effectivennes of CRM in insurance sector in reference to HDFC BANK

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PROFILE OF THE COMPANY
HDFC Life
HDFC Life is one of the leading life insurance companies in India offering a range of
individual and group insurance solutions that meet various customer needs such as
Protection, Pension, Savings & Investment and Health, along with Children’s &
Women’s Plan .
HDFC Life is a joint venture between Housing Development Finance Corporation
Limited (HDFC), India's leading housing finance institution and Standard Life plc, the
leading provider of financial services in the United Kingdom.
HDFC Ltd. holds 71.42% and Standard Life (Mauritius Holding) Ltd. holds 26.00% of
equity in the joint venture, while the rest is held by others.
HDFC Life's product portfolio comprises solutions, which meet various customer needs
such as Protection, Pension, Savings, Investment and Health. Customers have the added
advantage of customizing the life insurance plans, by adding optional benefits called
riders, at a nominal price. The company currently has 24 retail and 8 group products in its
portfolio, along with 9 optional rider benefits catering to the savings, investment,
protection and retirement needs of customers.
HDFC Life continues to have one of the widest reach amongst new insurance companies
with over 400 branches in India touching customers in over 900 cities and towns.The
company has also established a liaison office in Dubai. HDFC Life has a strong presence
in its existing markets with a strong base of Financial Consultants.
MILESTONES
 Unveiled a new marketing campaign urging parents to make ‘Birthday’ a perfect
occasion for long-term financial planning for child’s secure future.
 Honoured with a Silver Award for IT Innovation (Large Enterprise) at the Express IT
Awards 2013 ceremony.
 Our official Facebook fan page and Twitter account got the most number of fans &
followers respectively, highest in the Life Insurance space in India.

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 Won at Asian Leadership Award for Brand Excellence in Effective Communication,
2013. This award was for our strategic initiative – Customer Relationship.
 Launched our official Youtube brand channel - http://www.youtube.com/hdfclife10
 Honoured with the prestigious Golden Peacock HR Excellence Award in private life
insurance sector.
 Became one of the few companies in India to have launched Employee Social Network
tool – My Life - for our employees.
 Won the 7th edition of SAP ACE Award for Customer Excellence 2013.
 Unveiled our new interactive website, with a new design and several interactive &
responsive features.
 At the 4th CMO Asia Awards for Excellence in Branding and Marketing, we received 4
awards - Award for Brand Excellence (BFSI), Marketing Campaign of the, Award for
Best Use of Social Media in Marketing and Marketing Professional of the Year.
 Awarded the CIO100 Award at the 8th annual CIO100 awards. HDFC Life also received
the Information Mastermind Special Award.
 Adjudged as a winner in Private Service Sector (Large Organisations) category at the
10th National Award for Excellence in Cost Management held in New Delhi.
 Was honoured with two awards at the SABRE India Awards 2013 - Winner: Gold
SABRE Awards for Excellence in Public Relations Programming under Financial &
Professional Services category and Runners up: Gold SABRE Awards for Excellence in
Public Relations Programming under Financial Communications category.
 Received TISS-Leap Vault CLO Award in Program for Sales Enablement category.
 Won Top 100 CISO Award 2013 for incorporating and implementing innovative
information security solutions.
 Received the D.L. Shah Quality Award for case study on ‘Re-Cycling Customer
Payouts’.
 Announced the launch of two traditional pension plans – HDFC Life Personal Pension
Plus and HDFC Life Guaranteed Pension Plan.
 Was honoured with ASTD Excellence in Practice 2012 citation for 'Improving First
Level Sales Manager (FLS) Productivity', in the Sales Enablement category.

