The insurance industry is in the verge of a significant transformation. These are exciting and important times for the insurance industry. The insurance industry is adopting technology, digitizing processes and creating products that will appeal to the modern, next-gen customer base. Customer expectations are also rising making it more important than ever that insurers provide a high-quality customer service experience. The situation brings with it human resource challenges in such organizations, which if left unaddressed could prevent them from successfully adapting their business strategies to meet the changing demands of the market.
In such a situation, it has to be realised that what is crucial is investing in an organization's most important resource - its people. This involves recruitment of candidates with highly desirable skillsets, providing ongoing learning and development opportunities, the rewarding of valued team members and encouraging them to advance within the organization.
Drawing a parallel with a 'Product' that is launched by an organization after market research and with a focused marketing strategy, we observe that human resource talent is also recruited and launched within the organization with certain specific objectives. The Product Life Cycle (PLC) is a marketing model developed by Raymond Vernon that helps to map the evoloution of a product from its launch to its obsolescence. Observing that the human resource in an organization can also be understood with a similar model, I had presented for consideration a model of the Managerial Life Cycle (MLC)* in an article published in February, 1997 in the Insurance Times and the same model can be used as a reference in devising a strategy for maximizing the value of talent within the organization.
Esta historia es de la edición March 2025 de THE INSURANCE TIMES.
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Esta historia es de la edición March 2025 de THE INSURANCE TIMES.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
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"United India Insurance has undertaken significant innovative transformations and is strategically positioning itself to better address the evolving needs of its customers and maintain a competitive edge in the market."
Q: Could you start by giving us a brief overview of United India Insurance Company's performance over the past year?
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Mahakumbh at the Parliament! Union Finance Budget 2025
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