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On
CUSTOMERRELATIONSHIPMANAGEMENT
OFIDBIFEDERALLIFEINSURANCE
FacultyGuide:IndustryGuide:
Chapter
Page no.
Acknowledgement
Certificate
Preface
Abstract
Part A
1.Introduction of insurance
2.Introduction of life insurance business
History of insurance
Scope of insurance business in India
3.The decision process
4.Market segment
Resistance to insurance
Managing information
5.Introduction of IRDA
6.Overview of IDBI Federal life insurance
7.Products of IDBI federal life insurance
Part B
Since the industry is at its early ages even now hence its
constantly changing and evolving. This makes it mandatory
for the new players to tow the line and at the same time
constantly keep on evolving itself to meet the needs of the
consumers.
This makes the Indian market all the more lucrative for
foreign players trying to enter India via the FDI route as
there is tremendous potential in the untapped market.
Under the present guidelines there is a cap of 26% on the
FDI limit. But there are appeals being to increase that share
up to 49% as the overall of the Indian insurance sector has
increased to 2.45 % of the world insurance industry.
Under section 80C and 10D the government allows tax
benefits to the people buying the policies from insurance
companies. Insurance companies also get an EEE benefit
which gives the insurance companies an advantage over
mutual funds.
Like all the companies there is a rising focus on the rural
market. And this is a more suitable way making the aid to
reach the poor.
IDBI bank since its inception has been the leading bank in
financing the industrial development of India. Under the
companies act of 1956 it came into existence in 1964. Till
then it has been supporting the Indias industrial backbone
by financing crucial projects. Now it is one of Indias Financial
backbone and has around 973 branches and around 1600
ATMs. The various facilities that have been provided by the
bank for all these years have been financing of projects. The
extensive range of diversified services including project
financing, working capital financing etc. IDBI has also played
a key role in development of financial sector like NSE, CARE
and SHCIL (Stock Holding Corporation of India LTD).
The working model they follow are that they try to serve the
markets through a combination of wholly owned subsidiaries
or partnerships with strong financial institutions and key
distributors around the world. Ageas operates in Belgium,
Italy, Luxemburg, Portugal, Malaysia, Thailand and India. In
Hong Kong, France Germany and UK it has wholly owned
subsidiaries through which it operates. As far as products
like individual life, employee benefits, it is a market leader
in Belgium. It is also a leading no life player in the UK
market through a company known as AG Insurance. It
employs 13,000 people and has an annual cash flow of euro
17 billion.
1. IDBI federal was the title sponsor for the cricket series
between India and Srilanka which took place in 2009.
2. Wealthinsurance made easy that is WME won the bronze
medal in dragon awards for having the best sales force and
it was a knowledge aid.
INSURANCE PRODUCTS
MISSION
To be the preferred company of choice for the customers
looking for a product service or advise in their financial
planning or about their financial investment and add value
to the lives of our customers.
VISION
To continually enhance customer experience and enhance
their satisfaction through the delivery of highly innovated
products customized according to the needs of the
customers
The second most important thing is the value that they are
providing to their customer. They believe very strongly that
whatever they do should be perceived as a high value
product by their customer.
They believe in being rock solid while delivering value to
their customers. This results into being financially strong as
the profit is spilled over due to good will.
Customer
relationsh
ip
managem
ent
Customer relationship
management
2 Strategies
3 Successes
5 Market structure
6 See also
7 References
Overview
There are many aspects of CRM which were mistakenly
thought to be capable of being implemented in isolation
from each other. [3]
Operational CRM
Operational CRM provides support to "front office" business
processes, including sales, marketing and service. Each
interaction with a customer is generally added to a
customer's contact history, and staff can retrieve
information on customers from the database when
necessary.
Managing Campaigns
Enterprise Marketing Automation
Sales Force Automation
Analytical CRM
Analytical CRM analyzes customer data for a variety of
purposes:
Collaborative CRM
The function of the Customer Interaction System or
Collaborative Customer Relationship Management is to
coordinate the multi-channel service and support given to
the customer by providing the infrastructure for responsive
and effective support to customer issues, questions,
complaints, etc.
Geographic CRM
Geographic CRM (GCRM) is a customer relation
management information system which collaborates
geographic information system and traditional CRM.
Germ combines data collected from route of movement,
types of residence, ambient trading areas and other
customer and marketing information which are matched
with relevant road conditions, building formations, and a
floating population. Such data are conformed to a map and
is regionally analyzed with OLAP (On-Line Analytical
Processing) for visualization. This enables a company to
examine potential customers and manage existing
customers in the region.
Strategy
Several commercial CRM software packages are available
which vary in their approach to CRM. However, as
mentioned above, CRM is not just a technology but rather a
comprehensive customer-centric approach to an
organization's philosophy in dealing with its customers. This
includes policies and processes, front-of-house customer
service, employee training, marketing, systems and
information management. Hence, it is important that any
CRM implementation considerations stretch beyond
technology, towards the broader organizational
requirements.
Successes
While there are numerous reports of "failed"
implementations of various types of CRM projects, [6] these
are often the result of unrealistic high expectations and
exaggerated claims by CRM vendors.
Market structure
Given below is a list of top CRM software vendors in 2005
with figures in millions of United States Dollars published in
a Gartner study.