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 Received two awards at the Indian PR and Corporate Communications Award 2013 -
Best Campaign in the Financial Services Sector for 'driving financial freedom for Indian
urban women.' and Best In House Team of the Year for effectively 'driving financial
freedom among Indian urban women.'
 Was featured in the list of ‘Top 25 places to work for’ in a study conducted by Great
Places to Work®.
 Announced the launch of Swabhimaan Careers – an initiative to build long-term
relationship with customers by offering employment opportunity to the deceased
policyholder’s family.
 Launched the Little book of Legacy, an editable emergency checklist to encourage and
facilitate customers to be prepared for eventuality by being better organized with
documentation, making nominations, making a will.
 Registered a profit of Rs 451 crore in 2012-13.
 Launched Classic Assure Plus in June, industry's first product compliant with new
regulations.
 Recognised as the Celent Model Insurer of Asia for 2013. Also received two Model
Insurer Component awards, namely Model Insurer Award in the area of Underwriting
and the other in Distribution/New Business.
 Campaign for HDFC Life Smart Woman plan- ‘Model of Happiness’ won a Gold in the
‘Integrated Media Campaign of the Year by a Brand’ category at WOW awards 2013.
 Announced the launch of our health insurance product – HDFC Life Health Assure Plan,
which aims at providing a comprehensive health cover.
 Launched a new advertising campaign to increase awareness about early retirement
planning.
 Product HDFC Life Smart Woman Plan was voted as 'Product of the Year 2013' under
Life Insurance Category.

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CORPORATE VISION AND MISSION
Vision
The most successful and admired life insurance company, which means that we are the
most trusted company, the easiest to deal with, offer the best value for money and set the
standards in the industry.
'The most obvious choice for all'.
Values
Our vision and values that we observe at work
1. Excellence
2. People Engagement
3. Integrity
4. Customer Centricity
5. Collaboration
Mission
Create unmatched value for everyone through dependable, effective, transparent and
profitable life insurance and pension plans.
Achievements
ICAI Award for Excellence in Financial Reporting 2013-14
HDFC Life was awarded the highly prestigious and professional award from The Institute
of Chartered Accountants of India (ICAI) for Excellence in Financial Reporting for the
annual report of FY 2013-14. ICAI is recognised as a premier accounting body not only
in the country but also globally, for its contribution in the fields of education,
professional development, maintenance of high accounting, auditing and ethical
standards.

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Finnoviti 2015 Award for innovations in BFSI
HDFC Life's MYmix was awarded the prestigious Finnoviti 2015, an award that salutes
the spirit of innovation. Finnoviti 2015 Conference and Awards recognize and reward
innovations in BFSI sector and honour the innovators. MYmix was selected amongst
more than 175 nominations across 85 organizations.
CNBC Asia’s India Business Leader Award 2014
Mr. Amitabh Chaudhry, MD & CEO - received the award for Corporate Social
Responsibility at the 10th edition of the CNBC-TV18 India Business Leader Awards
2014 ceremony held in Mumbai. CNBC with the Asia Business Leader Awards
pioneered the business leadership awards to recognize leaders who create and sustain
entrepreneurial initiatives, develop best practices and carve out powerful businesses in
the global economy
PRODUCTS OFFERED BY HDFC LIFE LIFE
HDFC Life provides a variety of life insurance plans and policies to meet each
individual’s insurance needs and requirements. We provide different insurance products
for needs like Protection, Savings & Investments, Children education and marriage,
Retirement, Health related and women specific. We help you in becoming financially
independent so that you can live your life on your own terms.
.
HDFC Life's products include Protection, Pension, Savings, Investment, Health along
with Children and Women plans. The company also provides an option of customizing
the plans, by adding optional benefits called riders, at an additional price. The company
currently has 37 retail and 8 group products, along with 9 optional rider benefits (as on
31st Oct 2013)
 Protection Plans - insurance plans that provide protection and financial stability to the
family in case of any unforeseen events.

