A PROJECT REPORT

ON
A STUDY OF CUSTOMER RELATIONSHIP MANAGEMENT OF

SBI LIFE INSURANCE

in partial fulfillment of the requirments for the award of

the degree
of

Master of Business Administration (MBA)

submitted by
Ananya Rai
Roll No.200100070025

Submitted To

Mr. Purendu Patra

Assistant Professor

School of Management Science, Varanasi

Affiliated to

(Dr. A.P.J. Abdul Kalam Technical University, Lucknow)

November, 2021
COLLEGECERTIFICATE
PREFACE

MBA course provides the knowledge about the commerce and industry. As a part of
curriculum and in order to gain practical knowledge in the field of management, we are
required to visit service unit and prepare report on it. This helps us to know about actual
uses of what we have learnt through therotical knowledge.

As only the theoretical knowledge of business is not enough for achieving

overall knowledge of business management. I, the student of MBA have to prepare a
training report on a service unit. I also get opportunity to visit SBI Life Insurance Bank
Ltd. & prepare training report on it.

This report is the reflection of what I have observed & came to know during my
training period utmost care has taken to prepare the reports on the basis of information
& research given. The report presented here provides all information that I have
obtained during my practical training period at SBI Life Insurance Ltd.

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ACKNOWLEDGEMENT

Writing a project can never be the work of any one person. It includes cooperation & efforts
of those persons who are in some way involved in the work at every stage. I am highly
thankful to every person for helping me throughout my summer training.

Let us begin my acknowledgement by thanking my institute Project guide Mr.

Purnendu Patra for his assistance & constant feedback throughout this research. Without his
professional guidance the completion of this project would not have been possible. Also I
would like to acknowledge and thank all the respondents of my questionnaire whose
involvement in my research enabled my study to be possible & representative.

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DECLARATION

I, Ananya Rai ,hereby declare that the report for “ Summer Internship Project Report “entitle “
A study on customer relationship management of SBI Life Insurance Ltd.” is a result of my
own work and my indebtedness to other work publications , references , if any , have been
duly acknowledged.

Place: Varanasi

Date: Ananya Rai

5
 TABLE OF CONTENTS

Chapter Topic Page no.

1 Preface 3

2 Acknowledgement 4

3 Introduction 5

4. Industry Profile 7

5. Company Profile 28

6. Topic of the Project 42

7. Literature Review 68

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8. Research Methodology 73

9. Data Interpretation & Analysis 74

10. Findings and Limitation 89

11. Suggestions & Conclusion 92

12. Bibliography 95

13. Annexure 97

Part – I

7
INTRODUCTION TO THE INDUSTRY

8
 INTRODUCTION TO THE INDUSTRY

OVERVIEW

In 1999, the insurance business was opened up to allow for the admission of independent actors. The
Indian insurance industry has immense power, with an annual growth rate of 24.31 percent and a big
number of successful health insurance policies. The Indian insurance business saw a transformation in
1999, with the passage of the Insurance Regulatory and Development Insurance (IRDA) Bill, the
relaxation of private player entry limitations, and the admission of international companies into the
market near the end of the government's tenure.

The contribution of insurance and banking services to the country's GDP is 7.1 percent of total revenue
collection, according to the CSO. Until 2000-2018, the cost of life insurance in India was less than 1%.
It was between 1 and 2 percent in the 1990s, and it has been over 2 percent since 2007. It was 2.4
percent from 2010 to 2014. It was 14 percent in 2017-18.

The IRDA's existing role in licensing independent players and taking positive initiatives to improve
public knowledge of insurance is responsible for the increase. Furthermore, general insurance
companies, particularly private insurance companies, are launching strong campaigns to gain access to
prospective opportunities in rural areas.

Emerging insurance companies have been able to register Indian consumers faster than predicted
because to new products, effective marketing, and good distribution. Life insurance is seen as a tax-
saving strategy. People are increasingly turning to private enterprises for new items and a wider range of
options. The significance of recent initiatives aimed at building an environment friendly to FDI and
fostering the deployment of new technologies and management procedures has been emphasized by
improvements in FDI flow. The government's intention to raise the FDI rate in the insurance sector from
26% to 49% has raised multinational insurance companies' hopes.

Definition

9
"Insurance is a contract in which a sum of money is given to a person who is promised to pay a
significant sum in a certain scenario, taking into account the existing risk of insurance." —- Tindall,
Justice

"Insurance is a contract in which a person seeking compensation assumes certain risks on behalf of
another party in exchange for a guarantee to pay them or their nominee a specific amount of money in
the stipulated manner." —- Fitterson, E.W.

"Insurance can be characterized as a communication mechanism by which a larger group of individuals

can lower the risk of an overwhelming economic loss common to all group members through a system
of equal donations." Encyclopaedia Britannica, "Encyclopedia Britannica"

The definitions above clearly illustrate that insurance is a collaborative mechanism for spreading losses
caused by a specific risk among members of the public who are exposed to the risk and agree to insure
against it. Insurance does not remove risk, but it helps alleviate the financial load, which can be
substantial.

Insurance's Evolution

10
In the past, insurance was co-operative and voluntary in its purest form. When, where, and how it began
is still a mystery, but it was widespread in the past in some form or another. From the evolutionary
society's hunting stage through the present industrial era, we may trace its history. The word
"YAGCHHEM" comes from the Rig Veda, which is the world's oldest Hindu script.

"YAGCHHEM" is a term that signifies "insurance." It was obvious that insurance was widespread in its
nascent form around 4,000 years ago. In nature, it was cooperative and natural. People join diverse
organizations in order to share losses in the event of a certain accident. To cover an unexpected loss,
each member has donated a specific amount to a single fund. They would sometimes offer the same
amount of money to make up for the loss. Insurance tracks were also available in the ancient world in
the form of sea trading loans or carrier contracts that covered a portion of the insurance.

Records show that systems embracing the concept of insurance were created in ancient Babylonia and
India. In Manu's code "Manu Smrity," it alluded to the concept of insurance. It was akin to the
"Yagakshemo" of the Rigveda, in which social welfare and security were the norm. However, no proof
exists that insurance was utilized on their current property prior to the twelfth century.

INSURANCE TYPES

For living situations, insurance has the following characteristics: maritime, fire, and general insurance.

1. Risk sharing: Insurance is a collaborative tool for sharing financial losses that may occur to a person
or his or her property in the event of a sudden occurrence such as a breadwinner's death, maritime
accidents in maritime insurance, fire in fire insurance, and theft insurance, among other things.

11
2. Collaborative device: A large group of people agrees to split the losses from claims on a specific risk.
As a result, insurance is a tool for collaboration.

3. Risk value: Before paying a premium insurance premium, the risk is evaluated.

4. Emergency payments: Payments are made in the event of an insurance claim. Death, fire, marine
catastrophes, and other unforeseen events are examples of contingencies.

5. Payment amount: The payment amount is determined by the insurance policy.

SERVICES FOR INSURANCE

A) Fundamental Functions-

1) Insurance Gives a Guarantee: Insurance provides payment assurance in the event of a loss. Better
planning and management lower the uncertainty factor.

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2. Collaborative device: A large group of people agrees to split the losses from claims on a specific risk.
As a result, insurance is a tool for collaboration.

3. Risk value: Before paying a premium insurance premium, the risk is evaluated.

4. Emergency payments: Payments are made in the event of an insurance claim. Death, fire, marine
catastrophes, and other unforeseen events are examples of contingencies.

5. Payment amount: The payment amount is determined by the insurance policy.

Services for Insurance

A) Fundamental Functions-

1) Insurance Gives a Guarantee: Insurance provides payment assurance in the event of a loss. Better
planning and management lower the uncertainty factor.

2) Insurance provides security: it determines whether a risk will occur, when it will occur, and how
much money will be lost. The incidence of time and the amount of loss are both unknown. The primary
purpose of insurance is to safeguard against losses.

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3) Risk sharing: Because risk is unclear, losses are as well. Every company has a risk factor, and if the
company is large enough to manage the risk, it becomes a unique responsibility. The occurrence of many
dangers in our daily lives has led to the development of insurance as a tool.

It disperses any losses among a broad number of persons who are exposed to a certain risk.

B) Part-time jobs-

1) Loss prevention: Prevention is always preferable to treatment. The greatest way to avoid an accident
is to prevent it. It is the most efficient and cost-effective method of avoiding adverse effects. However,
prevention is not always possible and effective.

2) Gives a lot of money: Gives a lot of money to the community. There is a tremendous need for large
sums of money in order to establish a national system. Insurance businesses now play an important role
in the development of trade, commerce, and manufacturing.

3) Enhances efficiency: Achieving goals improves not just the efficiency of the masses, but also the
efficiency of the individual. Insurance alleviates the miseries and grief of loss such as death and property
devastation, allowing a thoughtless person to devote his or her focus to something positive.

4) Assuring social welfare: "Insurance is the doorway to service and security" in the society. The
insurer's life and property insurance provides the insured with peace of mind. Many difficulties in India

14
can be solved by investing in LIC in social programs such as energy, housing, water supply, and
agricultural sector areas.

5) Promotes economic growth: Insurance is a tireless effort to better the lives of the masses. With low
assets, life insurance includes a share of savings. It has been steadily increasing in recent years, with a
current yearly worth of almost Rs. 400 kr. Life insurance is more than just a business; it also has
responsibilities for social well-being and economic progress.

INSURANCE INDUSTRY

15
 INSURANCE INDUSTRY

INTRODUCTION

With an annual growth rate of 15-20% and a large number of effective health insurance
policies, the strength of the Indian insurance industry is enormous. The total value of the
Indian insurance market (2004-05) is estimated at Rs.450 billion (US $ 10 billion). According
to government sources, the contribution of insurance and banking services to gross Domestic
Product (GDP) is 7% where total revenue is a significant component.

Revenue from the state-owned Life Insurance Corporation (LIC) for investment is 8% of
GDP. To date, only 20% of India's uninsured population are under various health insurance
schemes, entry rates for health and other non-health insurance in India are also significantly
lower than the international standard. These facts show the great growth potential of the
insurance industry.

In 1999 there was a change in the Indian insurance industry, as major structural changes took
place at the end of the government's administration and the passage of the Insurance
Regulatory and Development Insurance (IRDA) Bill, removing all restrictions on private
entry and admission of foreign players. entering the market with certain restrictions of direct
foreign ownership.

Although the current law stipulates that an external partner may hold 26% stake in an
insurance company, a proposal to increase the limit to 49% is still pending in government.
Since the opening of the insurance sector in 1999, foreign investment of Rs. 8.7 billion in the
Indian market and 21 private companies have been licensed.

