Effectiveness of Customer Relationship Management Program in Insurance Companies

2013 ◽  
pp. 219-234
Author(s):  
Vikas Gautam
Keyword(s):  
Customer Relationship Management ◽  
Life Insurance ◽  
Insurance Industry ◽  
Private Insurance ◽  
Relationship Management ◽  
Management Program ◽  
Customer Relationship ◽  
Insurance Companies ◽  
Public And Private ◽  
Before And After

Customer relationship management in the insurance industry is in the nascent stage. Firms are framing new strategies to combat stiff competition. Public and private insurance companies are implementing customer relationship programs to attract more customers and retain existing customers. The objectives of this study are (1) to study the customer relationship management program of the Life Insurance Corporation of India, and (2) to assess the effectiveness of this customer relationship management program. The study is based on the opinion scores of 182 policyholders of Life Insurance Corporation of India, who have been with the company for more than the last five years. Based on the average opinion scores before and after the implementation of the Customer Relationship Management program, it was concluded that the program is effective, which was evidenced by the results obtained from statistical analysis (Paired sample t-test).

Effectiveness of Customer Relationship Management Program in Insurance Companies

2011 ◽  
Vol 2 (3) ◽  
pp. 42-56 ◽  
Author(s):  
Vikas Gautam
Keyword(s):  
Customer Relationship Management ◽  
Life Insurance ◽  
Insurance Industry ◽  
Private Insurance ◽  
Relationship Management ◽  
Management Program ◽  
Customer Relationship ◽  
Insurance Companies ◽  
Public And Private ◽  
Before And After

Customer relationship management in the insurance industry is in the nascent stage. Firms are framing new strategies to combat stiff competition. Public and private insurance companies are implementing customer relationship programs to attract more customers and retain existing customers. The objectives of this study are (1) to study the customer relationship management program of the Life Insurance Corporation of India, and (2) to assess the effectiveness of this customer relationship management program. The study is based on the opinion scores of 182 policyholders of Life Insurance Corporation of India, who have been with the company for more than the last five years. Based on the average opinion scores before and after the implementation of the Customer Relationship Management program, it was concluded that the program is effective, which was evidenced by the results obtained from statistical analysis (Paired sample t-test).

scholarly journals Complaint Redressal Practices in Public and Private Insurance Companies

2019 ◽  
Vol 8 (12S2) ◽  
pp. 369-374
Keyword(s):  
Public Sector ◽  
Life Insurance ◽  
Insurance Industry ◽  
Private Insurance ◽  
Private Life ◽  
Insurance Companies ◽  
Public And Private ◽  
The Public ◽  
Life Insurance Industry ◽  
Regulations And Guidelines

The life insurance industry of India has 23 licenses -holders running their business in this sector. The Life Insurance Corporation of India (LICI), which is the only player in the public sector, the remaining area is covered by the 22 private sector companies. IRDAI has taken initiatives to provide effective grievance handling machinery to address the grievances of policyholders. Consumer dispute Redressal agency is efficient for handling complaints and easily accessible. This paper examines the regulations and guidelines framed by IRDAI for effective grievance handling and the study would provide some insights into the areas, specifically status of grievances in public and private life insurance companies (LIC, SBI, HDFC, Reliance Life and Bajaj Allianz) and the functioning of consumer dispute Redressal agencies of life insurance sectors.

scholarly journals A STUDY ON PREFERENCE OF POLICYHOLDERS ABOUT PUBLIC AND PRIVATE LIFE INSURANCE COMPANIES IN TIRUNELVELI DISTRICT

2018 ◽  
Vol 6 (4) ◽  
pp. 105-110
Author(s):  
I. Meenakshi
Keyword(s):  
Public Sector ◽  
Life Insurance ◽  
Private Insurance ◽  
Marketing Strategies ◽  
Private Life ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Public And Private ◽  
New Policies

There are currently, a total of 24 life insurance companies in India. Of these, Life Insurance Corporation of India (LIC) is the only public sector insurance company. All others are private insurance companies. The Life Insurance Corporation of India (LIC) is the largest life insurance company in India and also the country's largest investor. More and more new private insurance companies are coming up year after year. And, these new and private life insurance companies adopt aggressive marketing strategies to introduce their products and to tap the potential policyholders. It is witnessed that new policies like ULIPs are introduced by these new private life insurance companies. It is in this concept this study has been undertaken to assess and analyze the preference of policyholders towards insurance services offered by public and private life insurance companies in Tirunelveli district.

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