Professional Documents
Culture Documents
Final CRM Anshul 2
Final CRM Anshul 2
ON
BATCH (2012-2014)
CERTIFICATE
I have the pleasure in certifying that Mr. Anshul Bhatt is a bonafide student of
IVth Semester of the Master’s Degree in Business Administration (Batch 2012-
2014), of Uttaranchal Institute of Technology, Dehradun under Uttarakhand
Technical University.
I certify that this is his/her original effort & has not been copied from any other
source. This project has also not been submitted in any other Institute /
University for the purpose of award of any Degree.
This project fulfils the requirement of the curriculum prescribed by this Institute
for the said course. I recommend this project work for evaluation &
consideration for the award of Degree to the student.
Signature : ………………………………
Name of the Guide : Mrs. Amita Sharma
Designation : ………………………………
Date : ………………………………
ACKNOWLEDGEMENT
Every study requires a guidance of someone who is working in that field. Firstly
I would like to thank Director Sir Dr. Pradeep Suri for providing an opportunity
of preparing a Project Report and allowing to use the resources of the
institution during this project.
I am also thankful to the other faculty members of UIM for extending their
valuable support for this project.
I also extend my sincere thanks to the Respondents, who helped me during the
course of project and for their gracious attitude.
I would like to take this opportunity to extend my warm thoughts to those who
helped me in making this project a wonderful experience.
Anshul Bhatt
TABLE OF CONTENT
CHAPTER 1
INTRODUCTION
COMPANY PROFILE
SIGNIFICANCE OF THE STUDY
LIMITATION OF THE STUDY
CHAPTER 2
LITERATURE REVIEW
CHAPTER 3
OBJECTIVES OF THE STUDY
RESEARCH METHODOLOGY
SOURCES OF DATA
SAMPLE SIZE
METHOD OF SAMPLING
o AREA OF WORK
PARAMETERS OF STUDY
o TOOLS
CHAPTER 4
RESEARCH FINDINGS
CONCLUSION
RECOMMENDATION
REFERENCES
APPENDIX
INTRODUCTION
In the Indian context, since the ’90s, successive governments have embarked on
ushering in liberalization to keep pace with a rapidly changing global scenario.
The doors for private participation were opened in a number of sensitive
sectors, insurance being one of them. For the past few decades, insurance was
looked upon as a plain vanilla tax-saving investment product.
With the repeal of the Glass-Steagal Act in 1999, insurance companies face
increased competition from banks and brokerages. With the enactment of the
Patriot Act, insurance companies need to ensure that they "know their customs."
To maintain competitive edge and viability, insurance companies are focusing
intently on delivering superior customer service. A comprehensive customer
relationship management (CRM) strategy addresses three imperatives: Sum
providing a unified enterprise customer view; Sum retaining customers with
great services; and Sum controlling costs as the insurance company in question
expands.
So most insurers now are automated or in the process of becoming so, but these
systems are still geared towards being product-centric. They can meet the call
for claims management, billing, policy admin, actuary systems and so on, but
are falling short in the capability to be customer-centric. Not being fully
integrated in all of the small business processes, companies cannot improve
efficiencies, resolution times or accuracy of responses. Many years have gone
by where insurance businesses believed that customer management was directly
connected with service delivery and paying broker commissions on time. No
longer is this infrastructure sufficient enough to support a pure customer centric
operation. The forward thinking insurance companies have started to realize
small business CRM ventures are the catalyst to delivering the high quality
service clients are looking for and reduce operation costs all at once. Small
business CRM has become a very powerful tool in the goals to satisfy current
customers and win over new ones. Nothing else directly affects loyalty or the
ability to consolidate accounts like relationship building activities. If you
implement an operational small business CRM solution, well-defined,
quantifiable effects will happen to the institution that is choosing this as a
strategy.
There are four crucial customer centric areas that will be affected by a small
business CRM solution, creating long-term relationships.
Importance of CRM:
The focus in CRM is not to try to mold the customers to the company’s 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).
But what exactly does CRM enable and what are the potential benefits? While
there are surely many approaches being espoused in the market today, we
believe there are five main strategies that companies can employ to survive and
thrive during uncertain economic conditions:
Customer portal
The CRM system has been customized to guide the CSE to most
appropriate answer for queries raise by customers/business partners
Every inbound call is passed through a verification process before
providing any information to the customer
Language based auto routing of call –based on the customers preferred
language
Mobile application
Insurance on the move is a mobile app developed by bajaj Allianz for its
customers. with the insurance app one can manage the life insurance policy any
time any where .
ICICI AND CRM
ICICI prudential; ICICI prudential has ambitious plans for its retail business
and has implemented the CRM software by the help of SAS and Teradata
solutions. It is implementing various modules of CRM to establish world class
CRM practices for the sake of better customer relationship management. ICICI
prudential life insurance company is using the CRM project properly by
integrating front office, back office and the analytical system.
