International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
The insurance sector in India is still in its nascent stages. But the Indians are an extremely risk averse race. Thus due to this only the government entities have a good presence and brand
recognition in India and the others have a difficult time carving a space out for themselves in the market.
The study helps to make comparison between the LIC with the new private life insurance company (IDBI Federal Life Insurance Co. Ltd.) on basis of quality of services, consumer satisfaction, awareness, consumer preference, market share, premium collection and their working as a whole. It shows the customer view point with respect to their company.
Life insurance corporation of India provides wide range of life insurance products its your time to decide which one you want as we all know life is precious protect it by taking right insurance product.
The insurance sector in India is still in its nascent stages. But the Indians are an extremely risk averse race. Thus due to this only the government entities have a good presence and brand
recognition in India and the others have a difficult time carving a space out for themselves in the market.
The study helps to make comparison between the LIC with the new private life insurance company (IDBI Federal Life Insurance Co. Ltd.) on basis of quality of services, consumer satisfaction, awareness, consumer preference, market share, premium collection and their working as a whole. It shows the customer view point with respect to their company.
Life insurance corporation of India provides wide range of life insurance products its your time to decide which one you want as we all know life is precious protect it by taking right insurance product.
Hi Friends
This is supa bouy
I am a mentor, Friend for all Management Aspirants, Any query related to anything in Management, Do write me @ supabuoy@gmail.com.
I will try to assist the best way I can.
Cheers to lyf…!!!
Supa Bouy
Hi Friends
This is supa bouy
I am a mentor, Friend for all Management Aspirants, Any query related to anything in Management, Do write me @ supabuoy@gmail.com.
I will try to assist the best way I can.
Cheers to lyf…!!!
Supa Bouy
A Study of DSA Network Expansion and Product Promotion Strategy of General...Anish Singh
A summer project of the insurance sector. that you rarely found.
In this project, u will get promotion strategy, how u sell the insurance and their ways. how to pitch agents and made for your company. thank you
STUDY ON MODELLING OF POLICYHOLDER BEHAVIOUR FOR LIFE INSURANCE IN ERODEJournal For Research
Life Insurance Corporation of India (LIC) is the India’s largest Life Insurance Company. LIC has acquired monopoly power in the solicitation and sale of Life Insurance Policies in India. LIC has registered a six per cent increase in market share to 78 percent during the current financial year. LIC's market share at the end of March 31, 2014, had stood at 72 per cent of all new policies sold during the last financial year (2013-14). The combined market share of 23 Private Life Insurance Companies has 22 per cent during the current fiscal, according to the latest figures. LIC has 53 products in his portfolio and sold around 80 lakh policies till the end of July 2014. LIC has set the new target of Rs. 54000 crores as a first premium income for 2015-16. LIC has a 78 per cent share because the private sector companies focus more on big ticket premiums, while LIC offers at a minimum premium of Rs 250 with life insurance value of Rs 30,000. This enables the public sector company to achieve the social objective of taking its insurance cover to a wider range of the country's population. LIC also has the lowest outstanding claims ratio. LIC had settled 99.8 per cent of death claims while the Private Sector Companies had settled 96.8 per cent of such claims. In this research paper we studied Customer Satisfaction towards Life Insurance Corporation of India (LIC), because Consumer Satisfaction is the first step to Achieve Consumer Loyalty. If the customers of Life Insurance Corporation are Satisfied and Happy then and then only they may be Loyal to the LIC. For this research Primary Data was collected from the various customers of Life Insurance Corporation of India. For data collection designed Questionnaire was distributed and collected from the respondents.
Most small businesses struggle to see marketing results. In this session, we will eliminate any confusion about what to do next, solving your marketing problems so your business can thrive. You’ll learn how to create a foundational marketing OS (operating system) based on neuroscience and backed by real-world results. You’ll be taught how to develop deep customer connections, and how to have your CRM dynamically segment and sell at any stage in the customer’s journey. By the end of the session, you’ll remove confusion and chaos and replace it with clarity and confidence for long-term marketing success.
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SEO as the Backbone of Digital MarketingFelipe Bazon
In this talk Felipe Bazon will share how him and his team at Hedgehog Digital share our journey of making C-Levels alike, specially CMOS realize that SEO is the backbone of digital marketing by showing how SEO can contribute to brand awareness, reputation and authority and above all how to use SEO to create more robust global marketing strategies.
