A study on effectiveness of crm in hdfc standard life insurance in to increase its sales

1. Customer Relationship Management
A
PROJECT REPORT ON
“A Study on Effectiveness of CRM in HDFC Standard
Life Insurance in to increase its sales”
A project report submitted in partial fulfillment of the
requirement of
MBA program class of 2006-2008
By
Manjunath.S.Dandin
(6ND10469)
gghlllhg
Under the guidance of
Miss. Kavitha Mr. Ramesh
.NG
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2. Customer Relationship Management
(Faculty Guide) (Com-
pany Guide)
The ICFAI National College,
No.1, 9th B Main, Banaswadi Main Rd, Near
BSNL Telephone Exchange and Indian Overseas
Bank, Bangalore-560043. Tel.: 080-65340432,
25428937. Cell: 9845309173, 9986053514.
CERTIFICATE
This is to certify that the Summer Internship Project 2006-2008 titled “A
Study on Effectiveness of CRM in ICICI Prodencial Insurance
in to increase its sales” a bonafide work of Mr. Manjunath.S.Dandin
(Enrollment No: 6ND10469 & INC Center: HUBLI) is original and has
been done under my supervision in partial fulfillment of the requirement for
the award of M.B.A for the period of four months from March 2007 to June
2007.
I am pleased to record here that her performance during the period was extreme-
ly satisfactory.
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3. Customer Relationship Management
FACULTY GUIDE
Miss. Kavitha
gghlllhg
Date:
CERTIFICATE
This is to certify that the Summer Internship Project 2006--2008 titled
“A Study on competitive advantages of prepaid and postpaid in rela-
tion to other service provider in Bangalore” a bonafide work of &
INC Center: HUBLI) is original and has been done under my supervi-
sion in partial fulfillment of the requirement for the award of M.B.A for
the period of four months from March 2007 to June2007.
I am pleased to record here that her performance during the period was
extremely satisfactory.
(COMPANY GUIDE)
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4. Customer Relationship Management
Mr. Ramesh .NG
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5. Customer Relationship Management
ACKNOWLEDGEMENT
I have a great pleasure in expressing my sincere gratitude to Mr.
Ramesh NG (Company Guide), ICICI Prodencial Insurance Banga-
lore for giving me the approval to under go my four months training in
their organization.
I am very much thankful to Miss.Kavitha (Faculty Guide) for giv-
ing me guidance by spending his valuable time in successful completion of
project.
I am very much grateful to Principal Dr. V. M. Koravi, (INC
Hubli) SIP co-coordinator Ms. Hemalata, Principal Dr., INC Bangalore
and for providing me an opportunity to undergo training & encouraging
me during the course.
Lastly I would like to thank our parents & especially entire TEAM of
ICICI Prodencial insurance and also who was guiding me that is Mr.-
Mukhtaar who have helped me whenever I needed the help. They were all
Inspiring & Encouraging me go through the Project Successfully.
Place: Bangalore Manjunath.S.Dandin
Date:
(6ND10469)
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6. Customer Relationship Management
DECLARATION
I hereby declare that this project work entitled “A study on com-
petitive advantages of prepaid and post paid in relation to other ser-
vice provider in Bangalore” is my work, carried out under the guid-
ance of my faculty guide Miss.Kaviitha (INC Bangalore) and my
company guide Mr. Ramesh NG.This report neither full nor in part
has ever been submitted for award of any other degree of either this
university or any other university.
TABLE OF CONTENTS
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7. Customer Relationship Management
Sl.no chapters Contents Page No.
1 Chapter I GENERAL INTRODUCTION 1-5
2 Chapter II RESERCH METHODOLOGY 6 - 12
 Stetment of the Problem
 Objective oo the Study
 Purpose of the Study
 Scope of the Study
 Limition of the Study
 Reserch Design
-Sample Size
-Sample Procedure
-Data Collection
3 Chapter III THEROTICAL PROSPECTIVE 13- 14
4 Chapter IV INDUSTRY & COMPANY PROFILE 15 - 37
 History of of the Company
 Growth of the Company
 Organtiational Chart
5 Chapter V PRODUCT PROFILE 38 - 39
6 Chapter VI DATA ANALYSIS AND INTERPRE- 40 - 49
TATION
7 Chapter VII FINDINGS 50
8 Chapter VIII SUGGESTION 51
9 Chapter IX CONCLUSION 52
10 Chapter X BIBLOGRAPHY & ANNEXURE 53
Questoionnaire 54-55
OVERVIEW OF INSURANCE SECTORS:
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8. Customer Relationship Management
Life Insurance in its modern form came to India from England in the
year 1818. Oriental Life Insurance Company started by Europeans in Calcut-
ta was the first life insurance company on Indian Soil. All the insurance
companies established during that period were brought up with the purpose
of looking after the needs of European community and these companies were
not insuring Indian natives. However, later with the efforts of eminent peo-
ple like Babu Muttylal Seal, the foreign life insurance companies started in-
suring Indian lives. But Indian lives were being treated as sub-standard lives
and heavy extra premiums were being charged on them. Bombay Mutual
Life Assurance Society heralded the birth of first Indian life insurance com-
pany in the year 1870, and covered Indian lives at normal rates. Starting as
Indian enterprise with highly patriotic motives, insurance companies came
into existence to carry the message of insurance and social security through
insurance to various sectors of society. Bharat Insurance Company (1896)
was also one of such companies inspired by nationalism.
With largest number of life insurance policies in force in the world,
Insurance happens to be a mega opportunity in India. It’s a business growing
at the rate of 15-20 per cent annually and presently is of the order of Rs 450
billion. Together with banking services, it adds about 7 percent to the coun-
try’s GDP. Gross premium collection is nearly 2 per cent of GDP and funds
available with LIC for investments are 8 per cent of GDP.
Yet, nearly 80 per cent of Indian population is without life insurance
cover while health insurance and non-life insurance continues to be below
international standards. And this part of the population is also subject to
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9. Customer Relationship Management
weak social security and pension systems with hardly any old age income se-
curity. It is an indicator that growth potential for the insurance sector is im-
mense.
A well-developed and evolved insurance sector is needed for econom-
ic development as it provides long term funds for infrastructure development
and at the same time strengthens the risk taking ability. It is estimated that
over the next ten years India would require investments of the order of one
trillion US dollar. The Insurance sector, to some extent, can enable invest-
ments in infrastructure development to sustain economic growth of the coun-
try.
Insurance is a federal subject in India. There are two legislations that
govern the sector- The Insurance Act- 1938 and the IRDA Act- 1999. The
insurance sector in India has come a full circle from being an open competi-
tive market to nationalization and back to a liberalized market again. Tracing
the developments in the Indian insurance sector reveals the 360-degree turn
witnessed over a period of almost two centuries.