The bank currently has the ability to process 0.27 million cheques per day and
Manage 7000 concurrent users.
The bank has successfully leveraged the power of Finacle and has deployed the
solution in the areas of core banking, consumer e-banking, corporate e-banking
and CRM. With Finacle, ICICI Bank has also gained the flexibility to easily
develop new products targeted at specific segments such as ICICI Bank Young
Stars- a product targeting children, Women's Account addressing working
women and Bank@campus targeting students
Call centers
ICICI Bank is certainly juggling some interesting numbers. Its Bombay call
centre handles 25 different products, for 10 million customers, with 620
positions. Now ICICI Bank’s branch network handles less than half of all
transactions – a shift which has taken an axe to the company’s costto- serve.
ICICI appreciated early on that by centralizing their service infrastructure, and
centralizing their service expertise, they created a new level of service for
customers. The call centre has played a leading role in transforming the bank’s
value proposition for its customers: The call centre also provides an opportunity
to shift the qualitative nature of the relationship between bank and customer to a
new level. Much of the extra leverage with customers that the call centre brings
is tactical. A customer is a lot more receptive to up selling and cross selling
when they’re phoning ICICI. The humble call centre is ICICI Bank’s means of
shifting away from a market share based product-as-commodity mindset, to
those stresses the importance of deepening exiting customer relationship.
E-marketing
The e-initiatives of the ICICI group have not been limited to customer
servicing. The marketing activities for its various products are also taking the
online route. In April 2000, through tie-ups with Orange and Airtel, ICICI
started offering limited WAP based services for customers on the move. A
month later, on its way towards a full-fledged online mobile commerce service,
the company commenced offering services like balance updation, request for
cheque book, details of last 5 transactions, request for statement etc.
Corresponding services are also available for the bank’s credit card customers.
On the anvil are personal banking services, payment services for utilities, travel
and ticketing information etc.
The processes for delivering CRM-The tools and the processes are as follow
–
Vision
Our Achievements
Bajaj Allianz has received iAAA rating, from ICRA Limited, an associate of
Moody's Investors Service, for Claims Paying ability. This rating indicates
highest claims paying ability and a fundamentally strong position.
Bajaj Allianz General Insurance has received the prestigious "Business Leader
in General Insurance", award by NDTV Profit Business Leadership Awards
2008. The company was one of the top three finalists for the year 2007 and
2008 in the General Insurance Company of the Year award by Asia Insurance
Review.
OUR CORE VALUE
Bajaj Finserv Limited has been recently demerged from Bajaj Auto Limited
which is the largest manufacturer of two and three-wheelers in India. As a
promoter of Bajaj Allianz General Insurance Company Ltd., Bajaj Finserv Ltd;
has the following to offer:-
Vast distribution network through its group companies.
Knowledge of Indian consumers.
Financial strength and stability to support the insurance business.
Allianz SE has the following to offer Bajaj Allianz General Insurance Company
Ltd:-
Set up and running of General insurance operations
New and improved international products
One of the world's leading insurance companies
More than 700 subsidiaries and 2 lac employees in over 70 countries
worldwide
Provides insurance to almost half the Fortune 500 companies
Technology
Other similar businesses
The promoters have also incorporated a Life insurance Company in India, called
Bajaj Allianz Life Insurance Company Limited to provide life insurance
solutions.
Visit Bajaj Allianz Life Insurance
FINANCIAL HIGHLIGHT
Bajaj Allianz General Insurance has won the award for "Best Insurance
Company in the Private Sector - General" by ABP News - Banking, Financial
Services & Insurance Awards.
The BFSI Awards 2014 recognizes the best performances of various Banking,
Finance & Insurance Services. The award focuses on the best practices in the
BFSI Industry based on their strategy, security, customer service, and the future
technology challenges and innovations. This award recognizes our
organizational values and contribution.
General Insurance Provider of the Year at the Money Today FPCIL Awards
2012
Best General Insurance Provider- Private Sector at the CNBC TV18 India Best
Bank and Financial Institution Award FY 11 and 12.
Head Office:
2. Bajaj Allianz is still the only company to automate SMS alerts on the
progress of the claims status to its customers. Four to five SMS alerts are sent
from the time the claim is registered to the issuance of final claim cheque. This
unique service is being offered only by Bajaj Allianz General Insurance to all
its motor insurance clients (provided they have registered their cell numbers).
