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Journal of Business Management & Social Sciences Research (JBM&SSR)
Volume 3, No.11, November 2014
ISSN No: 2319-5614
Customer Retention Strategy

An Empirical Study In Insurance Sector
Dr. Biswamohan Dash, Assistant Professor, DRIEMS, Cuttack, Odisha, India
Mr. Bibekananda Mohanty, Assistant Professor, DRIEMS, Cuttack, Odisha, India
Dr.Sabyasachi Das, lecturer, Utkal University, Odisha, India
Abstract
This research study is based on impact of customer relationship management practices on insurance sector in Odisha
market. The research study mainly focuses on the the pattern of service and the facilitation process for the sake of customers adopted by the CRM driven insurance companies in Odisha.Customer Relationship Management(CRM) practice is
now becoming imperative and need of the hour in the cut throat competition held in the insurance sector. Initially LIC of
India was the sole insurance player having larger market share but after liberalization, privatization and globalization so
many private insurers came in to the picture. Then they adopted many customer centric strategies to satisfy and retain the
customers to gain market share and to survive.CRM is a customer focused strategy adopted by many insurers in India and
Odisha.To recognize the perception of insurance customers in terms of service standard, innovation and quality of products, the efforts have been undertaken through this research study. In this study customers opinions have been collected
through a structured questionnaire to understand the effectiveness of CRM implementation in relation to the companies
like AVIVA, LIC of India, ICICIprudential, Birla sun life and Reliance. Here to measure the customer retention gained by
above insurers; factor analysis and group statistics have been used.
Keywords: service standards, customer focused strategy, customer retention, innovation
Introduction
Customer relationship management is an imperative
measure in any service sector.it is the main tool in marketing management to acquire more numbers of customers and to create one to one interaction with transparency
and honesty. Today the companies have to move from
managing a market, to managing specific customers. But
managing the customers and retaining them for long time
is not easy task in a competitive market. Besides coping
with changing psychology, preferences and needs of the
customers is becoming challenging one. So the business
organizations now a day are taking the help of data base
management system for customer retention and e-CRM
is the outcome of such system.
The requirement of relationship marketing is prominent
in the service sectors especially in Indian market to create trust and valuable strategic customer care. This will
definitely raise the concept of customer relationship
management for long term relationship and value added
service. This study will focus on CRM application for
insurance sector related to their communicating channels
for customers, customer satisfaction and customer retention. Insurance is an upcoming sector, in India the year
2000 was a landmark year for life insurance industry. In
this year the life insurance industry was liberalized after
more than 50 years. Insurance sector was once a monopoly, with LIC as the only company, a public sector enterprise. But now-a-days the market is opened up and
there are many private players competing in the market.
There are above 30 private life insurance companies
have entered the industry. After the entry of these private
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players, the market share of LIC has been considerably

reduced. In the last five years the private players are able
to expand the market (growing at 30% per annum) and
also have improved their market share to above 18%.For
the past five years private players have launched many
innovations in the industry in terms of products, market
channels and advertisement of product, agent training
and customer services etc.
Importance of CRM
The focus in CRM is not to try to mold the customers to
the companys goals but to listen to the customers and
trying to create opportunities beneficial to each. It is important to offer customers what they are currently demanding and anticipating and what they are likely to
demand in the future. This can be achieved by providing
a variety of existing access channels for customers, such
as e-mail, telephone and fax, and by preparing future
access channels such as wireless communication.
Provides Greater efficiency and cost reduction: Data
mining, which is the analysis of data for exploring possible relationships between sets of data, can save valuable
human resources. Integrating customer data into a single
database allows marketing teams, sales forces, and other
departments within a company to share information and
work towards common corporate objectives using the
same underlying statistics (epiphany.com, 2001).
Improved customer service and support: An E-CRM
system provides a single repository of customer information. This enables a company to serve according to
customer needs quickly and efficiently at all potential
The Author Blue Ocean Research Journals 2012