Global Revenue
Vendor
(Million US$)
SAP 1,475
Siebel 966
Oracle 368
Salesforce.c
281
om
Amdocs 276
Others 2,233
Total 5,698
Percentage of
Vendor
implementations
SAP 8%
Epiphany (Infor) 3%
Oracle 3%
PeopleSoft
2%
(Oracle)
salesforce.com 2%
Amdocs 1%
Cordiant 1%
Microsoft 1%
SAS 1%
Others 15%
None 22%
RESEARCH METHODOLOGY
Data approaches: Questionnaire.
Sample size: 100
Sample procedure: Convenience sampling.
Research Design: Descriptive.
Research design: Research design is simply the
framework or plan for a study, used guide in collecting and
analyzing data.
For the study: for conducting that research I selected the
Descriptive research design.
DATA SOURCE
Primary Data - Interviews, Group Discussions, and
Structured questionnaires is been used to collect Primary
information on customers and marketers.
Sample Design
Sample unit
Extent - The samples for the survey will be collected from
New Delhi
Sampling Frame -
Sampling Technique - Random Sampling procedure is used.
Sample Size - The size of the sample will be about 50
comprising respondents of different socioeconomic
Profile (Age/ Gender/ Occupation/ Income Level/ Rural or
Urban/ Education Level).
METHODOLOGY USED
Information is collected through:
Primary data: a sample of 100 people was taken
Secondary data: information is collected by various
sites.
Facts
&
Findings
Facts and Findings
Finding-
100% People know about LIC, 60% Know about HDFC 75%
know about IDBI Federal, 6% know about Bharti AXA & 80%
know about ICICI.IDBI federal is new in insurance industry so
not many people knew about it.
5- To which Company do you prefer for Insurance?
(a) LIC (b) HDFC (c) ICICI (d)IDBI Federal (e) Bharti AXA (f)
Other
LIMITATIONS
1. I have permission to survey only in DELHI
2. I was select the only 100 number of sample size, by
which my survey report analysis is not more fluctuate.
3. Lack time respondents.
4. Some respondent due to unawareness about new
tern they cant be respondent well manner.
5. Change of business of research.
6. Lack of resources.
7. Lack of time.
8. Change of sampling error.
Questionnaire
Personal information:-
1. Name:
2. Address:
3. E mail I.D.:
4. Phone No.:
5. Gender: M/F
6. Marital status: Married/Single
7. Educational qualification:
Matriculate/Intermediate/Graduate/Post graduate/Any
Other 8. Occupation: Govt. service/Private service/Self
employed
9. Income per month:
<7500/- 7501/-
12500/-12501/-
17500/- >17500/-
10. Family size (if Married):
a) Spouse: Working/House wife
If working, where?
b) No. of children and their ages:
Any other dependence
Questionnaire:
1. Are you aware about insurance?
(a) Yes (b) No
2. If yes, then life insurance or general insurance?
(a) Life Insurance (b) General Insurance
3. Do you have any Insurance Policy?
(a)Yes (b) No
4. Do you know about the following Life Insurance
Company?
(a) LIC (b) HDFC (c) IDBI Federal (d) ICICI (e)
Bharti AXA (f) Others
5. To which Company do you prefer for Insurance?
(a)LIC (b) HDFC (c) ICICI (d) IDBI Federal
(e) Others
6. If yes, then why you prefer IDBI products cause of,
Conclusion:
With regard to insurance companies, consumers respond at
different rates, depending on the consumers characteristics.
Hence Insurance companies should try to bring their new
product to the attention of potential early adopters.
a) Due to the intense competition in the life insurance
market, the life insurance Return on investment, company
reputation and premium outflow are most preferred
attributes that are expected by the respondents. Hence
greater focus should be given to these attributes companies
have to adopt better strategies to attract more customers.
.b) Keeping the cost, quality and return on investment in
tact is necessary in order to tackle the competition.
c) Life insurance products are taken mainly by middle and
higher income group. Hence they should be regarded as
maim targeted income groups. Life insurance products
which are suitable for lower income group should also be
released so that the market share increases.
d)) return on investment, company reputation and premium
outflow are most preferred attributes that are expected by
the respondents. Hence greater focus should be given to
these attributes.
e) Private life insurance companies should adopt effective
promotional strategies to increase the awareness level
among the consumers.
f) Life insurance companies should ask for their consumer
feedback to know whether the consumers are really
satisfied or dissatisfied with the service and product of the
companies. If they are dissatisfied, then the reasons for
dissatisfaction should be found out and should be corrected
in future.
g) The LIC brand name has earned a lot of goodwill and
enjoys high brand equity. As there is intense competition in
life insurance market, LIC should work hard to maintain it
stop position and offer better service and product.
Recommendations to IDBI Federal
Life Insurance Co Ltd:
: Print & Electronic Media Advertisement should be used at
a high level especially TV ads should be used as its reach to
the interior of the country is strong and also the kind of
influence it show case on people is much higher compare to
other medias.
After the initial promotional campaign the relative
advantage of IDBI FORTIS LIFE INSURANCE Co. Ltd over its
competitor should be highlighted. Hoardings at prime
areas should be used.
The most important of all is to create awareness about
companys product as well as a brand in the market is very
necessary.
The company can use celebrity to create awareness about
the brand and also can collaborate with some production
houses of films and television serials which can reach
people in mass.
Bibliography:
http://www.idbifederal.com/Products/Healthsurance/Pag
es/What-is-Healthsurance.aspx#
http://www.studymode.com/essays/Market-
Segmentation-40523.html
http://en.wikipedia.org/wiki/Q_methodology