Nagindas

Khandwala
College
CRM Presentation
presented to priya
maam
Group Members
Ritika sharma - 335
Payal gujar- 305
Vishakha rajawat - 344
Roshni sharma - 336
Akshita gupta - 306
CRM IN
INSURANCE
INTRODUCTION
Customer Relationship Management, is a company-wide
business strategy designed to reduce costs and increase
profitability by solidifying customer loyalty.

There are three key elements to a successful CRM
initiative: people, process, and technology.

CRM is perceived as an


Information technology solution for ensuring a better customer
services by increasing business in competitive environment.
Meeting the demands of the market.
The needs of customers.
Evolved as Customer- Centric Philosophy for whole
organization
Today only, those insurance companies can survive and sustain
their growth and profitability that believe in delivering the
highest delivered value or profit to the customer.
BACKGROUND OF CRM IN
INSURANCE
Insurance products are becoming more commoditized.

Customers are being influenced by multiple channels to
make their buying decisions.

Advertising efforts are being countered by comparison
portals, insurance advisors and corporate alignments.

A large share of business is driven through intermediaries
where information challenges exist for effective
management without the implementation of CRM for
insurance.
Companies continue to face stiff revenue targets spread
across too many stakeholders.
Stakeholders struggle to deal with too many processes,
systems and geographies.

Speedy documentation and processes at the
time of issue of policies.

Prompt redressal of customer grievances.
ROLE OF CRM IN INSURANCE
Customers - Success in the insurance sector
originates from positive customer relations. Tools for
communication, such as email, enable lead, client and
contact management.

Marketing - CRM offers a model for effective product
management. Combining CRM solutions with industry
legacy systems immediately channels product
enhancements while tracking new product releases.


Productivity - Productivity and sales performance
can be monitored with CRM tools. Results can show
which objectives are being met as well as areas
needing improvement.

Organization - The processes of underwriting,
claims processing and support are well structured
using industry software to produce positive results.
Industry Growth - The insurance industry has
experienced broad strides within its corporate
structure in addition to the field division.

CRM initiatives at insurance companies often have
annexed visions due to the complexities involved in
creating a single repository of actionable data. These
initiatives become departmental in nature, point
solutions that quickly become part of the problem


Key Reasons for Implementing
CRM in Insurance
The winning factor.

Integration and segregation.

Customer grievances.

Changing landscape
Winning factor
While the banking sectors business does not
completely depend on the customer database, the
insurance sector cannot exist without a solid set of
database that include existing customers as well as
prospective ones.

Procuring these database is also a major challenge
in this sector and therefore optimum utilization and
proper management of the data could well be the
winning or losing factor for a player.
Integration and Segregation
Two of the biggest functions of CRM.

Integration of the data from across the various
departments and technical, meticulous and efficient
segregation of this data related to claims, policy
holder, expired / new policies, corporate clients,
prospective clients, third party policy sellers and
agents among others is thus essential.

Customer Grievances
No matter how good an enterprises CRM solution,
sales, marketing and customer service department,
grievances will remain.

While 100% customer satisfaction and claim
settlement is an illusion, companies have no choice
but to strive for it.
Some of the common complaints against insurance
companies remain delays in claim settlements,
inefficient customer care officers, cumbersome
paperwork and opaque claims processing routines.

Insurance players in the health and life insurance
space have to be doubly careful when it comes to
handling customers, sentiments can run high and the
media can be quick to spread disrepute.
CHANGING LANDSCAPE
The customer today has more money and
knowledge than ever before.

With the rapid expansion of the customer base, risk
management has also emerged as a major
challenge and CRM solutions can go along way in
helping companies implement effective measures to
manage risks.
CRM solutions have he power to replace the analyst
and come up with inferences that can help the sales
team make clear decision.

New changes such as health insurance portability
and the emergence of social media and RTI have
made the insurance sector a large yet competitive
terrain.
NEED OF IMPLEMENTATION OF
INURANCE CRM SOFTWARE
Automate Your Workflow.

Consolidate Policy Data.

Identify Customer Needs.

Analyze Customer Characteristics.

Build a Stellar Sales Team.
Automate Your Workflow - When you use CRM software
there is no need to enter customer information in several
different databases. It only needs to be entered into the
software once, and it can easily be modified if the customers
status or policies change.