Historical Perspective
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10. Customer Relationship Management
The history of life insurance in India dates back to 1818 when it was con-
ceived as a means to provide for English Widows. Interestingly in those days
a higher premium was charged for Indian lives than the non-Indian lives as
Indian lives were considered more risky for coverage.
The Bombay Mutual Life Insurance Society started its
business in 1870. It was the first company to charge same premium for both
Indian and non-Indian lives. The Oriental Assurance Company was estab-
lished in 1880. The General insurance business in India, on the other hand,
can trace its roots to the Triton (Tital) Insurance Company Limited, the first
general insurance company established in the year 1850 in Calcutta by the
British. Till the end of nineteenth century insurance business was almost en-
tirely in the hands of overseas companies.
Insurance regulation formally began in India with the
passing of the Life Insurance Companies Act of 1912 and the provident fund
Act of 1912. Several frauds during 20's and 30's sullied insurance business in
India. By 1938 there were 176 insurance companies.
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11. Customer Relationship Management
The first comprehensive legislation was introduced with the Insurance
Act of 1938 that provided strict State Control over insurance business. The
insurance business grew at a faster pace after independence. Indian compa-
nies strengthened their hold on this business but despite the growth that was
witnessed, insurance remained an urban phenomenon.
The Government of India in 1956, brought together over 240 private
life insurers and provident societies under one nationalized monopoly corpo-
ration and Life Insurance Corporation (LIC) was born. Nationalization was
justified on the grounds that it would create much needed funds for rapid in-
dustrialization. This was in conformity with the Government's chosen path
of State lead planning and development.
The (non-life) insurance business continued to thrive with the private
sector till 1972. Their operations were restricted to organized trade and in-
dustry in large cities. The general insurance industry was nationalized in
1972. With this, nearly 107 insurers were amalgamated and grouped into
four companies- National Insurance Company, New India Assurance Com-
pany, Oriental Insurance Company and United India Insurance Company.
These were subsidiaries of the General Insurance Company (GIC).
Growth of the Sector:
Important milestones in the life insurance business in India:
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12. Customer Relationship Management
1912: The Indian Life Assurance Companies Act enacted as the first statute
to regulate the life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the govern-
ment to collect statistical information about both life and non-life insurance
businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act
with the objective of protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies taken over by
the central government and nationalized. LIC formed by an Act of Parlia-
ment- LIC Act 1956- with a capital contribution of Rs. 5 crore from the Gov-
ernment of India.
Present Scenario:
The Government of India liberalized the insurance sector in March
2000 with the passage of the Insurance Regulatory and Development Au-
thority (IRDA) Bill, lifting all entry restrictions for private players and al-
lowing foreign players to enter the market with some limits on direct foreign
ownership. Under the current guidelines, there is a 26 percent equity cap for
foreign partners in an insurance company. There is a proposal to increase
this limit to 49 percent.
The opening up of the sector is likely to lead to greater spread and
deepening of insurance in India and this may also include restructuring and
revitalizing of the public sector companies. In the private sector 12 life insur-
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13. Customer Relationship Management
ance and 8 general insurance companies have been registered. A host of pri-
vate Insurance companies operating in both life and non-life segments have
started selling their insurance policies since 2001.
Potential:
 Largely untapped market: about 0.6% of the global market for 17% of
the world’s population.
 Nearly 80% of the Indian population is without Life, Health and Non-
life insurance
 Insurance penetration is low at 2.9% as compared to the world average
of over 8%.
 Non-life penetration is even lower - less than 1% in 2003.
 Per capita life insurance premium in India in 2004 was $16 as com-
pared to the world average of $292.
 Strong economic growth with increase in affluence and rising risk
awareness leading to rapid growth in the Insurance sector.
 Many more international players including AXA have announced
plans to enter India.
 Investment opportunities exist in both Life and Non-life segments.
 Total estimated investment opportunity of $4-5 billion
The life industry paid gross benefits of Rs.28700.57 crore in 2004-05
(Rs.24012.12 crore in 2003-04) constituting 34.64 per cent of the premium
underwritten, While it is still early for the new insurers to make significant
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14. Customer Relationship Management
payments towards claims, the benefits paid during the year were Rs.244.86
crore (Rs.81.78 crore in 2003-04), constituting 2.96 per cent of the premium
underwritten by them. LIC paid benefits of Rs.28455.71 crore (Rs.23930.34
crore).
While investments by the life insurers increased by 21.5 per cent to
Rs.428451.93 crore, the corresponding increase in the case of non-life
insurers was 9.79 per cent to Rs.37411.96 crore. While investments by LIC
increased by 20.21 per cent, in the case of other life insurers, the increase
was 117.84 per cent. Similarly, the increase in the case of public sector
nonlife companies was 8.17 per cent and for private sector nonlife insurers it
was 38.11 per cent.
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15. Customer Relationship Management
The health insurance in the country presently covers only 1 per cent of the
population. The share of health insurance in health financing accounts for a
mere 1.2 per cent of the total expenditure on health. The Working Group on
Health Insurance constituted by the Insurance Regulatory and Development
Authority with representatives drawn from various stakeholders looked into
areas related to the promotion and development of health insurance. One of
the reasons for low penetration of health insurance in India is the lack of
regulations in the health sector resulting in exposure of the beneficiaries to
various wrong practices present in the system.
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16. Customer Relationship Management
INTRODUCTION
Insurance contract is a contract between the insurer and insured. It is a vol-
untary, executor and conditional contract between the two parties. Life insur-
ance is the contracts of insurance upon human life, including any contract
whereby the payment of money is assured on death or the happening of any
contingency dependent on human life, and any contract, which is subject to
payment of premiums for a term dependent on human life and shall be
deemed.
With largest number of life insurance policies in force in the world,
Insurance happens to be a mega opportunity in India. It’s a business growing
at the rate of 15-20 per cent annually and presently is of the order of Rs 450
billion. Together with banking services, it adds about 7 per cent to the coun-
try’s GDP. Gross premium collection is nearly 2 per cent of GDP and funds
available with LIC for investments are 8 per cent of GDP.
Yet, nearly 80 per cent of Indian population is without life insurance
cover while health insurance and non-life insurance continues to be below
international standards. And this part of the population is also subject to
weak social security and pension systems with hardly any old age income se-
curity. It is an indicator that growth potential for the insurance sector is im-
mense.
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17. Customer Relationship Management
A well-developed and evolved insurance sector is needed for economic de-
velopment as it provides long-term funds for infrastructure development and
at the same time strengthens the risk taking ability. It is estimated that over
the next ten years India would require investments of the order of one trillion
US dollar. The Insurance sector, to some extent, can enable investments in
infrastructure development to sustain economic growth of the country.