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 Click2Protect is their online term plan.
 Click2Invest is their online ULIP investment plan
 Health Plan – offers financial security to meet health related contingencies.
 Savings & Investment plans - These plans help in investment to achieve financial
goals
 Retirement plans - financial security for life post retirement
 Women’s plans - plans catering to different financial needs of women
 Children’s plans – plans meant to secure children’s future
 Rural & social Plans – meant specifically for rural customers
Protection Plans
In today’s uncertain world, there could be calamity at every step of the life. It is up to you
to ensure that your family stays protected always.
HDFC Life Protection Plans helps you do exactly the same. You have a wide range of
options to choose a plan from. Right from limited period plans to lifetime protection
plans, you can opt for the one that suits your lifestyle.
While we understand that nothing can compensate for the loss of a life, we intend to
provide you the peace of mind. Investing in HDFC Life Protection Plans would mean
your family’s future is in safe hands.
Click2Protect is their online term plan
HDFC Life Click 2 Protect Plus an online term insurance plan in India provides you
comprehensive protection at an affordable price and helps you to protect yourself and
your loved ones against the uncertainties that life may throw at you. This term life
insurance policy provides wide range of cover options and you can choose the cover
depending on your need. You can even secure your family’s day to day requirements
when you are not around by way of monthly income under Income & Income Plus
Option.

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Health Plan – offers financial security to meet health related contingencies
HDFC Life Health Assure Plan, a comprehensive, pure protection health &
medical insurance plan that reimburses medical expenses incurred in a hospital.
It provides option to secure you & your family’s health
Savings & Investment plans
HDFC Life Click2Invest - ULIP
An online unit linked plan with life insurance coverage
HDFC Life Sanchay
Guaranteed Returns helps you to fulfill your responsibility with ease.
HDFC Life Super Income Plan
A Regular Income plan with guaranteed benefits plus bonuses.
HDFC Life ClassicAssure Plus
This plan helps you to achieve your future financial goals.
HDFC SL Crest
ULIP savings plan to help you achieve your investment goals along with financial
protection for your family.
HDFC SL ProGrowth Maximiser
This plan is a single premium unit linked plan with insurance coverage that helps you
build wealth in short horizon.

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Imagine a life insurance policy, which on maturity returns to you all the premiums you
had paid for your basic policy. The HDFC Life Special Term Plan offers that and much
more.
Retirement plans
HDFC Life Personal Pension Plus
This plan is designed to help you secure your retirement fund.
HDFC Life Pension Super Plus
Regular premium plan that builds corpus for post retirement.
HDFC Life Single Premium Pension Super Plan
Build corpus for retirement with one single premium
HDFC Life Guaranteed Pension Plan
This plan gives you guaranteed returns for your retirement.
Women’s plans
HDFC Life presents special solutions catering to different financial needs of women.
Women’s plans are a set of specially created and hand-picked products which suit the
needs of women at different stages of their life; such as protection, health, retirement,
child’s education and long term savings and investments.
HDFC Life Smart Woman Plan
Award-winning insurance cum investment plan designed specifically for women.

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Children’s plans
HDFC SL YoungStar Super Premium
A ULIP plan that helps to satisfy child’s financial needs across years.
HDFC Life YoungStar Udaan
Ensure Guaranteed Payouts at child’s key milestones
OVERVIEW OF INSURANCE SECTOR
With largest number of life insurance policies in force in the world, Insurance
happens to be a mega opportunity in India. It’s a business growing at the rate of 15-20 per
cent annually and presently is of the order of Rs 770 billion. Together with banking
services, it adds about 7 per cent to the country’s GDP. Gross premium collection is
nearly 2 per cent of GDP and funds available with LIC for investments are 8 per cent of
GDP.
Yet, nearly 80 per cent of Indian population is without life insurance cover while
health insurance and non-life insurance continues to be below international standards.
And this part of the population is also subject to weak social security and pension
systems with hardly any old age income security. This itself is an indicator that growth
potential for the insurance sector is immense.
A well-developed and evolved insurance sector is needed for economic
development as it provides long-term funds for infrastructure development and at the
same time strengthens the risk taking ability. It is estimated that over the next ten years
India would require investments of the order of one trillion US dollar. The Insurance
sector, to some extent, can enable investments in infrastructure development to sustain
economic growth of the country.