Open Access Journals
Blue Ocean Research Journals 59

contact points, eliminating the customers frustrating and

time-consuming hunt for help (epiphany.com, 2001a).
More effective marketing: Having detailed customer
information from an E-CRM system allows a company
to predict the kind of products that a customer is likely to
buy as well as the timing of purchases. In the short to
medium term, this information helps an organization to
create more effective and focused marketing/sales campaigns designed to attract the desired customer audience
(epiphany.com, 2001). ECRM allows for more targeted
campaigns and tracking of campaign effectiveness. Customer data can be analyzed from multiple Perspectives to
discover which elements of a marketing campaign had
the greatest impact on sales and profitability (Greenberg,
2001). In addition, customer segmentation can improve
marketing efforts. Grouping customers according their
need similarities allows a company to effectively market
specific products to members of the group.
Increasing Market Share: Customer relationship management techniques are also used to increase the overall
market share of the business. Essentially, treating customers well adds to the value of the business products
and services. If the business impresses customers, it
tends to attract more people, increasing its pool of customers. Loyal customers will then attract others through
word of mouth.
Online Business: Online business is a popular and often
necessary component for many companies; the CRM
tool can be responsible to respond the customers who are
trying to purchase the products through online.
Literature Review
Swift 2002; stated that companies can gain many benefits from CRM implementation. Such as lower cost of
acquiring customers, to acquire so many customers to
preserve a steady volume of business. CRM can help to
retain the customers for long range. Apart from this he
stated, the cost regarding selling are reduced owing to
existing customers are usually more responsive. In addition with better knowledge of channels and distributions,
the relationship becomes more effective as well as that
cost for marketing campaign is reduced. According to
Maoz 2003, Research director of CRM for the Gartner
group, CRM is a strategy by which companies optimize
profitability through enhanced customer satisfaction and
retention. .CRM is a business strategy, not a technology, says Maoz.It involves process, technology and people issues. All three together really captures what CRM
is.Burnett-2001; discussed that the objectives from CRM
generally fall into three categories; cost saving, revenue
enhancement and strategic impact and having the benefits of improving level of customer retention, increasing
margins and decreasing marketing administrative costs.
Wilson 2001; claimed that organizations are becoming
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ISSN No: 2319-5614
increasingly aware of the importance of moving closer to

their customers and extending their enterprise units.
CRM objectives are to; improve the process to communication with the right customers, providing the right
offer for each customer, providing the right offer through
the right channel for each customer, providing the right
offer at the right time for each customer. By doing this,
organizations can receive the following benefits; like
increasing customer retention and loyalty, higher customer profitability, creating value for customer. Greenberg 2001 stated that the following objectives seem reasonable for an organization implementing CRM such as;
it focuses the sales force on increasing organizational
revenues through better information and better incentives
to drive top line growth, it improves global forecast and
pipeline management to improve organization.
E-CRM Soft Wares And Insurance Organization:

LIC of India has implemented the e- CRM software by
the help of Wipro and IBM .This CRM project is the
largest of its kind in india.Wipro and IBM work together
to compile the data of over 15 crore policy holders of
LIC.The data would reflect consumer behaviour of policy holders, nos of customers going for loans, nos. of
customers paying premium within the due date and defaulting in premium payment. All efforts aim to provide
the faster and better services to the customers with right
offers to the right customers. ICICI prudential has ambitious plans for its retail business and has implemented
the CRM software by the help of SAS and Teradata solutions By implementing this project they aim to reduce
the cost of service, to effectively use the customers data,
to increase the customer retention, up-selling and cross
selling. AVIVA life insurance entered in 2002 and deployed Talisma e-CRM suite. AVIVA got the success by
recognizing the potential customers and bringing out
products and services tailored to the customer requirements. Also e-CRM developed multistep marketing
campaign and superior services across multiple channels.
With this CRM project the company aims to achieve the
organized data base system, superior service standards,
quick access to customers, upgrading offers to customers, integrating the efforts of insurance agents and officials and ultimately to obtain customer satisfaction.
Birla Sun Life Insurance has selected Talisma CRM
software due to its wide acceptance in customer relationship sphere. Moreover its modules summarize all possible requirements associated with customer interaction.
The deployment of CRM is addressing all 50 branches
spread through out the country. This CRM solution includes sales automation-mail management, web service
management, data compiling, customer centric sales process and customer service with timing. Reliance life
insurance has an excellent web enabled IT system for


