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Cluster Analysis
Cluster Analysis
4 IMPLEMENTATION PLAN
• Improve Branch Network: This would entail the opening of new low-cost branches to
improve customer reach across geographies.
• Overhaul the incentive structure of independent agents: These agents account for 64%
of the new business and new IRDA rules have affected their incentive structure. The
structure should take into account the quality and persistency of the new policies sold
apart from the quantity sold. This will require BLSI to set clear objectives and
communicate the need for such a change in policy.
• Training required:
o There are two major training gaps that need to be addressed. One is to train
individual agents on the product details and the other is to create awareness in
the customer to select products based on their portfolio and not on individual
products.
o The training can be measured and improved by collecting both agent and
customer feedback.
Please refer to Figure-10 for the mapping of the strategic plan with the implementation.
Service to customers
Product level Communicate need for product selection
Product training
training to agents for incentive change based on portfolio
Training
Metric: Agent Metric : Customer
feedback feedback