CRM Startegies in Life Insurance Corporation P.S: To enable download option, please do comment! :)

1. CRM STRATEGIES IN LIC
PRESENTED BY:
BHUMI JAYALAKSHMI – 01
SUKANYA CHATTERJEE – 04
MOYENA PARIKH – 21
POOJA GADA -

2. MEANING OF CRM
CRM or Customer Relationship
Management is:
 Understanding your customers needs and
wants.
 Understanding your most valuable customers
and retaining them.

3. MEANING OF CRM
CRM services consist of the following
major segments:
 Consulting services
 Implementation services
 CRM Outsourcing services
 Training services

4. TRADITIONAL CRM v/s
E-CRM
TRADITIONAL WEB ENABLED
APPROACH TO CRM APPROACH TO CRM
Personal Selling Electronic Point Of Sales (Epos)
After Sales Service Automation Of Customer Service
Customer Care Life Time Value Of Customer
Complaint Handling Call Centre
Account Management System Integration

5.  LIC is the largest company in India.
 Country’s largest investor.
 Owned by Government of India.
 Founded in 1956.
 It funds close to 24.6% of the Indian
Government expenses.
 Assets of 8 trillion .
COMPANY PROFILE

6.  Over its existence of around 50 years, Life Insurance Corporation of
India, which commanded a monopoly of soliciting and selling life
insurance in India, created huge surpluses, and contributed around 7
% of India's GDP in 2006.
 The organization now comprises 2048 branches, 109 divisional offices
and 8 zonal offices, and employs over 1,002,149 agents. The corporate
Office of LIC is in Mumbai. It also operates in 12 other countries,
primarily to cater to the needs of Non Resident Indians.
 The recent Economic Times Brand Equity Survey rated LIC as the
No. 1 Service Brand of the Country.
CURRENT STATUS

7. o Policy Locator
 Login
 Registration
 Status
 Feedback form
o Insurance selector
 Human life value calculation
 Get insurance advisor

8. Human life value calculator

9. Get insurance advisor

10.  Phone Helpline
◦ Customer zone
◦ Information on premium position, bonus, loan etc.
◦ Assistance for filling up forms, registration on LIC’s portal.
 Grievance Redressal System
◦ Grievance redressal officers
 At branch level
 At divisional level
 At zonal level
 At central level

11. NEW CRM INITIATIVES
 Customer service
 Customer
 Agent
 LIC ropes in Wipro, IBM for CRM project.
 Insurance: Waking Up to a New Life.
 LIC’S Wan/Man Network Serving Insurance
Policies on the Net.

12. Suggestions
M - CRM
 Cross-Selling
 De-Materialized Policies
 One counter Payment of Claims

13. CONCLUSION
• Shared or distributed data
• Cost reduction
• Better Customer Service
• Increased Customer Satisfaction
• Better Customer Retention
• Loyal customers
• More repeat business
• More new business
• More Profit!

14. BIBLIOGRAPHY
• Kumar, A, , Sinha, C, & Sharma R,. “Customer Relationship
Management Concepts & Application” , Bizantra Publication,
New Delhi (2009)
• Shajahan, “Relationship Management”, Tata McGraw Hill,
New Delhi, 2008
• Cisco, “Case Study Special: LIC’S WAN/MAN Network Serving
Insurance Policies on the Net”