New products, smart marketing, and strong distribution have enabled emerging insurance
companies to register Indian customers faster than expected. Indians, who used to see life
insurance as a tax-saving tool, are now turning to private companies and adopting new
products.

India's health insurance sector has grown by an impressive 36%, with premium revenue from
new business by Rs. 253.43 billion for the 2004-2005 financial year, stiff competition from
private insurance brokers. An RNCOS report, "Indian Insurance Industry: New Avenues for
Growth 2012", finds that part of the country's behemoth market, LIC, closed business growth

16
by 21.87% to Rs.197.86 billion by selling new billion billion policies -2.4 in 2004-05. But
this was not enough to stop the market share, as independent players grew by 129% to pay
Rs.
55.57 billion in 2004-05 from Rs. 24.29 billion in 2003-04.

Although LIC's business capital has increased over the previous financial year (2004-2005)
compared to the previous year, its market share has dropped from 87.04 to 78.07%. Fourteen
independent insurance brokers have increased their market share from about 13% to about
22% over a year. The figures for the first two months of the 2005-06 financial year also
reflect the growing share of private insurance companies. The LIC share for the period has
dropped to 75 percent, while independent players hold more than 24 percent.

There are currently 12 general insurance companies with four state-owned companies and
eight private insurance companies. By average, private insurance companies together have a
10% share in the non-living insurance market.

Although this market research report focuses on the potential growth in the Indian Insurance
Sector, it also discusses market size, market fragmentation, and significant market
developments since 2017. This report provides an immediate overview of the Indian non-
health insurance market, and includes fire, maritime, and other non-health insurance. Data is
provided in both image and table format for easy interpretation and analysis. The report also
provides corporate profiles of major private insurance companies.

REPORT HIGHLIGHTS

• Benefits of freedom in the Indian insurance industry

• Indian industry market segmentation of products

• Market size and market share of life insurance, with INR (crore)

• The market share of non-performing insurance companies

• Predicting growth for health insurance until 2012

• Forecasts for the growth of insured insurance up to 2012

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• Income from the markets of both public and private insurers

• IRDA policies and measures to improve the insurance market

• Research and development activities

• Insurance regulators and insurance companies

• Major challenges facing the Indian insurance industry

• Major player profiles

LIFE INSURANCE

Definition

"A life insurance contract includes an agreement where the terms are specified, the insurer
undertakes to pay the prescribed amount when the insurer dies on the nominated beneficiary."

--- J.H.MAGEE

"A life insurance contract may be defined when the insurer, in consideration of a premium or
installment, undertakes to pay the pension on the death of the insured for a certain number of
years."

--- R.S.SHARMA

"A health guarantee contract is that when one party agrees to pay a certain amount in the
event of a certain event based on a person's lifespan it is considered the immediate payment
of a small amount by the other."

--- THE LAW OF THE COURT

Benefits of life insurance

1. It is higher than the standard savings plan: this is so because unlike other savings
programs, it offers full protection against the risk of death.

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2. Insurance promotes and compels savings: many people may not be able to afford to
continue their long-term savings plan who may make regular payments when faced with
money and other things that can be spent on their limited income.

3. Simple installments and debt protection: life insurance premiums can be protected
from debtors' claims for a life that is lovingly guaranteed by the effective provision of
policies.

4. Tax relief: Income tax law does not pay tax on the portion of the income that is paid
to pay for a life insurance premium.

5. Housing: Life insurance is the most likely way to ensure a guaranteed payment in the
event of a death without turning to the asset for losses.

Why Life Insurance?

Life insurance has come a long way since the earliest days when it was initially thought of as
a short-term risk zone, covering short-term risk factors, such as sea voyages. As life
insurance became increasingly sophisticated, it proved to be a useful tool in many cases,
including -

1. Temporary needs / threats: The original purpose of life insurance is still an important
factor, namely to provide for the exchange of income at the time of death etc.

2. General Savings: Provide for your family and yourself, as a medium to long-term
exercise (with a series of regular premium payments). This has been very effective in recent
times as people seek financial independence for their families.

3. Investment: Simply put, building savings while protecting against the effects of
inflation. Unlike conventional savings products, investment products are traditionally a lump
sum investment, in which one makes one payment.

4. Retirement: The provision of subsequent years is increasingly necessary, especially in

the changing cultural and social context. One can buy appropriate insurance, which will
provide payments from time to time in old age.

d for
insurance:
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Mr. Pranay is 45 years old and self-employed. His wife Nandini, a housewife, is caring for
their two children, aged 3 and 7.

They live in a rented area, where the rent is 15,000 rupees per month. Mr. Atul took out a
loan of Rs. 2 lakh. His average monthly salary is 40,000 rupees. Mr. Atul dies in a tragic road
accident. What are some of the financial problems of her death for her family? There may be
several financial consequences for his family. Some of these are:

a) Monthly income, previously provided by Mr. Atul izoma.

b) His wife and children may need to seek financial help from other relatives.

c) His wife may not have enough money to repay the loan of Rs. 2 lakh.

d) The family may need to move to a cheaper location.

e) His widow may have to take a job to earn money.

f) Her children's education may suffer.

This simple example illustrates the effect that premature death can have on a family, with its
high income often out of control. If Mr. Atul took cover of life, his family would not have
faced such a crisis in the event of his tragic death. Simple life insurance could have been
given to Mr. Atul the amount that could be invested to provide an income equal to all or part
of his income.

In simple terms, insurance protects against unexpected losses. Insurance has been found to be
useful in people's lives in the short and long term. Short-term needs such as sudden medical
expenses and long-term needs such as wedding expenses etc can be met through health
insurance.

Life Insurance in India

With so many people and an unused market place for these people Insurance is a huge
opportunity in India. Today it stands as a business that grows at an average rate of 15-20
percent per year. Along with banking services, it adds about 7 percent of the country's GDP.

20
Despite all this growth the inflow of insurance figures in the country is much worse. About
80% of Indians do not have life insurance and health insurance.

This is an indication that the growth potential of the insurance industry is high in India. It was
because of this tremendous growth that regulations were introduced in the insurance sector
and the “Malhotra Committee” was formed by the government in 1993 to examine various
aspects of the industry. A key element of the transformation plan has been the Joint of foreign
insurance companies with a 26% investment. Creating a highly efficient and competitive
financial system suited to economic needs was the key to this change.

Since then the insurance industry has gone through a lot of maritime changes .The
competition that LIC first faced in these companies threatened the existence of LIC. Since the
liberation of the industry the insurance industry has never looked back and today stands as
one of the most competitive and inspiring industries in India. The influx of independent
players and the increase in the use of new distributions are evident today. The use of new
distribution techniques and IT tools has increased the scope of industry over time.

History

The origin of insurance is very old .The time when we were not even born; man has sought
some kind of protection from unexpected natural disasters. Man's basic desire to protect
himself from any kind of danger and uncertainty led to the origin of insurance. Insurance
came to India from the UK; with the establishment of the Oriental Life insurance Corporation
in 1818.

Indian health insurance company The act of 1912 was the first legal entity that began to
regulate the health insurance business in India. In 1956 about 154 Indians, 16 foreign and 75
foreign firms provided services established in India. The central government took over these
companies and as a result the LIC was established. Since then LIC has worked to spread life
insurance and build a wider network across the length and atmosphere of the country. After
the release the entry of foreign players added to the competition in the market.

The Indian insurance company, on the other hand, can trace its roots to Triton Insurance
Company Ltd., the first general insurance company founded in 1850 in Calcutta by the
British. In 1957 the General Insurance Council, a subsidiary of the Indian Insurance
Association, developed a code of conduct to ensure proper conduct and sound business

21
practices. 1972 The General Insurance Business (Nationalization) Act, 1972 makes the
general insurance business in India nationalized from 1 January 1973.

It was only after this that the 107 insurance brokers merged and merged into four companies
namely. National Insurance Company Ltd., New India Assurance Company Ltd., Oriental
Insurance Company Ltd. and United India Insurance Company Ltd. GIC compiled as a
company.

Present Scenario

The Indian government released the insurance sector in March 2000 with the passing of the
Insurance Regulatory and Development Authority (IRDA) bill. The policies are subject to a
government-appointed committee of the Revenue Agency. The opening of this sector is likely
to lead to the spread and deepening of insurance in India and this may also be restructured
and revitalized public sector companies. A number of private insurance companies operating
in both the health and non-health sectors have been selling their insurance since 2001.

Non-life insurance market, In December 2000, companies under GIC were restructured as
private insurance companies. At the same time, GIC was transformed into a new national
insurance policy. In July 2002, Parliament passed a bill banning four companies under the
GIC.

There are currently 12 general insurance companies with 4 state-owned companies and 8
private businesses. Although state-owned companies still run the general insurance business,
private insurance companies have a 10 percent stake in the market, up from 4 percent in
2001. In the first half of 2002, private companies booked a $ 6.34 billion premium. Most
newcomers reported losses in their first year of operation in 2001.

Insurance costs account for about 1.2 - 2% of the total project cost. Under existing
procedures, insurance premium payments are considered part of the fixed costs. They are
therefore considered to be the cost of calculating prices. For projects worth up to Rs.1 billion,
the Tax Agencies Committee sets high prices, for between 1 billion and 15 billion projects,
prices set in accordance with committee guidelines; and more than 15 billion projects are less
than the cost of insurance. It is the last component with a number of additional products and

22
competitive prices. Insurance, like project funding, is extended by the consortium. Usually
one insurer earns, carries about 40-50% of the risk and receives an equal percentage of
premium.

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 PRODUCTS AND SERVICES

Horizon- II

SBI Life - Horizon II is a unique, non-integrated Unit Linked Insurance program in the
Indian Insurance Industry, where you do not need to be a financial market expert. This
program offers the flexibility of the Unit Linked Plan and Automatic Asset Allocation which
offers the highest return on your money there as a rising death bench.

The two benefits of insurance cover and market-related return benefits provide maximum
protection in trouble-free investment management from start to finish, Automatic Funding,
Automatic Repayment at certain times of the year, free top protection, meet your family.
financial needs.

It is a unique, non-integrated Unit Linked Insurance program. Depending on the plan and
time chosen by you, SBI Life will invest a total amount of premium in each stated amount.

Maha Anand

SBI Life - Maha Anand is a program linked to a simple and straightforward unit, giving you
insurance coverage without any kind of treatment.