Table 1:
This research deals with primary data collected from

officials through a structured questionnaire. 192 officials
have responded from five selected insurance companies
in Odisha market. All officials are from the undertaken
five companies like, LIC, ICICI prudential, AVIVA life
insurance, Birla sun life insurance and Reliance life insurance. These insurers have already implemented CRM
in their operation. Officials opinion and perceptions
have been collected and analyzed, where the officials
were selected randomly having better idea about CRM.
To prove the hypothesis, various statistical techniques
have been used like, factor analysis and ANOVA. The
opinion of respondents are measured in a 5-point likert
scale where, not preferred at all is taken as 1,mostly not
preferred is taken as 2; sometimes preferred is 3; mostly
preferred is 4; very much preferred is 5.
4.
Monthly
Income
Data Analysis
Occupation
A well structured questionnaire was prepared to obtain

the opinions from the respondents of the selected insurance companies. In total 92 officials from insurance
companies were selected on random basis and views
were taken for analysis with the help of 5 point likert
scale. The data are analysed and interpreted by using the
statistical tools like factor analysis and group statistics.
20
29
20
06
07
06
16
15
07
11
12
05
18
12
08
71
75
46
69
30
39
19
13
06
38
19
19
28
08
20
38
15
23
192
85
107
69
00
69
19
19
00
38
38
28
28
38
38
192
123
69
69
21
28
20
19
08
05
06
38
21
10
07
28
14
09
05
38
21
09
08
192
85
61
46
69
19
38
28
38
192
CRM Implementation and Retention of the Customers:

Absolute insurance (2009) has indicated that CRM has
enhanced customer retention in different insurance organizations. The data were collected from the respondents on 14 parameters of retention; subsequently they
were reduced to 7 factors of retention by using the factor
analysis.
Factor Analysis
The tables 2,3 and 4 below depict the results of factor
analysis, which helps in identifying different components of retention.
Respondents Profile
Data collected from 192 respondents are presented in
Table 1 showing the sample profile.
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Total
Research Methodology
Birla
2.
Education
This study is conducted in the capital city of Odisha

where major five insurance companies like LIC of India,
AVIVA life insurance, ICICI prudential, Birla sun life
insurance, and Reliance life insurance have been taken.
They have managed their customer relationship through
e-CRM.
ICICI
A
ge
Scope Of The Study:
Gr.I (Below
30)
Gr.II (3040)
Gr.III
(Above 40)
Total
Upto Grad.
(Gr.I)
Above
Grad.
(Gr.II)
Total
Gr. I (private
service)
Gr.II (govt.
service)
Total
Gr.I (below
20 th)
Gr.II (2030th)
Gr.III
(Above
30th)
Total
Reliance
1.
Insurance Organisations
AVIVA
To study the impact of CRM implementation in increasing the customer retention through testing the perception
among the respondents
Sample profile
LIC
Objective Of The Study:
Demographic
factors
S No.
superior customer services. They aim to increase better

customer interaction, to predict customer behaviour,
sales management, and consumer groupings and faster
spread of information among the customers through
CRM software
ISSN No: 2319-5614

Table 2: Extractions sums of Square loadings
Table 3: Rotation sums of Square loadings
Extraction Sums of
Squared Loadings
Initial Eigen values

Component
Tot
al
% of
Variance
1.7
68
13.59
8
13.598
1.7
68
13.59
8
13.598
1.5
27
11.74
9
25.348
1.5
27
11.74
9
25.348
1.4
25
10.96
2
36.310
1.4
25
10.96
2
36.310
1.1
78
9.064
45.374
1.1
78
9.064
45.374
1.1
20
8.617
53.991
1.1
20
8.617
53.991
1.0
64
8.84
1.0
64
8.184
1.0
35
7.962
1.0
35
7.962
.98
3
7.561
.84
4
6.496
.69
2
5.320
11
.54
5
4.196
93.710
12
.44
5
3.422
97.131
13
.37
3
2.869
100.00
0
6
7
8
9
10
Cumulative
%
62.174
70.137
Tot
al
% of
Variance
Cumulative
%
Component
F1
F2
F3
F4
F5
Rotation Sums of Squared Loadings

% of Vari- Cumulative
Total
ance
%
1.611
12.393
12.393
1.455
11.195
23.588
1.310
10.074
33.662
1.220
9.385
43.047
1.208
9.293
52.340
F6
1.204
9.260
61.600
F7
1.110
8.536
70.137
Extraction Method: Principal Component Analysis.
Table 4: Rotated Component Matrix
Component
1
62.174
70.137
77.698
84.194
89.514
Extraction Method: Principal Component Analysis.

