Value chain analysis of HDFC life - By Jimit Patel
0 likes147 views
HDFC Life is an Indian insurance company established in 2000, offering a range of individual and group insurance products with revenues of approximately US$8.5 billion in 2022. It focuses on customer service, operational efficiency, and leveraging technology for a seamless digital experience, achieving a 99%+ claim settlement ratio. The company emphasizes a strong domestic presence with plans to increase its digital capabilities and has over 17300 employees dedicated to performance management and customer support.
Value chain analysis of HDFC life - By Jimit Patel
- 1. By Jimit Patel VALUE CHAIN ANALYSIS OF Presented by
- 2. ABOUT HDFC Life is an Insurance Company Ltd. in India. CEO: Was Vibha Padalkar headquarters in Mumbai, offering individual and group insurance services and incorporated on 14 August 2000 Revenue: US$8.5 billion, 2022
- 3. VALUE CHAIN ANALYSIS OF HDFC LIFE Primary activities Secondary activities
- 4. Well-established domestic image in the Indian market Supported by the international image of standard life insurance. Best customer service. Very strong base in capital and reserve. Extensive network in the country Customized packages. Get health cover of 3 lakh at less than 8 rupees/Day Increase and diversify business mix. INBOUND
- 5. Have a quicker, simpler and an efficient claim settlement process Increase operational efficiency through Faster Turn around Times (TAT) Leveraging automation and robotics: 20+ internal process automated HR planning process to achieve efficiency in their various services Specialized advisory team for catering queries OPERATIONS
- 6. High-quality customer relationship 99%+ Claim settlement ratio Average customer complaints reduced by 24% Over 30% reduction in new business policy issuance TATs Disciplined credit risk mgt Over 25% of post-sales verification calls completed through insta verify (mobile app) OUTBOUND
- 7. CSR activities One of its most popular taglines is SAR UTHA KE JIYO and it has created high visibility amongst consumer promotional activities Successful advertisement via electric media. Official website that offers information to interested parties Leverage customer interaction opportunities to cross sell End-to-end online enablement of sales and services MARKETING & SALES Sales
- 8. Hospitalization Surgical procedure Critical illness HDFC LIFE PROVIDES COVERAGE AGAINST: SERVICE Protection plans Retirement plans Health plans Saving and investment plans Young star plan Women's plans RANGE OF PLANS OFFERED BY THE COMPANY INCLUDES: KEY PRODUCT INCLUDES PENSION, SAVINGS, HEALTH, INVESTMENT AND A WIDE RANGE OF PLANS.
- 9. HDFC Life is a joint venture between HDFC Ltd (51.6%) and standard Life (29.3%). Presence in more than 980 cities Has a wide network of more than 414 branches New tie-ups and partnerships comprising 149 banc assurance partners An office outside India in Dubai Aim to achieve a completely digital distributor and consumer experience with near-zero reliance on paper and physical infrastructure BUSINESS INFRASTRUCTURE
- 10. More than 17300+ committed employee Performance management process, training and development programs, performance-linked plan, employee stock option. Offers various group insurance policies like group term, pension & ULIP PLAN. Offers saving solutions for employees, gratuity plans & leave encashment. They provide HDFC LIFE GROUP VARIABLE EMPLOYEE BENEFIT HUMAN RESOURCES MANAGEMENT
- 11. ELLE, launched Chatbot, available 24/7. Available on social media with their Twitter bot, Neo. SPOK, EMAIL BOT Integration with HDFC bank net banking. Customer of HDFC bank who hold policies with HDFC life can access their insurance details on the HDFC net banking portal. Simplified payment process through HDFC net banking which completes the transaction in just 3 clicks. TECHNOLOGY DEVELOPMENT
- 12. The procurement in value chain denotes the processes involved in purchasing the inputs that may range from equipment, machinery, raw material, supplies, raw material and other items necessary for producing the finished product. Due to its linkage with multiple value chain activities, HDFC Bank Limited should carefully consider its procurement activities to optimise the inbound, operational and outbound value chain. PROCUREMENT
- 14. THANK YOU! FOR YOUR ATTENTION