Life begins anew when you become a parent and when a child takes that first step towards
you, time fills with joy, enthusiasm you have never felt before. This period marks a new
beginning in a child’s life and there is no looking back thereafter. The baby is growing and so
are its dreams, aspirations that always aim to reach the horizon and you want your child to
achieve his or her dreams. But at the same time as a proud parent and want to protect their
future against rising education and other needs.

Key Features-

• Dual refund benefits linked to the market and insurance cover

• Easy Joining Process - No medical examination required

• Premium payment option, as low as Rs 500 p.m.

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• A selection of 3 fund options to choose from

• Flexibility to increase your investment, through Top-up Investment

• Flexibility with Change and Redirect Options

• Liquidity by partial withdrawal

• Attractive Tax Benefits under the Income Tax Act, 1961

Unit Plus- II

We at SBI Life understand the basics of a pension plan and give you the financial strength to
maintain your lifestyle even after retirement. SBI Life - The Unit Plus II pension plan ensures
that you earn regular income after retirement and helps you maintain your standard of living.

This is a unit-linked pension scheme where the policyholder selects an investment period
from 5 to 52 years of age between 50 and 70 years. You can choose to pay one premium or
pay a regular premium for the entire policy period. Your donations are invested in 5 fund
costs as per your choice.

Unit Plus Child Plan

We at SBI LIFE understand you better and that is why we have developed the SBI Life - Unit
Plus Child Plan to suit you and your needs better. This program is for parents aged 18-57 with
a child between the ages of 0-15.

Key Features-

• Market-related profits to keep up with rising education costs

• Peace of Mind by providing you with triple benefits

• Loyalty units to celebrate your child up to the age of 18

• New Investment Optimizer Fund in addition to existing funds.

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• Pay Premium for a limited period and receive benefits over time.

• A flexible plan that suits your changing needs at the time you want.

Pension plan

We at SBI Life understand the basics of a pension plan and give you the financial strength to
maintain your lifestyle even after retirement. SBI Life - The Unit Plus II pension plan ensures
that you earn regular income after retirement and helps you maintain your standard of living.

This is a unit-linked pension scheme where the policyholder selects an investment period
from 5 to 52 years of age between 50 and 70 years. You can choose to pay one premium or
pay a regular premium for the entire policy period. Your donations are invested in 5 fund
options.

Key features-

• Choose to invest and manage four different investments according to your risk profile

• Choose to invest and manage four different investments according to your risk profile.

• The flexibility of choosing between two options

• Clean pension

• Pension life cover

• No treatment is required with Pension Pure, an automatic reception area

• Adaptability to increase common contribution

• Fill payments: any amount, anytime

• Plan your plan by adding passengers

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• Free viewing period of 15 days

Clever ULIP

In the current volatile market environment you need a system that not only protects your
investment, but also allows you to reap market-related benefits. SBI Life - Smart ULIP is the
perfect solution to your need, and will not only give you a Guarantee on selected NAVs over
the first seven years, but also give you more attractive market participation.

Key features-

• Higher certification of selected NAVs, within the first seven years of maturity.

• An investment cum Insurance system that provides market-related benefits

• Facilitate short-term premium payment, which gives you a choice between two premium
payment terms (PPT)

• The power of the Mover- Guaranteed Maturity NAV, continues beyond the premium
payment period.

• Newly designed investment fund - ‘Flexi protect Fund’

• Free program - we manage your investment, give you a great opportunity to grow while
protecting your investment in adverse market conditions.

• Attractive Tax Benefits under the Income Tax Act, 1961

27
Health Products

Financial planning is not complete without planning health insurance. Because of today's
hectic life-style, poor diet, and lack of exercise are at increased risk of developing serious
illnesses. Sudden health problems can have a deep hole in your pockets. Medical science has
come a long way in the last few decades. There is a definite need to cover health insurance to
reduce financial burden.

SBI Life Insurance includes individual and group products such as:

Unit Linked Products- this is a single non-participatory product group that meets both
revenue as.

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INSURANCE DEVELOPMENT AUTHORITY (IRDA):

The Insurance Regulatory and Development Authority (IRDA) was founded in 1999 as an
independent regulatory and development organization for the insurance business. In April
2000, the IRDA was unified into an official structure. Competitive marketing to promote
customer happiness through increasing consumer preferences and cheaper rates, while
preserving the financial security of the insurance market, are among the IRDA's main goals.
In August 2000, the IRDA invited interested parties to apply for registration. Foreign
corporations are authorized to own up to 26% of the company. The Authority has the
competence to make laws under Section 114A of the Insurance Act of 1938, and has done so
since 2000, enacting legislation ranging from the registration of insurance businesses to the
protection of policyholders' rights.

IRDA'S PURPOSE: • To protect the interests of policyholders.

• Create guidelines for insurance firms and brokers to follow.

• Establishing a code of behavior for insurance consultants and agents, as well as credentials
and training.

• Improving the insurance industry's efficiency.

• Insurance companies' investment management.

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• Calculating the proportion of business that will be written by insurance brokers in rural
areas.

SWOT (Strengths, Weaknesses, Opportunities, and Threats) Analysis

POWER:

Although the life insurance fund has expanded from 12 to 16, SBI continues to lead the
private company package. SBI Life is a Global Top Three Standard at the Million Dollar
Round Table.

Their goal has been to build a large enough portfolio with a built-in fence and market where
the portfolio's purpose is more to save than to protect, which has worked effectively. Build a
distribution network to ensure that they can expand the business.

Their main concentration is on product development. They work hard to innovate and
develop new products in order to stay in contact with the market.

Insurance has been fortunate to have SBI Bank's product potential behind it; this has gone a
long way toward establishing confidence in clients that the brand is trustworthy - a critical
feature in insurance - and will last a long time.

The SBI is still one of the most trusted genres today, despite having launched so many
campaigns.

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SBI Life is a solid company that aspires to meet the policyholder's obligations to the best of
its ability.

WEAKNESSES:

The lowest term premium is 40000, while the highest term premium is 40000.

We don't offer a program for adults.

The fact that the consumer cannot take the money before three years is the primary reason
why people believe in short-term pooled investments.

The costs of distribution are extremely significant.

Product awareness is important.

Branches that are quite tiny.

In rural areas, there is little awareness of SBI Life Insurance.

The SBI's life has yet to reach the countryside. In rural India, LIC India does a lot of business.

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OPPORTUNITIES:

The economy is booming. Insurance companies are becoming a major role in the government
securities market.

One of SBI Life Insurance's largest opportunities is a lack of insurance awareness. It can
build a market for itself by raising public awareness about the importance of insurance.

Policies of the government. Indians are benefiting from the company's expansion.

Bracelets:

The financial investment required to start a health insurance firm is substantial. The level of
competitiveness between independent players is really high.

In the insurance industry, there is more rivalry.

The insurance sector remains a very competitive market, and organizations that can make the
most of their data and provide nearly every personal option to their consumers will have a
distinct competitive edge. Those who employ the right will be the top insurers.

Because Indians still have a negative perception of private insurance businesses, starting a
new insurance company is extremely tough.

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33
 Part – II
OrganizationInformation

34
35
 COMPANY PROFILE

OUR COMMITMENT

U S Roy (MD & CEO)

Life SBI Insurance Co. Ltd.

Our company, with its distinct brand and dedicated employees, is dedicated to boosting health insurance
access and offering needs-based solutions to our inhabitants, allowing them to live a full life. I welcome
you to look into the various chances available to be a part of this dream, which is one of the country's
fastest growing health insurance firms. SBI Life, a State Bank Group trust-based organization for more
than 200 years, offers customers a variety of life insurance options to ensure their loved ones' safety.
You can stay close to your trusted health insurance thanks to the country's largest distribution network,
which includes more than 14,500 State Bank branches and approximately 200 fully operational
corporate offices.

SBI Life gives potential business partners a valuable business opportunity to benefit by assisting millions
of Indians by working with one of the country's major financial businesses. SBI Life offers its most
valuable assets, its employees, a combination of safety and efficiency in terms of job options.

"We're looking for ways to offer a few well-trained caregivers a shot at success." It is beneficial to SBI
LIFE as well as our communities.

Roy U.S.

CEO & MD

36
SBI LIFE Insurance Company SBI LIFE Insurance Company SBI LIFE Insurance Company SBI LI

THE ORGANIZATION'S INTRODUCTION

SBI Life Insurance is a life insurance company based in India.

The State Bank of India and BNP Paribas Assurance have partnered to form SBI Life Insurance
Company Limited. SBI Life Insurance has a paid capital of Rs 1000 crores and an allowed capital of Rs
2000 crores. SBI owns 74% of the total, with BNP Paribas Assurance holding the remaining 26%.

The State Bank of India holds India's largest banking franchise. SBI Group has exceptional strength in
more than 14,500 branches nationally, possibly the largest in the world, thanks to its 7 Associate banks.

BNP Paribas Assurance is the health, property, and injury insurance arm of BNP Paribas, the Eurozone's
largest bank. BNP Paribas is one of India's oldest foreign banks, having been established in 1860. It is
part of a group of six of the world's largest banks by market capitalization and the European leader in
worldwide banking and financial services. BNP Paribas Assurance is France's fourth largest health
insurance firm and a global leader in creditor insurance, with over 50 million consumers protected. BNP
Paribas Assurance is a bancassurance and affiliate model company that operates in 41 countries.

Banc assurance, Agency, and Group Corporate are all part of SBI Life's multi-distribution business. SBI
Group serves as a platform for SBI Life's best-selling insurance products as well as its many banking
product packages, such as house loans and personal loans. SBI's nationwide access to more than 100

37
million accounts provides a solid foundation for insurance entry into all regions and economic levels,
ensuring meaningful investment.

SBI Life makes considerable use of State Bank Group ties as a platform for its best-selling insurance
products and a variety of banking product packages, including house loans and personal loans.

Work

"Becoming a model health insurance company in India at the time of release, emerging as a leading
company that offers a wide range of life insurance and pension products at competitive prices, ensures
high levels of customer satisfaction and world-class efficiency, and emerges as a leading company that
offers a wide range of life insurance and pension products at competitive prices." Prices

• Honesty

• The desire to be noticed

• Brand-new invention

• Dynamism

38
• Excellent performance

Important Groupings

A) Fiscal Year 2008-2009:

• You've won the prestigious Outlook Money NDTV Profit "Best Life Insurer 2008" award.

• In terms of Million Dollar Round Table (MDRT) membership, it is in the top three in the world.

