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JOINT MEETING OF ALL CHECK-OFF QUALIFIED UNIONS / ASSOCIATIONS OF GIPSA COs. EXPLORATORY TALKS ON PROPOSED WAGE REVISION W.E.F. 01.08.2007 Friday, November 28, 2008 New Delhi. PUBLIC SECTOR GENERAL INSURANCE IN INDIA.

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joint meeting of all check off qualified unions associations of gipsa cos

JOINT MEETING OF ALL CHECK-OFF QUALIFIED UNIONS / ASSOCIATIONS OF GIPSA COs.

EXPLORATORY TALKS ON PROPOSED WAGE REVISION W.E.F. 01.08.2007

Friday, November 28, 2008

New Delhi

GIPSA

public sector general insurance in india
PUBLIC SECTOR GENERAL INSURANCE IN INDIA
  • FROM A MODEST BASE OF Rs. 208 CRORES IN 1973, GROSS PREMIUM HAS GONE UP TO Rs. 17,813 IN 2007-08.
  • AVERAGE GROWTH RATE 12.68% PER ANNUM SINCE 1973. HOWEVER, THE AVERAGE GROWTH RATE DURING PAST 5 YEARS HAS BEEN 5.68%.
  • MANPOWER GROWN FROM 26,112 IN 1973 TO 84,097 AS ON 31.03.2002 AND THEN CAME DOWN TO 69,445 AS ON 31.03.2008.
  • NUMBER OF OFFICES INCREASED FROM 750 IN 1975 TO 4,074 AS ON 31.03.2008.

GIPSA

contd
Contd…….
  • INVESTMENT PORTFOLIO INCREASED FROM Rs. 355 CRORES IN 1975 TO Rs. 31,342 CRORES AS ON 31-03-2008
  • INVESTMENT INCOME INCREASED FROM Rs. 21 CRORES IN 1975 TO Rs. 6,189 CRORES AS ON 31-03-2008
  • RESERVES AND SURPLUS AS ON 31-03-2008 STANDS AT Rs. 13,253 CRORES
  • NET WORTH APPROX Rs. 13,800 CRORES AS ON 31-03-2008

GIPSA

manpower and pay scales
MANPOWER AND PAY SCALES
  • FOUR CLASSES OF EMPLOYEES IN GIPSA COs. AS ON 31.03.2008, TOTAL STRENGTH IS,
      • CLASS I : 17375
      • CLASS II : 9104
      • CLASS III : 34040
      • CLASS IV : 8926
      • TOTAL : 69445
  • PAY SCALES OF ALL CLASSES OF EMPLOYEES GOVERNED BY SCHEMES NOTIFIED BY GOVERNMENT
  • FIRST SCHEMES FOR PAY SCALES NOTIFIED IN 1974, 1975 AND 1976 (CALLED RATIONALISATION SCHEMES) FOR CLASS III/IV, CLASS I AND CLASS II EMPLOYEES RESPECTIVELY

GIPSA

five revisions of pay scales
FIVE REVISIONS OF PAY SCALES
  • 1985 SCHEME W.E.F. 01.10.1983
  • 1989 SCHEME W.E.F. 01.08.1987
  • 1996 SCHEME W.E.F. 01.08.1992
  • 2000 SCHEME W.E.F. 01.08.1997
  • 2005 & 2008 SCHEMES W.E.F. 01.08.2002
  • CURRENT WAGE REVISION DUE W.E.F. 01.08.2007

GIPSA

significant developments since last revision
SIGNIFICANT DEVELOPMENTS SINCE LAST REVISION
  • TOTAL NUMBER OF GENERAL INSURANCE COMPANIES IN INDIA WERE 10 AS ON 31.03.2002 AND HAVE GONE UP TO 20AS ON DATE.
  • DETARIFFING OF PREMIUM IN MOTOR OD W.E.F. 01.01.2007 AND ALL OTHER CLASSES OF BUSINESS, W.E.F. 01.01.2008, FURTHER STIFFENING THE COMPETITION.
  • MARKET SHARE OF GIPSA MEMBER COs. HAS SLIDED DOWN FROM 95.91% AS ON 31.02.2002 TO 60.08% AS ON 31.03.2008.
  • GIPSA MEMBER COs. HAVE UNDERTAKEN BUSINESS PROCESS RE-ENGINEERING INTITIATIVES.