It's another new era of digital and marketers are faced with making big bets on their digital strategy. If you are looking at modernizing your tech stack to support your digital evolution, there are a few can't miss (often overlooked) areas that should be part of every conversation. We'll cover setting your vision, avoiding siloes, adding a democratized approach to data strategy, localization, creating critical governance requirements and more. Attendees will walk away with actions they can take into initiatives they are running today and consider for the future.
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Digital marketing is the art and science of promoting products or services using digital channels to reach and engage with potential customers. It encompasses a wide range of online tactics and strategies aimed at increasing brand visibility, driving website traffic, generating leads, and ultimately, converting those leads into customers.
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The digital marketing industry is changing faster than ever and those who don’t adapt with the times are losing market share. Where should marketers be focusing their efforts? What strategies are the experts seeing get the best results? Get up-to-speed with the latest industry insights, trends and predictions for the future in this panel discussion with some leading digital marketing experts.
A.I. (artificial intelligence) platforms are popping up all the time, and many of them can and should be used to help grow your brand, increase your sales and decrease your marketing costs.In this presentation:We will review some of the best AI platforms that are available for you to use.We will interact with some of the platforms in real-time, so attendees can see how they work.We will also look at some current brands that are using AI to help them create marketing messages, saving them time and money in the process. Lastly, we will discuss the pros and cons of using AI in marketing & branding and have a lively conversation that includes comments from the audience.
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Attendees will learn about LLM platforms, like ChatGPT, and how they work, with preset examples and real time interactions with the platform. Attendees will learn about other AI platforms that are creating graphic design elements at the push of a button...pre-set examples and real-time interactions.Attendees will discuss the pros & cons of AI in marketing + branding and share their perspectives with one another. Attendees will learn about the cost savings and the time savings associated with using AI, should they choose to.
Mastering Local SEO for Service Businesses in the AI Era is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
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Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
Digital Commerce Lecture for Advanced Digital & Social Media Strategy at UCLA...Valters Lauzums
E-commerce in 2024 is characterized by a dynamic blend of opportunities and significant challenges. Supply chain disruptions and inventory shortages are critical issues, leading to increased shipping delays and rising costs, which impact timely delivery and squeeze profit margins. Efficient logistics management is essential, yet it is often hampered by these external factors. Payment processing, while needing to ensure security and user convenience, grapples with preventing fraud and integrating diverse payment methods, adding another layer of complexity. Furthermore, fulfillment operations require a streamlined approach to handle volume spikes and maintain accuracy in order picking, packing, and shipping, all while meeting customers' heightened expectations for faster delivery times.
Amid these operational challenges, customer data has emerged as an important strategy. By focusing on personalization and enhancing customer experience from historical behavior, businesses can deliver improved website and brand experienced, better product recommendations, optimal promotions, and content to meet individual preferences. Better data analytics can also help in effectively creating marketing campaigns, improving customer retention, and driving product development and inventory management.
Innovative formats such as social commerce and live shopping are beginning to impact the digital commerce landscape, offering new ways to engage with customers and drive sales, and may provide opportunity for brands that have been priced out or seen a downturn with post-pandemic shopping behavior. Social commerce integrates shopping experiences directly into social media platforms, tapping into the massive user bases of these networks to increase reach and engagement. Live shopping, on the other hand, combines entertainment and real-time interaction, providing a dynamic platform for showcasing products and encouraging immediate purchases. These innovations not only enhance customer engagement but also provide valuable data for businesses to refine their strategies and deliver superior shopping experiences.
The e-commerce sector is evolving rapidly, and businesses that effectively manage operational challenges and implement innovative strategies are best positioned for long-term success.
When most people in the industry talk about online or digital reputation management, what they're really saying is Google search and PPC. And it's usually reactive, left dealing with the aftermath of negative information published somewhere online. That's outdated. It leaves executives, organizations and other high-profile individuals at a high risk of a digital reputation attack that spans channels and tactics. But the tools needed to safeguard against an attack are more cybersecurity-oriented than most marketing and communications professionals can manage. Business leaders Leaders grasp the importance; 83% of executives place reputation in their top five areas of risk, yet only 23% are confident in their ability to address it. To succeed in 2024 and beyond, you need to turn online reputation on its axis and think like an attacker.\
Key Takeaways:
- New framework for examining and safeguarding an online reputation
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When most people in the industry talk about online or digital reputation management, what they're really saying is Google search and PPC. And it's usually reactive, left dealing with the aftermath of negative information published somewhere online. That's outdated. It leaves executives, organizations and other high-profile individuals at a high risk of a digital reputation attack that spans channels and tactics. But the tools needed to safeguard against an attack are more cybersecurity-oriented than most marketing and communications professionals can manage. Business leaders Leaders grasp the importance; 83% of executives place reputation in their top five areas of risk, yet only 23% are confident in their ability to address it. To succeed in 2024 and beyond, you need to turn online reputation on its axis and think like an attacker.
