5.1.

4 IMPLEMENTATION PLAN

• Improve Branch Network: This would entail the opening of new low-cost branches to
improve customer reach across geographies.

o Measurement Criteria: Number of branches opened

• Overhaul the incentive structure of independent agents: These agents account for 64%
of the new business and new IRDA rules have affected their incentive structure. The
structure should take into account the quality and persistency of the new policies sold
apart from the quantity sold. This will require BLSI to set clear objectives and
communicate the need for such a change in policy.

• Training required:
o There are two major training gaps that need to be addressed. One is to train
individual agents on the product details and the other is to create awareness in
the customer to select products based on their portfolio and not on individual
products.
o The training can be measured and improved by collecting both agent and
customer feedback.

Please refer to Figure-10 for the mapping of the strategic plan with the implementation.

Purpose: To attain third position in terms of premium in Indian Insurance market

Improve first year Improve efficiency

Financial Improve total premium
Perspective market share to 12 % of operations
market share to 12 %

Better reach to new Offer diversified

customers suite of products Match policies with
Customer customer requirements
Perspective Metric: New Metric: Proportion
number of of non-ULP
customers added products sold Metric: Persistence

Improve branch Change incentive structure

Internal network of individual agents
business Metric: Number
processes
of branches
opened

Service to customers
Product level Communicate need for product selection
Product training
training to agents for incentive change based on portfolio
Training
Metric: Agent Metric : Customer
feedback feedback

Leadership, Scalability & Synergy

FIGURE-10: STRATEGY MAP FOR BLSI

16   ADITYA  BIRLA  FINANCIAL  SERVICES  GROUP