Reliance life insurance

Strategy implementation and its impact on financial performance using Balanced Scorecard

Group 13 - Gaurav Kalelkar - Pradeep Bukarwal - Karan Negi - Prabhakar Bannerjee

Insurance Sector

Opened to private participation in 1999 Prior to this, insurance market was sellers market dominated by LIC Penetration of 2.2 per cent of gross domestic product (GDP) Agency force 1.5 million Insurance density grew from Rs 280 to Rs 600

Reliance life Insurance

RLI is a part of Reliance Capital Ltd. Nippon Life Insurance Company acquired 26% stake effective from October 7, 2011 Incremental market share of 4.5 per cent

A wide network of 1230 branches and 1,50,000 advisors

Over 9 million policies

Corporate strategy

To become the number one private service provider in India Competitors:

HDFC Life Insurance Bajaj Alliance Life Insurance Kotak Mahindra Life Insurance, etc.

Business strategies

Customer Focus Business Portfolio Diversification Value-added service Operational Efficiency

Financial Perspective

Customer Focus

Total Sales/Net Premium

Business Portfolio Diversification

Change in net worth

Value-added service

Maximizing profit/Minimizing loss

Operational Efficiency

EPS/Perceived benefits to the shareholders

Customer Perspective

Customer Focus

Customer Service

Business Portfolio Diversification

New Market

Value-added service

Customer retention

Operational Efficiency

Strategic Partnership and bancassurance model

Internal processes Perspective

Customer Focus

Reducing Customer Complaints

Business Portfolio Diversification

New Products

Value-added service

Motivated Workforce

Operational Efficiency

Self-service delivery platform

Learning & growth Perspective

Customer Focus

Employee skill development

Business Portfolio Diversification

Strategic development and implementation of new policies

Value-added service

Align personal goals of talent pool

Operational Efficiency

Up-scaling of technology and systems

Suggestions

Provide training to their agents and financial so that they can satisfy customer and doubts effectively There must be good incentive schemes to be designed Should initiate more programs like structured postsales customer service platform

Thank you