It delivers total transparency to claims process
Bajaj Allianz Mobile Settlement (BAMS) was recently launched whereby the
claim assessment and payment is made at the customer's doorstep. The
process followed is simple - the customer intimates a claim, the in-house
service engineer armed with all necessary accessories reaches the customer's
doorstep to assess and pay the claim cheque onthe-spot. In addition to this,
suitable advice is given to choose good workshop/ garage and to help resolve
the problem then and there itself. This approach shortens the claim settlement
process and helps in addressing the proble m at an emotional level also. In
most of the cases, the claim cheque is issued on the same day. The service has
been rolled out in all the prominent cities where the company has its offices
4.Bajaj Allianz Drive-In Centre (BADIC), is yet another initiative launched by
the company. Here, the customer is required to drive the vehicle to the
designated office where the in-house service engineer assesses the claim and
the claim cheque is paid instantly.In both of these services, the customers are
at an advantageous position. They get the claim instantly and besides that they
have the liberty to bargain the best price with a workshop or garage of their
choice
5. Bajaj Allianz offers adequate assistance services to its customers during the
claim process. They can call the 24x7 call centre for on-the-spot assistance.
Depending on the nature of the claim, assistance is accordingly provided to
help with and coordinate any claim procedure that the customer may require
on the spot.
ICICI Prudential Life's capital stands at Rs. 4,793 crores (as of March 31, 2013)
with ICICI Bank and Prudential plc holding 74% and 26% stake respectively.
For the financial year 2013, the company has garnered total premium of Rs
13,538 crores. The company has assets held over Rs. 77,393.09 crores as on
December 31, 2013.
For the past decade, ICICI Prudential Life Insurance has maintained its
dominant position (on new business retail weighted basis) amongst private life
insurers in the country, with a wide range of flexible products that meet the
needs of the Indian customer at every step in life.
Our vision:
To be the dominant Life, Health and Pensions player built on trust by world-
class people and service.
Our values :
ICICI Prudential Life Insurance has been pronounced winner in the 2nd
Excellence Awards and Recongnition for Shared Services, 2012. We won the
award in the category - Shared Services in India - Insurance Domain.
Bronze Effie in the Financial services category for the campaign "Life
Insurance in just 10 Minutes"
ICICI Pru iCare has been voted the Product of the Year 2012*
*A survey by Nielsen for Insurance Category that included 30,000 people
ICICI Prudential Life Insurance has been pronounced winner in the 2nd
Excellence Awards and Recongnition for Shared Services, 2012. We won the
award in the category - Shared Services in India - Insurance Domain.
ICICI Prudential Life Insurance has been conferred the 'Insurance Company of
the Year Award 2011' and Company of the Year Award 2011 Life Insurance at
The Indian Insurance Awards 2011 instituted by the reputed insurance journal
of India Insurance Review, in association with Celent, a research and consulting
firm.
ICICI Prudential Life Insurance has been awarded the prestigious award for the
Best Leading Private Player Life Insurance 2011 at the CNBC TV18 Best Bank
and Financial Institution Awards for FY11.
PROMOTERS
ICICI Bank Limited (NYSE:IBN) is India's one of the leading private sector
bank and the second largest bank in the country, with consolidated total assets
of US$ 111 billion at June 30, 2012. ICICI Bank's subsidiaries include India's
one of the leading private sector insurance companies and among its largest
securities brokerage firms, mutual funds and private equity firms. ICICI Bank's
presence currently spans 19 countries, including India.
About Prudential Plc (taken from the press release of Prudential Plc)
The insurance industry has the highest new customer acquisition costs of any
industry,
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.
Wilson 2001; claimed that organizations are becoming 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.
As CRM evolves richer definitions are emerging with an emphasis on the goals,
logistics and complex character of CRM . According to light (2001) CRM
evolved from business processes such as relationship marketing and the
increased emphasis on improved customer retention through the effective
management of customer relationship. Relationship marketing emphasizes that
customer retention affects company profitability in that it is more efficient to
maintain an existing relationship with a customer than create a new one.
Although decision made during this phase are critical to the eventual success or
failure of a CRM initiative , there is a paucity of research exploring these
adoption issues (markus and tanis 2000) classified CRM research directions
into:
concept level
model level
process level.
The review of literature ranges from 1972 to 2013 includes around 1000
reference. It was the pioneering working of the researchers that provided the
much needed impetus in the process of understanding and formulating the
sector wise CRM comparison parameter for analysis.
Although decisions made during this phase are critical to the eventual success or
failure of a CRM initiative, there is a paucity of research exploring these
adoption issues (Markus and Tanis 2000). Wilson (1995) classified CRM
research directions into concept level, model level and process research.
Several scholars have enriched this literature through model level research
(Liljander and Strandvik 1996; Smith 1997; Donney 2000), concept level
research (Anderson and Hakanson 1994; Berson 1996; Light 1998; Han 2000)
and process level research (Anderson and Narus 2002; Schurr and Oh 2003).
Several studies have been conducted on the impact of CRM programmes on the
performance of banks, hospitals and insurance sector (Aulakh and Kotabe 1997;
Nevin 1998; Souder 2001; Zahay 2004).