Insurance is a federal subject in India. There are two legislations that
govern the sector- The Insurance Act- 1938 and the IRDA Act- 1999. The
insurance sector in India has become a full circle from being an open com-
petitive market to nationalization and back to a liberalized market again.
Tracing the developments in the Indian insurance sector reveals the 360-de-
gree turn witnessed over a period of almost two centuries.
Historical Perspective:
The history of life insurance in India dates back to 1818 when it was
conceived as a means to provide for English Widows. Interestingly in those
days a higher premium was charged for Indian lives than the non-Indian
lives, as Indian lives were considered more risky for coverage.
The Bombay Mutual Life Insurance Society started its business in 1870. It
was the first company to charge same premium for both Indian and non-Indi-
an lives. The Oriental Assurance Company was established in 1880.
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18. Customer Relationship Management
The General insurance business in India, on the other hand, can trace its
roots to the Triton (Tital) Insurance Company Limited, the first general in-
surance company established in the year 1850 in Calcutta by the British. Till
the end of nineteenth century insurance business was almost entirely in the
hands of overseas companies.
Insurance regulation formally began in India with the passing of the
Life Insurance Companies Act of 1912 and the provident fund Act of 1912.
Several frauds during 20's and 30's sullied insurance business in India. By
1938 there were 176 insurance companies. The first comprehensive legisla-
tion was introduced with the Insurance Act of 1938 that provided strict State
Control over insurance business. The insurance business grew at a faster
pace after independence. Indian companies strengthened their hold on this
business but despite the growth that was witnessed, insurance remained an
urban phenomenon.
The Government of India in 1956, brought together over 240 private
life insurers and provident societies under one nationalized monopoly corpo-
ration and Life Insurance Corporation (LIC) was born. Nationalization was
justified on the grounds that it would create much-needed funds for rapid in-
dustrialization. This was in conformity with the Government's chosen path
of State lead planning and development. The (non-life) insurance business
continued to thrive with the private sector till 1972. Their operations were
restricted to organized trade and industry in large cities.
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19. Customer Relationship Management
Important milestones in the life insurance business in India:
1912: The Indian Life Assurance Companies Act enacted as the first statute
to regulate the life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the govern-
ment to collect statistical information about both life and non-life insurance
businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act
with the objective of protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies taken over by
the central government and nationalized. LIC formed by an Act of Parlia-
ment- LIC Act 1956- with a capital contribution of Rs. 5 crores from the
Government of India.
.
Present Scenario:
The Government of India liberalized the insurance sector in March
2000 with the passage of the Insurance Regulatory and Development Au-
thority (IRDA) Bill, lifting all entry restrictions for private players and al-
lowing foreign players to enter the market with some limits on direct foreign
ownership. Under the current guidelines, there is a 26 percent equity capital
for foreign partners in an insurance company. There is a proposal to increase
this limit to 49 percent.
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20. Customer Relationship Management
The opening up of the sector is likely to lead to greater spread and deepening
of insurance in India and this may also include restructuring and revitalizing
of the public sector companies. In the private sector 12 life insurance and 8
general insurance companies have been registered. A host of private Insur-
ance companies operating in both life and non-life segments have started
selling their insurance policies since 2001.
Life Insurance: Major Players
Name of Company
First year Premium
(2004-05, $ million)
Public Sector
LIC 4548
Private Sector
ICICI Prudential 364
Bajaj Allianz 198
Birla Sun Life 143
ICICI Prodencial 112
RESEARCH METHODOLOGY
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21. Customer Relationship Management
INTRODUCTION:
Research is the process of gathering recording and analyzing critical facts
about any branch of human activity. It indicates critical searching study and
scientific investigation of a problem a proposed course of action a hypothesis
or theory. Information is the life blood of any organization. Information
which is true to one place need not have relevance to another change is the
only permanent thing, customer is no exception one or more attribute to
change is that almost all consumer durables or non consumer durables serve
common purpose with little variance.
STATEMENT OF THE PROBLEM:
“A Study on Effectiveness of CRM in ICICI Prodencial In-
surance to increase its sales”
Any commercial organization can succeed only if it is financially
sound and enjoy profit. A company can earn more and more profits only
when it has strong customer base. To have a strong customer base how it is
keeping relationship with the customer. ICICI Prodencial insurance is fac-
ing stiff competition from lot of other insurance companies. Therefore it is
important to study the market environment and customer awareness and per-
ception towards conventional and traditional product of ICICI Prodencial in-
surance.
OBJECTIVES OF THE STUDY
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22. Customer Relationship Management
The following are the main objectives of this research study.
Specific Objectives:
 To know about ICICI Prodencial Insurance.
 To identify and analyze Customer relationship management in ICICI
Prodencial Insurance.
 To analyze and identify whether there customers are benefited by ICI-
CI Prodencial Insurance towards conventional and traditional product.
 To find out the level of satisfaction with respect to ICICI Prodencial
Insurance Products.
 To know how they are maintaining relationship with its customer.
General Objectives:
 To know the scope for Insurance in Market.
 To know the level of competition among the different insurance com-
panies.
 To analyze the awareness of various product of ICICI Prodencial In-
surance Products.
PURPOSE OF THE STUDY:
 To understand practically the importance of conducting market re-
search on various products.
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23. Customer Relationship Management
 To understand practically the difficulties of implementing theoretical
aspect of marketing and management.
 To know how the ICICI Prodencial Insurance people are maintaining
their customer relationship management.
SCOPE OF THE STUDY:
“A Study on Effectiveness of CRM in ICICI Prodencial Insurance to
increase its sales” The study is targeted towards the consumers of ICICI Pro-
dencial Insurance. Scope of the study extends to discover consumer reaction
seawards the customer perception on ICICI Prodencial Insurance. The study
helps the company in knowing consumer perception and customer’s re-
sponse. The study also enables the company in improving promotional
strategies to consumer meet on its endeavor to improve the market share.
LIMITATIONS OF THE STUDY
Following were the limitations that were faced in course of study:
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24. Customer Relationship Management
1. The study is limited to Bangalore city only. Thereby the findings
and recommendations given in the report may not hold good for
other cities/ places.
2. There could be biases in responses, which were unavoidable, but as
far as possible. It is seen that biases won’t affect the recommenda-
tions of the study.
3. Among the multi- various factors only few factors are taken in con-
sideration.
4. The competitor’s move at different situations has not been assessed
due to the shortage of time.
5. The population is selected randomly and hence, the result may not
give a cent percent true picture.
6. Due to the limitation of time the sample size is restricted to 100 re-
spondents.