The eigen value is the total variance explained by each
factor.any factor that has an eigen value of less than 1
does not have enough total variance explained to represent a unique factor and is therefore disregarded.the
components after 7 down have eigen value less than 1.so
they are eliminated from the rest of the analysis.it is observed that,the cumulative percentage is less than
100%,that is 70.137.this is because not all of the variance is explained,when only some of the factors are retained in the final analysis.
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ISSN No: 2319-5614
o4a
.612
.079
-.042
-.080
.002
.203
-.205
o4b
-.142
-.263
-.145
.587
.471
-.053
-.287
o4c
.147
-.042
.067
-.301
.066
.768
-.218
o4d
.047
.824
-.129
-.059
-.097
-.054
-.142
o4e
-.093
-.170
.848
.063
.051
-.009
-.072
o4f
.000
.007
.060
-.102
.819
-.081
.107
o4g
-.047
-.053
-.044
-.074
.098
-.058
.886
o4h
.043
-.498
-.058
-.139
-.384
-.275
-.212
o4i
.161
.054
.114
.762
-.142
-.054
-.010
o4j
.071
.554
.628
-.009
.021
-.077
.071
o4k
-.040
.049
-.223
.333
-.346
.655
.206
o4l
.824
.171
-.184
.076
-.039
-.179
.025
O4m
.683
-.280
.218
.196
-.009
.109
.151
Extraction Method: Principal Component Analysis

The above tables depict, out of fourteen parameters of
retention, seven factors are extracted which will represent 70 percentage of characters of the whole parameters, it is because the cumulative percentage in the square
loadings is 70 %. So it indicates that, the seven factors
will be the valid factors and can be responsible for representing almost all the characters associated with fourteen
parameters of retention. Besides all the fourteen parameters are based on the CRM practices and sustaining and
developing the relationships among customers and company officials. Thus these factors are the part of the outcome of CRM implementation and can build customer
relationships. Now, we can discover 7 factors out of the
rotated component matrix table. Those are; Factor 1 is
named as quality service to retain customers. Factor 2,


can be named as behavior prediction. Factor 3 can be

named as web based sales. Factor 4 can be named as
promotion and distribution of the products. Factor 5
is named as achieving sales target. Factor 6 is named as
integration among officials. Factor 7 can be named as
value proposition.
ANOVA Across Components Of Retention

This table 5 depicts the components of retention in creating better relationship with the customers and retaining
them.
Table 5: ANOVA across Components of Retention:
Components
(Factors)
Quality
service
(F1)
Behaviour
prediction
(F2)
Web
based
sales
(F3)
Promotion, distribution
(F4)
Sales
target
(F5)
Integration
(F6)
Value
proposition
(F7)
Sum of
Squares
Df
Mean
Square
Sig.
Between
Groups
5.674
1.419
8.267
.000
Within
Groups
32.089
187
.172
Total
37.763
191
Between
Groups
3.470
.867
3.759
.006
Within
Groups
43.154
187
.231
Total
46.624
191
Between
Groups
3.779
.945
3.952
.004
Within
Groups
44.700
187
.239
Total
48.479
191
Between
Groups
.246
.061
.436
.782
Within
Groups
26.338
187
.141
Total
26.583
191
Between
Groups
.482
.120
Within
Groups
45.471
187
.243
Total
45.953
191
Between
Groups
.339
.085
Within
Groups
46.722
187
.250
Total
47.061
191
Between
Groups
6.681
1.670
Within
Groups
84.632
187
.453
Total
91.313
191
.496
.739
.340
.851
3.691
.006
ISSN No: 2319-5614
(quality service), the F-ratio is 8.267, which is statistically significant. Hence, it may be interpreted that the variation among the responses of the officials towards different insurance companies in terms of quality service is
significant. Similarly for the 2nd factor (behavior prediction), the F- ratio is 3.759 which is statistically significant and it may be interpreted that the variation among
the responses of the officials towards different companies in terms of behavior prediction is significant. For
the 3 rd factor (web based sales), the F-ratio is 3.952,
which is statistically significant and the variation among
the responses of the officials towards different companies in terms of web based sales is significant. For the
4th factor (promotion and distribution), the F-ratio is
.436, which is statistically not significant. Hence it may
be interpreted that the variation among the responses of
the officials towards different companies in terms of
promotion and distribution is statistically not significant. For the 5 th factor F ratio is .496 which is statistically not significant. Hence it may be interpreted that the
variation among the responses of the customers towards
different companies in terms of achieving sales target
is not significant. For 6th factor F ratio is .340, which is
statistically not significant. Hence variation among the
responses of the officials towards different companies in
terms of integration is not significant. For 7th factor, the
F ratio is 3.691, which is statistically significant. Hence
the variation among the responses of the officials towards different companies in terms of value proposition is significant.
ANOVA across the Demographic Factor and Components of Retention:
The table 6 depicts the factors of retention developing
the relationship level among the customers across the
demographic factors.
Table 5 depicts the results of ANOVA for different factors of satisfaction between the selected companies and
within the respondents. It is observed for the factor1
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Table 6: Factors of retention across Age Group