Consolidate Policy Data - With the click of a mouse, any
agent talking to a customer can see identifying information
about the customer, the types of policies the customer holds,
and the payment status on each. This makes it easier for the
customer to get his or her needs met with a single phone call
rather than having to be transferred from department to
department.
Identify Customer Needs - Suppose, for instance, that you notice a
customer who has always paid insurance premiums on time is starting
to pay premiums late. Analyzing these types of trends with CRM
software allows you to catch the problem early and work with the
customer to find solutions. In the case above, perhaps the customer
needs assistance selecting a less expensive policy or finding ways to
lower the premium.

Analyze Customer Characteristics - Suppose you are offering a new
life insurance program to adults over forty who currently do not have
life insurance. You can enter these search parameters, and your CRM
software will be able to provide you with a list of appropriate
customers. You can also target customers who live in a certain zip
code, or customers with newer cars who are only carrying liability
insurance, or almost any other set of customer circumstances you
want to look into.

Build a Stellar Sales Team - CRM software can tell
you a lot about your customers. It can tell you a lot
about your sales agents as well. You will be able to
keep track of the sales made by each insurance
agent. This allows you to reward your best agents
and work to educate and motivate your agents that
are not making as many sales.
CRM software is a must for any agency that wants
to minimize data entry, analyze and assess customer
needs, and support its sales team. With one
investment, you can help build your business.
Examples of CRM in Indian Insurance
Sector
LIC.

ICICI PRUDENTIAL.

AVIVA LIFE INSURANCE.

BIRLA SUN LIFE INSURANCE.

RELIANCE LIFE INSURANCE.
Life Insurance Corporation of
India
Life Insurance Corporation of India (LIC) is the largest
insurance group and investment company in India. It's a state-
owned company where Government of India has 100%stake.
It was founded in 1956 with the merger of 245 insurance
companies and provident societies.
The Oriental Life Insurance Company, the first company in India
offering life insurance coverage, was established in Calcutta in
1818 by Bipin Behari Dasgupta and others.
TYPE OF CRM USED :-
LIC of India has implemented the e-CTM software by the help
of WIPRO and IBM.
This CRM Project is the largest of this kind in India.
WIPRO and IBM Work Together to compile the data of over
15 Crore policy holder of LIC.
The data would reflect the consumer behaviour of policy
holder, numbers of customers going for loans, number of
customers paying premium within the due date and defaulting
in premium payment.
All efforts aim to provide the faster and better services to the
customers with right offers to the right customers.




Types Of Insurance Products
Insurance plans.
Pension plans.
Unit plans.
Special plans.
Withdrawn plans.
Health plans.
LIC Highlights


Assets : $ 185 billion
No. of policies : 250 million
No. of employees : 1,13,000
No. of agents : 1.2 million

ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company is the largest
private insurance provider in India.

ICICI prudential began its operations in December
2000 after getting approval from Insurance Regulatory
and Development Authority (IRDA).

ICICI Prudential is a joint venture between
ICICI Bank- Indias second largest bank
and Prudential plc international financial
services group headquartered in United
Kingdom.
ICICI bank has 74% stake and Prudential
has 26% stake in the venture.
TYPES OF CRM USED :-
ICICI prudential life insurance company is using the
CRM project properly by integrating front office, back
office and analytical system.

Implementation of CRM aim to reduce the cost of
service, to effectively use the customers data, to
increase the customers retention, up selling and
cross selling.

ICICI prudential implemented the CRM software by the
help of SAS and Tera data solutions.

It is implementing various modules of CRM to
establish world class CRM practices for the sake of
better customer relationship management.

The total individual policies serviced by all life
companies in India are around 270 millions of which
LIC alone has around 250 million.

Types Of Products
Retirement plans.

Child plan.

Term plans.

Savings & investment plans.

Health plans.

AVIVA LIFE INSURANCE
Aviva India is a joint venture between one of the countrys
oldest and largest groups, Dabur, and Aviva Group, one of the
UK's largest insurance group, whose association with India
dates back to 1834.
Our vision is to be amongst Indias leading life insurers with a
quality business model, focused on sustainable growth. We
seek to build a robust product portfolio meeting all customer
lifecycle needs related to Protection, Retirement, Savings and
Investments.

With a strong sales force of over 14,000
Financial Planning Advisers (FPAs), we have
initiated and pioneered many innovative sales
approaches, including the concept of
Bancassurance and Financial Health Check
services. We are among the first companies to
introduce the contemporary unit-linked
products.