• CRISIL maintained SBI Life's highest financial grade of AAA / Stable. SBI Life was the first life
insurance policy in India to receive this grade from CRISIL, India's top rating agency, in 2007.

• SBI Life Insurance just received an iAAA rating from ICRA, indicating that it has the highest ability to
pay claims.

• Maintains an ISO 9001: 2000 payment claim procedure certificate. B) Fiscal Year 2017-2018:

• According to a research conducted by Brand Equity in collaboration with AC Nielsen ORG-MARG

and the Economic Times Intelligence Bureau, it is rated as "Highly Reliable Private Insurance."

39
• In 2007, I became India's first life insurance firm to receive a high financial rating of 'AAA' from
CRISIL, the country's most renowned rating agency.

• Number of MDRT members is among the top five health insurance firms in the globe.

• Insured as part of the 'Grameen Shakti' program in Bhubaneshwar, Orissa, for the poorest members of
the community.

• ISO 9001: 2000 Certificate of Higher Claim Procedure obtained.

• I was the first and only home life insurer to receive a CMMI Level 3 certification for IT procedures and
software development. B) 2006-2007 Fiscal Year:

• Profitability for the second year in a row.

• Has the most lives covered of any private life insurance company, with 6.49 million.

C) 2005-2006 Fiscal Year:

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• Becomes the first Life Insurer to produce profits.

PROCESS OF MANAGING CUSTOMER RELATIONSHIPS

You must first comprehend the client lifecycle in order to comprehend the processes of the CRM
process. As a salesperson, it's one of the first principles you learn to comprehend how a person becomes
a devoted customer. Marketing, customer care, and sales are all part of the CRM cycle. It begins with
consumer acquisition and outreach, and ultimately leads to customer loyalty.

The CRM cycle's steps

• Making contact with a potential consumer

• Obtaining customers

• Conversion

• Retention of customers

• Customer retention

41
1. Booklet

2. Business strategy

3. a question list

• After you've finished the document, compile it.

• Inform the project manager.

• Save it as a website.

• Stick to the rules.

Methods of Communication

• Individual Contacts

42
• References

• Calls

• The Unit Manager's recommendations

The CRM process exemplifies this principle. It refers to the concrete measures that a company must take
to guide clients through the process of learning about your brand and eventually becoming repeat
customers. Every stage of the customer life cycle corresponds to a set of actionable CRM steps. The
trick is to understand what those steps are and how to carry them out.

CRM has the following advantages:

• Better foresight of requirements

• Improved segmentation

• Improved and faster communication

43
• A better understanding of customers

• The CRM process' effectiveness.

Rental techniques on the internet

• In the first step, provide a clear job description and job description in job placement to attract people
with the appropriate abilities and qualifications.

• Electronic hiring should be part of the company's overall recruitment strategy.

• An application tracking system that is well-defined and systematic should be implemented, as well as
back-up assistance.

44
• In addition to office support, a full website for receiving and processing employment applications
should be built (through direct advertising or online).

Resources for customer relationship management

It demonstrates that deposits - checking, savings, money market deposit accounts, and time certificates –
make for the majority of the bank's funds. Real estate, commercial, and industrial loans are the most
prevalent uses of these funds.

SOURCES OF CUSTOMER RELATIONSHIP MANAGEMENT

Internal Sources

1. Corporate ERP modules.

2. Internal documents.

3. Sensors , controllers.

4. In- house call- centres

5. Websites logs

External Sources

1. Media ads

2. Educational Institutions

3. Customers

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4. Suppliers

5. Competitors

6. Consultants.

7. Official statistics

8. Public available data.

9. Sales record.

46
2.4.5 CRM Matters

CRM is the process of managing all areas of customer connection so that banks may maximize
profits for each customer. Customer power has grown as a result of increased competition,
deregulation, and the internet. It assists banks in managing consumers and better understanding
their demands in order to give appropriate solutions.

Internal Characteristics

• Encourage financial awareness among customers through customer education.

• Establish yourself as a trusted counsel to small company clients.

• Integrate contextual data into your customer service approach.

• Create a consumer experience that is genuinely multichannel.

• Make self-service options available to customers.

• Provide a positive work environment for your staff.

47
• Whenever feasible, get input from customers.

External Resources

External power is a force that an organization can control. The following are the primary external
forces:

1. Maintains a searchable database of contact information, such as names, addresses, and social
media profiles.

2. Tracking of interactions.

3. Management of the lead.

4. Email synchronization

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Document management is number five.

6. Management of quotes and proposals

7. Management of the pipeline

Workflow automation is number eight.

PRODUCTION

Marketing Strategies: Today's Indian consumer is well-informed and kind. Consumers are
becoming more aware of and conscientious about their financial concerns. People are
increasingly looking for integrated financial solutions that can provide full return stability and
safety, rather than just products. As a result, in order to compete in this competitive market,
insurance managers must understand more about the nuances that go into the development of
insurance products. As a result, today's insurance manager requires leadership, dedication,
creativity, and adaptability. "In every hamlet, every family should feel safe and secure." This
concept alone will assist the insurance management come up with new ideas. Unit managers'
actions are influenced by a company's financial, marketing, and human resource policies. The
success of an insurance firm is determined on how well these policies are implemented.
Insurance businesses review and change their policies on a regular basis to achieve the
greatest possible management performance. Insurance firms are required to employ a
professional marketing strategy in competitive markets. The issue for insurance companies is
to change the industry's bad public image. 49 • Mixed sales are one of the most essential
marketing techniques.

49
• The significance of interpersonal interactions.

• Standing.

• An gain in value.

• Separation.

• Breaking.

• The level of service provided by the insurance company.

• Reasonable rates.

• A survey of customer satisfaction.

External forces play a big role in the insurance industry's growth. Market and product demand
are influenced by the following factors:

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• Government regulations.

• Increased population.

• A shift in one's age profile.

• Appropriate income distribution.

• Insurance knowledge level.

• The cost of policy.

• The state of the economy of the country.

• Reluctance to put oneself in danger.

• The country's social and political features.

• The current situation of global economic growth.

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Different marketing strategies are used by different companies. Another alternative is to focus
on product quality, which can provide customers the assurance that they are receiving the
best items possible. Another strategy focuses on client demands, including a significant
investment in building connections with policyholders. Customers can expect a variety of
products and services while using this strategy. The third method is market segregation, in
which a large number of people can be divided into products with several identical groups.
The effort should be made to bind clients to the company through customized integration,
simple payment systems, risk management advice, and simple and quick application requests.

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INTRODUCTION OF THE TOPIC

53
 INTRODUCTION OF THE TOPIC

CRM INTRODUCTION: -

When we look about, we can see how business has an impact on us in many aspects of our
lives. We've spent a lot of time working with products and services. How many of those
Product and Service Providers are familiar with the individual who created them?

• LARGE COMPANIES MISS THE FACT THAT THE CUSTOMER IS THEIR OWN
PARENT:

Their staff choose to treat them carelessly, arrogantly at times, and even angrily at other
times. The customer is the master, who determines not only the company's success or failure,
but also its profit. From the large corporation to the tiny business owner struggling to keep
his business afloat, they all make the same error at some point. time.

What is this fatal blunder, which is often unnoticed yet has a profound influence, that
determines the success or failure of multibillion-dollar businesses? The solution can be found
in the company's "attitude" toward its clients. This strategy is critical for any organization.

• BE AWARE OF OUR AMAZING PROPERTY: -

Every year, it loses a few million dollars as businesses battle to make a profit, defeat
competitors, and advance in the rat race. Money is spent on advertising in the hopes of
gaining customers, yet it is often in vain. What does this "fortunate few" or "successful few"
have that makes them stand out from the crowd? Why are so many of a company's best
customers drawn to competitors?

Acceptance of a poor customer-focused program.

54
to convey their thoughts and feelings

(2) DESCRIPTION OF THE HISTORY:

Customer Relationship Management began in Mesopotamia thousands of years before the

first millennium. Farmers anxious to sell their excess food were the forerunners of today's
customer-focused practices. The merchant kept an accurate record of transactions during the
duration of the first millennium, documenting what was sold and to whom. This client list
was viewed as the beginning of customer-focused tactics because it gave the first
comprehensive data targeted to customers. The beginning of the 1990s, on the other hand,
saw a more sophisticated customer-focused implementation, which laid the groundwork for
the CRM strategy we know today.

Tesco had a key role in making this happen. Under the influence of Edwina Dunn and Clive,
Dunnhumms' work with him has proven to be the foundation of CRM. As these two

55
individuals learned the value of knowing and understanding their consumers, they also
realized the critical need of employing the proper customer strategy.

Tesco, the UK's second largest supermarket chain, teamed with Dunnhumm to launch a
customer reward program in its 12 locations. The so-called Tesco Club Card System is
entirely customer-centric, and it has implemented the essential business reforms from a
customer standpoint. It helped to accumulate knowledge about consumer preferences while
doing so, and the end product was fantastic.

The rivals who were watching noticed that this was an excellent method to both spend and
earn a lot of money. They discovered that customer retention and loyalty were a natural result
of their efforts.

Recognizing that this technique was suitable, and Tesco's subsequent rollout of CRM, was the
global market's debut of CRM. Since then, everything has gone smoothly in CRM. CRM
strategy, which had been recognized as a ten-year client choice, was a new organizational
decision.

CRM began with an emphasis on small and medium businesses rather than large
corporations, according to CRM history. Large firms generated a lot of money, so it looked
like they should be the focus. With time, this viewpoint evolved, and the need of focusing on
middle and small businesses became apparent.

56
 CRM's history has been extended once more, as CRM becomes a crucial tool for practically
all industries that seek to make their customers their cornerstone for success in the new
millennium.

57
(3) DESCRIPTION: -

Customer Relationship Management (CRM) is the industry term for information systems, software, and internet
capabilities that can assist a company in managing customer relationships more efficiently and effectively. In
most circumstances, a business creates a website dedicated to its customers. This database contains enough
information about relationships to allow managers, vendors, and customer service representatives to access it,
match customer needs to product plans and offerings, remind customers of service requirements, and know what
other products the customer has purchased, among other things.
Building a CRM application consists of three steps.
a. CRM with high performance. Supporting the so-called "front office" business activities, which include
customer communication, is what CRM entails (sales, marketing and service). The actions that come from these
procedures are transmitted to the personnel in charge, and the information needed to complete the functions and
communicate with background programs is provided, as well as tasks and clients, for future reference.

c. Customer relationship management (CRM) analysis CRM analysis is the process of analyzing data acquired
within an operating CRM to categorise customers or detect declining sales prospects and ups and downs. The
collecting and processing of data is seen as a continuous and repeating activity. Business decisions are
appropriately altered throughout time as a result of feedback from prior analyses and judgments. As a separate
application software, Business Intelligence provides additional features.

