Insurance Sector Fundamentals: IRDAI, GRS, and Distribution Channels
Grievance Redressal System (GRS)
The Grievance Redressal System is crucial for maintaining trust and transparency in the insurance sector.
Objectives of the GRS
- To protect the interests of policyholders.
- To provide a structured channel for resolving complaints.
- To enhance customer satisfaction and trust.
- To ensure compliance with IRDAI guidelines.
- To improve service delivery and transparency.
Key Components of the System
- Grievance Redressal Officer (GRO): The designated official responsible for handling
Core Components of a Successful Business Plan
Business Fundamentals
A business refers to an organization or enterprising entity engaged in commercial, industrial, or professional activities. The purpose of a business is to organize the economic production of goods or services.
Key Business Aspects
- Business Structure: Sole proprietorship, partnership, corporation.
- Business Size: Micro-businesses, small and medium-sized businesses (SMEs), and macro-businesses.
- Economic Sector: Primary (extraction), secondary (manufacturing), and tertiary (service)
Effective Customer Management and Communication Strategies
Understanding Your Customers
The customer is the intended target of a business, and all company efforts are geared toward fulfilling the customer’s needs for a product or service.
Key Customer Roles
Within the buying process, individuals can take on several roles:
- The Decision-Maker: This person has the final say on the purchase of the product or service.
- The Inquirer: This person is in charge of the preliminary steps before a purchase, such as researching the product, comparing prices, and finding special
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Instant Access to Unlimited Information
One of the most obvious advantages of the internet is the almost instant access to unlimited information. In the past, searching for information could be very time-consuming, whereas nowadays it is quick and easy because of technological advances. Factual
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Therefore, it is crucial
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Organizational Design and Human Resources (HRO)
Functions of Management
- Planning: Setting performance objectives and deciding how to achieve them.
- Organizing: Arranging tasks, people, and other resources to accomplish the work.
Managerial Competencies
- Communication: Ability to share ideas and findings clearly in written and oral ways—including giving/receiving feedback and using technology.
- Teamwork: Ability to work effectively as a team member and team leader—includes team contribution, team leadership,