NATIONAL INSURANCE ACADEMY

PUNE

P605 - STRATEGIC INTENT AND EXECUTION EXCELLENCE FOR SDMs (LIC)

(2023-24)

Background:

“To act with confidence beyond the range of familiar beacons and to overcome …… resistance (to innovation) requires aptitudes that are present in only a small fraction of the population”

---- Schumpeter

In the current complex and uncertain business scenario, life insurance industry needs to plan strategically to succeed and most importantly meet the policy holders and stakeholders’ expectations. However, it’s not enough to chalk out the robust strategic plans, it is imperative that the strategic intent gets translated to action on ground by the teams led by the SDMs In-charge and achieve desired results.

To do this it is essential that the SDMs require strategic thinking beyond the normal SWOT analysis and conventional incremental planning. ‘Strategic Intent’ is expected to provide long term vision and purpose to the Senior Divisional Managers to achieve the results that commensurate with the available market potential. This ‘Strategic Intent’ needs immaculate execution on the ground to make it a success.

Due to the dynamic and complex nature of the life insurance sector, there is a constant challenge to cater to customer demands and stay competitive. The onset of the pandemic of COVID 19 and more importantly the LISTING of the corporation makes the operational landscape all the more  different and challenging for LIC. There is a pertinent need to bring about a reorientation amongst the team members, so that they can appreciate the situation from the right perspective and ready themselves for the challenges ahead. The public listing of LIC of India is expected to bring a paradigm shift to the objectives of the corporation that would include goals like profitability, transparency, satisfied shareholders etc.

  Objectives:

  At the end of the programme the participants would be able to be deducing key priority areas for their respective divisions based on corporate strategy and strategic intent.

Ø  Identify performance drivers for strategy- execution linkage.

Ø  Assess critical success factors for execution excellence.

Ø  Identify individual Leadership strengths to facilitate strategy- execution linkage.

Ø  Recognise characteristics of high-performance teams

Ø  Appreciate the importance of strategic intent framework in current competitive business environment.

Ø  Understand its significance and drive their teams for intended results.

Ø  Value importance of execution excellence.

Ø  Keep themselves abreast of the latest trends and developments in the business environment.

Ø  Transform themselves to leaders who can ardently steer forward the ever-changing business landscape towards growth and profitability.

Ø  Be aware of the dynamics of Corporate Governance.

Ø  Become the catalyst in redefining business paradigms and scripting new growth narratives.

Ø  Be in a position to make optimal use of the new age technology.

Ø  Understand and appreciate different tenets of Enterprise Risk Management.

Ø  Think and act like the CEO of a growing company with focus on profitability, satisfied stake holders & shareholders and bring about transparency in all his dealings.

Contents:

Ø  Economic & Life Insurance Business Scenario-Domestic and Global: Challenges & Opportunities --Implications for Strategy Formulation

Ø  Internalising Strategic Intent: Role of SDMs In-Charge

Ø  Value Creation with available resources

Ø  Lead and Lag Performance Indicators and Strategy- Execution Framework

Ø  Agile Leadership Mind-set and Execution Excellence

Ø  Building High Performance teams

Ø  Managing change and innovation,

Ø  Empowerment and delegation

Ø  Business ethics and Corporate Governance

Ø  Strategy to leverage the emerging trends- GEN Z and Beyond.

Ø  LIC in a listed environment—compliance to IRDAI, SEBI and RBI guidelines/regulations and provisions of the Companies Act, 2013 as amended from time to time.

Ø  Artificial Intelligence- Predictive Analysis, IOT, Deep Learning.

Ø  Leveraging Technology in acquisition of customers and Customer Engagement.

Ø  Conflict Management & Negotiation Skills.

Ø  Case Studies

Participants Profile- Newly Promoted Senior / DMs in Charge of Divisions - nomination by Zonal HRD Depts.

Duration- 3 days

  Dates: 10.07.2023- 12.07.2023