GIPSA

business proces re engineering bpr in gipsa cos
BUSINESS PROCES RE-ENGINEERING (BPR) IN GIPSA COs.
  • ALL THE FOUR COMPANIES APPOINTED MANAGEMENTS CONSULTANTS (MCs).
  • MCs TO MAKE AN ASSESSMENT OF KEY FUNCTIONAL AREAS AND DEVELOP OVERALL STRATEGIC PLAN FOR THEM IN FIRST PHASE
  • THE UNIQUE FEATURE IS THAT THE MCs WOULD BE INVOLVED IN IMPLEMENTATION OF RECOMMENDATIONS ACCEPTED BY THE MANAGEMENT OF COs.

GIPSA

main agenda for mcs
MAIN AGENDA FOR MCs
  • REVIEW OF ORGANISATIONAL STRUCTURE AND ASSESSMENT OF KEY FUNCTIONAL AREAS
  • MARKETING AND SALES – REVIEW OF PRODUCT RANGE AND DISTRIBUTION STRATEGY
  • OPERATIONS – BETTER CUSTOMER SERVICING
  • HUMAN RESOURCE – RECRUITMENT & TRAINING, INCENTIVE SCHEMES
  • INVESTMENT, U/W, FINANCIAL MANAGEMENT, IT – REVIEW AND IMPROVEMENTS

GIPSA

bpr in national
BPR IN ‘NATIONAL’
  • BANCASSURANCE – 5 Dedicated Bancassurance servicing offices have been opened. Target for 15 such offices by 31.03.2009
  • SME SECTOR – 18 dedicated SME Cells have been opened and 22 more planned by 31.12.2008 and another 35 by 31.03.2009.
  • Claims Processing Hubs – Opened at Kolkata and Chandigarh for Motor OD Claims – Average Claim Processing Time reduced to 25 days. More such Hubs to be opened at New Delhi, Bangalore, Chennai, Luncknow and Hyderabad by 31.12.2008.
  • Agency Force - Efforts being undertaken to incentivise the performing agents through recognition and felicitation

GIPSA

bpr in new india new energy
BPR IN ‘NEW INDIA’ (NEW ENERGY)
  • WAVE 1 INITIATIVES– Process Redesign, Bancassurance, Brokers, Auto-dealers and Large Corporate – Pilot Work started in January, 2008 and rollout has commenced across the nation. Performance is being monitored by a dedicated HO Team for each initiative.
  • WAVE 2 INITIATIVES – Agency Performance Enhancement Program, Health TPA Management, HR & Organization Structure, Motor TP process redesign, Risk Based Pricing – Pilot work on these initiatives already started and performance is being closely evaluated.

GIPSA

bpr in oriental nayee disha
BPR IN ‘ORIENTAL’ (NAYEE DISHA)
  • AGENCY MANAGERS– Project AGNI envisaged appointment of 80 Agency Managers at 10 Regional Centers by 15.10.2008 which has been achieved.
  • SERVICE CENTRES – Pilot launched in 9 Cities for Motor OD Claims and 3 more coming. 1 Pilot for Policy Issuance at Jaipur to be launched shortly. Motor TP Claims Hub Pilot started in Chennai and Bangalore.
  • HEALTH INITIATIVES – Regular and Enhanced Monitoring of TPAs started and Health Managers network created across the Regional Offices.
  • ORGANIZATION STRUCTURE, PMS AND INCENTIVE SCHEMES – Initiatives under advanced stages of finalization.

GIPSA

bpr in united india unisurge
BPR IN ‘UNITED INDIA’ (UNISURGE)
  • As on 15.10.2008, have opened 7 Bancassurance Offices against 6 planned, 9 Tie-ups with Motor Dealers against target of 8, implemented Agency Managers concept in 96 Offices (9 ROs) and opened 3 Large Corporate & Broker Cells.
  • In Motor, 2 ‘filing ready’ products have been developed.
  • Design and Plan for Service Hub finalized with identification of location and personnel.
  • PMS and Incentive Schemes for Employees under final stages of discussion.

GIPSA

bpr hr common in all cos
BPR – HR - COMMON IN ALL COs.
  • Management Consultants in each Company took extensive studies in the area of Manpower Planning.
  • Reforms in Promotional Processes undertaken by GIPSA to address the contemporary requirements in the changed business scenario.
  • New Promotion Policies evolved for Class I Officers and Class III/IV Employees. Promotion Policy for Development Officers amended to the requisite extent.

GIPSA

contd16
Contd…….
  • Companies have initiated Promotion Exercises for Promotions From Class IV to III, within Class III, From Class III to Class I, From Class II to I and within Class I (Scale I, II, III & IV)
  • All these Promotion Exercises scheduled to be completed by 15.12.2008.
  • Transfer and Mobility Policy now in vogue in all cadres to provide requisite flexibility in deployment to serve Organizational Requirements and career development of Employees.
  • PMS and Incentive Schemes for Employees under final stages of evolution.

