetration that it has till date is only a tip of the iceberg. Some Distinctive features of this major insurance service provider: With an asset base of US $295.48 billion and with a network of 8 Zonal Offices and 111 divisional offices and around 3500 servicing offices, it is the largest player in the Life insurance market and also the country’s largest investor. For the year 2010-2011, it had a total income of INR 299272.63 crores, a total policy income of INR 203358.05 crores and had made a total policy payment to the tune of INR 112346.52 crores. Impressive as it may sound, the organization has played a pivotal role in national and societal development. Its contribution to the XIth Five Year Plan of Govt of India stood at INR 528390 crores. It has more than 53 products as on March 2011 catering to the differing needs of all segments of the society. These are basic insurance plans (whole life, endowment and money back),Term Assurance Plans, Unit linked plans, Pension Plans, Health plan, Variable Insurance Products etc. Consistently rated as one of India’s most trusted companies for years, this organization is a household name in India and is widely trusted. It also has a very impressive claim settlement performance, where it had settled 183 Lakh claims in 2010-11, amounting over INR 52160 crores. The year 2010-11 also saw the organization settling 96.21% of all “Total Maturity Claims” on or before the date of maturity and 95.78% of “Non-early Death Claims” within 15 days of intimation. It has undertaken a series of initiatives to improve performance and customer satisfaction. Massive implementation of Information Technology all across the organization has complemented those initiatives. The result had been facilities like Electronic Clearance System, Electronic Bill Presentation and Payment, Portal Payment gateway and so on. With a view of societal development, the organization has launched a plethora of products which
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D16 - Organization description and Problem Statement The...

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