A prominent general insurance company in India, it is associated with a notable financial group. The Company offers a well-rounded and comprehensive bouquet of products including Motor Insurance, Health Insurance, Travel Insurance, and offers customized solutions to meet the protection needs of each customer. In an endeavor to delight the customers, The Company strive to come up with innovative products like India's first Over-The-Counter health & home insurance policies.
- ~$1B GWP (Yearly)
- 200+ Branches
- ~52k+ Sales Agents
- 30+ Cities
- 70+ Product, 100 Offices and 20+ Business sourcing channels
- Complex excel based manual working
- Multiple alterations, Time constraint
- Non feasibility of top down planning
- Too many communications over email on last moment
- No flexibility – difficult to add new product, branch/ distribution channel at later stage
- No Trend analysis and simulation
Budgeting & Forecasting
Identifying expected demand levels for the product or service with multiple subtle changes that add up over time and change the trajectory of demand.
Transforming a strategic plan into a detailed roadmap, delineating precise actions the team will undertake on a weekly, and at times, a daily basis.
Scenario Planning (What-If)
A dynamic evaluation process to ensure that the production capacity aligns seamlessly with the evolving demands for products.
Identifying and streamlining requirements while establishing the timelines for procurement, with the goal of acquiring them precisely when needed.
- Separate Models for 1 year and 5 year planning/ forecasting
- Planning for Banca by Tie up
- Benchmarking of key performance ratios
- Detailed expenses planning
- Input from Underwriting, Reinsurance and claims for key cost items revenue planning by sales team
- Solvency / Expenses limit calculation
- Long range planning/ monthly forecasting
- What if analysis and simulation based on product/ channel, Key analytical rations and industry comparison
- Cost rationalization based on product/ channel performance. Manpower budget mapping with productivity matrix.
- Top down and bottom up planning for CxOs
- Time saving, data collaboration, Automated and controlled process
- Integration with reporting system
- Top Down planning
- Granular analysis of key performance ratios and rationalization with profitability
- Calculation of other imperative items like:- investment income, solvency margin and other regulatory items.