Entry Phase of the Assignment

The entry phase of consulting typically involves the initial stages of a consulting engagement,
where the consultant and the client establish the parameters of the project and begin to
identify the client's needs and goals. On successful awarding of the assignment through
written/verbal agreement or contract, the team will finalize number of consultants required
for the solution of client – TATA AIG. Based on past assignments and report card of the
consultant, particular consultant shall be finalized as this will arouse interest in client as well
that consultant have worked upon similar assignments and they will possess necessary
information, initiatives and intensions to carry out current assignment.

Upon finalization of consultant team, client TATA AIG will be informed and the team will be
more or less similar which prepared proposal against RFP. Team will prepare itself for the
first meeting after being awarded the assignment. Preparing for the first meet involves
understanding the working of insurance sector as whole, parameters and various factors or
ratios that are prevalent in the industry to compare against the players. Key parameters for the
insurance sector are

 Asset Under Management (AUM)

 Embedded Value Growth (EVG) = adjusted net worth + discounted value of profit
 Gross Written Premium (GWP) = new premiums + recurring premiums
 New Business Premium (NBP) and Value of New Business (VNB)
 Expense or Total Cost Ratio = expenses of management / total gross direct premium
 Return on Equity
 Operating Return on Embedded Value
 Claim Settlement Ratio
 Solvency Ratio = reflects whether company has enough buffer to settle all claims
 Persistency Ratio in terms of 13th months and 61st months
 Market Cap to Embedded Value
 Product Mix of various players
 Channel Mix of various players
Agenda for first meeting after being awarded the contract involves

 Discussing and finalizing the methodology with regards to Project Scope & Problem
Statement and consequently establishing project timelines and milestones

 Project Deliverables which are

1. Proposed Automated Claim Settlement Mechanism through software using AI

& ML algorithms
2. Hassles free online notarization, electronic documents, and eSignature
3. Improved communication with the customers digitally 24x7 with minimal
human intervention
4. Advanced analytics using ML, AI and Deep Learning
5. Robotic Process Automation
6. Using AI in mitigating fraudulent claims
7. Digitization of front- and back-office processes

 Conducting a needs assessment: The consultant gathers information about the client's
business or organization, including its structure, culture, strengths, weaknesses, and
opportunities through observation, interview, records, balance sheets and con calls of
senior management. This information is used to develop a deeper understanding of the
client's needs and to identify potential areas for improvement.

 Developing a project plan: Based on the information gathered during the needs
assessment, the consultant develops a project plan that outlines the approach,
methodology, and activities that will be used to achieve the project objectives.

 Obtaining stakeholder buy-in: The consultant works with the client to identify key
stakeholders who will be affected by the project and ensures that they are informed
and engaged throughout the engagement.

Overall, the entry phase of consulting is a critical stage as it lays the foundation for the
entire project. Defining and finalizing the project scope, establishing timelines and
milestones, conducting needs assessment, developing project plan, and obtaining
stakeholder buy-in, the consultant can help to ensure that the project is on track to meet
the client's needs and achieve its goals.