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factors not provided by competitors.

WEAKNESS
KEY WEAKNESSES
IMPACT ON INSURER
IMPACT ON CUSTOMER
STRATEGY
Important customer data resides in silos resulting in poorly defined customer segments.

* Customer information resides with different departments preventing a holistic view of the customer.

* Wrong products sold to the wrong customers resulting in customer dissatisfaction.

* Consolidate and analyze customer data residing in various systems to identify profitable customer segments likely to do repeat purchases.

Lack of information sharing across departments marked with territoriality and fierce internal competition.

* Results in weak product orientation and ineffective cross selling and up selling opportunities.

* Results in defection to competitor as insurance needs are not satisfied.

* Develop a common repository of customer data to provide various departments with the ability to develop products and provide quick response to changing needs.

Lack of trust and reliability on the insurer.

* Negative reputation leads to mass customer defection.

* Un-satisfied customers pass on the poor experience to prospective customers

* Promote social computing communities such as blogs, chat forums. Also provides value add information about the customer.

Snail paced claims and dispute resolution.

* Higher costs and time to serve the customer as multiple follow ups are required.

* Increased customer frustration due to lengthy dispute resolution period.

* Implement analytical models to predict and quantify the likelihood of claims.

* Measure and reward employees on time taken to resolve customer disputes.

Insurance contracts are loaded with complicated insurance jargon.

* Increases in cost per customer

* Customer dissatisfaction and defection

* Simplify insurance contracts

* Recruit knowledgeable agents to assist customers.

Insurance agents are primarily commission driven and are not customer oriented.

* Results in tarnishing the insurer's reputation.

* Customer perceives a negative image of the insurer when faced with agents that are solely motivated by profits.

· Remodel agent compensation to include commissions based on parameters such as repeat sales and customer satisfaction surveys.

· Make customer centric training programs mandatory for all agents.

OPPORTUNITY
KEY OPPORTUNITIES
IMPACT ON INSURER
IMPACT ON CUSTOMER
STRATEGY

Tie-ups with banks and other FIs will give access to a wider customer base.

* Lower cost of acquisition of new clients.

* Lower operational costs.

* Financial and protection needs are met by a single channel.

* Develop bancassurance agreements to target a bank's customer base.

Un-tapped markets such as HNWI and Takaful (Islamic insurance).

* Access to a wider client base resulting in increase in profitability.

* Positive brand building exercise.

· Ability to provide protection for themselves and family.

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