Components
(Factors)
Quality
service
(F1)
Behaviour
prediction
(F2)
Web based
sales
(F3)
Promotion
,distribution
(F4)
Sales target
(F5)
Integration
(F6)
Value proposition
(F7)
Between
Groups
Within
Groups
Total
Between
Groups
Within
Groups
Total
Between
Groups
Within
Groups
Total
Between
Groups
Within
Groups
Total
Between
Groups
Within
Groups
Total
Between
Groups
Within
Groups
Total
Between
Groups
Within
Groups
Total
Sum of
Squares
2.088
df
2
Mean
Square
1.044
35.675
189
.189
37.763
1.307
191
2
.654
45.316
189
.240
46.624
1.558
191
2
.779
46.921
189
.248
48.479
.129
191
2
.064
F
5.531
Sig.
.005
2.726
.068
3.138
.046
promotion and distribution is statistically not significant. For the 5th factor F ratio is 9.994 which is statistically significant. Hence, it may be interpreted that the
variation among the responses of the officials towards
is significant. For 6th factor F ratio is .993, which is statistically not significant. Hence variation among the responses of the officials towards different companies in
the variation among the responses of the officials towards different companies in terms of value propositionis significant.
ANOVA across Demographic Factor like Income and
Components of Retention
.460
Table 7: ANOVA across monthly Income;
.632
.140
Components
(Factors)
191
2
2.197
Quality
service
(F1)
41.558
189
.220
45.953
.489
191
2
.245
46.572
189
.246
47.061
13.300
191
2
6.650
78.013
189
.413
91.313
191
26.455
189
26.583
4.395
9.994
.993
16.110
.000
.372
.000
significant. Similarly for the 2nd factor (behavior prediction), the F- ratio is 2.726 which is statistically not significant and it may be interpreted that the variation
among the responses of the officials towards different
companies in terms of behavior prediction is not significant. For the 3 rd factor (web based sales), the F-ratio is
3.138, which is statistically significant and the variation
among the responses of the officials towards different
companies in terms of web based sales is significant. For
the 4th factor (promotion and distribution), the F-ratio is
.460, which is statistically not significant. Hence it may
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ISSN No: 2319-5614
Behaviour
prediction
(F2)
Web based
sales
(F3)
Promotion,
distribution
(F4)
Sales target
(F5)
Integration
(F6)
Value proposition
Sum of
Squares
df
Mean
Square
Sig.
Between
Groups
3.108
1.554
8.475
.000
Within
Groups
34.655
189
.183
Total
37.763
191
Between
Groups
1.977
.989
4.185
.017
Within
Groups
44.646
189
.236
Total
46.624
191
Between
Groups
2.074
1.037
4.224
.016
Within
Groups
46.405
189
.246
Total
48.479
191
Between
Groups
.375
.188
1.352
.261
Within
Groups
26.208
189
.139
Total
26.583
191
Between
Groups
2.051
1.025
4.414
.013
Within
Groups
43.902
189
.232
Total
45.953
191
Between
Groups
.514
.257
1.043
.354
Within
Groups
46.547
189
.246
Total
47.061
191
Between
Groups
15.326
19.060
.000
7.663


