MEANING OF CRMCRM or Customer Relationship Management is: Understanding your customers needs and wants. Understanding your most valuable customers and retaining them.
MEANING OF CRMCRM services consist of the following major segments: Consulting services Implementation services CRM Outsourcing services Training services
TRADITIONAL CRM v/s E-CRMTRADITIONAL WEB ENABLEDAPPROACH TO CRM APPROACH TO CRMPersonal Selling Electronic Point Of Sales (Epos)After Sales Service Automation Of Customer ServiceCustomer Care Life Time Value Of CustomerComplaint Handling Call CentreAccount Management System Integration
LIC is the largest company in India. Country’s largest investor. Owned by Government of India. Founded in 1956. It funds close to 24.6% of the Indian Government expenses. Assets of 8 trillion .COMPANY PROFILE
Over its existence of around 50 years, Life Insurance Corporation of India, which commanded a monopoly of soliciting and selling life insurance in India, created huge surpluses, and contributed around 7 % of Indias GDP in 2006. The organization now comprises 2048 branches, 109 divisional offices and 8 zonal offices, and employs over 1,002,149 agents. The corporate Office of LIC is in Mumbai. It also operates in 12 other countries, primarily to cater to the needs of Non Resident Indians. The recent Economic Times Brand Equity Survey rated LIC as the No. 1 Service Brand of the Country.CURRENT STATUS
o Policy Locator Login Registration Status Feedback formo Insurance selector Human life value calculation Get insurance advisor
Phone Helpline ◦ Customer zone ◦ Information on premium position, bonus, loan etc. ◦ Assistance for filling up forms, registration on LIC’s portal. Grievance Redressal System ◦ Grievance redressal officers At branch level At divisional level At zonal level At central level
NEW CRM INITIATIVES Customer service Customer Agent LIC ropes in Wipro, IBM for CRM project. Insurance: Waking Up to a New Life. LIC’S Wan/Man Network Serving Insurance Policies on the Net.
SuggestionsM - CRM Cross-Selling De-Materialized Policies One counter Payment of Claims
CONCLUSION• Shared or distributed data• Cost reduction• Better Customer Service• Increased Customer Satisfaction• Better Customer Retention• Loyal customers• More repeat business• More new business• More Profit!
BIBLIOGRAPHY• Kumar, A, , Sinha, C, & Sharma R,. “Customer Relationship Management Concepts & Application” , Bizantra Publication, New Delhi (2009)• Shajahan, “Relationship Management”, Tata McGraw Hill, New Delhi, 2008• Cisco, “Case Study Special: LIC’S WAN/MAN Network Serving Insurance Policies on the Net”