This body of research generally finds that these CRM alignments “enable a firm
to maximize its IT investments and achieve harmony with its business strategies
and plans, leading to greater profitability”. Several authors have established that
by looking at the relationship development process, one could identify which
CRM constructs would actively impact the outcome considerations and which
of them would have latent influence and this will help in establishing a
comparison of CRM parameters (McKie 1992; Simonian and Ruth 1996;
Sodano
1996; Wilson 2006) and insurance sector is no exception.
The review of literature ranges from 1972 to 2006 and includes around 245
references. It was the pioneering work of Rudi (2003), Hewson (2003), Crook
(2002), Schmitt (2006) and Schellong (2005) that provided the much needed
impetus in the process of understanding and formulating the sector wise CRM
comparison parameters
Citing Marble (2000) paper that suggests an implied dynamic between user
function and IS function as two main parties engaged in IS implementation,
Corner and Hinton (2002) argue that, at least, in CRM system implementation
dynamic is much more complex and engage other parties, such as extra-
company contributors and project managers. These extra parties, in tandem with
higher sensitivity of organizational politics surrounding sales and marketing or
customer service systems, require consideration of new risks, resulting from this
complexity.(Corner and Hinton, 2002)
Gefen (2002) add to this complexity by comparing CRM to ERP systems and
arguing that customer relationship activities are not as standardized as other
business activities, such as accounting or procurement. Hence CRM
implementation calls for much more complex and flexible approach. (Gefen,
2002).
Another specifics of CRM that is brought forward by Rygielski, Wang and Yen
(2002), calls for increased responsibility by CRM implementers in terms of
privacy rights. The authors urge 3 implementers to balance between respect
towards the privacy of consumers and economic gains from using CRM and
establish privacy policy to make sure the CRM doesn’t gain opposite results.
(Rygielski, Wang and Yen, 2002)
The case study that Corner and Hinton (2002) used to examine the theoretical
risks is based on a software developer company that adopted and used CRM.
The paper however concludes that most of the risks mentioned by Hewson and
McAlpine were not viable and that other areas need to be examined that can
undermine the CRM implementation process as well as, need to discover how
various risk categories may impact each other. (Corner, Hinton 2002)The paper
also provides with quite valuable insight into technological, economic and
organizational risks to be considered while implementing a CRM system,
however its controversial conclusion leaves little hope for usage by practitioners
as most of the risk
OBJECTIVE OF THE STUDY
Data Source: the study will be based on primary data as well as on secondary
data
PRIMARY DATA : for collecting primary data these are main two important
methods
*Questionnaires method
Contact: personally
50: ICICI
HYPOTHESIS
Q.1.Do you agree that your insurance company offer variety of products?
90
90 80
80
70
60
50 Yes
No
40
30 20
20 10
10
0
ICICI PRU BAJAJ ALLIANCE
INTERPRETATION
45% of the respondents from icici and 35 respondents from Bajaj Allianz are agree that
company offer variety of the products where as only 5% respondents from icici and 15%
respondents from Bajaj Allianz are not agree. Both organizations offer the variety of the
products such as:
Health insurance
General insurance
Life insurance
80
80 70
70
60
50
40 30
30 20
20
10
0
ICICI PRU BAJAJ ALLIANCE
Yes No
INTERPRETATION
32 %of the respondents from icici and 28% from bajaj are agree that they get sufficient
information where as only 18% respondents from icici and 22% of respondents from bajaj
Allianz are not agree. This information is collected from the past purchase of the customer
crm helps in the lead generation it helps to advisors to know about the buying behavior of
customer, income of the customer etc. In case of new customer the sufficient information is
not available
Q.3.How many times you have contacted existing customers?
ICICI Bajaj
Once a week 20 15
Once a month 30 25
once in 6 month 20 20
Once in a year &above 15 30
As and when required 15 10
30 30
30
25
25
20 20 20
20
15 15 15
15
10
10
ICICI Bajaj
INTERPRETATION
20 respondents from ICICI are agreed that they contact their customer once in a week 30
respondents from Bajaj are agreed for once in a month, 10% respondents from ICICI are
agreed for Once in a Six Month and 20% Respondents from ICICI are agreed as and when
required. Whereas 20% respondent from Bajaj are agreed that they contact their customers
once in a year and Above.
Q.4. Which CRM Strategy is adopted by your organization?
ICICI BAJAJ
Marketing and customer service 10 5
CRM in customer contact centers 5 10
Sales force transformation 5 10
CRM in B2B market 10 10
Mobile sales automation 17 55
Contact center optimization 53 10
55 53
60
50
40
30 17
20 10 10 10 10 10 10
5 5 5
10
0
ICICI BAJAJ
INTERPRETATION
48% of the respondents from ICICI are agreed that company has adopted contact center
optimization. Its Bombay call centre handles 25 different products for 10 million customers. The
call centre provides an opportunity to shift the qualitative nature of the relationship between
company and their customer to a new level
35% of respondents from BAJAJ Allianz said that they have adopted the Mobile sales
automation strategy. Pay online renewal premium, fund switch and apportionment
Download account statement, make partial withdrawal, download IT certificates, view all
pervious transaction details, download pervious online payment receipt, change address
request .Where as 5 respondents from bajaj are agreed Marketing and customer service
CRM in customer contact centers 7 Bajaj Sales force transformation 3 Bajaj CRM in B2B
market 2 ICIC
Q5.which CRM strategies is more effective in customer retention?