TYPES OF CRM USED:-
AVIVA life insurance entered in 2002 and deployed
Talisma e-CRM suite.
AVIVA got the success by recognising the potential
customer and bring out customer requirement.
Also E-CRM developed multistep marketing
campaign and superior service across multiple
channels.
CRM aim was to achieve the organised data base.
A seasoned team of fund managers make our fund
management one of the key differentiators. In India, with a wide
distribution network of 134 branches spreading across nearly
1,000 towns and cities, we operate in partnership with the
Dabur Group through our 26% interest in Aviva Life Insurance
Company India Ltd.

Keeping with our commitment of social responsibility, we have
been successful in reaching out to the underprivileged strata
through our Micro-insurance initiatives.

System, superior service standards, quick access to
customers, upgrading offers to customers,
integrating the efforts of insurance agents and
officials and ultimately to obtain customer
satisfaction.

CRM aim was to achieve the organised data base.

Types Of Products
Child.

Savings.

Retirement.

Protection.

Health.

Rural.
Birla Sun Life Insurance
Birla Sun Life Insurance Co. Ltd is a joint venture between
Aditya Birla Group, a leading Indian business group with
interests in several sectors, and Sun Life Financial, a
Canada based leading multi-national financial services
company.
Birla Sun Life Insurance offers various kinds of life
insurance related products for protection, children-related,
savings, health, retirement and rural sectors. The company
introduced unit-linked life insurance plans (ULIP) in India.
The company has also focused on its investment-linked
insurance products.

Birla Sun Life Insurance started Business Continuity
Plan in 2001. The plan was for addressing threats of
natural disasters, operational breakdowns, employee
malevolence, damage to critical IT and IT-related
systems, and other similar hostile situations.
Currently the company is among top 6 private life
insurers of India.
The company has also used technology for
expanding its business. It was also the first company
in India to issue insurance policies online.

TYPES OF CRM USED :-
BSIL has selected Talisma CRM software due to its
wide acceptance in customer relationship sphere.
Moreover its modules summarize all possible
requirement associated with customer interaction.
This CRM solution includes sales automation-mail
management, web service management, data
compiling , customer centric sales process and
customer service with timing.
Types Of Products
Protection.

Retirement.

Health and wellness.

Childs future.

Wealth with protection.
Reliance life insurance
Reliance Life Insurance Company (RLIC) is amongst the
leading private sector life insurance companies in terms of new
business premium with a market share of 5% of the private
sector life insurance industry.
Reliance Life Insurance is a part of Reliance Capital of the
Reliance Anil Dhirubhai Ambani Group Nippon Life Insurance
Company acquired 26% interest in equity share capital of the
Company effective October 7, 2011 subsequent to receipt of all
regulatory approval.

The company has over 7 million policy holders with a
strong distribution network of close to 1,230 branches
with over 124,000 agents as of March 31, 2013.

Rated amongst the Top 3 Most Trusted Service
Brands in the Insurance Category, the company aims
to emerge as a transnational life insurer of global scale
and standards.

TYPES OF CRM USED :-
Reliance Life Insurance has an Excellent web
enabled IT system for superior customer service.

They aim to increase better customer integration ,to
predict customer behaviour, sales management, and
customer grouping and faster spread of information
among the customers through CRM software.
Achievements
Largest Private Life Insurance in terms of Number of
Policies for two consecutive years as of 31 March
2012
A wide network of 1230 branches and 1,50,000
advisors
Over 9 million policies
RLIC continues to be amongst the foremost Life
Insurance companies in India to be certified ISO
9008:2001
Winner of Best Non-Urban Coverage Award at
Indian Insurance Awards 2011

RLICs Boundaries for Books Campaign won the
'Silver' at the Indian Digital Media Awards (IDMA)
2012, under Best Integrated Campaign Social
Cause and Best Use of Social Network Social
Cause.

Amongst the top 3 Most Trusted Service Brands in
the Insurance category as per the Brand Equitys
Most Trusted Service Brands 2011 Survey.

Types of insurance products
Protection plans.
Saving and investment plans.
Retirement plans.
Unit linked plans.
Child plan.
Health plan.
Solution for groups.
Conclusion
Customer relationship management technology is
proficient in qualifying leads, policy administration and
streamlines various work functions to successfully
service an insurance business.