Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.
Customer Relationship Management
A
                 PROJECT REPORT ON


“A Study on Effectiveness of CRM in HDFC Standard
...
Customer Relationship Management
(Faculty Guide)                                                   (Com-
pany Guide)




 ...
Customer Relationship Management
FACULTY GUIDE
Miss. Kavitha




                                gghlllhg



             ...
Customer Relationship Management
       Mr. Ramesh .NG




[Type text]
Customer Relationship Management
                        ACKNOWLEDGEMENT


  I have a great pleasure in expressing my sinc...
Customer Relationship Management




                        DECLARATION




I hereby declare that this project work entit...
Customer Relationship Management
 Sl.no   chapters                Contents                Page No.

   1      Chapter I   ...
Customer Relationship Management
     Life Insurance in its modern form came to India from England in the
year 1818. Orien...
Customer Relationship Management
weak social security and pension systems with hardly any old age income se-
curity. It is...
Customer Relationship Management
The history of life insurance in India dates back to 1818 when it was con-
ceived as a me...
Customer Relationship Management
     The first comprehensive legislation was introduced with the Insurance
Act of 1938 th...
Customer Relationship Management
1912: The Indian Life Assurance Companies Act enacted as the first statute
to regulate th...
Customer Relationship Management
ance and 8 general insurance companies have been registered. A host of pri-
vate Insuranc...
Customer Relationship Management
payments towards claims, the benefits paid during the year were Rs.244.86
crore (Rs.81.78...
Customer Relationship Management




The health insurance in the country presently covers only 1 per cent of the
populatio...
Customer Relationship Management
                          INTRODUCTION

Insurance contract is a contract between the insu...
Customer Relationship Management
A well-developed and evolved insurance sector is needed for economic de-
velopment as it ...
Customer Relationship Management
The General insurance business in India, on the other hand, can trace its
roots to the Tr...
Customer Relationship Management
Important milestones in the life insurance business in India:
1912: The Indian Life Assur...
Customer Relationship Management
The opening up of the sector is likely to lead to greater spread and deepening
of insuran...
Customer Relationship Management
INTRODUCTION:
Research is the process of gathering recording and analyzing critical facts...
Customer Relationship Management
     The following are the main objectives of this research study.
Specific Objectives:
 ...
Customer Relationship Management
   To understand practically the difficulties of implementing theoretical
       aspect ...
Customer Relationship Management
     1. The study is limited to Bangalore city only. Thereby the findings
              a...
Customer Relationship Management
Sampling Design:
The Research & designed for sampling plan which consists of three divisi...
Customer Relationship Management
sub- urban areas of Bangalore and will consist of individuals both male and
female. The p...
Customer Relationship Management
Research Instruments:
         The Questionnaire was the only research instrument used fo...
Customer Relationship Management
                                                                  Interpret


           ...
Customer Relationship Management
     External factors are mainly the techniques used in advertising, pint of
purchase nov...
Customer Relationship Management
is also awarded in 2004 as the Economic Times Corporate Citizens. It is
ranked as India s...
Customer Relationship Management

   Standard life head office is in Edinburgh, Scotland (UK).

   In UK: 31 Branches
   I...
Customer Relationship Management
ICICI Prodencial Insurance Company Ltd. is one of India’s leading private
life insurance ...
Customer Relationship Management
pany has also declared its 6th consecutive bonus in as many years for our
‘with profit’ p...
Customer Relationship Management
group in the year 1979 and climbed to the top post of managing director in
his 21 years s...
Customer Relationship Management
4.   Retirement Solutions.


Growth of the Company:

ICICI Prodencial has recorded a stro...
Customer Relationship Management
be tapped. Therefore, growth for the private life insurance industry is in-
evitable and ...
Customer Relationship Management
  ICICI Prodencial Insurance Company Limited Mumbai
  Corporate Office :
  2nd Floor, ‘A’...
Customer Relationship Management

                  ICICI Prodencial insurance is one of the leading life insur -
ance com...
Customer Relationship Management

SPECIAL AWARDS RECEIVED BY COMPANY:

1] HDFCSL is selected as 4Ps Power brand 2006for be...
Customer Relationship Management
with special features. “These banks already have a basket of insurance prod-
ucts. But th...
Customer Relationship Management
Additionally we have also developed affordable group products –
“Development insurance pl...
Customer Relationship Management
Having said that, I must also mention that some of our products are in fact
different fro...
Customer Relationship Management
   6          110    12.02.2001    Tata AIG Life Insurance Company Ltd.

