Overview of the Insurance Industry in Jamaica Value Chain Analysis19 6. Data Presentation23 Demographic Information23 7.
The concept of customer value is multi-dimensional and therefore creating, maintaining or enhancing its delivery requires a multi-pronged approach that includes sound management, benchmarking, innovative products and a motivated staff.
The success of organizations in a dynamic environment requires the right organizational climate and the coordinated efforts of the various divisions for their success. One of the earlier theorists on customer value, Peter F. Druckertheorized that management should manage for results, do the right thing right and make serving the customer the center of everything.
One of his theories was quality focused with his view of a business benefitting both the owner and the customer and not just for the company to make a big bottom line.
Drucker theorized that business processes should create value for customers while generating wealth for owners. This holistic approach is crucial in a dynamic market where customers are price sensitive and fully aware of their bargaining power as buyers. This environment makes the delivery of customer value challenging and requires a concerted effort of the business leadership, operations, marketing and all other divisions of the organization.
Customers perceive value in several dimensions that can be illustrated as a three dimensional pyramid of Brand, Product, and Relationship Values. Brand Value The value the customer associates with owning or using a product or service from a company as the brand signifies reputation, promises and reliability and can be trusted.
Relationship Value Relationship value is even more important because it can be measured and managed and by doing so Brand and Product Values are measured and managed. It includes the person who answers the phone, the sales process, fulfillment, technical support to the executive who thanks the customer for the referral.
The objectives are to confirm the proposition that: The turnaround time of a new insurance contract and the wait time to complete the encashment process are critical components of customer value and customer service delivery.
Identify areas of the operations within other units which detract from the delivery of customer value 3. Make recommendations that will address the deficiencies identified.
These include disbursement of claims for death, critical illnesses and encashment. Encashment is converting to cash the units accrued to specific insurance products. Like many service organizations operating in Jamaica, the Company is faced with the issue of customer value and customer service delivery within one of their strongest performing units, the Individual Line Division.
This Division has been the leading contributor of revenue for the past three 3 year; the performance of which is critical to the overall success of the organization.
What can be implemented to improve the process? It is also enabling new and nontraditional players to enter the market. Overall, this promises to be a new test for bankassurance models. This trend is already affecting Asia where the Malaysian and Singapore industries are classic industries of the deregulatory forces at work.Sagicor Life Insurance Company has more than $1 billion in assets stemming from over 6, marketing companies and independent agents spanning 45 states.
It has been rated by A.M. Best, one of the premier creditworthiness rating agencies, as an “A-” which means its in the top quartile of all companies rated by them.4/5. Sagicor Life Jamaica Limited Gail Ansine Mgr. Research & Fin. Analysis [email protected] Company & Industry Overview Sagicor Life Jamaica is the leading life insurance Company in Jamaica.
The ultimate parent company is Sagicor Financial Corporation a primier Caribbean financial services organization incorporated in Barbados. among firms, the insurance industry can be seen as a moderately attractive industry.
COMPANY ANALYSIS COMPANY OVERVIEW Sagicor Group Jamaica (SGJ) is a majority owned subsidiary of the Sagicor Financial Corporation (SFC). Sagicor currently operates in 22 countries within the Caribbean, UK, USA and Latin America. Company (Sagicor) requires that all sales and marketing material which can be used to sell a Sagicor life insurance policy or annuity be submitted to Sagicor’s Corporate Communications Department for review and approval prior to use.
among firms, the insurance industry can be seen as a moderately attractive industry. COMPANY ANALYSIS COMPANY OVERVIEW Sagicor Group Jamaica (SGJ) is a majority owned subsidiary of the Sagicor Financial Corporation (SFC). Sagicor currently operates in 22 countries within the Caribbean, UK, USA and Latin America.
• Sagicor Life Insurance Company (Texas, USA) *, and Laurel Life Insurance Company (Texas, USA) *, for the balance sheet, at 31 st December , and their change in the consolidated statement of.