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CUSTOMER RELATIONSHIP MANAGEMENT IN

IDBI FORTIS LIFE INSURANCE CO. LTD.

WHAT IS CRM
EMAIL ANALYTICS

WEB CUSTOMERS
CUSTOMER INFORMATION

CONTACT CENTERS

BACK OFFICE

FIELD

MARKETING

WHAT IS CRM
Is the collective term for processes and strategies regarding individualized relationships between enterprise and customers, prospects and business partners for marketing, sales and service with the goal of winning new customers, extending existing customer relationships across the entire customer lifecycle, and improving competitiveness and business success by optimizing the profitability of individualized customer relationship.

It is defined as a way to help the companies keep track of their customers, improve customer interactions and engender customer loyalty and revenue through specifically targeted services and promotions.

Goals of CRM:
Gain insight into the behavior of the customers and the value of those customers Acquire new customers. Simplify marketing and sales process. Improve Up and Cross selling. Increase business revenues

3 aspects of CRM:
Operational CRM : Support of customer processes involving sales and service representatives Collaborative CRM : direct communication with the customers Analytical CRM : analysis of customer data for a broad range for purposes

Key drivers
Customers perspective and expectation Information given to the customers Customer satisfaction Gain a 360 degree view of the customer while interacting with them Customer values

RESEARCH WORK
Done on the basis of questionnaire designed in two ways: 1. B2C i.e. Business To Customer To know the mind set of the common people and their perspective towards insurance.(Done on LIKERT SCALE) 2. B2B i.e. Business To Business to know about the CRM strategies followed by different companies.

DATA ANALYSIS

Tools used in doing the analysis are:


1. Frequency distribution table For analyzing the maximum percentage of respondents in favour of a particular factor. 2. Pearson co- efficient (R) to calculate the level of association between various factors. 3. Charts and Graphs- helpful in extracting the key factor.

I.

BUSINESS TO CUSTOMERS

Factors taken into consideration are the different features which the customers consider the most while going for any insurance policy. To read the mind set of the common people and to know their perspective.

Investment instrument
35 30 25 20 15 10 5 0

percentage of respondents

bank deposits

mutual funds

insurance

post office savings

shares and debentures

Frequency distribution table of various factors


..\..\hyperlink files\Summary of the Frequency distribution table of the factors taken into consideration.pdf

II. BUSINESS TO BUSINESS


Done to know about the strategy adopted by different companies to maintain the customer relationship. To know the marketing skills and methodology adopted by different companies to maintain customer relation.

Main strategy adopted


50 45 40 35 30 25

20
15 10 5 0

Percentage of companies

Methodology adopted
60

50

40

30

Percentage of companies

20

10

product differentiation

customer centric and services

brand Image

others

Efforts to establish loyal customers


70 60 50 40

30
20 10 0

Percentage of companies

Providing good services

taking timely feedback

providing gifts and discounts

Others

Interpretation
Following are main extracted prominent factors that influence the consumer and that help in building relationship with the customer are: Customer services High returns associated with insurance policy. Minimum Risk involved Customization of services Product differentiation Tax benefit from the insurance policy. Flexible investment options

Analysis among the extracted factors


Percentage of Respondents
12%

5%
11%

Flexible investment options high returns customization of products product differentiation Risk involved

17%

43% 5%

7%

services tax Benefit

Association of other extracted factors factor with customer service

..\..\hyperlink files\ASSOCIATION OF OTHER FACTORS WITH CUSTOMER SERVICE.pdf

Ways to improve customer service


1. Delivering personalized and superior communication. 2. Improving the quality of service. 3. Effectiveness and efficiency in contact centers 4. Provincial thinking 5. Avoid desktop complexity 6. Honest about the policy 7. Avoid false selling 8. Recognize operational efficiencies. 9. Increased competitive differentiation

Recommendations
1.

Should come out with a new innovation products e.g.


Insurance plan for an unborn baby For mentally retarded and physically handicapped people Combo family plan

2.

Sponsoring events, seminars and talk shows in order to spread awareness among the people. 3. Must launch an open source software. 4. Should provide flexibility under its various products. 5. Effective communication at contact centers 6. Emphasize more on face to face interaction 7. Must obtain regular feedback from the customers 8. Should contact consultancy companies for promotion. 9. Should get an early bird advantage 10. Should understand the consumer buying behavior.

REFERENCES
http://www.google.co.in/ http://www.licindia.in/ http://www.licindia.in/periodic_moneyback_003_features.htm http://www.sbilife.co.in/sbilife/content/home http://www.sbilife.co.in/sbilife/content/9_817 http://www.idbifortis.com/ http://www.idbifortis.com/Incomesurance/Why_Incomesurance.aspx?mm=3&lm1=1 www.metlife.co.in http://www.metlife.co.in/MetLifeIndPlans_Child_MetJuniorMoneyBack.aspx www.hdfcinsurance.com http://www.hdfcinsurance.com/Products/SavingsPlans/MoneyBack.aspx www.eagonreligare.com http://www.scribd.com www.irda.org

Other Materials: Marketing Management by Philip Kotler. Implementation of CRM in services by S Bhaskaran Product Brochures.