RESEARCH DESIGN
“A Research design is the arrangement of conditions for collection
and analysis of data in a manner that it aims to continue relevance to the re-
search purposes with economy in procedure”.
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Sampling Design:
The Research & designed for sampling plan which consists of three division
• Sampling Unit.
• Sampling Size.
• Sampling Procedure.
Sampling unit:
This particular survey was directed at only those respondents who are
using the ICICI Prodencial Insurance products. The population in study will
include people in the sub- urban areas of Bangalore and will consist of indi-
viduals both male and female. The population belongs to the upper and mid-
dle class.
Sampling Size:
The sample size is 100 respondents consisting of those who are using the
ICICI Prodencial Insurance products.
Sampling Procedure:
Sampling random sampling method was used where every elementary unit
has a full and equal change of being selected and included in the sample. The
people were randomly selected from all age groups both male and female be-
longing to different income groups and from different professional and edu-
cational backgrounds. The population in study will include people in the
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26. Customer Relationship Management
sub- urban areas of Bangalore and will consist of individuals both male and
female. The population belongs to the upper and middle class.
Data Collection:
• Primary Sources.
• Secondary Sources.
a) Primary Sources:
The primary sources were collected only in the field survey by meet-
ing the responders personally and getting information through a ques-
tionnaire.
b) Secondary Sources:
The secondary sources data include company broaches, news paper,
magazines, and other texts book.
Research Approach:
The survey was done by a method of fieldwork to collect the required
primary data by meeting individuals and getting their responses through
Questionnaire, either in writing or verbally to know about their knowledge,
beliefs, behavior, preference and satisfaction and so on.
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27. Customer Relationship Management
Research Instruments:
The Questionnaire was the only research instrument used for collect-
ing the primary data.
Sample site:
The geographical areas selected were koromangla, jayanagar, brigade
road, Commercial Street, indiranagar and j. p. nagar.
Plan of analysis:
The data obtained through questionnaire is processed using statistical
technology such as percentages, graphs, charts, etc. Additional information
obtained through business journals, magazines, newspapers etc, are also ana-
lyzed.
THEORETICAL PERSPECTIVE
Perception can be defined as a process by which an individual selects, orga-
nize, interprets, stimuli into meaningful coherent picture.
Inputs Received Selection Organize
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28. Customer Relationship Management
Interpret
Outputs
Behavior
The manner in which either a product or service is perceived will depend
upon both:
 Internal factors.
 External factors.
Internal factor:
Developing “Brand Personality” is essential as consumers trend to as-
sociate his or her idea then the product or service with the brand name rather
than the function aspects of the product.
Following are some steps to attract consumers according to their behavior.
 Selective exposure.
 Expectation.
External factors:
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29. Customer Relationship Management
External factors are mainly the techniques used in advertising, pint of
purchase novelty its product etc.
Some of such include;
Intensity and size:
It indicates the brightness and size, if it in newspaper.
Position:
The position of display of products in point of purchase and the posi-
tion of advertisement in newspapers.
Contrast:
Focusing the product with a bright colour in a dull background attracts
consumers.
Novelty:
Novelty may be in any thing viz. the product, package, advertisement,
price etc.
COMPANY PROFILE
It was incorporated in 1977 to provide home loans by providing long-term
loans. It has been focusing on excellence customer satisfaction and enhanc-
ing shareholder value. Almost 90% of initial shareholding in the hands of
domestic institution and retail investors in India. HDFC is Rated AAA by
CRISIL and ICRA.HDFC is awarded as the Best Housing Finance in 2004.It
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30. Customer Relationship Management
is also awarded in 2004 as the Economic Times Corporate Citizens. It is
ranked as India s third Best Managed Company by Finance Asia in 2005.
HDFC group companies:
• ICICI Prodencial Insurance.
• HDFC home loans.
• HDFC Deposits.
• HDFC Mutual Funds.
• HDFC Securitization. Distribution.
• Future activities.
• Central for Housing Finance.
• CIBIC .
• CHUBB.
• HDFC Bank.
• HDFC Securitization. Distribution.
• Intel net.
• HDFC Securities.
Standard Life
Standard Life was founded in 1825. Currently it has over seven
million customers world wide providing a range of savings, pen-
sions etc. They entered India in 1847 they opened there agencies
in Madras and Bombay. Standard Life was reincorporated as a
mutual assurance company in 1925.Its last claim was settled in
1997. SL was
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31. Customer Relationship Management
Standard life head office is in Edinburgh, Scotland (UK).
In UK: 31 Branches
In Canada: 11 Branches
Ireland: 7 Branches
Germany: 1 Branch
Austria: 1 Sales office
Hong Kong: 1 Representative office
China: 2 Representative offices
ICICI Prodencial insurance company ltd is one of India’s leading
private life insurance companies, which offers a range of individual
and group insurance solutions. It is a joint venture between Hous-
ing Development Finance institution and one of the subsidiaries of
standard life pls, leading providers of financial services in the
United Kingdom.
ICICI Prodencial Insurance Company was incorporated on 14th August
2000, under the name of ICICI Prodencial Insurance Company Limited.
Our ambition, tracing back to October 1995, was to be the first private com-
pany to enter the life insurance market in India. On 23rd October 2000, this
ambition was realized, when ICICI Prodencial was the only life insurance
company to be granted a certificate of registration.
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32. Customer Relationship Management
ICICI Prodencial Insurance Company Ltd. is one of India’s leading private
life insurance companies offering a range of individual and group insurance
solutions. It is a joint venture between Housing Development Finance Cor-
poration Limited (HDFC Ltd.), India’s leading housing finance institution
and the Standard Life Group, United Kingdom. Both the promoters are well
known for their ethical dealings and financial strength and are thus commit-
ted to being a long-term player in the life insurance industry – important fac-
tors to consider when choosing your insurer.
HDFC Ltd. and Standard Life Group, UK, have a long and close relation-
ship built upon shared values and trust. The ambition of ICICI Prodencial is
to mirror the success of the parent companies and be the yardstick by which
all other insurance companies in India are measured.
As a joint venture of leading financial services groups, ICICI Prodencial
has the financial expertise required, to manage long-term investments safely
and efficiently. ICICI Prodencial offers a range of individual and group so-
lutions, which can be easily customized to your specific needs. Our group
solutions have been designed to offer you complete flexibility combined
with a low charging structure.
The Company’s premium income, including the first year premiums and re-
newal premiums was Rs.1532.21 crores for the period April 2005 to March
2006. ICICI Prodencial has covered over 1.6 million individuals. The Com-
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33. Customer Relationship Management
pany has also declared its 6th consecutive bonus in as many years for our
‘with profit’ policyholders ICICI Prodencial Insurance Company Ltd. Is one
of India’s leading private life insurance companies, which offers a range of
individual and group insurance solutions? It is a joint venture between Hous-
ing Development Finance Corporation Limited (HDFC Ltd.), India’s leading
housing finance institution and one of the subsidiaries of Standard Life plc,
leading providers of financial services in the United Kingdom.
