VALUE CHAIN ANALYSIS OF HDFC LIFE
- 1. VALUE CHAIN ANALYSIS of HDFC LIFE BY- SANSKRITI JAISWAL
- 3. FIRM INFRASTRUCTURE • 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 partnership comprising 149 banc assurance partners • Office outside India in Dubai • Aim to achieve a completely digital distributor and consumer experience with near zero reliance on paper and physical infrastructure • Shares of HDFC Life are listed on National Stock Exchange of India Ltd. And BSE ltd.
- 4. HUMAN RESOURCE MANAGEMENT • More than 17300+ committed employee • Performance management process, training and development programs, performance linked plan, employee stock option. • Foster learning culture aimed at creating leadership in the industry • 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
- 5. RESEARCH • Continuous improvement on customer experience across all touch points. • Identify niches for owning customer segments • Investments in technology for creating a platform enabling future growth • Acquire and activates new partnerships across segments.
- 6. TECHNOLOGY AND SYSTEM LEVEL • ELLE, recently 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 complete the transaction in just 3 clicks. • Customer servicing and policy servicing(CSPS) • INSTAVERIFY-TO PROVIDE unique and personalized experience in customer verification while on boarding
- 7. PROCUREMENT • Stationary services. • Canteen services. • Courier services.
- 8. INBOUND • 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.
- 9. OPERATIONS • Have a quicker, simpler and an efficient claim settlement process • Increase operational efficiency through Faster TAT • Leveraging automation and robotics:20+ internal process automated • HR planning process to achieve efficiency in their various services • Customer database mgt • Specialized advisory team for catering queries
- 10. OUTBOUND • High quality customer relationship mgt. • 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)
- 11. MARKETING AND SALES • 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
- 12. SERVICES HDFC LIFE PROVIDES COVERAGE AGAINST : • Hospitalization‘ • Surgical procedure • Critical illness *depending upon the plan option chosen for. RANGE OF PLANS OFFERED BY THE COMPANY INCLUDES: • Protection plans • Retirement plans • Health plans • Saving and investment plans • Young star plan • Women's plans • KEY PRODUCT INCLUDES PENSION, SAVINGS, HEALTH, INVESTMENT AND A WIDE RANGE OF PLANS.
- 13. MARGIN • Brand equity because of high quality service and relationship management. • Market leader in online transaction by providing customized plan. • T & D programs to maximize business per employee. • Strict control to avoid shortage and surplus of manpower. • Offer greater customer choice, flexibility and convenience. • Easy transaction process.
- 14. THANKYOU