dec 2014 ceo address
TRANSCRIPT
CEO ADDRESS
BHARTI AXA GENERAL INSURANCE
Internal
CONTENTS
1. Indian GI Industry Scenario P.03
2. Bharti AXA GI – Story So far P.05
3. Way Forward - 2015 P.08
4. Customer Centricity P.09
Internal12 December 20142 |
Market Scenario
28 Licensed Non-Life Insurers
in market (2014)
6 state owned Companies
17 private sector Companies
5 stand alone Health Insurance Companies
Fire
9%
Marine
4%
Engineering
3%
Motor OD
24%
Motor TP
20%
Health
23%
Aviation
1%
Liability
2%
P.A.
2%
Other
12%
India GI Industry Portfolio Mix
2013-14
271 305 331382
484581
690775
846
12%9%
15%27%
20%19%
12%
0100200300400500600700800900
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
Projected
Indian General Insurance Market
9%
In INR Billions
% growth over previous year
Internal3 | 12 December 2014
Public sector companies have retained around 50% market share but are
gradually losing share in retail segment.
First wave entrants( like ICICI Lombard Bajaj Allianz, HDFC ERGO, IFFCO -
Tokio) have established a lead
ICICI & HDFC have benefited from captive bank distribution
Bharti AXA Market Share Jan-Oct 2014
Total MarketPrivate Market Excluding
Health Companies
1.82% 4.4%
Internal4 | 12 December 2014
Front-end applications
set up for reaching out
to partners
• e-motor
• e-health
• e-receipting
• e-marine
• e-PA
• Payment
Gateway
Journey at a glance
0.49
0.69
0.99
1.72
2.4
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
2010 2011 2012 2013 2014
Projected
Evolution of number of customersCustomer Base in Millions
Internal
Milestones
Manufacturer tie-upsManufacturer tie-ups
12 December 20145 |
Portfolio growth 2010 - 2014
Motor, 71%
Commerci
al Lines,
14%
Health,
13%
Lifestyle,
2%
Bharti AXA Portfolio Mix 2014
4,2445,420
8,274
10,26611,110
0
2,000
4,000
6,000
8,000
10,000
12,000
Motor
2010 2011 2012 2013 2014
683
914
1,257
1,8291,981
0
500
1,000
1,500
2,000
2,500
Commercial Lines
2010 2011 2012 2013 2014
746
1,233
2,090
1,647
1,870
0
500
1,000
1,500
2,000
2,500
Health
2010 2011 2012 2013 2014
In INR Millions
Internal6 | 12 December 2014
Financial Performance 2012 -14
In INR millions
Description 2013 2014 Bud. 2014 FC
Gross Written Premiums 13,997 16,797 15,200
Growth Over Last Year 17.6% 20.0% 8.6%
Net LR (Excl. Boni/Mali) 80% 76% 84%
COR (On Net basis) 121% 116% 124%
Internal
GWP expect to grow by 8% over same period last year
GWP achievement will approximately be 91% against budget
Net Accounting Loss Ratio is higher than budget.
Expenses and commission marginally ahead of budget.
COR is higher than the budget at 124% primarily because of
higher loss ratio
7 | 12 December 2014
Key priorities - 2015
Overall growth of 15% in GWP and breakeven in 2016
Grow Motor Profitably
Accelerate Commercial Lines
Individual Health & Lifestyle Products
Digital
Customer Centricity
Building Skills for Tomorrow
Internal8 | 12 December 2014
Bharti AXA General Insurance
1st Multiline GI
company to
reach GWP
1000 Crores in
less than 4
years.
4.4% market share among multiline Pvt. insurance players ( FY
2013)
OUR VISION
To be the preferred General Insurance company for
our Customers, Employees, Shareholders, Business
partners & Society.
9 Internal12 December 2014
What lies ahead?
� Customer today is more
demanding & has more
information to support his
decision
� Increasing competition
� More business being
done on internet and
mobile
Should we be bothered?
Why?( lets look at some examples)
10 Internal12 December 2014
Companies that did not keep their focus on customer
What did these
companies forget to do?
What changed?
11 Internal12 December 2014
Companies that kept their focus on customer needs
What is core to what
these companies do?
How have they made a
difference?
12 Internal12 December 2014
How can we be more aware of our customers needs?
13 Internal12 December 2014
Who is our Customer?
Frontline Employees
Who interact with customers
1414 | Internal12 December 2014
What does it mean to be customer centric?
Just being Just being Just being Just being
NiceNiceNiceNice
Being Being Being Being
SubservientSubservientSubservientSubservient
Our products are
easy to understand
Our customers find it
easy to deal with us
We know our
customers and their
needs
15 Internal12 December 2014
What does it mean to be customer centric?
CASE 1.
You notice a customer waiting in the front office for the past 1 hour.
What do you do?
CASE 2:
An IMD has called our office and for the past 5 minutes has been
transferred from one employee to the other since the sales team
member is not available to attend the call?
What do you do?
CASE 3:
A customer screams and says he will go to media even when the
claim has been repudiated justly.
Do we cave in?
16 | Internal12 December 2014
What will be your role?
My Team
My Department
Send your SUGGESTIONS on customer centricity to [email protected] .
mention subject as Customer centricity
• Be pleasant to customers
• Listen to your customer
• Timely response
• Keep your promises
• Follow processes
• Fine tune processes
• Speak up and recommend
changes
• Distribute work load
• Cross function synergies
• Communicate and celebrate
achievements
• Look for best practices across
industry
• Reward & recognize customer
centric behaviors
• Measure customer satisfaction
level
• Implement suggestions
• Ensure operational excellence
17 12 December 2014 Internal
What’s in it for you?
1. If your suggestions get implemented, you get recognised.
2. The satisfaction of seeing a happy customer is a
recognition of job done well.
3. Greater customer satisfaction leads to greater
organization profitability and growth.
4. Organisation growth means your career growth
5. Organisation growth means different roles across different
functions for you.
18
Satisfied
CustomerSatisfied
Employee
18 | Internal12 December 2014
AXA Asia Vision
“We want to protect customers
throughout their life journey
and help them to build their dreams”
Our aspiration is to serve 70 million customers in 2030
19 Internal12 December 2014
Our 2020 Ambition
To be the most preferred Customer Centric Company in the General Insurance
Industry in India
20 Internal12 December 2014
Thank you
Internal