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CHAPTER 2
RESEARCH METHODOLOGY

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RESEARCH METHODOLOGY
The research based will be Descriptive Research.
Type of data
1.Primary data
2.Secondary data
Primary data
The primary or the first hand data will be collected with the help of handing out the
questionnaire to the customers &employees.
Secondary data
The major source of secondary or supporting data will be internet .
Using this data measurement technique, information was collected by personal
interviews.
Secondary data was collected through company websites, discussions with company
guide.
The collected data was processed through S.P.S.S. Package.
Sampling Design
The research was mainly opted on customer’s survey, adviser’s survey as well as
sales officer’s survey.
The sample selected for survey was stratified sample. Sample size is 50
Customers, 10 Sales officers and 50 advisers.

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Sample Character
Respondents are sales officers, and existing customers of HDFC Life insurance and the
advisers.
SamplingPlan
For Customers
Sampling unit : Individuals.
Sampling Method : Non Probability, Convenience Sampling.
Sampling Size : 50 Customers.
For Advisers
Sampling unit : Advisors .
Sampling Method : Non Probability, Convenience Sampling
Sampling Size : 50 Advisers.
Sampling Plan : Questionnaires.

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Tools and Technique of Data Collection
Personal Interviews
Where customers, sales officers and advisers were interviewed personally that
face to face interaction were done.
Questionnaire:
It is a systematic designed questionnaire is used for collecting primary data. These
data are used for further descriptive research.
TheoreticalDescription
Customer Relationship Management
Customer Relationship Management focuses on acquiring, developing and
creating satisfied loyal customer; achieving profitable growth; and creating economic
value in company’s brand.
Customer Relationship Management strives to improve the customer’s experience
of how they interact with the company and produce high customer equity .the more loyal
customer, the higher are the customer equity.
Recently CRM has taken a center stage in the business world with businesses
concentrating on saving money and increasing profits by redefining internal processes
and procedures. It costs a company dramatically less to retain and grow an existing
client, than it does to court new ones. It is said that “It is seven times more expensive to
acquire a new customer than to keep an existing one”, therefore the value of customer
information and management should never be underestimated
Customer equity comprises of three drives
 Value equity
 Brand equity

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 Relationship equity
CRM (Customer Relationship Management) is something that is not restricted to any
country or culture. Wherever customers are there, business cannot afford to keep them
unhappy; and that is where CRM comes in as a strong requirement.
In India, the trend is positive. When compared to about twenty years ago , people
have more choice and every company knows it can’t take customer for granted .May be
the movement is slow ,but we see a steady progress towards an increased focus on the
customer rather than merely on the products and price .
Today’s era is of service because customers are ultimate base line for any business to
sustain in this competitative world
For example: Banks started providing ‘gold’, ‘silver’ cards to its valued customer,
depending on their needs the customer get faster services.
The concept of CRM is relatively simple and familiar to insurers. The two points of
the concept are:
 Understand your customers' unique requirements.
 Offer them the services and products over their lifetime that will maintain
or increase their profitability and retain them as your customers.
These are the some supporting strategies that implement these concepts to yield
significantly greater results and a true competitive advantage.
These supporting strategies generally fall into three groupings: analytical,
marketing and operational. The analytical path focuses on mining the data you have on
your existing customers, and marrying that data with external data when possible to
develop a scoring index. This index can then be reliably applied to individual customers
to indicate their level of profitability, tendency to remain a customer, and propensity to
acquire other products and services.
The current trends in corm followed by insurance companies

