Week 3 paragraph

Running Head : Week 3

Week 3 paragraph

p Week 3 paragraph The most important factor of the Supply Chain in the Life Insurance Business is that it needs to be supported on a continuing basis , long after new and competitive products take the place of the older ones . In this business , the Supply Chain is composed of many processes and it is defined as , Product life cycle processes comprising physical information , financial , and knowledge flows whose purpose is to satisfy end-user requirements with .services from multiple , linked suppliers (Ayers

, 2006 ,

,5

Agents sell most of the life-insurance policies . This stage is beset with many problems . Agent 's prime interest is to achieve targets and hence some of the policy holder 's health facts are overlooked by them At the claims settlement stage , this poses serious problems for the policy-holders , as the agent renders little help or they are no more in the picture due to many reasons like resignation from the service etc . Besides , life-insurers will bank only on the Third Party Administrator (TPA ) network . Hence , the supply chain management will lack an innovative process compared to the general insurance companies Already , there is a lot of criticism about the TPAs and the way claims are processed (The Hindu , 2007 ) When the health insurance claims are rejected , life-insurance companies lose their loyal customers . Supply Chain in the Life Insurance Business is to begin and end with satisfactory service to the customer . That is its purpose of existence and that is its social goal

Word Count : 228 (with quotations

Word Count : 140 (without quotations

References

The Hindu Business Line : Life , health . or both ? 13 Jul 2007

www .thehindubusinessline .com /2007 /07 /13 /stories /30900 .htm - 24k Retrieved on June 24 , 2008

Ayers , James B : Hand book of Supply Chain Management

CRC Press , 2006 , 608 pages

ISBN

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