GAUTAM BUDDHA UNIVERSITY

ASSIGNMENT ON

CRM PRACTICES AND

APPLICATIONS IN BAJAJ ALLIANZ

SUBMITTED TO:
Dr. NAVIN KUMAR
RANJAN

SUBMITTED BY:
ABHIJEET
10/IME/002

Need of CRM in Insurance Industry

Insurance products are becoming more commoditized.
Presence of numerous players.
Advertising efforts are being countered by comparison
portals, insurance advisors and corporate alignments.
A large share of business is driven through intermediaries
where information challenges exist for effective
management.
Companies continue to face stiff revenue targets spread
across too many stakeholders.
Stakeholders struggle to deal with too many processes,
systems and geographies
Speedy documentation and processes at the time of issue of
policies
Prompt redressal of customer grievances
Existing CRM Facilities in Indian Insurance Sector
MAX NEW YORK LIFE
The RATER strategy for its operations and for the customers
Reliability
Assurance
Tangibles
Empathy
Responsiveness

CUSTOMER LISTENING SYSTEMS

The company has a customer listening system
The tools used for it are:
Customer satisfaction surveys
Agent satisfaction surveys
Service scorecard (Customer touch point experience)
Customer/Agent issues inventory
Service monitoring questionnaire with policy pack
Complaint questionnaires

Challenges Faced:
Different processes for different customer segments.
Reorganize and streamline reporting systems.
Eliminate multiple reporting tools and constant data
reconciliation.
Implement "one version of the truth" solution across
information silos.
Solution

 Effective lead management through direct channel &

telesales
Effective customer servicing by intelligent allocation of
cases to specialist teams & closures within SLA.
Integration between various core systems for effective
customer servicing/operations management.
Lead capture through various source & distribution across
agencies for a quicker inspection & sale of policy.
Sales Force Automation, Marketing Automation, Customer
Service & Support along with Analytics module
Starting with 500 users in 2008, Reliance General
Insurance has now a CRMnext user base of 10000
Benefits
Enhanced the capabilities of customer servicing by
increasing first time right (FTR) and turnaround
time (TAT) adherence by 400%.
Reduced the cost of servicing by a great margin.
Improved lead conversion.
Increased the capability of customer retention.
Reduced time and IT resource requirements for regulatory
reporting.
Reasons for CRM Failure
Customer if clients are dissatisfied with execution of CRM
system
Data Data stored should be complete. Any inconsistency
can lead to problems

 CRM is implemented for enterprise & not customer

Cost Cost incurred in for support, maintenance & ongoing
upgrade. As business grows this becomes quite expensive
Security - A lot of security patches needs to get installed. If
not done on time it can lead to problems.