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While the CRM market in India is still nascent, bigger players such as ICICI
Prudential Life Insurance Company are adopting it in a big way. The company was
earlier using Gold Mines (a sales and marketing tool) and HEAT (an operational CRM
solution) from Front Range Solutions. Last year it took a decision to invest in CM3 from
Tera data and SAS’s statistical tool for BI. Anil Tikoo, head-IT at ICICI Prudential Life
Insurance Company says, “As a forward looking company, we see CRM playing a
significant role in acquiring new customers. CRM lets us obtain granular details about
our customers, helping us to design better products, improve service levels and reduce
operational costs.” CRM has helped ICICI Prudential Life capture five lack customers
through effective event-based marketing and lead tracking to cross- and up-sell products.
Business drivers for CRM
Margins are under pressure: A couple of years ago, LIC dominated the insurance
market with the help of its sales force and channels and margins were reasonably high.
Today, there are close to 20 companies offering both life and general insurance products.
All of them have equally strong international and local partners; all are focusing upon
similar geographies and target audiences. The new firms selling life insurance and non-
life insurance [pensions, insurance as saving, etc] have failed to emulate the LIC model
because margins are getting squeezed. There are several pain areas that new insurance
firms face—acquiring new customers, retaining them, cross-selling products and
controlling rising costs while providing comprehensive support.
Insurers have added a variety of products and services to their kitty. These range
from insurance as an investment option to pension plans. They target the younger
generation in the 20 to 30 years age group. “The convergence of four factors—protection,
saving (investment option), loans and pension—have compelled insurance companies to
align with banks in reaching out to a larger audience,” says Tikoo. This trend has led to
another—insurance companies are joining hands with banks by becoming channel
partners for insurance. Tata AIG has a marketing alliance with HSBC, Birla Sun Life has

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one with Citibank and IDBI and LIC ally with Corporation Bank, while Kotak Life
Insurance has an arrangement with Kotak Bank. This strategy helps insurance firms
increase their footprint to cover a larger part of the customer base in the 20-30 years
demographic. CRM helps connect a bank’s high net worth customers with insurance
firms.
Where to begin—operational CRM or analytical CRM?
The choice between operational and analytical CRM as a starting point depends
upon the insurer’s needs. Gartner says that insurance companies with multiple financial
products and a big customer base, such as integrated insurance solution providers, will
leverage their customer base to cross- and up-sell different financial products, including
insurance. Such providers will benefit from adopting analytical CRM. Market
segmentation, campaign management and data mining applications will benefit them in
many ways.
 Call center text mining: This tool can help improve the customer experience by
resolving complaints rapidly. Insurers are using these tools to mine text from call
center transcripts to identify issues faced by customers. Text mining tools also
help detect and capture other useful pieces of information around a customer’s life
stage, financial needs and product interests. These can be used to generate leads
and trigger cross-selling. However, to be fully effective, customer service
representatives must be trained to probe for information that will help in cross
selling during the text-mining phase. Text mining tools are leading edge today,
but are predicted to take off quickly.
 Event-triggering and profiling: “Insurers can use event triggers to generate leads
that can be acted upon quickly, usually within 24 hours,” says Tikoo. Event-
triggering tools monitor incoming transaction and contact data in near-real-time to
recognize changes in a customer’s behavior or profile to trigger actions or alerts.

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Lead management gets sophisticated: Often the ability of an insurer to generate leads
by means of event-triggering, re-engineered touch points and cross line-of-business
referral can outstrip their ability to manage said leads. In such a situation, though the
number of leads generated rises, the conversion rate does not. It may even drop. CRM
can help provide sales representatives with a mechanism to prioritize and manage leads.
Changing customer behavior in insurance buying
In insurance buying, most customers would probably describe their level of
understanding of insurance contracts in the above manner. Customers know generally
what a policy covers; they also know that there are several fine prints in insurance
contracts, which they do not know, or perhaps care to know, at the time of buying. And
they also seem to generally conclude that when it comes to making a claim under an
insurance policy, there could be several issues of which they are just unaware at the time
of buying the policy in the first place.
Changing expectations
A remarkable trend in the insurance industry in the last three years is the rapid
change in the knowledge level as well as expectations of the customers. A study
conducted last year by Forte, a collaborative effort between FICCI and ING Vysya
Insurance Co. about the consumer behavior in the pre and post liberalization days of the
industry had revealed stunning changes in consumer expectations.
It looks as though the docile, uninformed, insurance consumer has suddenly been
transformed into an aggressive and highly demanding species. While the fresh air of
competition in every sector of the economy brings in major changes in consumer
expectations (witness the sea change in the attitude of automobile buyers in India in the
last five years), the insurance industry has witnessed a few unique aspects, such as
regulation-inspired efforts to educate insurance buyers, and a vast change in the skills and
capabilities of the intermediaries involved in distribution.

