Analysis of Sagicor Insurance Company
AN ANALYSIS OF SAGICOR INDIVIDUAL LINE INSURANCE
CUSTOMER VALUE DELIVERY
Sagicor’s Individual Line Insurance
Customer value delivery
Student ID #’s
620015853
620021810
620018486
620021115
620019928
Dr. Lawrence Nicholson
Mr. Kamau Chionesu
Capstone Project SBCO6800
University of the West Indies
Executive Masters in Business Administration
Mona School of Business
August 24, 2011
Delivering customer value
-------------------------------------------------
Table of Contents
1. Introduction 4
1.2 Aims and Objectives 8 1.3 Problem Statement 9
2. Overview of the Insurance Industry in Jamaica 11
2.1 Background of Sagicor Life Jamaica (SLJ) 12
3. Research Design 13
3.2 Methodology 13
3.3 Sampling Method 13
3.4 Data Collection 14
3.5 Key Deliverables 14
3.6 Constraints 14
4 Process Analysis 15
5. Value Chain Analysis 19
6. Problem Cause & Effect 21
6.1 Personnel 21
6.2 Management/Policies 21
6.3 Manpower/People 21
6.4 Material/Inputs 22
6.5 Method/Process 22
6.6 Other/Culture 22
6.7 Cause & Effect ISHIKAWA Diagram 22
7. Data Presentation 23
Demographic Information 23
7.2 Financial Advisors 25
8. Analysis and Findings of the Individual Line Division 28
8.1 Key Performance Indicators 28
8.2 Throughput Time 28
8.3 Labour productivity 28
8.4 Theoretical Minimum 28
8.5 Efficiency 28
8.6 Bottleneck Identification 28
9. Analysis of the New Business Department 30
10. Individual Line: Encashment Process Analysis 32
Illustration 6: Encashment Precedence Chart 34
11. Conclusions 35
12. Recommendations 36
12.1 Redesign of the application processing 36
Implementing Changes 37
12.2 Underwriting Process 37
12.3 Encashment Process 38
12.4 Customer Service 38
13. References 39
14. Appendices 40
1. Introduction
Insurance companies are operating in a fast-moving global marketplace characterized by technological advancement, global communications and the ever changing needs of
CUSTOMER VALUE DELIVERY
Sagicor’s Individual Line Insurance
Customer value delivery
Student ID #’s
620015853
620021810
620018486
620021115
620019928
Dr. Lawrence Nicholson
Mr. Kamau Chionesu
Capstone Project SBCO6800
University of the West Indies
Executive Masters in Business Administration
Mona School of Business
August 24, 2011
Delivering customer value
-------------------------------------------------
Table of Contents
1. Introduction 4
1.2 Aims and Objectives 8 1.3 Problem Statement 9
2. Overview of the Insurance Industry in Jamaica 11
2.1 Background of Sagicor Life Jamaica (SLJ) 12
3. Research Design 13
3.2 Methodology 13
3.3 Sampling Method 13
3.4 Data Collection 14
3.5 Key Deliverables 14
3.6 Constraints 14
4 Process Analysis 15
5. Value Chain Analysis 19
6. Problem Cause & Effect 21
6.1 Personnel 21
6.2 Management/Policies 21
6.3 Manpower/People 21
6.4 Material/Inputs 22
6.5 Method/Process 22
6.6 Other/Culture 22
6.7 Cause & Effect ISHIKAWA Diagram 22
7. Data Presentation 23
Demographic Information 23
7.2 Financial Advisors 25
8. Analysis and Findings of the Individual Line Division 28
8.1 Key Performance Indicators 28
8.2 Throughput Time 28
8.3 Labour productivity 28
8.4 Theoretical Minimum 28
8.5 Efficiency 28
8.6 Bottleneck Identification 28
9. Analysis of the New Business Department 30
10. Individual Line: Encashment Process Analysis 32
Illustration 6: Encashment Precedence Chart 34
11. Conclusions 35
12. Recommendations 36
12.1 Redesign of the application processing 36
Implementing Changes 37
12.2 Underwriting Process 37
12.3 Encashment Process 38
12.4 Customer Service 38
13. References 39
14. Appendices 40
1. Introduction
Insurance companies are operating in a fast-moving global marketplace characterized by technological advancement, global communications and the ever changing needs of