Supply Chain Management in the Insurance Industry

Topics: Supply chain management, Management, Insurance Pages: 12 (3036 words) Published: August 21, 2013
Supply Chain Management of a Service Organization (Insurance Company) – By Roshan Collas

----------------------------------------------------------------------------------------------------------------- Assignment 01

You have been recently appointed as the supply chain consultant to a company (Choose a local organization that you work with or one which you are familiar with. The organization may be any type of company offering a product or service being sold locally or internationally). Your task in this assignment is to investigate the company’s supply chain/network with a view to assessing whether it is as up-to-date as it could be according to the latest views on supply chain management. Essentially it includes the following:

1. Describe what the chosen organization does and its relevance to this assignment in terms of supply chain management systems involved in its operation;

2. Describe and analyze at least four of the following areas of supply chain management in the organization:

• Supply Chain framework
• Logistics Management and the network configuration • Management of uncertainty & inventory management
• Applicability of supply chain performance metrics • Matching supply with demand
• Supply chain integration
• Strategic alliances and outsourcing
• International issues (if involved)
• Customer value
• IT applications in the supply chain

3. Provide your opinion on how the company’s supply chain is performing.

4. Identify any critical issues and problems and make recommendations about improving the company’s supply chain.

-----------------------------------------------------------------------------------------------------------------

TABLE OF CONTENTS

INTRODUCTION5

Objective5

Overview of the company and its supply chain management system 5

ANALYSIS AND AREAS OF DEVELOPMENT/ OPPORTUNITIES 8

Supply chain framework8

Management of uncertainty9
Application of Supply Chain Performance Matrix10
Strategic Alliance11
Supply Chain integration11
IT application in supply chain12

CONCLUSION 13

1. INTRODUCTION

1. Objective

The objective of this paper is to analyze a supply chain management of our organization in terms of 06 areas listed below and provide recommendations towards its improvement.

• Supply Chain framework

• Management of uncertainty

• Applicability of supply chain performance metrics

• Supply chain integration

• Strategic alliances and outsourcing

• IT applications in the supply chain

We have chosen to analyze the process of Supply Chain Management for Claims, which will focus towards the service delivery more than its cost management. This has made critical as the lead time management plays a serious role in meeting the supply chain performance demands.

Streamlining the claims process is critical and could always influence the business positively and every insurance company is focusing on same. The product delivery will be in effect either immediately or in agreed period of time in most of the industries such as FMCG, Durables, Transportation…etc, and in Insurance, its promise of delivery will be at an undefined time, may be during a time lap. This has made the product delivery stage of an insurance product to be most critical and has brought the focus for its service quality too.

As we are aware customer retention in the category of Motor Insurance Business is highly challenged and considerable amount of financing need to be utilized for marketing activities even to maintain 65% of renewal ratio.

In this light, the management is keen to search for alternatives in enhancing the customer value in ordered to increase the retention ratio.

2. Overview of the...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Essay on Supply Chain Management
  • SUPPLY CHAIN MANAGEMENT Essay
  • Supply Chain Management in Mahindra Essay
  • Supply chain Management Essay
  • Essay on supply chain management of Walmart
  • Essay about Sustainable Supply Chain Management
  • Essay on supply chain management
  • Pepsi: Supply Chain Management Essay

Become a StudyMode Member

Sign Up - It's Free