Both the promoters are well known for their ethical dealings and financial
strength and are thus committed to being a long –term player in the life in-
surance industry – all-important factor to consider when choosing you insur-
er.
The latest feather on his cap is the post of independent director on the board
of India’s best-managed company Infuses Technologies Ltd. About a month
ago when Deepak M Satwalekar, the 55 year old Managing director and
CEO of ICICI Prodencial Insurance was approached by Infuses to join its
board he was naturally elated. “Not because it makes tones of money but be-
cause its one of the most ethical companies in the country”,
Satwalekar says. He is also a consultant to the World Bank and Asian Devel-
opment Bank. Satwalekar is an engineer from IIT Mumbai and obtained
MBA from the American University, Washington DC. He joined the HDFC
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34. Customer Relationship Management
group in the year 1979 and climbed to the top post of managing director in
his 21 years stint with the leading housing finance company.
When HDFC diversified into life insurance in 2000 by forming a joint ven-
ture company ICICI Prodencial Company with Standard Life of UK, sat-
walekar was assigned the responsibility of steering the company into the
newly opened field of life insurance. Once significant achievement of ICICI
Prodencial is that its cumulative insurance coverage (sum assured for policy-
holders) has crossed the Rs 5000 crore mark in the financial.
During this period, ICICI Prodencial extended life insurance coverage to
over 1, 50,000 lives. With offices in 49 locations, ICICI Prodencial has near-
ly doubled its physical presence across the country in the last twelve months.
IRDA Certification
ICICI Prodencial Insurance Co. Ltd. was incorporated on 23 Oct 2000. The
company received the Insurance Regulatory and Development Authority
(IRDA) certificate of Registration No. 101 on 23rd Oct 2000 to conduct Life
Insurance business in India.
Life Insurance Business – divided into four categories
1. Unit Linked Life Insurance
2. Traditional Life Insurance
3. Term Life Insurance
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35. Customer Relationship Management
4. Retirement Solutions.
Growth of the Company:
ICICI Prodencial has recorded a strong year on year growth of 112% for
the period April-March 2005- 06, in comparison with the same period
2004-05, with new business first year premium of Rs.1029 crores. The
growth achieved by the company was considerably higher than the private
sector industry average of 84% for 2005-06. In terms of effective premium
income (EPI), which gives a 10% value to a Single Premium policy, and is
an internationally accepted indicator of insurance.
ICICI Prodencial’s growth in new business is a result of number of lives
insured as well as, an increase in the average premium. For the individual
business, volume measured by the number of lives insured, witnessed a 32%
growth. The average premium also increased by 62% from Rs.17, 000 in
2004-05 to Rs. 27,500 in 2005-06.
Commenting on the huge potential that exists in the Indian market today,
Mr. Deepak Satwalekar, Managing Director & CEO of ICICI Prodencial
emphasized, “The GDP has been growing over 8% per annum and 47% of
all savings are now in financial saving forms; 16% of savings is in the form
of insurance premiums and another 16% is in Provident Fund and Pensions
i.e., 32% of India’s financial savings of the household sector are available to
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36. Customer Relationship Management
be tapped. Therefore, growth for the private life insurance industry is in-
evitable and ICICI Prodencial is confident of maintaining a steady growth
pace.”
Highlighting ICICI Prodencial’s differentiators, Mr. Deepak Sat-
walekar said, “Our Company has the most competitive fund management
charge, which is the lowest in equity based products. Our fund management
charge is as low as 0.8% per annum, the key to enhancing long-term returns.
Our other differentiator is that we believe in offering life insurance solutions
to customers based clearly on their needs, and ‘Disha’ is the way it is done.”
HDFC’S FINANCIAL RESULTS FOR THE PERIOD
APRIL 1, 2005 TO MARCH 31, 2006
The board of directors of Housing Development Finance Corporation
Limited (HDFC) approved the twenty-ninth annual accounts of the
Corporation For the year ended March31, 2006 at its meeting held on
Tuesday, May 2,2006in Mumbai
FINANCIAL RESULTS
Profit after tax for the year amounted to Rs 1,257.30crores as compared to
Rs 1, 36.59 crores for tax previous year, an increase of 21%. This is after
providing Rs.300 for tax (previous year Rs.220.20crores)
The board of Directors recommends payment of dividend for the year end-
ed March 31, 2006 of RS.20 per share as against Rs.17 per share in the pre-
vious year.
The Return on Equity increased to 30.1%in the current year from 28.5%in
The previous year.HDFC’s cost to income Ratio declined to 12.2% for the
Year ended March31, 2006 as against 12.9in the previous year.
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37. Customer Relationship Management
ICICI Prodencial Insurance Company Limited Mumbai
Corporate Office :
2nd Floor, ‘A’ Wing
Trade Star Building
Junction of Kondivita & M.V.Road
Andheri Kurla Road
Andheri East
Mumbai 400 093
Tel: 5551 6666, 2822 0055
Regd. Office:
Ramon House
H T Parekh Marg, 169, Backbay Reclamation
Churchgate, Mumbai - 400020
Tel: 2820282, 2836255
SWOT ANALYSIS
Strengths:
ICICI Prodencial has the financial expertise required to
manage your long-term investments safely and efficiently we have a range of
individual and group solutions, which can be easily customized to specific
needs. Our group solutions have been designed to offer you complete flexi-
bility combined with a low charging structure. Our cumulative premium in-
come, including the first year premiums and renewal premiums is Rs.
1532.21 Crores Apr-Mar 2005 - 06.We have covered over 1.6 million indi-
viduals out of which over 5,00,000 lives have been covered through our
group business tie-ups.
Weakness:
HDFC Don’t have any brand name in rural area as well as
they don’t do any promotional activities like advertisement and they also
don’t have any branches in the rural area.
Opportunity:
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38. Customer Relationship Management
ICICI Prodencial insurance is one of the leading life insur -
ance companies, which is having a track record of declaring the bonus every
year since inception.
Threats:
There is a risk to the company because the is a huge competi-
tion in the corporate world and the company is targeting only the corporate
people and there is a very large population which has not been grabbed by
the company like middle level and low level which other company are tar-
geting them so they are achieving the success so they have to make the mid-
dle level and low level people.