3. A CRM that is shared. Customer interaction is aided by shared CRM across all channels (personal, letter, fax,
phone, web, email) and team interaction is aided through staff channels. It's a system that blends people,
procedures, and data to help businesses function more efficiently and retain consumers. Data and actions can be
organically sorted, sorted, discussed, and/or traded.

The following are some of the advantages of using a shared CRM system:

• Facilitates successful customer connection across all forms of communication.

• Allows for online connectivity to save money on customer service.

• Uses call centers to enable numerous customer communications across multiple channels.

• Takes client perspectives into account while interacting at the operational level.

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(4) CREATIVE CREATIVE CREATIVE CREATIVE CREATIVE CREATIVE CREAT

CRM (Customer Relationship Management) software aids in increasing efficiency, assisting the sales department
in all of its operations, increasing sales, and contributing to the overall company's development. It can also work
on organizational objectives. This is accomplished by conducting a quick poll of potential buyers.

Their options are examined and used to organize and implement a customer-focused company plan that is
effective in recording the value of their thoughts and suggestions and increases customer retention.

While holding on, tion helps to minimize the time required for sales cycles.

sources of potential sales

cut costs and improve information access in the

a company that can be used to meet the information demands of customers

what distinguishes success from failure

CRM helps to integrate all of the vital information available from both internal and external sources, focusing on
SALES, MARKETING, EMPLOYEES, CUSTOMER ATTITUDE, CUSTOMER KEEPING, and so on. CRM
increases market share by monitoring a range of factors. Market segments and strategy implementation are two
important factors to consider.

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REQUIREMENT FOR SECRM: -

Customers are "more experienced" and want more than ever before, especially in the face of increasing
competition.

Marketing is not just a function of a business, but also of the environment, as it encompasses all parts of
operations such as manufacturing, construction materials, and research and development.

than the expense of acquiring a new client.

s to keep track of product relationships

services that are up to par with their expectations

Effectively manage future consumer relationships. Second, it may assist ensure that customers have access to the
correct products and services at the right time and location, exceeding their expectations.

"There has been a revolution." The impact of the Information Revolution can be seen in a variety of ways.

THOUGHT FOR CRM #5: -

"A key goal for an organization is to understand and address client needs."

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CRM AS AN ENTERTAINMENT SOLUTION: -

eMarketingRequirements eMarketingRequirements eMarketingRe

Within the organization, break down operational obstacles.

It is anticipated that it will have a strong interaction with information systems that deal with

Customer order processing, order processing, accounting, production planning and planning, procurement,
services, delivery, and consumption are all examples of customer order processing.

(6) CRISIS PERSPECTIVES ON CRM: -

"A key goal for an organization is to understand and address client needs."

CRM AS AN ENTERTAINMENT SOLUTION: -

as well as marketing requirements

ated with the company's ERP or other similar programs and procedures

Within the organization, break down operational obstacles.

Customer order processing, order processing, accounting, production planning and planning, procurement,
services, delivery, and consumption are all handled by ems.

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(6) CRISIS PERSPECTIVES ON CRM: -

"CRM is an information technology solution, and the Information Systems Department is the only one who can
use it."

Customer service can provide faster responses and more efficient working methods. As a result, the primary
company is still engaging with clients, thanks to information technology-driven CRM systems in one form or
another.

A crucial principle is to understand and meet consumer expectations. Members of the Marketing and Sales teams
are constantly interacting with customers who are in a better position to understand their needs. As a result, it is
necessary to take the initiative in establishing a CRM solution.

When marketing and sales take a "seat" in the usage of CRM and information technologies that play a role in
empowerment, CRM Solutions began to produce the expected business benefits.

(7) CRM ORGANIZATIONAL STRUCTURES -

as well as the amount of professionals Before the order is completed precisely and on time, the organization has,
or how the order will move through the internal procedure.

built.

a department of the government (official function).

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Revenue and loyalty are two factors to consider.

that the organization is customer-focused and adaptable in order to satisfy the needs of its customers and to act
quickly to recruit and keep them.

competitions.

clients' vital details through

Customers' business transactions are routed through MIS in order to establish long-term relationships.

CRM MODIFICATIONS IN CRM MARKETING SETTINGS: -

g with the same customers For instance, the merchant will come to collect money. Someone from the customer
service team. You'll take a customer call about a performance issue, for example.

It claims that the customer issue was the duty of someone else in another department.

the organization's organizational areas

to obtain the correct information

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The stadium is not readily available to the following consumer at the last call. This can lead to duplication of
effort, lost time and energy, response delays, and the sense that the customer is not the most important.

This is the situation.

instantly.

customers who are unique

All information about a major customer is readily available in management systems.

er inquiries and phone calls

Updates are automated, and there is no need to search.

(8) ENTIRE ORGANIZATIONAL ASSISTANCE: -

small and medium-sized businesses (SMEs).

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It makes no difference whether CRM installation involves a ready-made solution or a simple system; it is a matter
of business judgment about IT expenditure.

CRM component or subsystem Web-based customer portal, for example.

industry.

(9) ADVANTAGES OF USING A CRM SOLUTION:

Between queries and deals, conversion / hit rate

ing

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SALES OPEN PRODUCT PROMOTION: -

inputs.

BETTER RATIO FOR QUESTIONS TO DEALS TRANSLATION / CONTINUATION OF MEASUREMENT:

-

It's possible to maintain appropriate track of sales efforts and link them.

SALE PERIOD REDUCTION: -

Ngokushesha Quick access to information aids in the reduction of cycle times at various phases of the sales
process.

The amount of information available is reduced.

EMERGENCY ORDER REGISTRATION AND ACCURACY: -

Customer orders can be registered fast and accurately if relevant checks and controls are implemented without
interfering with response time.

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AVAILABILITY OF CUSTOMER ORDER ORDER ONLINE: -

interrogation (engagement).

waybill portal with customer number

QUICK ANSWERS TO CUSTOMER INQUIRIES: -

Alarms and reminders can be configured in CR CRM. The seller can use this tool to establish a reminder to call a
possible buyer after a certain number of days.

eReminder is a feature that allows you to check whether or not a call has been made.

after a specific date

to the nearest service person, who can then proceed to make a call.

STANDARDS OF CUSTOMER SERVICE HAVE BEEN IMPROVED: -

criteria in a more effective manner.

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Service will be required, and customers will be reminded to service their vehicles.

overpopulation.

IMPROVED CUSTOMER SATISFACTION LEVELS IMPROVED: - - - - - - - - - - - - - - - -

even went above and above in effort to improve the situation

Indicator of customer happiness

RELIABILITY AND RELIABILITY OF CUSTOMERS: -

(Holding) such clients

strive to cultivate a loyal client base in which each consumer feels valued.

They are given special consideration.

(10) CRM OPERATING SYSTEM: -

or expand your market share

Unless all corporate business is improved, it cannot ensure increased profitability.

68
Instead of focusing on product alignment or performance departments, the organization's operations are properly
aligned with the customer's perspective.

CRM software should be developed in a way that "makes it easy for people to use."

customers to make a purchase."

Strategic goals and objectives must be prioritized.

is essential for CRM to be implemented successfully.

1. A thorough awareness of clients' expectations, demands, and requirements, as well as their likes and dislikes

2. A thorough awareness of the company's capabilities (capacity) and commitment to service excellence.

3. Choosing appropriate IT tools that have investment requirements that can be justified using a return on
investment method or a cost-benefit analysis

4. Choosing the correct individuals to use the CRM solution, rather than a myopic (minimalist) IT perspective,
with a larger picture of the market space and customer engagement.

CRITERIA FOR CRM: -

MINE OF TECHNOLOGY: -

A ready-made CRM system is available (bought) for a reasonable price.

without taking into account the hidden expenses of customization and use

69
It is necessary to modernize customer-facing processes.

Any IT solution that claims to provide the most accurate answer should be tested.

a company is turned into a

With a customer-centric goal in mind, IT will take on the job of compliance.

OTHER COMPANIES FOR WHICH I HAVE DONE WORK: -

organization.

Each is unique, therefore its CRM requirements will be unique as well.

organization.

a CRM package As a result, estimation will be necessary.

It's possible that the risk of failure will be lowered.

ADMINISTRATION THAT IS VERY DEVOTED: -

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third-party collaborators

During CRM deployment, strategic planning, writing a business process plan, and reviewing it on a regular basis
are all required.

During review meetings, agement ensures that any disagreements are resolved.

are resolved quickly and with the resources needed to ensure the project's success.

(11) THE CRM PROCEDURE APPLIES TO THE FOLLOWING: -

CRM is a customer-centric strategy that has had a significant impact over the last decade. Despite its humble
beginnings, it has grown into a sophisticated approach. Focus, devotion to CRM goals, and, most importantly, a
willingness to focus on customers are all important components of a CRM system.

The CRM process at an organization looks like this.

A LOOK AT THE STEPS IN THE CRM PROCESS:-

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(12) VERY QUICK SALE CRM FOR YEARS: -

A NEW CUSTOMER APPROACH: -

find that successful organizations are organizations that have taken

the “right approach” to their CRM (Customer Relationship Management) clients.

shown a dramatic change in this approach.

customer focus. They are beginning to see that this approach is important. After all, good
customer relationships are the heart of business success.

72
IMPROVE OUR ORGANIZATION'S ABILITY: -

Adherence to marketing resources is aided by significant data collection. CRM also takes satisfaction in
increasing the company's profitability over a five- to six-year period, which it accomplished through
customer-centric initiatives. CRM shows that customer loyalty and retention go a long way toward
optimizing revenues.

Term l CRM is a term that is commonly used.

as a procedure - one that collects data both inside and outside the company and then integrates and
applies that data to customer-centric strategy.

73
(13) INDUSTRIES INTERESTED IN REPRESENTING CRM: -

CRM costs a small or medium firm roughly $ 500 to $ 750 per year. At low pricing, such as the prior
belief that CRM is only a choice for large enterprises, there are no benefits. CRM software is used in a
variety of businesses, including marketing, education, and health care, as well as non-financial areas
including marketing connections and information management.

• INDUSTRY LIST FOR CRM OPTIONS: -

Science of Medicine and Health: -

Pharmaceuticals and Life Science is unlike any other field. It necessitates the processing of a vast
amount of data and information. CRM meets this need by storing vast amounts of client information.