(F7)
Within
Groups
75.986
Total
91.313
189
.402
191
significant. Similarly for the 2nd factor (behavior prediction), the F- ratio is 4.185 which is statistically significant and it may be interpreted that the variation among
the responses of the officials towards different companies in terms of behavior prediction is significant. For
the 3 rd factor (web based sales), the F-ratio is 4.224,
which is statistically significant and the variation among
the responses of the officials towards different companies in terms of web based sales is significant. For the
4th factor (promotion and distribution), the F-ratio is
1.352 which is statistically not significant. Hence it may
promotion and distribution is statistically not significant. For the 5th factor F ratio is 4.414 which is statistically significant. Hence it may be interpreted that the
variation among the responses of the customers towards
is significant. For 6th factor F ratio is 1.043, which is
statistically not significant. Hence variation among the
responses of the officials towards different companies in
the variation among the responses of the officials towards different companies in terms of value propositionis significant.
Findings
Through factor analysis factors are extracted which will
facilitate the customer relationship management process
to retain the customers for the long range. These factors
are; quality service, behaviour prediction, web based
sales, promotion and distribution, achieving sales target,
integration and value propositions, which are all meant
for customer retention and are practiced by five insurance companies. In case of ANOVA across the organizations, it is proved that, promotion and distribution,
achieving sales target and integration are proved to be
the most influential factors to retain the customers for
long range.
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ISSN No: 2319-5614
Conclusion
It is concluded that, the adoption of CRM by these five
insurance companies in Odisha market is proved to be
successful in case of product awareness, sales target
achievements, customer centric approach, integrated
sales effort, satisfaction and retention of customers. So
the CRM implementation has brought the huge change in
case of customer engagement and making the customers
a part of organization. It has also brought the changed
perceptions of customers towards the service standard of
the insurance companies. This CRM implementation is
not only beneficial for the insurers to get profit and value
but for the whole community of Odisha by experiencing
the honest and transparent process of insurers.
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www.borjournals.com


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Journal of Business Management & Social Sciences Research (JBM&SSR)

Volume 3, No.11, November 2014

ISSN No: 2319-5614

Customer Retention Strategy

players, the market share of LIC has been considerably

The Author Blue Ocean Research Journals 2012

Journal of Business Management & Social Sciences Research (JBM&SSR)

contact points, eliminating the customers frustrating and

ISSN No: 2319-5614

increasingly aware of the importance of moving closer to

E-CRM Soft Wares And Insurance Organization:

The Author Blue Ocean Research Journals 2012

Journal of Business Management & Social Sciences Research (JBM&SSR)

This research deals with primary data collected from

A well structured questionnaire was prepared to obtain

CRM Implementation and Retention of the Customers:

The Author Blue Ocean Research Journals 2012

This study is conducted in the capital city of Odisha

Scope Of The Study:

Objective Of The Study:

superior customer services. They aim to increase better

ISSN No: 2319-5614

Journal of Business Management & Social Sciences Research (JBM&SSR)

Table 2: Extractions sums of Square loadings

Table 3: Rotation sums of Square loadings

Initial Eigen values

Rotation Sums of Squared Loadings

Extraction Method: Principal Component Analysis.

ISSN No: 2319-5614

Extraction Method: Principal Component Analysis

The Author Blue Ocean Research Journals 2012

Journal of Business Management & Social Sciences Research (JBM&SSR)

can be named as behavior prediction. Factor 3 can be

ANOVA Across Components Of Retention

ISSN No: 2319-5614

The Author Blue Ocean Research Journals 2012

Journal of Business Management & Social Sciences Research (JBM&SSR)

Table 6: Factors of retention across Age Group

Table 7: ANOVA across monthly Income;

ISSN No: 2319-5614

The Author Blue Ocean Research Journals 2012

Journal of Business Management & Social Sciences Research (JBM&SSR)

ISSN No: 2319-5614

The Author Blue Ocean Research Journals 2012

Journal of Business Management & Social Sciences Research (JBM&SSR)

ISSN No: 2319-5614

The Author Blue Ocean Research Journals 2012

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