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Motivating factors
In respect of life insurance, potential buyers are driven to buying a policy for one
or more of three major reasons: security of the money invested, saving for one or more
specific purposes, and the availability of tax benefit. Customers are increasingly known
to place less HDFC Life on the tax benefit factor, and stress more on the security aspect
and the end-use objective. The challenge of the insurance companies is to address the
motivating factors imaginatively and come up with genuine solutions. Take for example,
the consumer’s objective of taking a policy to save money for higher education of a child.
This has been a driving force in the sale of new insurance contracts in several other
countries too, notably in Asia.
A potential buyer primarily expects that the saving should be a painless process
and that the money saved should be absolutely safe. The challenge is to provide not only
convenient payment options, but also mechanisms that could offer some measure of
protection and relief to the customer if he is forced to disrupt the payment arrangement
for unforeseen reasons.
On the issue of the consumers’ perception of security of the money invested, there
are two important aspects. One is how the features of the insurance contract are put
across to the buyer (whether it is a unit-linked policy or endowment oriented).
The second is how to address more effectively the question about the
dependability of the new generation companies that potential new insurance buyers raise
during sales calls especially outside metros and in small towns (referred to in publicity
jargon as buyers in the SEC B and C categories). Both insurance companies and the
Regulator need to address this behavioral challenge more actively.
Consumer’s experience
There has been a vast change in the approach of the insurance agent from the pre-
liberalization days. While the agent in the past established informal contacts with
potential buyers and often depended on referrals from friends and family members, the

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new age companies insist on a professional, and often aggressive stance on the part of the
sales staff. Customer expectations in this regard revolve around two key aspects: first,
whether the customer is getting truthful advice from the agent, or if he is pushing a
product that yields him the highest commission rate. Invariably, the customers today
expect the insurance agent (and other intermediaries such as the banc assurance sales
staff) to provide a ready comparison of competitors’ products and how the product the
agent is suggesting is superior to the others. How far is the need-based analysis of
insurance requirement, that the new age sales staff are trained to offer, found to be
relevant and useful to potential insurance buyers? The answer varies from the metro cities
and small towns. However outside metro cities, customers tend to take a clear view that
saving-oriented policies are more needed. There is also marked reluctance to disclose the
true personal financial status and the corresponding insurance needs to insurance
salespersons.
The second aspect of customers’ perception about the new generation of
insurance agents is the level of continuing commitment of the agent to arrange post-sale
service. Potential insurance buyers are unsure that they would continue to deal with the
same agent who sold the policy throughout the term.
They would tend to place more HDFC Life on the company’s general promises of
service and commitment. This is an important message for the insurance companies. As
insurance customers increasingly make arrangements to pay periodical premiums directly
through the electronic medium, or though automatic transfers from their bank accounts,
thereby bypassing the need for regular post-sale service by the agents, customers would
tend to place more HDFC Life on the direct standard of service from the company
concerned. Instances of customers requiring agents to arrange for loans against their
policies, or change nominations etc. are rare. Therefore companies need to gear
themselves to provide high service standards directly.

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Premium shopping
Is pricing or the premium rate for a policy, a deciding factor for buying
insurance? It is indeed so in a price sensitive market such as ours. In several forums,
customers have voiced the general feeling that as insurance products become more
complex, and they get bundled with several riders, it is becoming impossible to make
price comparisons between different companies.
An increasingly larger segment of customers now questions why the premium rate
should be the same for a policy if bought direct from the company over Internet, or
through a channel considered simpler, such as the banc assurance channel. There is logic
in the insurance companies passing on the cost saving to customers in such cases.
It is time the Regulator seriously considered the customer expectations of
differential premium rates for the same policy bought through different channels and
allowed the practice. It should therefore be conceivable to offer premium rebate to
insurance buyers who consciously decide to approach the company directly for buying a
policy (after presumably taking the trouble of educating themselves about the product
features and other aspects), and choose to deal with the company directly for future
servicing needs.
High expectations
One aspect of customer service from new age insurance companies that a remains
to be tested widely is the claim payment record. While consumers seem to be satisfied
that the survival benefits under a life insurance policy would get paid rather promptly
from the tech-savvy new companies, obviating the need for interlocution by the insurance
agent, insurance buyers are not yet convinced about hassle-free payment in the event of a
claim, whether under a life policy or a general insurance policy. This is especially so in
respect of rider benefits such as critical illness or hospitalization benefits.
The level of consumer skepticism on claim payment is markedly high in respect
of non-life insurance products, such as Householders’ Package or Medicaid policies.