GIPSA

process and factors of wage revision
PROCESS ANDFACTORSOF WAGE REVISION
  • 12 CHECK-OFF QUALIFIED UNIONS / ASSOCIATIONS OF EMPLOYEES IN MEMBER COMPANIES.
  • 2 OF THESE UNIONS REPRESENT MORE THAN ONE CLASS OF EMPLOYEES
  • ALL CHECK-OFF QUALIFIED UNIONS/ASSOCIATIONS (EXCEPT ONE FROM DEVELOPMENT OFFICERS) HAVE SUBMITTED THEIR CHARTER OF DEMANDS.

GIPSA

check off accredited unions assns
CHECK-OFF ACCREDITED UNIONS/ASSNS
  • CLASS I

1-4 NATIONAL/NEW INDIA/ORIENTAL/UNITED INDIA INSURANCE COMPANY OFFICERS’ ASSOCIATIONS (4)

  • GENERAL INSURANCE OFFICERS’ ALL INDIA ASSN
  • BHARTIYA VIMA KARAMCHARI SENA**
  • NATIONAL FEDERATION OF GENERAL INSURANCE EMPLOYEES**
  • CLASS II
  • ALL INDIA GEN INS FIELD WORKERS’ ASSN
  • BHARTIYA VIMA KARAMCHARI SENA**
  • NATIONAL FEDERATION OF GEN. INS. EMPLOYEES**
  • GENERAL INSURANCE DEV. OFFICERS’ ASSN
  • GENERAL INSURANCE DEV. OFFICERS’ FEDERATION*
  • CLASS III/IV
  • GENERAL INSURANCE EMPLOYEES’ ALL INDIA ASSN
  • ALL INDIA INS. EMPLOYEES’ ASSN
  • NATIONAL FEDERATION OF GENERAL INS. EMPLOYEES**

*Charter not submitted

** Representing more than 1 Class of Employees

GIPSA

charters of demands by unions associations
CHARTERS OF DEMANDS BY UNIONS / ASSOCIATIONS

Charters of Demands submitted by the Unions / Associations talk of increasing the pay package by degrees varying from 20% to 60%.

GIPSA

combined ratio to net premium
COMBINED RATIO* (% TO NET PREMIUM)

*INCLUDES NET INCURRED CLAIMS, M.E. & COMM.

GIPSA

estimated wage bill as on 31 07 2007
ESTIMATED WAGE BILL AS ON 31.07.2007*

*Extrapolated on the basis of expenses as on 31st March, 2007 & 2008

GIPSA

challenges ahead

CHALLENGES AHEAD

EXTERNAL CHALLENGES

INTERNAL CHALLENGES

GIPSA

external challenges
EXTERNAL CHALLENGES
  • Intense Competition on more profitable lines of Business.
  • Premium rates to remain under pressure in De-tariffed regime.
  • Business acquisition cost continue to rise.
  • Re-insurance cost also continue to rise due to reduction in ceding commission by Treaty Re-insurers to compensate for lower rates in de-tariffed regime.

GIPSA

contd34
Contd………
  • Shadow of global recession looming large on Indian Industry and Economy
  • Capital Markets meltdown reduces reliance on investment portfolio for net profit
  • Changing customer profile and increasing customer expectations
  • New emerging risks and need for continuous innovations

GIPSA

internal challenges
INTERNAL CHALLENGES
  • Statutory limits on ME Ratios – Sec. 40 C
  • Every rise in Wage Bill demands corresponding rise in productivity
  • Rigidity in pay package impedes retention of talent - need for flexi pay / differential pay package
  • Skill gap in the manpower flowing from fast changing technologies

GIPSA

contd36
Contd…………..
  • Adverse age profile of manpower – climate of inertia and rigidity
  • Imbalances in deployment of manpower – continued pockets of surplus / deficit despite structured TMP – widen TMP or more flexible TMP?
  • Continuous losses in Motor TP, Health etc. – Loss Management and Minimization
  • Attitudinal issues of manpower at various levels – commitment vs. alienation

GIPSA

hopes
HOPES
  • BPR initiatives expected to boost up productivity and rationalize expenses besides improving Customer Care.
  • Active co-operation from Employees and their Unions / Associations required to supplement these efforts.
  • An Organizational Agenda common to the Management and the Unions / Associations required for coordinated efforts and synergy.
  • Let us evolve such an Agenda.

GIPSA

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