Mahesh R Shukla

Department of Mechanical Engineering, Cummins College of Engineering for Women, India,

Bhavana W Khapekar

Lady Amritbai Daga College & Smt. Ratnidevi Purohit College India,

R L Shrivastava

Department of Mechanical Engineering, Y.C.College of Engineering , Nagpur, India,

T N Desai

Department of Mechanical Engineering, SVNIT, Surat, India,

Abstract

This study intends to reduce the operational expenses of insurance company proposal forms and policy papers by using SCM in the operations department of life insurance firms. The complete process of how the forms are delivered from suppliers to consumers, going through several departments and their flow from one point to another for various underwriting criteria is set out. Various expenses related with the distribution network of policy papers have been thoroughly examined. The time it takes for a proposal form to become a part of a customer’s policy document is also examined. The emphasis is on reforming processes that are no longer necessary yet still exist. Based on data obtained mostly through questionnaires and personal interviews, the study develops a framework for assessing supply chain performance. According to the report, despite high costs paid in document processing at all levels, customer difficulties, failures in channel expansion owing to operational issues, loss of market share, loss of customer base, and loss of business, enterprises have not identified any other means of operation. The current study urges insurance businesses to implement more cost-effective business practices and provides context for why SCM is vital to them. A few critical ideas have been offered in this article on how operational delays may be eliminated while operating costs are reduced, as well as how customer retention and channel growth can be done properly and methodically.

Keywords- Supply chain management, Life Insurance, Performance measures, Operations management, Process control