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There is considerable work to be done to boost the level of confidence both by insurance
companies and the Regulator. By the time a company completes the development of a
strategy and makes investments to pursue the strategy, the opportunity often ceases to
exist. It is therefore important that the new age insurance companies become ‘kinetic’
enterprises, which can take advantage of unpredictable customer demands and
unexpected market events immediately. This is vastly relevant for the Indian market
where the insurance consumers are rapidly coming of age.

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CHAPTER 3
DATA ANALYSIS & INTREPRETATION

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Q1. Do you agree that HDFC Life has variety of products.
Table: 1
Reactions No of respondents Percentage of respondent
Strongly Agree 30 60%
Agree 17 34%
Normal 3 6%
Figure: 1 Do you agree that HDFC Life insurance variety of products
Findings
From the 50 respondents surveyed
60% Customers are strongly agreed that HDFC Life have variety of products.
34% Customers are agree that HDFC Life has variety of products.
6% Customers feel that HDFC Life has Neutral of products.
60%
34%
6%
HDFC Life has variety of Products &Services
strongly Agree Agree normal

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Q2. Did you get sufficient information about the product while purchasing
Table No: 2
yes 74%
no 26%
Figure: 2. Did you get sufficient information about the product while purchasing
Findings
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
yes
74%
no
26%
sufficient informationabout the product while
purchasing

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Q3. If no the Reasons are
Table no: 3
Complexity of Products 57%
Less information by advisor/sales officer 43%
Figure: 3. If no the Reasons are
Findings
43% respondents say that because complexity of the product
57% respondents say that less information given
57%
43%
Reasons Are
complexity of the product less information given

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Q4. Does your need and product are matching
Table: 4
Fully matched 54%
Partly matched 40%
Can’t Say 6%
Figure: 4 Does your need and product are matching
Findings
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
54%
40%
6%
Fully matched Partialy matched Can't say
Does your needand product are matching

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Q5. How much you got motivated by Company's Sales officer or Advisor ?
Table: 5.
Highly
Motivated
38%
Motivated 50%
Not at all 12%
Figure: 5.
Findings :
Out of the total sample most of the customer got motivated by the sales officer
38% respondents say that, they got highly motivated
50% respondents say that, they got motivated
12% respondents say that, they didn’t get motivate at all
38%
50%
12%
Highly Motivated Motivated Not at all
How much you got motivatedby Company's
Sales officer or Advisor

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Q6. Rate your level of satisfaction with HDFC
Table 6 :
Highly satisfied 29%
Satisfied 53%
Dissatisfied 18%
Figure 6:
Findings :
29% respondents say that, they are highly satisfied
53% respondents say that, they are just satisfied
18% respondents say that, they are dissatisfied
Satisfied
53%Highly satisfied
29%
Dissatisfied
18%

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Q7. Which are the services you receive from the advisor
Table 7:
Help in solving Problems 12%
Information about new policy 34%
Information about new Plans 54%
Figure: 7:
Findings
54% respondents say that they inform about new plans
34% respondents say that they inform about new policy
12% respondents say that they help in problem solving
12%
34%54%
Which are the services youreceive fromthe
advisor
Help in solving Problems
Information about new
policy
Information about new
Plans

