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Birla Sun Life Insurance

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ELP
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  Experiential Learning Programme Project Description (ELP-02) Company Details 1.  Name of the Organization:  2.  Industry Sector:   (please select one of the following)  Automotive BFSI  Consulting Education /Vocational Training Energy  FMCG Healthcare /Pharma Infrastructure & Real Estate IT Products/Services Manufacturing Media & Entertainment  Public Sector  Retail/E-commerce Social Sector  Technology  Telecom Transportation / Logistics Others –please specify  Project Details 3.  Project Title: (one line title for the project) Birla Sun Life Insurance (BSLI)How Fintech canenableLife Insurance Sector in particular forcustomer acquisition and engagement  ELP 2017-18    Page 2 4.  Primary Focus of the Consulting Engagement: (pleaseclassify the nature of consultancy expected from the team–pick any one/two) Brand Building Strategy Business Plan Development  Distribution Strategy/ Supply ChainManagement  Financial Modeling / Financial product creation Financial Planning or Risk Assessment Growth Strategy Mergers &Acquisitions Marketing Strategy(Marketing or Sales) New Product Launch Strategy/ Market Entry strategy / DiversificationStrategy  Operational Efficiency / Process Improvement  Opportunity Assessment -Market Sizing & potential  Organizational Change Management  Pricing Strategy  Others –please specify  5.  Project Description:   (pleaseelaborate the project title above, to help the team understand the focus and background of the project) The world of financial technology, also knownas fintech, is ready to disrupt Financial Services industry, bring innovationsto market and meet consumers’ changing needs. The sector itself is attracting soaring levels of investment, driven by the emergence of countless startups that aim to revolutionise the waypeople use money and transact with businesses. This project aims to identify emerging opportunities in Life Insurance sector using Fintech. Customer behavior is changing dramatically, they want to be aware, empowered to make their own decision and want speed and convenience. Life Insurance Industry till now has had limited success in leveraging Fintechto serve the new age customer.This project requires the team to understand the challenges in the entire customer lifecycle  journey –right from customer acquisition, engagement, servicing & lifecycle management.Explore Fintech solutionsthat can help us solve these challenges and recommend Fintech firms/startups that BSLI can partner with to solve the identified challenges. Some areas where we need Fintech solutions include:  Reach out to high potential untapped segments  Using Fintech how can we enhance the engagement level with the prospective customers  Leveraging Fintech to make insurance appealingto the millennials ?  Partnership with Financial solution providers, wealth management startups etc  Possibility of newer channels of distribution such as e-commerce companies, payment banks etc  Using fintechto be “always connected” with existing customers and be ready to listen whenever the customer has a query or servicing need  How can we completely transform the current methods of servicing customers  How do we increase customer stickiness through continuous engagement?  Using fintech to listen to subtle hints of the changing lifestage/lifecycle of the customers and be  ELP 2017-18    Page 3 6.  Project Objective: (Why is this issue important? Please listthe expected takeaways foryour organization withthis engagement) 7.  Project Deliverables: (Whatform of output do you expect from the team upon project completion? Please be very specific as this will help students assess their fit and interest.) 8.  Project Impact: (Please specify how this engagement aims to impact your organization i.e. the outcomes which would make this project a success.) 1.Articulation of key challenges in customer acquisition to customer lifecycle management  based on  Primary & Secondary Market research  Discussion with Senior Management2.Fintech solutions & partners that can help us solve these challenges  List of possible Fintech Solutions and use cases   Assessment of Fintech firm/startups based on an evaluation framework   Recommendations and roadmap 1. Reach out to untapped customer segments 2. Competitive advantage in Life Insurance sector 3. New & profitable ways to engage with customers through their lifetime 4. Increase customer retention and value through opportunities to upsell & cross-sell 5. Build best in class servicing experience that gives us competitive advantage in this industry  We at Birla Sunlife Insurance, realise that Innovation is ultimatelythe key to growth regardless of shifting economic and insurance market conditions, as they devise ways to thwart ongoing and emerging competitive threats as well as capitalize on new opportunities.In the current times, increasing penetration of digital channels is changing the way customers do financialtransactions in India. Increasing proportion of consumer’s decision making process is  beginning to migrate to the digital world. There is strong push by the Government towards Digital economy.Expected takeaways from the project:   Articulation of keychallengesacross the customer lifecycle, from customer acquisition to customer lifecycle management  Fintech solutions& partnersthat can help us solve these challenges  ELP 2017-18    Page 4 Engagement Details 9.  Team Composition: (Each team consists of 3-4students. Please specify any special requirementsin the project team, with regards to the education/work experience / background. Pleasealsomention whether these requirements are required or preferred) 10.  On-site work requirements: (Our projects allow student teams to visitthe field/ client site–please specify tentative number of days studentteam might be on-site for site visits/office visits or market research)1-5days6-10days11-15 days 11.  Location of On-site Work: (please select one or more of the following)Client’s Office Plant or Factory Visit Market Visit (Vendors / other businesses)Market Visit (Consumers) 12.  Please specify the location – City(s)/State: 13.  Organizational Resources that will be provided: (To facilitate smooth completion of the engagement, the student team willrequire assistance from your organization, especially during site visits –this may include contacts, personnel, facilities and data)  The team should be from diverse background Mumbai, MaharashtraInternal interactions –Contacts, Facilities & Data (if required)
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