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Supply Chain In Insurance Sector Essay

1045 Words5 Pages

Many of us usually associate the term ‘supply chain’ with manufacturing sector and products where supply and demand are quite evident. However, the concept of supply chain management applies to all the sectors including service sector. The concept of supply chain can be applied to any sector where many components are required to build a product/service for the end users. In Insurance industry also, the end product to the customer is delivered by the services provided by a number of suppliers. This is true in all cases, be it car insurance or medical insurance or any other service. In a conventional supply chain, insurance company, Insurance Regulatory and Development Authority of India (IRDA), surveyor, broker/agent, Third Party Administrator (TPA), scrap buyer and the end customer are the various parties involved. The process in this supply chain is as follows: the product development team of an Insurance company conceptualizes a new product with all the underlined features covered in that product. This product is then evaluated by the actuary of the insurance company and the price for the product is calculated. Next this is sent to IRDA for principle approval after which it is introduced in the market. There are various channels through which insurance company markets the products. Agents are associated with limited insurance companies and reach the …show more content…

In order to streamline the processes, role of technology is very important. Latest software and platforms are employed by the insurance companies to streamline the entire value chain so that losses in the supply chain reduce considerably. One more advantage which technology adds is that it increases the automation in the process thus inconsistency due to variations in the human nature is controlled. Use of technology has substantially decreased the time to design the product and eventually reach the market earlier as compared to the older

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