Services in the financial sector:

The financial services market is rapidly expanding. Investment banks, private equity firms, and other
financial organizations try to improve overall sales while managing customer relationships. CRM
accomplishes this by lowering expenses, increasing efficiency, and managing customers while retaining
relationships.

Health-care services:

74
Hundreds of health-care clients use Customer Relationship Management to fulfill their marketing
objectives. CRM forecasts the industry's future medical demands. It aids in generating high returns on
investments in hospitals, employers, and doctors, among other things.

- Production:

When we think of manufacturing, we normally think of large machinery, industries, and so on, yet this
industry, too, requires CRM to enhance profitability. CRM allows them to sell directly and indirectly to
customers.

CRM for Vehicles: -

Automotive satisfies the sales, marketing, and service needs of automobile manufacturers, distributors,
and retailers, among others. CRM allows them to manage leads, conduct marketing campaigns, and
enhance sales directly or through resellers by utilizing available customer information.

Invest in real estate:

Client issues are a big challenge for agents and real estate agents. The real estate industry is more
difficult than ever before, thanks to increased competition. CRM improves marketing, sales, and service
performance by allowing the company to better understand and manage its customers.

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- For sale:

The industry is more brand-focused and customer-centric than any other. CRM customer data, as well as
its in-depth analysis of client preferences, aids in increasing revenue, sales, and customer retention.

- Travel:

CRM allows airlines and travel companies to save time and money by storing all of the data about their
clients that can be used in their daily contacts. CRM software aids in the development, management, and
provision of a basis for your clients.

- Bank:

CRM allows the banking industry to keep track of its customers. This provides a comprehensive view of
the customer. It guarantees that the appropriate services are delivered to the appropriate individuals at
the appropriate time.

- Insurance:

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CRM is required for a company to provide customers with the ability to check policy information, assess
policy / claim status, and so forth. It also aids in the resolution of client issues.

CRM’s New Areas of Expertise :-

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This application can be used by large, medium-sized businesses, and small businesses alike. Over the
last decade, CRM diversity software has become one of the fastest growing customer-focused tactics. Its
attractiveness has grown as a result of its versatility.

(14) ATTACK ON CRM AT A BANK: -

Consumers frequently select their banks depending on the proximity of a bank location to their homes or
offices. Customers can now choose any bank for their financial services because to the introduction of
new technology in the banking industry, such as online banking and ATMs. The Financial Services
Sector has benefited from the expansion of CRM due to competitive and flexible pressures.

In the banking industry, a 5% increase in customer retention can improve profits by 35%, 50% in
insurance and brokerage, and 125 percent in the credit card sector. As a result, banks are concentrating
their efforts on maintaining clients and expanding their market share. Private banks have long referred to
themselves as "Central Customers" in order to give Top Customers with the most personalized services
78
possible. Customers want more and more from their banks as they become wealthier, and they expect
their banks to understand what they want and need, so that the organization is designed around meeting
those needs. The systematic CRM strategy has a number of banking advantages, including the creation
of unique and consistent customer information, the identification of organizational talents, technology,
and processes, and the prioritizing of these skills. In this study, the structure and phases of the customer
experience sequence are examined.

Traditionally, only a small percentage of people switch banks unless they have major concerns. In the
past, there was a dedicated relationship between the consumer and its bank, which was often inherited as
a joint venture. The financial institutions' ideology, tradition, and order were based on this concept,
which was mirrored in their marketing goals, which were centered on production and sales, responsive,
and focused on a variety of activities rather than continual operations.

Financial institutions can no longer rely on long-term client relationships or marketing techniques to
recruit and keep consumers. As markets become more segmented, a more targeted marketing strategy is
required, one that engages in communication with smaller client groups and recognizes particular needs.

Furthermore, prior to the internet, customers were more picky about which banks they used, based on
how close the bank branch was to their homes or offices. Customers can now choose any bank to
execute their transactions thanks to the introduction of new technology in the banking industry, such as
online banking and ATMs. As a result, the number of bank customers has expanded, as has the number
of banks from which to choose.

CRM's rise in the Financial Services Sector has been fueled by this trend, as well as competitive and
shifting market dynamics.

79
VISION FOR CUSTOMER RELATIONSHIP MANAGEMENT: -

The construction, growth, maintenance, and improvement of crucial relationships between clients and
long-term companies is known as customer relationship management. Understanding client wants and
ambitions is key to successfully managing customer interactions, which may be accomplished by
incorporating these needs into organizational, human, technical, and business processes.

The creation of value for all stakeholders involved in the business process is at the heart of the overall
CRM strategy. It's all about gaining a competitive advantage by being the best at comprehending,
communicating, and delivering, as well as improving existing customer connections and attracting and
maintaining new ones. As a result, the notion of a product life cycle makes room for a customer life
cycle concept that focuses on product development and services that anticipate future consumer need
and offer extra services that prolong existing customer connections beyond purchase.

BANKING ATTACK CRM REQUIREMENTS: -

The following are some of the benefits of relationship-based marketing: -

The full spectrum of financial goods and services is provided.

80
Referrals may come from long-term consumers.

longer, the bank will have a greater understanding of the customer's needs.

and preferences, as well as the ability to mix products and services and sell the product / service range in
a variety of ways.

Long-term relationships are more at ease with service, structure, and communication.

procedures and methods This reduces operating costs as well as costs spent as a result of customer fault.

Customers can simply switch banks anytime they receive better services and goods, thanks to the rapid
development in the number of banks, products, and services, as well as the near-zero exchange rate.
Finding new clients and, more crucially, keeping existing ones is challenging for banks.

According to a study published in the Harvard Business Review by Reichheld and Sasser, a 5% increase
in customer retention could raise banking revenue by 35%, insurance and brokerage revenue by 50%,
and customer credit card revenue by 125 percent. As a result, banks are concentrating their efforts on
maintaining clients and expanding their market share.

ACTUAL BENEFITS AND CUSTOMER SERVICE: -

81
Private banks have long regarded themselves as "among the customers," providing exceptional services
that they believe are most personalized to your needs. In terms of the types of products they desire, the
channels they want to access, and the related list of guidance, however, changes in customer behavior
and wealth growth result in HNW consumer needs being highly distinct and complex.

Customers with more money have greater needs, and customers expect more from their institutions. The
"Supremely elite" is becoming increasingly competitive.

LEVELS OF THE LORD: -

The first stage in winning, keeping, and maximizing earnings from private bank customers is to
understand their needs and wants, so that the organization may be structured to meet those demands.
Only when the business has completed this and incorporated this approach can it begin to design its
value proposition and customer information in order to attain a competitive position in the private
banking industry while remaining cost-effective. a successful way

The Basic Customer Experience…

Advice and Expertise

Give me independent advice specific to my needs

Most private bank customers expect a basic "standard" customer experience. The private bank must be
able to deliver this "fundamental" transaction in order to be a reliable player in the market. This is the

82
usual set of prerequisites for most high-net-worth individuals. As a result, a private bank must have the
capacity to service the majority of its customers' needs.
In terms of wealth, every consumer has the same emotional demands, which drive their need for advice
and product purchases. Different levels of affluence place different priorities on addressing these
requirements and create new opportunities to do so.
Take, for example, HNW consumers who can afford to pay for their retirement savings. As a result, their
goals may be associated with creating wealth rather than saving, allowing them to choose a product with
a larger risk / reward value.

If this is the case, all HNW customers should begin with a basic, standard list of what they want and
need from their bank, which may include: -

long-term partnerships

Advice that incorporates both industry knowledge and personal data

At the most basic level, combining these crucial demands and requirements yields a collection of
common traits that an HNW person seeks in an organization before investing any of his or her money.

A set of competencies, including organization, procedure, and technology, that a private bank should
consider in order to operate in a high-value market is the foundation of these common qualities.

Private banks must also address the special needs of their target consumers in order to develop this
"fundamental" sense. This alone necessitates the ability to recognize and forgive potential clients, as
well as an understanding of their demands across the bank, in order to meet their emotional needs. The
customer is made to feel like a single person at this phase, but it is also at this point that expenses and
infrastructure are aligned, since customer needs begin to differ.

Most private bank customers expect a basic "standard" customer experience. The private bank must be
able to deliver this "fundamental" transaction in order to be a reliable player in the market. This is the

83
usual set of prerequisites for most high-net-worth individuals. As a result, a private bank must have the
capacity to service the majority of its customers' needs.

In terms of wealth, every consumer has the same emotional demands, which drive their need for advice
and product purchases. Different levels of affluence place different priorities on addressing these
requirements and create new opportunities to do so.

Take, for example, HNW consumers who can afford to pay for their retirement savings. As a result, their
goals may be associated with creating wealth rather than saving, allowing them to choose a product with
a larger risk / reward value.

If this is the case, all HNW customers should begin with a basic, standard list of what they want and
need from their bank, which may include: -

long-term partnerships

At the most basic level, combining these crucial demands and requirements yields a collection of
common traits that an HNW person seeks in an organization before investing any of his or her money.

A set of competencies, including organization, procedure, and technology, that a private bank should
consider in order to operate in a high-value market is the foundation of these common qualities.

Component Part...

Private banks must also address the special needs of their target consumers in order to develop this
"fundamental" sense. This alone necessitates the ability to recognize and forgive potential clients, as
well as an understanding of their demands across the bank, in order to meet their emotional needs. The

84
customer is made to feel like a single person at this phase, but it is also at this point that expenses and
infrastructure are aligned, since customer needs begin to differ.

85
LITERATURE REVIEW

86
 LITERATURE REVIEW

According to Dichter (1996), word-of-mouth is one of the most effective marketing strategies
available to advertisers. And, because of its intrinsic utility, social media is an excellent
platform for customer testimonials. The reader's perception of the genuineness of the
comment determines the message's success. If readers believe the testimony comes from a
real customer who has not been sponsored by the firm for promotion, they will have more
faith in the brand and be more likely to create a stronger link with it. The increased usage of
the Internet as a marketing medium has given rise to applications like viral marketing, which
allows marketers to reach out to buyers through peer-to-peer contact. P-2-P is comparable to
word-of-mouth, but because it uses the internet, information spreads exponentially and
reaches a large number of customers in a short period of time, making it a popular cost-
cutting approach for marketers (Beverland, 2005).

Because content 13 sharing helps both message senders and recipients, buyers encourage
their friends to participate in the process as well, increasing the overall number of
participants. According to Wilker (2007), in the previous year, 83 percent of travelers utilized
the internet to research or book their travel, with roughly 77 percent relying on customer
reviews to make their final selection. As a result, social media is an effective instrument for
spreading viral messages via word-of-mouth.