ICICI BAJAJ
Marketing and customer service 10 10
CRM in customer contact centers 10 20
Sales force transformation 20 15
CRM in B2B market 10 5
Mobile sales automation 14 45
Contact center optimization 36 5
45
50
36
40
30 20 20
15 14
20 10 10 10 10
5 5
10
0
ICICI BAJAJ
INTERPRETATION
5 respondents from Bajaj are agreed that Marketing and customer services CRM strategies is
more effective in customer retention 5% Respondents from Bajaj are agreed that CRM in
customer contact centers and 10% from Bajaj agreed sales force transformation and 30%
respondents from Bajaj are agreed that Mobile sales automation CRM strategies is more
effective in customer retention. 15% respondents from ICICI are agreed that CRM in B2B
Market and 35% respondents from ICICI are agreed that Contact centre optimization.
Q6.How does the company keeps in touch with the customers ?
ICICI BAJAJ
SMS 70 65
Email 20 30
greetings 10 5
Chart Title
70
65
70
60
50
ICICI
40 BAJAJ
30
30
20
20
10
5
10
0
SMS Email greetings
INTERPRETATION
SMS 38 30
Email 10 10
Greetings 2 10
38% respondents from ICICI and 30% respondent from Bajaj are agreed that the company
keeps in touch with the customers through SMS facility. whereas 10% respondent from ICICI
and 10% of respondent from Bajaj are agreed that the company keeps in touch with the
customers. 2% respondents from ICICI and 10 % respondent from Bajaj are agreed that the
company keeps in touch with the customers
Q7. Do you take feedback from your customers?
ICICI BAJAJ
YES 90 80
No 10 20
90
90 80
80
70
60
50 YES
No
40
30 20
20 10
10
0
ICICI BAJAJ
INTERPRETATION
47% of the respondents from ICICI and 43% of respondents from BAJAJ are agreed that they
take feedback from customer and 3 of respondents from ICICI and 7% of respondents from
BAJAJ agreed that the they don’t take the feedback from customer
Q8. Do you customize your product or services according to the customer?
ICICI BAJAJ
YES 75 85
NO 25 15
85
90
75
80
70
60
50 YES
NO
40
25
30
15
20
10
0
ICICI BAJAJ
INTERPRETATION
47% of the respondents from ICICI and 38% of respondents from Bajaj Allianz are agree
that they customize product or services according to the customer and 3% respondents from
ICICI and 12% respondents from BAJAJ ALLIANZE were not agreed that they customize
their product.
Q9. How much is the role of computers in serving the customers?
c) No role to play 5
ICICI Bajaj
46
26
14
10
2 2
INTERPRETATION
46% of respondent from ICICI and 26% from Bajaj are agreed that the computers plays a
big role in serving the customers where as 2% of respondents from ICICI and 14% from
Bajaj are Agreed that computers has not much role to play in serving the customers. 2%
respondent from ICICI and 10% from Bajaj are agreed computer has no role to play in
serving the customers.
Q10. Do you have centralized database for customer information?
.. ICICI BAJAJ
Yes 80 70
No 20 30
80
80 70
70
60
50
Yes
40 No
30
30 20
20
10
0
ICICI BAJAJ
INTERPRETATION
46% of the respondents from ICICI and 44% respondents from the BAJAJ Allianz are
agreed and only 6% respondents from BAJAJ Allianz and 4% from ICICI are not agreed that
they have centralized database for customer information.
Q11. Do you get proper training for CRM?
ICICI BAJAJ
Yes 80 20
b. No 20 80
80 80
80
70
60
50
Yes
40 No
30 20
20
10
0
icici bajaj
INTERPRETATION
48% of the respondents from ICICI and 32% of respondents from Bajaj Allianz have agreed
that they get proper training for CRM. Whereas 2% of respondents from ICICI and 18% of
respondents from Bajaj Allianz were not agreed that they get proper training for CRM
Q12. Do you think the company is maintaining good customer relationship management
through its services?
icici bajaj
Yes 89 78
b. No 11 22
89
90
78
80
70
60
50 Yes
b. No
40
30 22
20 11
10
0
icici bajaj
INTERPRETATION
47% of the respondents from ICICI and 43%from Bajaj Allianz are agree that the company
is maintaining good customer relationship management through its services where as only 3%
respondents from icici and 7 % of respondents from Bajaj Allianz are not agree. Both the
companies have adopted different CRM strategies to maintain good customer relationship
management
Q13. How do you get customer comments and complaints?
