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Leadership in life insurance

Leadership in life insurance. July 2008. Agenda. Indian life insurance opportunity. Organisational overview . Integrated framework. Agenda. Indian life insurance opportunity. Organisational overview . Integrated framework. One of the fastest growing economies. GDP growth rates (2007).

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Leadership in life insurance

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  1. Leadership in life insurance July 2008

  2. Agenda Indian life insurance opportunity Organisational overview Integrated framework

  3. Agenda Indian life insurance opportunity Organisational overview Integrated framework

  4. One of the fastest growing economies GDP growth rates (2007) India: FY 2008, Others: calendar 2007 Source: International Monetary Fund and the Central Statistical Organisation

  5. Indian economy: Key drivers of growth CAGR during 1990s: 5.2% Services sector growth Industrial sector momentum Globalisation Knowledge capital Rural potential Favourable demographics

  6. 63 69 Increasing proportion of working population 2006 (Age group) 2026 (percentage of population) • To further fuel India’s growth and rising disposable income levels • Shift towards nuclear families • Increased savings and protection needs 65+ 15-64 0-14 Source: Census of India

  7. CAGR of 40% CAGR of 28% Evolution of industry since liberalisation FY 2008 FY 2000 Number of players 18 1 NB premium ($ bn) 1.49 21.62 Total premium ($ bn) 45.34 6.27 Penetration (as a % of GDP) 1.2% 4.4% Insurance premium per capita ($) ~39.53 ~6.51 Source: IRDA, Swiss Re

  8. Agenda Indian life insurance opportunity Organisational overview Integrated solution

  9. Business context…our growth story March 2006 March 2007 March 2008 # of policies (in mn) 2.31 4.46 7.75 0.50 1.01 New business (in $ bn) 1.51 177 583 Branches 1,956 Employees 7,704 16,317 29,216 Sustained private market leadership for 7 years Fitch rating of ‘AAA (Ind)’ Awarded most respected private life insurer

  10. Product Key strategic elements Brand • Creation of a superbrand Scale • Pan India presence • Rapid expansion of agency • Multi-channel platform Distribution • Comprehensive portfolio • Innovative & flexible products • Talent from diverse industries • Career programs People Drive growth profitably

  11. Agenda Indian life insurance opportunity Organisational overview Integrated framework

  12. External challenge • External: • Supply demand mismatch • 3.7 mn jobs expected to be created in services sector alone (next 2 years) • Scarce insurance sector specific skills • Younger workforce Wage inflation Job inflation Attrition Wage increases highest in the world Incumbents working 1-2 levels below their intended levels High attrition esp. at frontline

  13. Internal challenge • Hypergrowth • Sustained growth of ~40% • Scale • Increasing presence in tier II & tier III towns and cities across India • Competency requirements: • New lines of business (health etc.) Readiness risk Assimilation risk Fitment risk Risk of underdeveloped incumbents Risk of slow learning in new roles Wrong person for the job

  14. The framework Organisation design PerformanceEffectiveness Organization DNA Talent management Knowledge management Attrition “agnostic” strategies

  15. Organisation design • Align people to overall goals of the organization through balanced scorecard • Ensure clarity through metrics (KPIs) • Track it through automation • Aggregate roles under functional “centres of excellence” • Shared services model • Centralization of roles • Drive automation in people processes to manage scale

  16. Knowledge management • Ensure “skill ready” supply base – instead of focusing on hire & train, change it to train & hire • Insurance specific courses • Adopt enabling automation • De skill the jobs without affecting productivities • Aid in decision making through dashboards • Invest in “job ready” training & certification

  17. Talent management • Differentiate performance • Through rewards • Clear career paths…to enable growth internally • Phase out poor performers • Identify “talent pool “ based on potential– leadership competencies • Cast a wider net • Cultivate a “talent scout” mindset among managers Solid contributors High performers Poor performers 20% 30% 25% Leaning Toward Disengagement Leaning Toward Engagement 15% 10% Neutral

  18. Talent management • Interventions for the “talent pool” • Design roles around people’s strengths • Diagnose development and have candid conversations with people • Keep people challenged through roles on an ongoing basis • Talent as an organization resource – enterprise wide visibility Inculcate a strong proposition of learning & growth

  19. Thank you

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