Page 38 - Insurance Times December 2019

industry e.g., managing regulatory filings, licences, Conclusion
etc.
In this article we first provide an insight into the health
Y The three USPs of the competitor's product that you insurance business (last 5 years trends) and highlight some
don't offer currently
of the challenges faced by the health insurance industry
Y The three white space opportunities that exist but not regarding increasing claim ratio and underwriting losses.
currently offered by any insurance companies The different aspects of the VUCA world with reference to
Y Three value that you think is being created by the the health insurance industry in India is highlighted.
company, but the customer doesn't see it that way.
We then propose a framework to manage the business in
Since, we have used this tool time and again during various
Management Development Programmes (MDPs), we have a fast-changing environment along with highlighting the
seen the power of insights that it creates for senior importance of strategic thinking and focus on 'what you
executives. It helps them to analyse and foresee some of should do'. We also discuss how the 3-Circle framework can
the volatile, uncertain, complex and ambiguous situations be used by the insurance executives to manage the VUCA
World with a focus on creating customer value.
that they might face regarding creating customer value.
References:
Euchner, J. (2013). Navigating the VUCA world: An interview
with bob johansen. Research Technology Management, 56(1),
10-15. Retrieved from https://search.proquest.com/docview/
1315648342?accountid=139477
N. Bennett and J. Lemoine, "What VUCA Really Means for You,"
Harvard Business Review, 92/1-2 (January/February 2014): 27.
Sarkar, A. (2016). We live in a VUCA World: the importance of
responsible leadership. Development and Learning in
Organizations: An International Journal, 30(3), 9-12.
doi:10.1108/DLO-07-2015-0062
Strategy in a VUCA world. (2013). Strategic Direction, 29(10),
32-34. doi:10.1108/SD-10-2013-0089

Insurance Quiz

1. Name the newly appointed Managing Directors of LIC
2. How many employees are likely to become jobless due to mega-merger?

3. Which insurance company has faced IBC trial over ‘not paying landlord’?

4. Which insurance company has been barred by LIC from policy selling?
5. Who has proposed mandatory health insurance for all?

6. Which international insurer has introduced globally standardized property policy?

7. Name the institute that plans to purchase first insurance policy for satellite?
The answers of the quiz are from this issue itself. Just go through our journal and you will find the answers. Send your
answers by Email to insurance.kolkata@gmail.com and you can get a chance to win an attractive gift. The gift will be
offered to the person giving all the correct answers. If we receive more than one entry with all correct answers the
name of winner will be drawn from lottery. The last date of receipt of entry is 25th December, 2019.
So Hurry and Submit your entry at the earliest !!!!

38 The Insurance Times, December 2019