icici bajaj
Face to face interview. 35 15
Toll free numbers, formal surveys. 45 50
Others means 20 35
50
50 45
45
40 35 35
35
30
icici
25 20 bajaj
20 15
15
10
0
Face to face interview. Toll free numbers, formal surveys. Others means
INTERPRETATION
25% of the respondents from ICICI and 35%from Bajaj Allianz are agreed for toll free
numbers and formal surveys to solve the customer comments and complaints and 10% of
respondents from ICICI and 10% from Bajaj Allianz are agree with other means where as
only 15% respondents from ICICI and 5% respondents from Bajaj Allianz agreed with face
to face interview for their complaints and comments. Both the companies have their toll free
numbers and their service advisors go through survey time to time. The other means are
websites customer can register their complaints on the website
Q14. Do you communicate results of your customer satisfaction surveys regularly throughout
the company?
icic bajaj
Yes 85 79
No 15 21
85
90 79
80
70
60
50 Yes
No
40
30 21
15
20
10
0
icic bajaj
INTERPRETATION
47% of the respondents from ICICI and 43% respondents from Bajaj Allianz are agreed that
they communicate results of your customer satisfaction surveys regularly throughout the
company. Whereas 3% of respondents from ICICI and 2% of respondents from Bajaj Allianz
are not agreed. Both the companies conduct meetings in monthly basis and the monthly
reports are been send to the corporate office to the senior level manager. Past month report
and other changes are discussed in these meetings
Q15.Is there any improvement in customer response rate to the marketing activities?
icici bajaj
yes 79 86
no 21 14
86
90 79
80
70
60
50 yes
no
40
30 21
14
20
10
0
icici bajaj
INTERPRETATION
25% of the respondents from ICICI and 15% of respondents from Bajaj Allianz are agreed
that that there is improvement in customer response rate where as 25% respondent from icici
and 35% respondents from Bajaj Allianz are not agreed that there is improvement in
customer response rate to the marketing activities. Both the companies conduct several
marketing activities programs in malls petrol pumps and other places but customers hardly
response for those activities.
Q16.CRM HELPS IN?
icici bajaj
reduce cost of service 20 16
effective use of customer`s data 20 14
up selling 50 50
cross selling 10 20
50 50
50
45
40
35
30
25 20 20 20
16 14
20
15 10
10
5 icici
0 bajaj
INTERPRETATION
35% of the respondents from icici and 25 respondents from Bajaj Allianz are agree that CRM
helps in Up selling and 2% respondents from ICICI and 10% from Bajaj Allianz agreed in
cross selling where as 6% respondent from ICICI and 5% from Bajaj are agreed that CRM
help in effective use of customer’s data and 7% respondents from ICICI and 10% from Bajaj
are agreed that CRM help in reduce cost of service.
Q17. Do you agree that mobile application helps in maintaining better customer relationship
management?
icici bajaj
yes 85 79
no 15 21
85
90 79
80
70
60
50 yes
no
40
30 21
15
20
10
0
icici bajaj
INTERPRETATION
30% of the respondents from icici and 45% respondents from bajaj Allianz are agree that
mobile application helps in maintain better customer relationship management where as only
20% respondent from ICICI and 5% respondent from Bajaj are not agreed that mobile
application helps in maintain Better customer relationship management.
Q18. Does the company policy provide better tax benefit as compared to its competitors?
icici bajaj
Yes 78 87
no 22 13
87
90
78
80
70
60
50 Yes
no
40
30 22
13
20
10
0
icici bajaj
INTERPRETATION
40% of the respondents from ICICI and 35% of respondents from Bajaj Allianz are agreed
that the company policy provide better tax benefit as compared to its competitors where as
only 10% respondent from ICICI and 15% respondents from Bajaj Allianz are not agreed that
the company policy provide better tax benefit as compared to its competitors
Q19 on a scale of 1 to 5 kindly rate the following CRM strategies which are as follow?
2 CRM in
customer
3 contact
Sales force
transformatio
4 nCRM in B2B
market
6
5 Mobile sales
automation
6 Contact center
5 optimization
Least consider
4 Less considered
Not considered
More
considered
3
2
Optimization
0
FINDINGS
1. 45% of the respondents from icici and 35 respondents from Bajaj Allianz are agree
that company offer variety of the products where as only 5% respondents from icici
and 15% respondents from Bajaj Allianz are not agree.
2. 32 %of the respondents from icici and 28% from bajaj are agree that they get
sufficient information where as only 18% respondents from icici and 22% of
respondents from bajaj Allianz are not agree.
3. 20 respondents from ICICI are agreed that they contact their customer once in a week
30 respondents from Bajaj are agreed for once in a month, 10% respondents from
ICICI are agreed for Once in a Six Month and 20% Respondents from ICICI are
agreed as and when required. Whereas 20% respondent from Bajaj are agreed that
they contact their customers once in a year and Above.