Top Competitors of the company:
1. LIC INDIA.
2. ICICI PRUDENTIAL LIFE INSURANCE.
3. BIRLA SUN LIFE INSURANCE.
4. BAJA ALLIANZ LIFE INSUREANCE.
5. SBI LIFE INSUREANCE.
6. KOTAK LIFE INSURANCE.
7. TATA LIFE INSUREANCE.
8. MAX NEW YORK LIFE INSURANCE.
9. VIVA LIFE INSUREANCE.
10. ING VYASA.
11. AMP SANMAR.
12. METLIFE LIFE INSUREANCE.
13. RELIANCE LIFE INSURANCE.
14. SAHARA LIFE INSUREANCE.
15. SHRIRAM LIFE INSURANCE.
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39. Customer Relationship Management
SPECIAL AWARDS RECEIVED BY COMPANY:
1] HDFCSL is selected as 4Ps Power brand 2006for being one India top 25.
2] Out look many award in 2003.
3]2000CII-EXIM Bank Commendation Certificate for total quality manage-
ment.
3] Euro money Asics best management
Customers:
Going by the feedback it has received from the banking indus-
try, ICICI Prodencial Insurance Company has decided to customize insur-
ance products for marketing through banks, and efforts are on to incorporate
savings element into its products. The company will soon roll out four new
products to suit the requirements of the banking industry. Speaking to ET,
Deepak M Satwalekar, managing director and CEO, ICICI Prodencial Insur-
ance, said. “Bankers would find it easy to push the insurance product only if
it has some kind of savings element in it. Hence, we have decided to launch
products which would suit their requirement.”
Mr Satwalekar has categorized the banks into three broad sectors: one, those
banks which are looking for enhancing their fee-based income. Some of the
public sector banks having surplus staff fall under category one.
“These banks are willing to take up distribution of any kind of insurance
products so that they can deploy their surplus staff. Bank assurance in our
country is essentially being referred to this category at present,” Some pri-
vate sector banks have approached ICICI Prodencial for insurance products
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40. Customer Relationship Management
with special features. “These banks already have a basket of insurance prod-
ucts. But their customers are looking for more insurance product with spe-
cial features.”
“Other set of banks were advised by their consultants to step up fee-based in-
come. Since insurance industry is booming, these banks have decided to deal
with insurance products. But they are finding it difficult to market term as-
surance products. Hence we have decided to roll out savings-linked insur-
ance products and they have the wherewithal to market the same,” Mr Sat-
walekar said. Some banks have also approached ICICI Prodencial with a re-
quest to opt for ‘referral model’. Under this concept, we will set up the in-
frastructure and help these banks to deal with insurance products,”. The
company has 11,300 life advisors and 70 corporate agents to market its prod-
ucts
We will continue to launch new products in both individual and group busi-
ness segments. We will also be launching specialized products for corporate
agent and bank assurance channels. Many of our products are quite similar to
the ones being offered in the market today. However, the biggest differences
come from the customization – ability of our products. As I have mentioned
earlier, we are offerings the customer “insurance solutions” and not stan-
dardized products.
Include national players like HDFC Bank, union Banks etc. and many other
Strong regional and local companies. We are in the process of strengthening
our tie-up with these corporate as we believe in the strength of this distribu-
tion channel. Initial results have confirmed our belief about the potential of
this channel in insurance Business.
However, the company believes that the success of banc assurance will be
Dependent on appropriate products being sold through bank branches and
Exploiting the strengths of branch network. We will therefore attempt to
Design the right kind of products for this channel.
We are offering all our regular individual products in rural markets.
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41. Customer Relationship Management
Additionally we have also developed affordable group products –
“Development insurance plan” which we offer through non-govt
Organization. We also have specialist product for the segment called
Bima Bachat Yojana, which is savings cum insurance plan. We are tapping
rural India through our direct sales force through our out –reach programmes
by appointing and training financial consultants in these locations.
We are also distributing our products through some nationalized banks,
Including union banks of India, which are strong in rural areas in addition to
Their urban distributions reach.
To begin with I am not clear why a 26 per sent limit was needed in the first
Place. Hence, I welcome any move to increase foreign investment limit. I
Believe that the extent of foreign investment can be left to individual
Companies concerned. However, any foreign company must recognize the
Critical role of domestic partner in bringing in local knowledge about mar-
ket, especially about the distribution and accordingly structure their partner-
ship.
Many of our products are quite similar to the ones being offered in the mark-
er today. However the biggest difference comes from the customization-abil-
ity of our products. As I have mentioned earlier, we are offering the cus-
tomer “insurance solutions” and not standardized products and this is a new
concept in the market today.
We differentiate our solution through the quality of our pre-sale advice and
post-sale service. Another difference comes from our strength in the area of
money management and investments.
Innovation is one of our key values. Which means that we have quite a few
innovative introductions to our credit. We were the first to offer pure pension
plan for essentially savings for retirements.
Over time others have followed and launched similar products. We were also
the first to re-price out term in Feb 2002 based on experience of 6 months.
This has been followed by others players, who over time have re –priced
their own products.
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42. Customer Relationship Management
Having said that, I must also mention that some of our products are in fact
different from earlier offerings in the market. We are the first life insurance
company, old or new, to introduce loan cover term assurance with tabular
premium rates which makes buying of these products very easy.
Secondly, ICICI Prodencial lnsurance is the only insurance company that is
offering joint life policy for term assurance plan. We were also first compa-
ny to launch a product specifically targeting NGOs.
For the coming year we are aiming for 120 percent growth in premium in-
come. We will be launching new retail and group products and special prod-
ucts for the bank assurance channels. We will continue to add to our finan-
cial consultant’s strength and strength alternate channels.
While financial consultants will be our main channel of distribution we are
looking at other channels to cover customer not covered by our FC`s such as
corporate Agents and bank assurance route to distribute our products cur-
rently we have over 70 corporate tie-ups to sell our products
Life Insurers:
SL.No Registration Date of Name of the Company
Number Reg.
1 101 23.10.2000 ICICI Prodencial Insurance Company
Ltd.
2 104 15.11.2000 Max New York Life Insurance Co. Ltd.
3 105 24.11.2000 ICICI Prudential Life Insurance Company
Ltd.
4 107 10.01.2001 Kotak Mahindra Old Mutual Life Insur-
ance Limited
1 109 31.01.2001 Birla Sun Life Insurance Company Ltd.
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43. Customer Relationship Management
6 110 12.02.2001 Tata AIG Life Insurance Company Ltd.
7 111 30.03.2001 SBI Life Insurance Company Limited .
8 114 02.08.2001 ING Vysya Life Insurance Company Pri-
vate Limited
9 116 03.08.2001 Bajaj Allianz Life Insurance Company
Limited
10 117 06.08.2001 MetLife India Insurance Company Pvt.
Ltd.
