INDIA FIRST LIFE INSURANCE : DRIVING GROWTH WITH COMPETECNY

MAPPING

BY
P.MEKALA
MBA DEPT
 Origin of the IFLI
o Started –Nov,2009- HQ- Mumbai

o Join venture – Bank of Baroda (44%)

Andhra Bank (30%)

UK based financial institution –Legal & General

o Turnover(4.5 month) – 2 billion

o Product- Life insurance, Term life ins and Pension Ins

o IFLI adopted – Bancassurance model

o 2015- 2016 – 13th Rank

 Vision 2020

o CEO –Vishakha Maheswari joined on

Mar,2015
o New Vision – To be the largest insurance
provider in the country and to be India's
top five insurance companies in 2020
(Nov,2015)
o Theme- “ securing life and creating value
Vishakha Maheswari
CEO
o Maheswari asked Menon to develop a Praveen Menon CPO
plan to achieve Vision 2020
 Employees as Differentiators

Menon View
o Continuous innovation from employees
o Offer high quality customer service
o Innovation in selling and servicing the product
Competency systems team (CST)

Existing employees as New expectation from the

differentiators Process
current employee
List of competencies (New role)

The organizational Expectation

Mapping: Employee Work (Tech+ Behavior)
 Next Step
o Complete Competency Diagnosis Skill Gaps
o Reward /Develop and Monitor
Parker view
Career Progression link competencies

Parker
Talent Management
 Performance Management

o The length of time the employee in the current role

o Performance in current role
o Employee- Defined competency required to perform the new role
 Identifying the Behavioral Competencies through the
competency building exercise

1. Human Capital
2. Sales and Marketing
3. Operation and
1. Operational Information
2. Tactical technology
BAND FUNCTION 4. Investment
3. Strategic 5. Actuarial
4. Leadership 6. Finance
7. Governance and
strategy
8. Product
 Balancing and reinforcing loop of competencies

Performance management
o BSC approach Growth
o Menion decide to link with PMS to L&D and he made
Meritocracy Environment
Ace
o 27 L&D program were created for employee.
o Two way communication- transparency- new role &
competency- feed back from employee Development
o Total employee 1400 and with 800 sales all over India.
 Think First
o Think first – was the leadership team
o IFLI’s leadership team finalized the strategic level of goals needed to
achieve vision 2020.
o Employee branding- feedback from
o CST also learn whether they were evaluating employee for the
competencies.
Challenges ahead
How they should communicate the new competency framework to all 1400
employees.
 What is competency lifecycle roadmap?

o Map Competency
o Competency diagnosis
o Develop competency
o Monitor Competency
 What are the step in developing a competency model?

o Competency system team formation (CST)

o Identify the performance metrics and validation
o Create a tentative competencies list
o Define competencies and the behavioral indicators
o Develop initial competency model
o Cross check the initial model
o Validate the model confirm model
 SWOT analysis
Strength
o The new vision 2020
o Flexible organization boundaries ( Think First)
o Process are in place( PMS,BSC, rewards and
recognition)
o 27 learning & development program (in house)
Opportunities
o Create employer branding
o Help IFLI attract talented employee
Weakness
o The MD/CEO and CPO have been employed at IFLI
only a short period of time.
o Challenges with communicating the new role
competencies to the 800 employees in sales function.
Threats
o Competency mapping exercise of IFLI can be replicated
by the competitors
 Pros and Cons Analysis
Score can given -1 to +5
PROS CONS
o Create employee branding Easily Replicable
o Help IFLI attract talented employees
o Achieve Vision 2020
o Competency mapping could lead to recruitment
management
o Competency mapping could lead to PMS
o Competency mapping could lead to Career
development
o Competency mapping could lead to succession
planning
Total Pros Score: + Total Cons score: -