Published on April 01, 2023
Tata Motors Insurance Broking and Advisory Services (TMIBASL), a wholly-owned subsidiary of Tata Motors, services customers across the country with its expertise in insurance broking and consultancy services. The company approached TBExG to develop their strategy using the strategy planning process framework along with tools and analysis. TBExG engaged with the TMIBASL team in developing the Strategy Planning Process along with management tools like PESTLE Analysis, PORTER’s 5 Force Analysis, SWOT Analysis, ANSOFF Matrix, Strategy Map, Balanced Score Card and Scenario Planning. A 25-member cross-functional team from TMIBASL worked in structured groups on the management tools and the analysis of this exercise was used for developing TMIBASL’s strategic advantages, strategic challenges and strategic objectives. The senior leadership team was engaged in a workshop for developing the strategy maps and balanced score card, thus the approach was bottom-up and aligned with the company's overall vision and goals.
Overall, the engagement with TBExG and the use of various management tools and analysis allowed TMIBASL to develop a structured and well-informed strategy, which can help the company achieve its objectives and gain a competitive advantage in the insurance broking and advisory services industry.
Participant Speak
As a team, the facilitators showed a good understanding of our business, and this has helped in arriving at the strategic initiatives and broad objectives that are apt for us. Though the project had stringent timelines, it was well adhered to throughout the process.
— M Ravichandran, MD & CEO, TMIBASL