   7          11...
Customer Relationship Management




                                               MD &CEO




                          ...
Customer Relationship Management
  of thoroughly researched and selected investments.
2) Valuable protection to your famil...
Customer Relationship Management

    The minimum returns are 20%.

    Partial /total withdrawing if customer wants to ...
Customer Relationship Management
                        90
                        80              77
   No. of Responden...
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 ...
Customer Relationship Management
Graph No: 3
                            No. Of Respondents



                   Others
 ...
Customer Relationship Management



                     10%
         16%
                                                ...
Customer Relationship Management

                                   40                                        37
        ...
Customer Relationship Management
Graph No: 6

                                      1- 5 years




                   Othe...
Customer Relationship Management




                  All
              languages         Kannada                  Kannad...
Customer Relationship Management

Graph No: 8

                                    Weights

  50                50-60kgs

...
Customer Relationship Management

Graph No: 9

                                     Habits

    50                        ...
Customer Relationship Management

                                No of Respondents



                                   ...
Customer Relationship Management
   Most of the customer that is 34% respondents has aware of insurance
     through Agen...
Customer Relationship Management
    successfully. This technique provides a further opportunity to
    get to know the cu...
Customer Relationship Management
Goal.




BIBLIOGRAPHY

Books:

Philip kotler
        - Marketing Management.


Cooper an...
Customer Relationship Management


WEBSITES:
www.hdfcslic.com
www.hdfc.com
www.valueresearch.com
www.google.com




Dear S...
Customer Relationship Management
   7) Educational Qualification: a) Graduate                 b) Non-graduate         c) O...
Customer Relationship Management

     16) Do you have any Hobbies?

         a) Reading books       b) Listening to music...
Upcoming SlideShare
Loading in …5
×

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

7,101 views

Published on

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

Published in: Business
  • Be the first to comment

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

  1. 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 [Type text]
  2. 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. [Type text]
  3. 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) [Type text]
  4. 4. Customer Relationship Management Mr. Ramesh .NG [Type text]
  5. 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) [Type text]
  6. 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 [Type text]
  7. 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: [Type text]
  8. 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 [Type text]
  9. 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 [Type text]
  10. 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. [Type text]
  11. 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: [Type text]
  12. 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- [Type text]
  13. 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 [Type text]
  14. 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. [Type text]
  15. 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. [Type text]
  16. 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. [Type text]
  17. 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. [Type text]
  18. 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. [Type text]
  19. 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. [Type text]
  20. 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 [Type text]
  21. 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 [Type text]
  22. 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. [Type text]
  23. 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: [Type text]
  24. 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”. [Type text]
  25. 25. Customer Relationship Management 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 [Type text]
  26. 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. [Type text]
  27. 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 [Type text]
  28. 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: [Type text]
  29. 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 [Type text]
  30. 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 [Type text]
  31. 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. [Type text]
  32. 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- [Type text]
  33. 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 [Type text]
  34. 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 [Type text]
  35. 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 [Type text]
  36. 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. [Type text]
  37. 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: [Type text]
  38. 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. [Type text]
  39. 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 [Type text]
  40. 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. [Type text]
  41. 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. [Type text]
  42. 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. [Type text]
  43. 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 [Type text]
  44. 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 [Type text]
  45. 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. [Type text]
  46. 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 [Type text]
  47. 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% [Type text]
  48. 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%. [Type text]
  49. 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 [Type text]
  50. 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 [Type text]
  51. 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%. [Type text]
  52. 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 [Type text]
  53. 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 [Type text]
  54. 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%. [Type text]
  55. 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%. [Type text]
  56. 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. [Type text]
  57. 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 [Type text]
  58. 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 [Type text]
  59. 59. Customer Relationship Management Goal. BIBLIOGRAPHY Books: Philip kotler - Marketing Management. Cooper and Schindler - Research methodology Magazines: Business Today [Type text]
  60. 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 :_________________________ [Type text]
  61. 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 [Type text]
  62. 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 [Type text]

×