A Study on Customer Relationship Management in Insurance Sector
Journal Title: International Journal for Research in Applied Science and Engineering Technology (IJRASET) - Year 2016, Vol 4, Issue 11
Abstract
The behaviors of the customers in the services sector have been changing drastically during the last several years. The reason is all services firms have improved their existing mechanisms and come up with innovative ideas to attract the new clientele and gain the customer loyalty. Therefore, like banking and telecom industry, insurance industry need to study their customers and their changing behaviors. The very nature of the insurance business necessitates knowing health histories, life histories, beneficiary information and more about the demographic profile of the prospective customers. In the postliberalization of insurance market in India; one factor that contributes to the overall performance of insurance players is Customer Relationship Management (CRM). Due to the increase in number of insurance players and rising awareness among customers about different products, companies in the insurance sector realize the importance of CRM. CRM allows insurance companies to enable the marketing departments to identify and target their best customers, manage marketing campaigns with clear goals and objectives, and generate quality leads for the sales team. In this paper, author attempts to analyze the perceptions of customers and employees of insurance companies and their CRM practices and also the study includes understanding how well do they manage their Customer Relationships and to study how empowered are the employees of the organization to deliver superior service. The data collected for the study is purely on secondary basis collected from various textbooks, journals like IRDAI journal, visited libraries for gathering data.
Authors and Affiliations
Dr. B. Sudheshna, Prof. B. Sudhir
Keywords
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