Key Takeaways:
- New framework for examining and safeguarding an online reputation
- Tools and techniques to keep you a step ahead
- Practical examples that demonstrate when to act, how to act and how to recover
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Title One is a comprehensive examination of the impact of digital technologies on
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The digital marketing industry is changing faster than ever and those who don’t adapt with the times are losing market share. Where should marketers be focusing their efforts? What strategies are the experts seeing get the best results? Get up-to-speed with the latest industry insights, trends and predictions for the future in this panel discussion with some leading digital marketing experts.
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1. International Journal of Business and Management Invention
ISSN (Online): 2319 – 8028, ISSN (Print): 2319 – 801X
www.ijbmi.org Volume 3Issue 2ǁ February. 2014ǁ PP.07-09
www.ijbmi.org 7 | Page
Changing Scenario of Indian Insurance Sector:
A Study on Service to Sales Method of Life Insurance Companies
in India
Mr. Chaman Kumar
Faculty, Department of e-Commerce Kumaun University Nainital, India
ABSTRACT: Since 1956, The Government of India issued an Ordinance on 19 January 1956 nationalising the
Life Insurance sector and Life Insurance Corporation came into existence in the same year. The Life Insurance
Corporation (LIC) absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies—245 Indian and
foreign insurers in all. In 1972 with the General Insurance Business (Nationalisation) Act was passed by the
Indian Parliament. The LIC had monopoly till the late 90s when the Insurance sector was reopened to the
private sector. Before that, the industry consisted of only two state insurers: Life Insurers (Life Insurance
Corporation of India, LIC) and General Insurers (General Insurance Corporation of India, GIC).In 1993
Government of India started liberalization and economic reforms with a view of bringing about substantial
economic growth, customer satisfaction and move towards The globalization. As a part of this liberalization
process, the Government set up a committee under the chairmanship of R N Malhotra, the former Governor of
RBI, to make recommendations for the reform of the insurance sector. In its report in 1994 following the
recommendations of the Malhotra Committee report, the Insurance Regulatory and Development Authority
(IRDA) was constituted as an autonomous body in 1999 to regulate and develop the insurance industry. The
IRDA was incorporated as a statutory body in April 2000. The insurance sector was opened to private
companies. Foreign companies were also allowed to participate in the Indian insurance market through joint
ventures (JVs) with Indian companies. Under current regulations the foreign partner cannot hold more than a
26% stake in the joint venture. Then many private insurance companies came into existence with new concept of
sales i.e. service to sales.Since the Max Life Insurance Co. Ltd, HDFC Life, Bharti AXA Life has started
working on the same concept they were able to increase their sales and renewals through different department
from its agency and these companies starts believing that service to sales department should maintain in the
organisation.
I. INTRODUCTION
India is the market for insurance which covers both the state and private sector organisations. It is listed
in the Constitution of India on the Union list in the Seventh Schedule that means it can only be legislated by the
central government. In the present time 24 life insurance companies (both public and private) playing in Indian
insurance market where LIC dominating the market since it was established and it is the synonyms of Insurance
in India. As a common people if we are talking about the insurance the first thought will come into our mind is
LIC and the reason being its monopoly from 1956 to 2000 in India. LIC continues to be the dominant life
insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory
surpassing its own past records. LIC has issued over one crore policies during the current year. It has crossed the
milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005, posting a healthy growth rate of 16.67% over
the corresponding period of the previous year.
According to IRDA ―the main role of agent is to recommend to clients the right products that address the
clients’ needs‖ and the clients’ need should be evaluated with specific technique of evaluation (i.e. HLV need
evaluation, financial future needs estimation method etc.).But before and after liberalisation there are n numbers
of agents were came into the market and making the sales through their relatives only without any fact finding
or estimating their HLV or financial needs to earn high amount of commissions on sales of such policies.
Conceptually or formally we can say that all sales of policies is as per the code of conduct of the agent but is
not. There is many customers who are not satisfy with their insurance product their terms and final maturity
amount. Some of them claim that his/her advisor did not clear the paying & maturity term of the policy and
advantages of the policies and they only told that you have to pay for 3 years and after that you can easily
withdraw the full amount of policy with bonuses and that is the reason why so many customer feels fraud with
themselves and losing faith with insurance companies. At that time the need of some regulatory body for such
fraud activity and to protect policy holder interest was feel and in 1999 the IRDA was came into effect with
recommendation of Malhotra Committee report to ensure speedy settlement of genuine claims, to prevent
2. Changing Scenario In Indian Insurance Sector...
www.ijbmi.org 8 | Page
insurance frauds and other malpractices and put in place effective grievance redressal machinery and with other
objects. But after framing IRDA some agents continuously are doing mis-selling and these are some companies
which compensating these activities by service to sales concept by inviting feedback from customers regularly
contacting with them through calling. .