Service providers in general, and tourism and hospitality enterprises in particular, are finding
themselves in a more competitive market environment due to rising customer expectations,

87
globalisation of services, incremental speed in technical developments, and fast changing
client wants (Buhalis, 2006).

In light of this, developing, planning, and delivering high-quality services that match
consumers' ever-changing expectations has been suggested as a possible approach to the
issues outlined (Alam and Perry, 2002).

Scholars from all disciplines have contributed to the growing body of innovative service
development and design study during the last four decades. This mainly focuses on service
sectors that are heavily dependent on suppliers, such as banking, insurance,
telecommunications, and logistics (Johnson et al., 2000; Johne and Storey, 1998).

Consumer-dominated high-contact service sectors like tourism, hospitality, and retailing, on

the other hand, make up a small percentage of total contributions (Ottenbacher, 2007).

The literature agrees that developing and designing new services is a difficult and time-
consuming task. There is a large corpus of study on the factors that influence new service
development success (see Johne and Storey, 1998). One of the essential success factors in this
regard has been identified as the service development process (Johnson et al., 2000; de
Brentani, 1991). While it has been demonstrated that using formalised procedures to guide
the development process improves the success rate (de Brentani, 1995; de Bretani, 2001;
Ottenbacher et al., 2006), it is also frequently documented in the literature that these formal
structures are generally linear and static in character (Vermeulen and Dankbaar, 2002).

As a result, the development process moves at a slower pace, with less adaptive capabilities
and higher costs (de Jong and Vermeulen, 2003). Customers must be involved at all stages of
the development process to ensure that the service provided meets the needs of the customers
(Alam and Perry, 2002).

88
Furthermore, technological expertise and the creation of technological advantages has been
acknowledged as a key component in gaining a competitive advantage through service
innovation (Bitner et al., 2000; Jonas et al., 2006) However, identifying success
characteristics for new service creation only tells "what" should be done, not "how."
However, comprehensive study on the various stages of the new service development process
is scarce. The field's pioneering contributions, which date back to the late 1970s, have
focused on integrating discoveries from the goods-to-service manufacturing sector into the
service industry sector (Scheuning and Johnson, 1989; Shostack, 1984; Tax and Stuart,
1997). These models, while providing a descriptive perspective of the development process,
fail to account for the unique characteristics of service sectors. Following that, service-
specific models were developed to identify and address a variety of service-specific
characteristics of the innovation process, including interdepartmental involvement,
organizational characteristics, customer role, and the intangible nature of service offerings
(Stevens and Dimitriadis, 2005; Baker and Hart, 1999; Johnson et al., 2000; Alam, 2006;
Alam and Perry, 2002). However, when it comes to the role of technology in the creation of
services, an internal focus has been used so far. Internal systems like management
information systems, customer relationship management systems, and process management
systems have all been mentioned in the literature (Bitner et al., 2000; Jonas et al., 2006).
Technology's outward focus (the social realm, extranets, and online platforms) is mostly
neglected. Real-time enabled social media, in particular, provides opportunities for service
development by allowing companies to retrieve background information about customers,
engage in real-time conversation, retrieve real-time consumer feedback, and link
conversations and feedback to specific geo-locations. Because this information is available in
real time and is not limited by geography, social media serves as a catalyst for service
development. As a result, the goal of this research is to learn how social media-enabled real-
time technology accelerates and adapts the service creation process in tourism and
hospitality.

According to the 2010 Burson-Marsteller Fortune Worldwide 100 Social Media Study, the
vast majority of global corporations use at least one social media platform. To some extent,
79 percent of the Fortune Global 500's top 100 firms are discovered to be using at least one

89
social media platform (as indicated in Figure 1): Twitter, Facebook, YouTube, or Corporate
Blogs (Burson-Marsteller, 2010). 11 Figure 1: Companies from throughout the world use at
least one social media site. BursonMarsteller Fortune Global 100 Social Media Study, 2010.
Adapted from BursonMarsteller Fortune Global 100 Social Media Study, 2010. Twitter,
Facebook, YouTube, and corporate blogs are all examples of social media sites. According to
a survey published by Burson-Marsteller (2010), certain international firms see the value of
engaging in social media. Twitter is the most popular social media site among Fortune Global
100 firms, with two-thirds (65%) having a presence on the platform. At least half of the
people use Facebook (54 percent) and YouTube to reach their audience (50 percent ).
Corporate blogs are maintained by one–third of the respondents. The value of frequent and
continuous participation is also recognized by some of the same organizations. The vast
majority of those who have active Twitter accounts (82 percent) have tweeted in the last
week, and at a high rate of twenty-seven tweets per day on average (as shown in Figure 2).
Fifty-nine percent updated their Facebook profiles, sixty-eight percent uploaded YouTube
videos, and thirty-six percent updated their blogs (Burson-Marsteller, 2010).

90
RESEARCH METHODOLOGY

91
 RESEARCH METHODOLOGY

Research Methodology:

The main objective of my study basically gives an understanding about the marketing
strategies of SBI Life Insurance. I also studied different theories and concepts based on
marketing. I also tried to evaluate the marketing activities on the basis of sales. The project is
based on both secondary and primary data. Collection of data is from different sources i.e.
Websites, Journals, Magazines, Newspapers and concerned people.

Primary Data and Secondary data

Primary data has been collected through a questionnaire which will give us a clearer picture
of what a consumer thinks about the customer relationship management of SBI Life
Insurance. We will interview the customers to understand whether marketing strategies of
SBI Life Insurance and customer relationship management helped them take a decision on
buying the product, what they thought about the marketing strategies.

Secondary data is obtained from some published and printed sources such as newspaper,
magazines and websites and so on.

Sample Size and method of selecting Sample

To ensure complete representation the researcher identified target responded through a

stratified random sampling process stratified the population into number of strata and
sampling respondent is selected from each stratum. The selection of respondent from each
stratum was based on simple random sampling.

I have covered 50 employees.

• Insurance employees
a) Unit manager
b) Team leader
c) Agents
• Businessmen

92
 a) Retail shops
b) Wholeseller
c) Family business
• Other professions
a) Engineers
b) Doctors
c) Bankers

DATA ANALYSIS AND RESULTS AND

INTERPRETATION
Table 1: Do you agree that SBI Life insurance variety of products.
Valid Cumulativ e
Frequency Percent Percent Percent

strongly agree 30 60.0 60.0 60.0

agree 17 34.0 34.0 94.0
normal 3 6.0 6.0 100.0
Total 50 100.0 100.0

Figure: 1 Do you agree that SBI Life insurance variety of products

93
Findings

From the 50 respondents surveyed

60% Customers are strongly agreed that SBI Life insurance have variety of products.

34% Customers are agree that SBI Life insurance has variety of products.

6% Customers feel that SBI Life insurance has Neutral of products.

Table No: 2. Did you get sufficient information about the product while purchasing

Valid Cumulative
Frequency Percent Percent Percent

yes 37 74.0 74.0 74.0

no 13 26.0 26.0 100.0
Total 50 100.0 100.0

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Figure: 2. Did you get sufficient information about the product while purchasing

Findings

From the 50 respondents surveyed

74% respondents say that they got sufficient information about product while purchasing.

26% respondents say that they did not got sufficient information about product while
purchasing

95
Table: 3. If no the Reasons are

Frequenc Cumulative
y Percent Valid Percent Percent

complexity of products 12 24.0 57.1 57.1

less information given
9 18.0 42.9 100.0
by advisor/sales officer
21 100.0
Total 42.0

Figure: 3. If no the Reasons are

Findings

From the 50 respondents surveyed

24% respondents say that because complexity of the product

18% respondents say that less information given

96
97
Table: 4. Does your need and product are matching

Cumulative
Frequency Percent Valid Percent Percent

fully matched 27 54.0 54.0 54.0

partly matched 20 40.0 40.0 94.0
normal 3 6.0 6.0 100.0
Total 50 100.0 100.0

Figure: 4 Does your need and product are matching

Findings

From the 50 respondents surveyed

54% respondents say that, their need and product fully matched

40% respondents say that, their need and product partly matched

6% respondents say that their need and product are neutral

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 Table: 5.

how much are you motivated by advisor ?(advisor) * how much are you
motivated by sales officer?(sales officer)) Crosstabulation Count
how much are you
motivated by sales
officer?(sales officer))

highly
motivated motivated Total

how much are you highly motivated 15 4 19

motivated by motivated 19 6 25
advisor ?(advisor) not at all 3 3 6
Total 37 13 50

Figure: 5. cross tabs

20

19

15

10

6
how much are you mot
4
3 3 highly motivated
Cou
nt

0 motivated

highly motivated motivated not at all how much are you motivated by
advisor ?(advisor)

99
Out of the total sample most of the customer are highly motivated by the sales officer

Table 6: Which are the services you receive from the advisor
Valid Cumulative
Frequency Percent Percent Percent

information of 54.0
premium date
reminding information 27 54.0 54.0 88.0

of new 100.0

policies 17 34.0 34.0

help in solving the doubts 6 12.0 12.0

Total 50 100.0 100.0

Figure: 6. Which are the services you receive from the advisor

100
Findings

From the 50 respondents surveyed

54% respondents say that they got information about the premium

34% respondents say that their need and product partly matched

12% respondents say that their need and product are neutral

Table: 7. Have you tried to understand needs of the customers

Valid Cumulative
Frequency Percent Percent Percent

yes 31 62.0 62.0 62.0

no 19 38.0 38.0 100.0
Total 50 100.0 100.0

Figure: 7. Have you tried to understand needs of the customers

101
Findings

From the 50 respondents surveyed

62% Advisor say that they tried to understand needs of the customers

38% advisor say that they don’t try to understand needs of the customers

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Table: 8. How many times you have contacted the existing customer

Valid Cumulative
Frequency Percent Percent Percent

once in week 7 14.0 14.0 14.0

once in month 15 30.0 30.0 44.0
once in 6 months 18 36.0 36.0 80.0
once in a year 10 20.0 20.0 100.0
Total 50 100.0 100.0

Figure: 8. How many times you have contacted the existing customer

Findings

From the 50 respondents surveyed

36% Advisor say that they have contacted the customers once in 6 months

30% advisor says that they try to contact once in a month to customer

20% Advisor say that they have contacted once in a year to customers

14% advisor says that they have contacted customers once in a week.