4. 48% of the respondents from ICICI are agreed that company has adopted contact
center optimization 35% of respondents from BAJAJ Allianz said that they have
adopted the Mobile sales automation strategy. Whereas 5 respondents from bajaj are
agreed Marketing and customer service CRM in customer contact centers 7 Bajaj
Sales force transformation 3 Bajaj CRM in B2B market 2 ICIC
5. 5 respondents from Bajaj are agreed that Marketing and customer services CRM
strategies is more effective in customer retention 5% Respondents from Bajaj are
agreed that CRM in customer contact centers and 10% from Bajaj agreed sales force
transformation and 30% respondents from Bajaj are agreed that Mobile sales
automation CRM strategies is more effective in customer retention. 15% respondents
from ICICI are agreed that CRM in B2B Market and 35% respondents from ICICI are
agreed that Contact centre optimization.
6. 38% respondents from ICICI and 30% respondent from Bajaj are agreed that the
company keeps in touch with the customers through SMS facility. whereas 10%
respondent from ICICI and 10% of respondent from Bajaj are agreed that the
company keeps in touch with the customers. 2% respondents from ICICI and 10 %
respondent from Bajaj are agreed that the company keeps in touch with the customers
7. 47% of the respondents from ICICI and 43% of respondents from BAJAJ are agreed
that they take feedback from customer and 3 of respondents from ICICI and 7% of
respondents from BAJAJ agreed that the they don’t take the feedback from customer
8. 47% of the respondents from ICICI and 38% of respondents from Bajaj Allianz are
agree that they customize product or services according to the customer and 3%
respondents from ICICI and 12% respondents from BAJAJ ALLIANZE were not
agreed that they customize their product.
9. 46% of respondent from ICICI and 26% from Bajaj are agreed that the computers
plays a big role in serving the customers where as 2% of respondents from ICICI and
14% from Bajaj are Agreed that computers has not much role to play in serving the
customers. 2% respondent from ICICI and 10% from Bajaj are agreed computer has
no role to play in serving the customers.
10. 46% of the respondents from ICICI and 44% respondents from the BAJAJ Allianz
are agreed and only 6% respondents from BAJAJ Allianz and 4% from ICICI are not
agreed that they have centralized database for customer information
11. 48% of the respondents from ICICI and 32% of respondents from Bajaj Allianz have
agreed that they get proper training for CRM. Whereas 2% of respondents from
ICICI and 18% of respondents from Bajaj Allianz were not agreed that they get
proper training for CRM
12. 47% of the respondents from ICICI and 43%from Bajaj Allianz are agree that the
company is maintaining good customer relationship management through its services
where as only 3% respondents from icici and 7 % of respondents from Bajaj Allianz
are not agree. Both the companies have adopted different CRM strategies to maintain
good customer relationship management
13. 25% of the respondents from ICICI and 35%from Bajaj Allianz are agreed for toll
free numbers and formal surveys to solve the customer comments and complaints and
10% of respondents from ICICI and 10% from Bajaj Allianz are agree with other
means where as only 15% respondents from ICICI and 5% respondents from Bajaj
Allianz agreed with face to face interview for their complaints and comments
14. 47% of the respondents from ICICI and 43% respondents from Bajaj Allianz are
agreed that they communicate results of your customer satisfaction surveys regularly
throughout the company. Whereas 3% of respondents from ICICI and 2% of
respondents from Bajaj Allianz are not agreed.
15. 25% of the respondents from ICICI and 15% of respondents from Bajaj Allianz are
agreed that that there is improvement in customer response rate where as 25%
respondent from icici and 35% respondents from Bajaj Allianz are not agreed that
there is improvement in customer response rate to the marketing activities.
16. 35% of the respondents from icici and 25 respondents from Bajaj Allianz are agree
that CRM helps in Up selling and 2% respondents from ICICI and 10% from Bajaj
Allianz agreed in cross selling where as 6% respondent from ICICI and 5% from
Bajaj are agreed that CRM help in effective use of customer’s data and 7%
respondents from ICICI and 10% from Bajaj are agreed that CRM help in reduce cost
of service.
17. 30% of the respondents from icici and 45% respondents from bajaj Allianz are agree
that mobile application helps in maintain better customer relationship management
where as only 20% respondent from ICICI and 5% respondent from Bajaj are not
agreed that mobile application helps in maintain Better customer relationship
management.
18. 40% of the respondents from ICICI and 35% of respondents from Bajaj Allianz are
agreed that the company policy provide better tax benefit as compared to its
competitors where as only 10% respondent from ICICI and 15% respondents from
Bajaj Allianz are not agreed that the company policy provide better tax benefit as
compared to its competitors
19.The customers of COMPANY are throughout India.
20. The needs of the customers are clearly defined and the products are
customized according to the needs of the customers.
