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Product cover image for Reliance Nippon Life Insurance – Marketing Strategy For Turnaround In Regulated Market

Reliance Nippon Life Insurance – Marketing Strategy For Turnaround In Regulated Market

Ramendra Singh; Siddhartha Paul

Product #:IIMC-CRC-2021-09
Supplier:IIM Calcutta
Discipline:General Management
Setting:India
Details:Case (PDF) • 39 pages • 2022-02-01

Subjects:

Leadership and managing peopleManagement

Industries:

Financial service sector

Geography:

IndiaAsia
Your Price:$9.71

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The year 2011 was marked with a series of regulatory changes in the insurance sector by IRDAI that stumbled the insurers with lower sales. The aftermath of this crisis continued for some of the insurance companies in India. On October 2016, when Mr.Ashish Vohra took charge as the CEO of RNLIC, the company had been tottering with losses. The RNLIC board assigned him with an arduous task of making a swift and sustainable turnaround. Mr.Ashish Vohra leveraged his 25 plus years of professional experience in BFSI & manufacturing, implemented a complete business transformation that centred around new-age technologies. RNLIC P&L saw a massive transformation, emerging from losses close to INR 1970 million in FY 15-16 to registering profits of INR 502.8 million in FY 20-21. Still the challenge for him was to view RNLIC among the top life insurance companies in India within a span of the next few years. How could RNLIC become one of the top five insurance companies in India? What strategy should he adopt? Invest on InsureTech for technology innovations? Invest more on digital marketing to target the new age customers? Improve on key metrics of the insurance industry for attaining operational excellence?

Learning Objectives

The case discusses on how RNLIC wassaved and transformed from the financial crisis. How Mr.Ashish Vohra has applied his leadership skills in increasing institutional capabilities by investing on digitization, focusing on customer centricity and managing productivity improvement. This case study helps the students to understand and analyse the following: - The case facilitates learning of the changing scenarios of the insurance industry in India. - To understand the marketing challenges faced by the life insurance sector and to realise the importance of change in consumer behaviour - To examine the role of advisors in selling life insurance policies to the customers. How mis-selling of policies can become a threat to the insurance companies - To understand the factors that contributed to the decline in revenue of RNLIC. - How did digital disruptions turnaround RNLIC from it’s insuperable financial conditions? Critical success factors for the effective transformation process  To analyse the marketing initiatives of the RNLIC and its competitors - To understand the importance of effective leadership and team building that fosters growth as well as turnaround.
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Case Study: Reliance Nippon Life Insurance – Marketing Strategy For Turnaround In Regulated Market (English version) | Ivey Publishing