103
104
Table: 9. Do you prepare yourself for any sales call

Valid Cumulative
Frequency Percent Percent Percent

yes 29 58.0 58.0 58.0

no 21 42.0 42.0 100.0
Total 50 100.0 100.0

Figure: 9. Do you prepare yourself for any sales call

Findings

From the 50 respondents surveyed

58% Advisor says that they prepare for sales call

42% advisor says that they don’t prepare for sales call

105
106
Table: 10 What kind of assistance do you need to generate more business

Valid Cumulative
Frequency Percent Percent Percent

Training about 52.0

customer handling 26 52.0 52.0
84.0
Helpdesk at the
16 32.0 32.0 100.0
branch Generating
leads by the company 8 16.0 16.0
Total 50 100.0 100.0

Figure: 10.What kind of assistance do you need to generate more business

Generating leads by

Findings

From the 50 respondents surveyed

52% Advisor says that they want training about customer handling

32% advisor says that they want help desk at the branch

16% advisor says that they want generating leads by the company

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 Table: 11. Extent of advisor satisfaction in RIL with Monetary

Valid Cumulative
Frequency Percent Percent Percent

H.satisfied 7 70.0 70.0 70.0

satisfied 3 30.0 30.0 100.0
Total 10 100.0 100.0

Figure: 11. Extent of advisor satisfaction in RLIC with Monetary

Findings

70% of the advisors are highly satisfied with monetary benefits, and
30% of the advisors are satisfied with monetary benefits.

108
109
Table: 12. Extent of advisor satisfaction in RIL with rewards

Valid Cumulative
Frequency Percent Percent Percent

H.satisfied 3 30.0 30.0 30.0

satisfied 5 50.0 50.0 80.0
neutral 2 20.0 20.0 100.0
Total 10 100.0 100.0

Figure: 12 Extent of advisor satisfaction in RIL with rewards

Findings

30% of the advisors are highly satisfied with the rewards.

50% of the advisors are satisfied with the rewards, and

20% of the advisors are feeling normal about the Rewards

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Table: 13. Extent of advisor satisfaction in RIL with recognition

Valid Cumulative
Frequency Percent Percent Percent

H.satisfied 4 40.0 40.0 40.0

satisfied 4 40.0 40.0 80.0
neutral 2 20.0 20.0 100.0
Total 10 100.0 100.0

Figure: 13. Extent of advisor satisfaction in RIL with recognition

Findings

40% of the advisors are highly satisfied with the recognition

40% of the advisors are satisfied with the recognition.

20% advisors are feeling normal about the recognition.

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112
Table: 14 Do you find difficulty in handling advisers

Valid Cumulative
Frequency Percent Percent Percent

yes 6 60.0 60.0 60.0

NO 4 40.0 40.0 100.0
Total 10 100.0 100.0

Figure: 14 Do you find difficulty in handling advisers

Findings

The sales officer found about 60% difficulty in handling the advisor

The sales officer found about 40% No difficulty in handling the advisor

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Table: 15. What kind of assistance do you need to generate more business
Valid Cumulative
Frequency Percent Percent Percent

presentation by the 10.0

insurance comapny
1 10.0 10.0 30.0
briefing by managers
2 50.0
helpdesk at the 20.0 20.0
branch meeting with 2 100.0
20.0 20.0
advisers 5 50.0 50.0
Total 10 100.0 100.0

Figure: 15. What kind of assistance do you need to generate more business

20.0%

Findings

50% sales officers feel that generating business can be done through meeting with advisor

114
50% sales officers feel that generating business can be done through help desk at the
branch

20% sales officers feel that managers can do generating business through briefing

10% sales officers feel that managers can do generating business through presentation

FINDINGS

115
 FINDINGS

1. Even though the sales officers and advisors provide sufficient information to customers,
while selling the product 26% of the total customers feel that they had not received
sufficient information. Provided was complex, rest of the respondents feel that the
information provided was less.

2. Found that SBI Life insurance Life Insurance has large variety of products in its portfolio,
it is observed that 37% of the customer feel that the product purchased by most the
customer and their need are not matching.

3. As compared to the Advisors, Sales people perform more than advisors. In instance sales
people have motivated the most of the customers to purchase the product.

4. The male were the dominating category in advisors

5. Due to lack of the effective training, most of the advisors were not able to handle the
customer properly, and may not solve the customer’s queries.

6. There are not satisfactory visits made by the advisors to the customer’s doorstep. Only
14% of the advisors have been visiting the customer at their doorstep at once a week. So
that they can find the need in the existing customers or can be able to build a new customer
for the SBI Life insurance Life Insurance

116
7. Most of the advisors do not prepare themselves for the sales call; in turn they may not
perform better at the call of the customer.

8. To generate more business, most the Sales officers feel that there should be a meeting to be
kept with the advisors.

9. The services provided by advisor to the customer are most of about 54% of the customer
receive information of premium date reminding, while 34% receive information of new
policies and 12% of customer get service of solving the doubts.

10. 62% of the advisors have tried to understand the customer’s needs, which in-turn will
help in suggesting a suitable product to the customer. But 38% of the advisors haven’t tried
in understanding the customer needs.

11. About 32% of the advisors feel that the company should provide help desk at the
branch. And 16% of the advisors feel generating leads by the company is necessary for
generating more business.

12. 70% of the advisors are highly satisfied with monetary benefits, and only 30% of the
advisors are satisfied with monetary benefits.

13. 30% of the advisors are highly satisfied with the rewards. 50% of the advisors are
satisfied with the rewards, and 20% advisor are feeling normal about the Rewards

14.40% of the advisors are highly satisfied with the recognition, about 40% of the advisors
are satisfied with the recognition, and 20% advisor are feeling normal about the recognition.

15. The advisors who are working with the SBI Life insurance Life Insurance fall under the
age group between, 25 to 30 Years. Most of the advisors are young.

117
118
 LIMITATIONS OF THE STUDY

LIMITATIONS OF THE STUDY

 The study is confined only to the small segment of entire population due to monetary
and time constraints.

119
 The scope of the project is limited to conceptual aspect of life insurance companies and
does not include all insurance products.

 Most of the people are aware about the importance of the necessity of the insurance in
their life. They are not aware how useful life insurance can be there for their family
members if something happens to them.

 Some people still consider insurance just as a tax saving service.

120
CONCLUSION

Summer training is a best example for a trainee to learn about the company working,
corporate culture under which is operating the functions. SBI life insurance company
under which I gained a significant knowledge with respect to life insurance ,its
importance and applicability as well as undertook the task to customer relationship
management of life insurance which is conducive for the company to grow with more
prosperity . What I taught in the management institute utilized them fruitfully leading to
the best advantage to the company and to the best experience of mine.
Life insurance is a noble service which is very important for every citizen to learn and
realize its importance because this is the only source which can remain the status where
one is with the family bread earner and ever where he is not.
With the growing financial sector I would like to opt this industry for my future career
advancement and as an opportunity to service the industry.

121
 EXPECTED CONTRIBUTION FROM THE STUDY

 As the number of visits made by the advisors to the customers is less than 56%, and
the relation can be build/maintained by effective communication with the customers
by being in constant touch with the customer. As many of the new life insurance
companies are entering, SBI Life insurance has to maintain its relation with the
customer. So that it can be abele to generate more number of loyal customers.

 To educate the customers about the new products, the company can use SMS service
for reaching its customers. Due to large number of customers, the reach of the entire
customers in less time may not be possible from its advisors and sales officers. This
can be a less costly medium of taking direct response of the customers. As it does not
disturb the customer.

 To effective closing of any sales call, one should understand the need of the
customers in depth. The Advisors can be trained by the sales officers, and training
institution.

122
  The SBI Life insurance should come up with more number of Products for those
customers about 40% of customer are feeling that the product that they purchased.
does not match there needs

This research has been brought up many facts regarding the Customer relationship
Management. SBI Life insurance Life insurance has large number of products in its portfolio.
But the advisors are unable to find out the need of the customers and they are unable to
suggest the right suitable product. By this project, now I can understand the various factors of
insurance industry and how the customer relation is maintained in this industry. The potential
customers are more in number and they are still not secured their life. Due to distribution
channels, to reach every other customer in shortest time is not possible; hence company can
adopt some of the suggestions.

123
BIBLIOGRAPHY

124
 BIBLIOGRAPHY

Textbooks:

1. Marketing Management: 13th Edition A South Asian Perspective Philip

Kotler, Kevin Lane Keller, Abraham Koshy, Mithileshwar Jha

2. Marketing Management

Arun Kumar, N Meenakshi

Websites: www.SBI Life insurancelife.co.in

www.licindia.com

Newspaper: Business Line

125
 Questionnaire For CustomersDear
Sir/Madam,
1. Name:

2. Age:

3. Sex:

4. Income:

5. Do you agree that SBI Life insurance life insurance offers variety of products?

Strongly Agree Agree Normal Disagree Strongly Disagree

6. Did you got sufficient information about products while purchasing?

a) Yes b) No

7. If No, the reasons are:

• Complexity of products

• Less information given by the adviser/sales officer

• Any others (specify)

8. Does your need and the product you purchased are matching?

126
 Fully matched Partly matched Normal Partly not matched Not matched

9. How much are you motivated by the adviser or sales officer?

Highly motivated Highly motivated

Adviser motivated Sales Officer motivated

Not at all Not at all

10.Which are the services you receive from the advisor?

 Information of premium date reminding Information of new

policies.
 Helps in solving the doubts.

 If any mention __________________________

11. Suggest any unique service you want from the organization?

__________________________

127
 QUESTIONNAIRE FOR SALES OFFICERS

1. Name:

2. Designation:

3. Do you agree that SBI Life insurance life insurance has variety of products?

Yes No

4. Do you educate the advisers about initiating SBI Life insurance products?

Yes No

5. If No, the reasons are:

• Lack of information about the same,

• Lack of time

• Lack of motivation from SBI Life insurance Life Insurance

• Lack of interest in the Advisers,

• Any others (specify)

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6. Are you aware of the various incentives available for following leads given by advisers?

Yes No

7. What are the advisors satisfied with?

H Satisfied Satisfied Neutral Dissatisfied H Dissatisfied

Monetary

Rewards

Recognition

8. How many advisers are there in you’re under?

_______ 9. Do you find difficulty in handling advisers?

Yes No

10. If yes then what type of difficulty you face?

_____________

11. Are you given sufficient information / training to help you clear the advisers queries
regarding insurance plans?

Yes No

12. What kind of assistance do you need to generate more business?

• Presentation by the insurance company

• Briefing by managers

• Helpdesk at the branch

• Meeting with advisers

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