This article is based upon MBA Project – Customer Relationship Management in Ing Vysya Life Insurance. This article is concise form of the project. This is very useful for the students of management. Some of the contents are given down below and you can download the entire project as well.
In India life insurance sector plays a major role in savings of a person. There are many players in life insurance sector, and LIC is leading as it has roots in India from more than 50 years. To purchase any thing in this world the customer has his/her own choice of preferences according to those preferences only, one can purchase the require product. The project study of ING VYSYA LIFE INSURANCE linked with CRM (CUSTOMER RELATIONSHIP MANAGEMENT).
The aim of study to examine and make the company enable to the track customer sell the appropriate product understanding their needs and wants and to insure a long term retention of customers through the application of CRM in a comprehensive manner monitoring the performance of CRM to take corrective actions necessary to assure the results match the plan projection.
Coming to ING VYSYA LIFE INSUARANCE in India its making effort to attract customers and tap the life insurance market. So this study is also intended to find customers and the retention value through the application of CRM in ING VYSYA LIFE INSURANCE.
The method of this study is based on marketing research with structured questionnaire consisting of multiple choice questions.
The sample survey is conducted on 100 customers belonging to different categories .private insurance companies are unable to create enough brand value and trust in customers.
Most of the companies have only 28% of market share in life insurance sector when compare LIC. So CRM makes suggestions to ING VYSYA LIFE INSURANCE sector how to make trust of customers and hoe to make the retention value.
Several commercial CRM insurance packages are available which vary in their approach to CRM. How ever, as mentioned above, CRM is not just a technology, but rather a comprehensive customer-centric approach to an
organization’s philosophy in dealing with its customers. This includes policies and process, front-of-house customer service, employee training, marketing systems and information management. Hence it is important that any CRM implementation considerations stretch beyond technology, towards the broader organizational requirements.
The objective of a CRM strategy most consider a company’s specific situation and its customers needs and expectations. Information gained through CRM initiatives can support the development of marketing strategy by developing the organization’s knowledge in areas such as identifying customer segments, improving customer retention, improving product offerings(by better understanding customer needs),and by identifying the organization’s most profitable customers.
CRM strategies can vary in size, complexity and scope. some companies consider a CRM strategy to only focus on the management of a team of sales people. How ever, other CRM strategy can cover customer interaction across the entire organization .many commercial CRM insurance packages that are available provide features that serve sales, marketing event management, and project management and finance.
Successful CUSTOMER RELATIONSHIP MANAGEMENT requires marketing, sales and service agility of a star company to enable today’s business to out pace their competitors in the race for customers.
Managing the customer experience, maintaining a more reliable data base, improving service operations. fostering customer loyalty, embracing the characteristics of high performance marketing and other related subjects.
Making such a pivot in CRM to create customer interactions that produce optimal experiences and LONG TERM relationships must be the top mission. Above all, those experiences must be consistent with a company’s brand promise.