ORGANIZATION CHART
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44. Customer Relationship Management
MD &CEO
G M SALES & HOD LEGAL
HOD
MARKET & SECURITY
RETAIL
GM
SALES
FINANCE
NORTH
RETAIL PRODUCT PROFILE
SALES OF HOD & HR
SOUTH
HDFC UNIT LINKED ENDOWMENT
You have given your family the very best and there is no reason
GM
INSTITUTIO OPERATION
NAL SALES AND UNDER
why they should not get the very best in the future too. WRITINGHDFC
With Unit
Linked Endowment, you can ensure that your family remains financial-
ly independent, even if you are not around. You can ensure that they
CHANNEL
AND
ACCOUNTS
DEVELOPME
live a life of respect
NT
and dignity always.
The ICICI Unit Linked Endowment Plan gives you:
MARKETING MEDICAL
1) An outstanding investment opportunity by providing a choice
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45. Customer Relationship Management
of thoroughly researched and selected investments.
2) Valuable protection to your family in case you are not around.
3) Flexible benefit combinations and payment options.
4) Flexible additional benefit options such as critical illness cover access to
your accumulated fund before maturity.
You can choose your premium and the investment fund or funds. We
will then invest your premium, net of premium allocation charges in your
chosen funds in the proportion you specify. At the end of the policy term,
you will receive the accumulated value of your funds.
In case of your unfortunate demise during the policy term, we will pay
the greater of your Sum Assured (less any withdrawals you have made in the
two years before your claim) and your total fund value to your family.
ICICI Prodencial's excellent investment options to maximise your savings &
secure you and your family's future. We will provide financial security for
your family in your absence. All Unit Linked Life insurance plans are differ-
ent from traditional insurance plans and are subject to different risk factors.
Young Star &Young Star Plus:
It is combination of mutual funds and Insurance (unit linking life insurance
plans) this one of the competitive product HDFC Standard which provides
insurance cum investment to customers and which has following features.
 Short term PPT (premium pay time).
 It is mandatory for the period of 3 years, where customer has to pay
his minimum premium of 10,000 p.a.
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46. Customer Relationship Management
 The minimum returns are 20%.
 Partial /total withdrawing if customer wants to with draw his amount
from the policy he can withdraw money only after 3 year until he can
not.
 Increase/ decrease his premium, he can increase premium at any time
but decrease take place only after 3 years.
 Tax benefits under section 80c.
DATA ANALYSIS AND INTERPRETATION
Table Title: “Gender of the Respondents”
Gender No. Of Respondents % Of Respondents
Male 77 77%
Female 23 23%
Total 100 100%
Interpretation:
In Insurance sector gender is a major role to play while purchasing
a policy. Male and female is both working equally so their purchas-
ing power also increases drastically. So from the survey it’s clearly
stated that male population is more then female. So more then 77%
of investment made by male and remaining 23% are female.
Graph No: 1
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47. Customer Relationship Management
90
80 77
No. of Respondents
70
60
50
40
30 23
20
10
0
Male Female
Gender
Graph Title: “Gender of the Respondents”
Table Title: “Age group & No. Of Respondents”
Age Group No. Of Respondents % Of Respondents
15 to 25 13 13%
25 to 35 27 27%
35 to 45 36 36%
45 & Above 34 34%
Total 100 100%
Interpretation: Age is one of the important factors & interest of a person
towards a particular Insurance company. So every company should keep the
age group of the customers while launching any product and services. Form
the above table it is clear that majority of the respondents i.e. 36% are at the
age of 35 t0 45 and 34% of respondents at the age of 45 and above and 27%
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48. Customer Relationship Management
of the respondents at the age of 25 to 35 and rest of them at the age of 15 to
25.
Graph No:2
40
36
35 34
30
27
No of Respo ndents
25
20
13
15
10
5
Graph Title: “Age Group & No. Of Respondents”
0
15 to 25 25 to 35 35 to 45 45 & Above
Age Group
Table Title: “Occupation of Respondents”
Occupations No. Of Respondents % Of Respondents
Government Emlployee 46 46%
Employees 28 28%
Professionals 16 16%
Others 10 10%
Total 100 100%
Interpretation: A person occupation is one of the key facts are for the orga-
nization to sell their product smoothly and it identify the target customers.
The above table shows that majority of the respondents i.e. 46% are busi-
nessman. The remaining of 20% are employees in different sector and 16%
are self-employees and others are 10%.
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49. Customer Relationship Management
Graph No: 3
No. Of Respondents
Others
10%
Government
Profession Governme Emlployee
als nt
Employees
16% Emlployee
Professionals
46%
Others
Employees
28%
Graph Title: “Occupation of Respondents”
Table Title: “Occupation of Respondents”
Occupations No. Of Respondents % Of Respondents
Businessman 46 46%
Employees 28 28%
Self employees 16 16%
Others 10 10%
Total 100 100%
Interpretation: A person occupation is one of the key facts or for the orga-
nization to sell their product smoothly and it identify the target customers.
The above table shows that majority of the respondents i.e. 46% are busi-
nessman. The remaining of 20% are employees in different sector and 16%
are self-employees and others are 10%.
Graph No: 4
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50. Customer Relationship Management
10%
16%
Businessman
46%
Employees
Self
employees
28% Others
Table Title: “Occupation of Respondents”
Table Title: “The Respondents Current Annual Income”
Current Income No. Of Respondents % Of Respondents
Below - 1,00,000 18 18%
1,00,000-3,00,000 26 26%
3,00,000-5,00,000 37 37%
More than 5,00,000 19 19%
Total 100 100%
Interpretations: Income is the important factor for every customer to invest
on different types of insurance products. According to survey it identify that
maximum people 37% who have income of Rs more than 1,00,000 to
5,00,000 and remaining 26% are more than 1,00,000.
Graph No: 5
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51. Customer Relationship Management
40 37
35
No. of Respondents 30 26
25
18 19
20
15
10
5
0
Below 1,00,000 1,00,000 – 3,00,000 – More than
3,00,000 5,00,000 5,00,000
Annual Income
Graph Title: “The Respondents Current Annual Income”
Graph Title: “The Respondents work Experience”
work experi- More than 20
ence 1- 5 years 5-10 years 15-20 years years
Government
Employee 4 3 6 9
Businessman 3 8 6 10
Professionals 2 4 13 7
Others 2 3 1 20
Interpretation: The work experience shows the respondents experience in
which all fields the respondents are working. This chart shows that the Gov-
ernment employees consist of 37%. Businessman occupies second position
that is 27%. Third place occupied by both professional as well as others peo-
ple of 18%.