21. Customer’s comments and complaints are welcomed and resolved quickly
and positively. Comments and complaints are taken through formal survey,
and toll free number .
22.The company conducts customer satisfaction surveys through its CRM
Department.
LIMITATIONS OF THE STUDY
1. The employee’s attitude and opinion may change in future, so future relevance to the
study cannot be assured.
2. Reliability of the study depends greatly on the reliability of information provided by
the respondents. The personal bias of the respondents is another limiting factor.
3. The results obtained from the analysis would not be applicable to similar
organizations in the industry.
4. Lack of experience of Research.
5. Another difficulty was very limited time-span of the project.
SUGGESTIONS
Web pages:
www.google.com
1. Gefen D. and Ridings C.M., Implementation team responsiveness and
user evaluation of customer relationship management, journal of
management information system, 19, 47-69 (2002)
2. Burnett K., hand book of key customer relationship management, New
Jersey: prentice hall (2001)
3. Greenberg, P. CRM at the speed of light: capturing and keeping
customers in internet real time, mc- graw hill (2001)
4. Bayon T., Customer equity marketing, European management journal,
20, 213-224 (2002)
5. Bradshaw and brash C., Managing customer relationships in the e-
business world; international journal of retail and distribution
management, 29, 520-530 (2001)
6. www.expresscomputeronline.com/indiatrends 02.shtml (2012)
7. http://business.maps of India.com/Indiainsurancemarket. html (2012)
8. http//en.wikipedia.org/wiki/insurance_in_india (2012)
9. www.researchhandmarkets.com (2012)
10.www.economywatch.com/India economy/India insurance (2012)
11.http://dilbert.iiml.ac.in/crm, (2012)
12.ww.crminfoline.com/crm-articles, (2012)
Customer Relationship Management Strategies and its Implementation :
Q.1.Do you agree that your insurance company offer variety of products?
a. Yes 80
b. No 20
Q.2.Did you get sufficient information about the customer while selling?
a. Yes 60
b. No 40
a. Once in a week 20
b. Once in a month 30
c. Once in 6 month 15
d. Once in a year & above 25
e. As and when required 10
a) Yes 90
b) No 10
a) Yes 85
b) No 15
c) No role to play 5
Q10. Do you have centralized database for customer information?
a) Yes 90
b) No such database. 10
a. Yes 80
b. No 20
Q12. Do you think the company is maintaining good customer relationship management
through its services?
a. Yes 90
b. No 10
Q14. Do you communicate results of your customer satisfaction surveys regularly throughout
the company?
a) Yes 70
b) No 30
Q15.Is there any improvement in customer response rate to the marketing activities?
a) Yes 40
b) No 60
A yes 75
B no 25
Yes
No
INTERPRETATION
30% of the respondents from icici and 45% respondents from bajaj Allianz are agree that
mobile application helps in maintain better CRM where as only 25% are not agree.
ICICI has started their mobile banking facility recently where every process for
opening a new account is done by the mobile phone and bajaj has also launched their
mobile application in android market which helps customer in
Yes
No
INTERPRETATION
80% of the respondents are agree that company policy provide tax benefit as compared to its
competitors where as only 20% are not agree. Both companies agreed that they provide better
tax benefit than others they have various tax benefit policies which helps the customer to
have the tax benefit
Q19 on a scale of 1 to 5 kindly rate the following CRM strategies which are as follow?
2 CRM in
customer
3 contact
Sales force
transformatio
4 nCRM in B2B
market
5 Mobile sales
automation
6 Contact center
optimization
23.
QEUSTIONNAIRE
Q1.Personal Details
a. Name:___________________________
b. Age:___________________________
c. Education_______________________
d. Organization:____________________
e. Designation:_______________________
Q.2.Do you agree that your insurance company offer variety of products?
c. Yes
d. No
Q.3.Did you get sufficient information about the customer while selling?
c. Yes
d. No
f. Once in a week
g. Once in a month
h. Once in 6 month
i. Once in a year & above
j. As and when required
3. Feedback Record
4. Sharing of Information
a) Yes
b) No
a) Yes
b) No
c) No role to play
a. Yes
b. No
Q13. Do you think the company is maintaining good customer relationship management
through its services?
a. Yes
b. No
Q15. Do you communicate results of your customer satisfaction surveys regularly throughout
the company?
a) Yes
b) No
Q16.Is there any improvement in customer response rate to the marketing activities?
a) Yes
b) No
Q17. on a scale of 1 to 5 kindly rate the following CRM strategies which are as follow?
2 CRM in customer 30 46 15 10 9
contact centers
3 Sales force 22 40 18 10 10
transformation
6 Contact center 15 16 1 25 43
optimization
Q19. Do you agree that mobile application helps in maintaining better customer
relationship management?
A yes
B no
Q20. Does the company policy provide better tax benefit as compared to its competitors?
a. Yes
b. No