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Q8. Have you experienced service failure of the HDFC bank?
Table 8:
Always 3%
Rarely 24%
Never 73%
Figure 8:
Findings
3% respondents say that they always experienced service failure of the HDFC bank
24% respondents say that they rarely experienced service failure of the HDFC bank
73% respondents say that they never experienced service failure of the HDFC bank
73%
24%
3%
Never
Rarely
Always

32
Q9. Do Advisors try to understand your needs ?
Table 9:
Yes 62%
No 38%
Figure: 9:
Findings
62% say that advisors try to understand their needs
38% say that they don’t try to understand needs of the customers
62%
38%
Do Advisors try tounderstandyour needs
yes
no

33
For Advisors
Q10. How many times you have contacted the existing customer
Table 10:
Once in a Week 14%
Once ina month
30%
Once in 6 months 36%
Once in a year 20%
Figure 10:
Findings
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.
14%
30%
36%
20%
Once in a Week Once in a month Once in 6 months Once in a year
How many times youhave contactedthe
existing customer

34
Q 11. Do you prepare yourself for any sales call
Table 11:
Yes 58%
NO 42%
Figure 11:
Findings
58% Advisor says that they prepare for sales call
42% advisor says that they don’t prepare for sales call
58%
42%
Do you prepare yourself for any sales call
Yes
No

35
Q12. Have you tried to understand the needs of the customer?
Table No: 12
yes 74%
no 26%
Figure: 12.
Findings :
74% respondents say that they tried to understand the needs of the customer
26% respondents say that they did not try to understsand the need pf customer
Q13. Have you given sufficient information / training to help you clear the
customers queries regarding insurance plans?
yes
74%
no
26%

36
Table No: 13
yes 74%
no 26%
Figure: 13.
Findings :
74% respondents say that they have given sufficient information / training to help
them to clear the customers queries regarding insurance plans
26% respondents say that they don’t have given sufficient information / training to
help them clear the customers queries regarding insurance plans
Q 14. What kind of assistance do you need to generate more business
Table 14:
yes
74%
no
26%

37
Training about Customer handling 52%
Helpdesk at the Branch 32%
Generating leads by the company 16%
Figure: 14:
Findings
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
52%
32%
16%
Training about Customer
handling
Helpdesk at the Branch Generating leads by the
company
What kindof assistance doyouneedto
generate more business

38
CHAPTER 4
FINDINGS & CONCLUSION
FINDINGS

39
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 HDFC 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 HDFC Life Insurance
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.

40
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.
.
.

41
Limitations of the study
The present study is undertaken in small area of Delhi city only . Hence, data pertained to
the study is too short and brief for generalization. Hence, it would be difficult to draw
precise generalizations regarding the implications of the study. The findings in the study,
interpretations and conclusions drawn could be best seen within these limitations.

42
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, HDFC Life 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.
The HDFC Life 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. HDFC Life 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

43
Questionnaire For Customers
1. Name:
2. Age:
3. Sex:
4. Income:
5. Do you agree that HDFC 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?
Fully matched Partly matched Normal Partly not matched Not matched

44
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. Do Advisors try to understand your needs ?
a) Yes b) No
12. Rate your level of satisfaction with HDFC
Highly Satisfied Satisfied Dissatisfied
13. Suggest any unique service you want from the organization?
__________________________
Thank You

45
QUESTIONNAIRE FOR ADVISERS
1. Name:
2. Age:
3. Sex:
4. Qualification:
5. Have you tried to understand the needs of the customer?
Yes No
10. Have you given sufficient information / training to help you clear the customers
queries regarding insurance plans?
Yes No
11. How many times you have contacted the existing customer?
Once in weak Once in month Once in 6 months Once in Year
12. Do you prepare yourself for any sales call?
Yes No
13. What kind of assistance do you need to generate more business?
 Training about customer handling
 Helpdesk at the branch,
 Generating leads by the company
 Any others (specify)
Thank You.

46
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.HDFC Lifelife.co.in
www.licindia.com
Newspaper: Business Line

effectivennes of CRM in insurance sector in reference to HDFC BANK

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