II. METHODOLOGY
For this research i have collected data related to Indian insurance sector through different secondary
sources of information i.e. company’s quarterly and annually published reports, books, internet websites,
newspapers, journals etc.
III. MAX LIFE INSURANCE CO. LTD.-CAT DEPARTMENT
Max Life Insurance Co. Ltd which was earlier known as Max New York Life insurance has
established the new department in the organisation called Customer Advisory Team(CAT)which is responsible
to do service to sales concept and retrieving the faith of existing customers in the company. Presently,
the employees of this department is responsible for taking lapsed policy renewal and taking care of orphan
customers (orphan customers means whose agent left or terminated by the company) taking client’s
feedback about their products and all. This department has working on 4S phenomena (Secure, Serve, and
Strengthen and Sell).Firstly, they made customer to feel secure by listening & knowing their complains
and explaining the advantages of client’s existing MLIC policy then they serve customer through collecting
premium cheque from their offices/home and then giving them premium receipts after that they try to
strengthen the relation and when this relationship becomes so strong then they try to make cross sale
or up sale and this phenomena of MLIC-CAT is seems to be successful because the renewal ratio of the
company is going upward and the total sales of MLIC products has big contribution from CAT
department. With the help of such department the Gross written Premium of the Company grew by 4% , the
renewal premium to 0.29%, the net retention ratio
to 99% and the persistency ratio to 23% for the last 61 month.
IV. HDFC LIFE-DIRECT SALES TEAM (DST)
HDFC Life is a joint venture between Housing Development Finance Corporation Limited (HDFC),
India's leading housing finance institution and Standard Life plc, the leading provider of financial services in the
United Kingdom. HDFC Ltd. holds 72.37% and Standard Life (Mauritius Holding) Ltd. holds 26.00% of equity
in the joint venture, while the rest is held by others.
3. Changing Scenario In Indian Insurance Sector...
www.ijbmi.org 9 | Page
The HDFC Life-DST is older than the MLIC-CAT but somewhere has a same working as CAT but in
different ways. The member of DST is making sales and recovery calls on clients’ places and making clients’ to
pay renewal premium of their existing policies. After having some satisfaction with the existing policy DST
financial planner recommend customers to buy another policy to protect their family or having some more
secure investment to protect their future income. With the help of such departments HDFC Life continuously
able to accelerate their renewal premium and CAGR to 26% and ready to making boom in year 2014.
V. BHARTI AXA=CLAIM HANDLER TEAM
Bharti AXA came with a new concept in their organisation with claim handler team who are directly
helping those customers who was earlier facing various problems in maturing or claiming death claim of their
policy in insurer company. Bharti AXA claim handler team providing services to those customers whose policy
matured and helping them to complete all paper formalities to claim the policy amount on clients’ places. But
still orphan customers whose service agent is no longer working with the company has to self serve for their
policy and somewhere that is one of the reason that Bharti AXA does not have increasing renewal premium rate
when we comparing it with the
previous year as MLIC-CAT and HDFC Life-DST
VI. FINDINGS AND CONCLUSIONS
By comparing the current year’s renewal premium with previous year’s renewal premium of three
companies (i.e. MLIC, HDFC Life and Bharti AXA) we come to the fact that in today’s scenario of Indian life
insurance sector to grab the customers trust and satisfaction with their existing policy insurer companies has to
serve them to build long term relationship with the existing clients and also has to re-explain all the terms and
advantages of policy to the clients then customer can have trust and ready to pay further premium of existing
policy like MLIC and HDFC does the same thing by their different channels. In the same market some
companies not following the same concept and that is why they are facing various problems like policy lapsed.
So, its better to serve for generating new sales opportunities and building long term relationship with the
existing clients.
REFERENCES
[1]. IC-33 Study text: 2011
[2] Principles of Insurance Management, Neelam C. Gulati,
Excel Books, 2010
[3]. Website www.irda.gov.in
[4]. Website www.maxlifeinsurance.com
[5]. Website www.hdfclife.com
[6]. Website www.bharti-axalife.com
[7]. Website www.licindia.in