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52. Customer Relationship Management
Graph No: 6
1- 5 years
Others Government
18% Employee Government Employee
37% Businessman
Professionals Professionals
18%
Businessman Others
27%
Graph Title: “The Respondents work Experience”
Graph Title: “The Respondents Languages Known”
) Languages Hin-
Known: Kannada English di Tamil All languages
Government
Employee 2 10 3 4 5
Businessman 3 5 3 2 3
Professionals 2 10 13 10 5
Others 8 3 6 4 2
Interpretation: As English is a common language it is the first place with
41%. Second place is all languages by 21% and third place is occupied by
Tamil that is 17% and fourth place is occupied by Hindi 13% and last place
is 8% that is Kannada.
Graph No: 7
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53. Customer Relationship Management
All
languages Kannada Kannada
21% 8%
English
Tamil English Hindi
17% 41% Tamil
Hindi All languages
13%
Graph Title: “The Respondents Languages Known”
Graph Title: “The Respondents Weight”
Weights of a respondent in kgs No.of people
40-50kgs 8
50-60kgs 45
60-70 kgs 30
70 -80kgs 10
more than 80kgs 7
Total 100
Interpretation: In this graph we can come to know that the weights of the
customers are more in 50-60 kgs and second place taken by 60-70kgs third
place is taken by the 70-80kgs fourth place is taken by the 40-50kgs and the
last place is by more than 80 kgs
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54. Customer Relationship Management
Graph No: 8
Weights
50 50-60kgs
40
40-50kgs
60-70 kgs
30 50-60kgs
60-70 kgs
20 70 -80kgs
more than
40-50kgs 70 -80kgs more than 80kgs
10 80kgs
0
No.of people
Graph Title: “The Respondents Weight”
Graph Title: “The Respondents Habits”
Habits N0 of respondents
Smoking 20
Drinking 35
Others 45
Interpretation: The other habit takes the first position which in-
cludes Eating, watching TV and chatting in internet which comes
under others of 45%. Second position is in drinking for example
hot drinks etc with 35%. The last position is the smoking habit
with 20%.
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55. Customer Relationship Management
Graph No: 9
Habits
50 Others, 45
45
40 Drinking, 35
35
30 Smoking
25 Smoking, 20 Drinking
20 Others
15
10
5
0
N0 of respondents
Graph Title: “The Respondents Habits”
Graph Title: “The Respondents Hobbies”
Hobbies No of Respondents
Reading books 4
Listening to music 10
Sports 35
Others 51
Interpretation: Here we can come to no what are the hobbies of the cus-
tomer like reading books occupy last place with 4%, listening to music at
10%, Sports at 35 % and others 51%.
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56. Customer Relationship Management
No of Respondents
Reading
Listening to
books
music
4%
10%
Others
51% Sports
35%
Graph Title: “The Respondents Hobbies”
FINDINGS
An analysis of the data collected through conducting survey has re-
vealed some facts. They are summed up as following.
 It was seen that ICICI Prodencial Insurance was one of the leading in-
surance company.
 They were analyzing the taste & preferences of customers and satis-
fying them.
 Adding some unique features which are not having our competitors.
 They are concentrating on all segments and they have low premiums
policy also.
 Survey shows that 36% of the respondents at the age of 35 to 45.
 Most of the respondents that are 46% are the businessmen.
 The 37% of the respondent’s income is between 3,00, 000 to 5,00,000.
 Most of the users that are 84% of the respondent have aware of Insur-
ance.
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57. Customer Relationship Management
 Most of the customer that is 34% respondents has aware of insurance
through Agents.
General Findings:
 Survey shows the awareness of variants of ICICI Prodencial Insurance
is identify by consumers.
 It was seen that the level of competition among the different brands of
Insurance companies.
SUGGESTIONS
 The first thing is that if you have to find out your customer, it is
important to find ways to add value to the relationship. Keep in
mind that value is in the mind of the customer.
 Find out what they perceive to be valuable by surveying them
either online, by phone, or by regular mail. Even though you are
using online techniques, do not forget the many other ways to
connect with customers.
 A prospective customer to register at their web site, download
an industry related document, and then phones the prospect
within two hours to make sure they received the information
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58. Customer Relationship Management
successfully. This technique provides a further opportunity to
get to know the customer and build the relationship.
 Another way to add value is to produce newsletters that can be
delivered online or by mail.
 Customers will be in 80/20 principle—it will be important for
you to know who is among the twenty percent when they visit
your site. Investors will have needs that relate to the operation
of the business and the performance of their investment
CONCLUSION
It takes ten times more effort and costs ten times more money
to attract a new customer than to keep an existing customer. This
“statistic” alone should be enough for companies to invest in CRM.
Finding customers is the first step and the faster you get through
the sorting process of qualifying prospects into customers; the
faster will be the returns. A web environment adds to this process
in a very positive way. You can provide the means for people visit-
ing your site to select whether they are indeed right to be cus-
tomers. Good design and clear information will aid in this
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59. Customer Relationship Management
Goal.
BIBLIOGRAPHY
Books:
Philip kotler
- Marketing Management.
Cooper and Schindler
- Research methodology
Magazines:
Business Today
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60. Customer Relationship Management
WEBSITES:
www.hdfcslic.com
www.hdfc.com
www.valueresearch.com
www.google.com
Dear Sir Madam
I am Manjunath. S. Dandin student of ICFAI National College as part of your curriculum.
I am conducting a survey on” A study on effectiveness of CRM in ICICI Prodencial In-
surance to increase its sales. I kindly request you to spare your valuable time in providing
the essential information collected will be strictly used for academic purpose only.
About you:
1) Name :__________________________
2) Address :_____________________________________________
3) Date of Birth :_______________
4) Gender : Male Female
5) Marital Status: Married Un-married
6) Mobile No :_________________________
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61. Customer Relationship Management
7) Educational Qualification: a) Graduate b) Non-graduate c) Others
8) Occupation : a) Government Employee b) Businessman
c) Professionals d) Others
9) Income per annum: a) 1-2 lakh b) 2-3 lakh c) 3-4 lakh
d) 4-5 lakh e) more than 5 lakh
10) Family
Details: _________________________________________________________
________________________________________________________
11) Work Experience: a) 1- 5 years b) 5-10 years c) 10-15 years
d) 15-20 years e) 20-25 years f) More than 25 years
12) Languages Known: a) Kannada b) English c) Hindi
d) Tamil e) Others
13) How is your Health? (Health condition)
a) Good b) Bad c) Others
14) How much is your weight?
a) 50-55 kgs b) 55-60 kgs c) 60-65 kgs
d) 65-70 kgs e) 75-80 kgs f) others
15) Do you have any habits?
a) Smoking b) Drinking c) Others
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62. Customer Relationship Management
16) Do you have any Hobbies?
a) Reading books b) Listening to music c) Sports
d) Others
I sincerely appreciate your honest opinion and will take your input into consideration
while preparing my project report.
Thank you
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