Strategy Learnings

 Excerpts from McKinsey Quarterly  1. Start with the organization’s purpose (hint: the only thing you control directly) I t may seem counterintuitive to look first to the organization’s purpose in hopes of supporting the life purpose of your employees, but remember: this part you control. Does your company meaningfully consider its role in society? Do senior executives use the company’s purpose as a North Star to make difficult decisions and trade-offs? If your company’s purpose is just a poster on the wall,  you’re wasting everyone’s time . If you talk about purpose but don’t follow through, the results can be devastatingly bad. If you aren’t sure your leaders are following through, start checking. Some companies use internal scorecards to track the commitment of leaders, employees, and other stakeholders to organizational purpose. Routine measurement helps leaders encourage buy-in, spot problems early, and take appropriate action. A few companies go further and embed purpose metrics

Introduction The insurance industry of India has 57 insurance companies 24 are in the life insurance business, while 34 are non-life insurers. Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. There are six public sector insurers in the non-life insurance segment. In addition to these, there is a sole national re-insurer, namely General Insurance Corporation of India (GIC Re). Other stakeholders in the Indian Insurance market include agents (individual and corporate), brokers, surveyors and third-party administrators servicing health insurance claims. Market Size In India, the overall market size of the insurance sector is expected to US$ 280 billion in 2020. The life insurance industry is expected to increase at a CAGR of 5.3% between 2019 and 2023. India’s insurance penetration was pegged at 3.76% in FY20, with life insurance penetration at 2.82% and non-life insurance penetration at 0.94%. In terms of insurance density, India’s overall dens