Final Crm Anshul 2
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DISSERTATION REPORT ON “CUSTOMER RELATIONSHIP MANAGEMENT STRATEGIES AND ITS IMPLICATION- A STUDY OF SOME SELECTED INSURANCE ORGANISATION IN DEHRADUN SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE MASTER’S DEGREE IN BUSINESS ADMINISTRATION OF UTTARAKHAND TECHNICAL UNIVERSITY, DEHRADUN SUBMITTED TO: SUBMITTED BY: Mrs. Amita Sharma Anshul Bhatt (FACULTY GUIDE) M.B.A.-4 Sem
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Transcript of Final Crm Anshul 2
DISSERTATION REPORT
ON
“CUSTOMER RELATIONSHIP MANAGEMENT STRATEGIES AND ITS IMPLICATION- A STUDY OF SOME SELECTED INSURANCE ORGANISATION IN
DEHRADUN
SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE MASTER’S DEGREE IN BUSINESS ADMINISTRATION
OF
UTTARAKHAND TECHNICAL UNIVERSITY, DEHRADUN
SUBMITTED TO: SUBMITTED BY:Mrs. Amita Sharma Anshul Bhatt
(FACULTY GUIDE) M.B.A.-4 Sem
UTTARANCHAL INSTITUTE OF TECHNOLOGY
PREMNAGAR, DEHRADUN (U.K.)
BATCH (2012-2014)
CERTIFICATE
I have the pleasure in certifying that Mr. Anshul Bhatt is a bonafide student of IVth Semester of the Master’s Degree in Business Administration (Batch 2012-2014), of Uttaranchal Institute of Technology, Dehradun under Uttarakhand Technical University.
He has completed his dissertation report entitled “CUSTOMER RELATIONSHIP MANAGEMENT STRATEGIES AND ITS IMPLICATION- A STUDY OF SOME SELECTED INSURANCE ORGANISATION IN DEHRADUN” under my guidance.
I certify that this is his/her original effort & has not been copied from any other source. This project has also not been submitted in any other Institute / University for the purpose of award of any Degree.
This project fulfils the requirement of the curriculum prescribed by this Institute for the said course. I recommend this project work for evaluation & consideration for the award of Degree to the student.
Signature : ………………………………
Name of the Guide : Mrs. Amita Sharma
Designation : ………………………………
Date : ………………………………
ACKNOWLEDGEMENT
Every study requires a guidance of someone who is working in that field. Firstly I would like to thank Director Sir Dr. Pradeep Suri for providing an opportunity of preparing a Project Report and allowing to use the resources of the institution during this project.
I am extremely thankful to my Project Guide Mrs. Amita Sharma ,for her precious guidance regarding the preparation of the dissertation . Her guidance has proved to be useful and without him, the preparation of this report might not have been possible.
I am also thankful to the other faculty members of UIM for extending their valuable support for this project.
I also extend my sincere thanks to the Respondents, who helped me during the course of project and for their gracious attitude.
I would like to take this opportunity to extend my warm thoughts to those who helped me in making this project a wonderful experience.
Anshul Bhatt
TABLE OF CONTENT
CHAPTER 1
INTRODUCTION
COMPANY PROFILE
SIGNIFICANCE OF THE STUDY
LIMITATION OF THE STUDY
CHAPTER 2
LITERATURE REVIEW
CHAPTER 3
OBJECTIVES OF THE STUDY
SCOPE OF THE STUDY
RESEARCH METHODOLOGY
SOURCES OF DATA
SAMPLE SIZE
METHOD OF SAMPLING
o AREA OF WORK
PARAMETERS OF STUDY
o TOOLS
CHAPTER 4
DATA ANALYSIS AND INTERPRETATION
RESEARCH FINDINGS
CONCLUSION
RECOMMENDATION
REFERENCES
APPENDIX
INTRODUCTION
Customer relationship management is an imperative measure in any service
sector. It is the main tool in marketing management to acquire more numbers of
customers and to create one to one interaction with transparency and honesty.
Today the companies have to move from managing a market, to managing
specific customers. But managing the customers and retaining them for long
time is not easy task in a competitive market. Besides coping with changing
psychology, preferences and needs of the customers is becoming challenging
one. So the business organizations now a day are taking the help of data base
management system for customer retention and e-CRM is the out come of such
system. The requirement of relationship marketing is prominent in the service
sectors especially in Indian market to create trust and valuable strategic
customer care. This will definitely raise the concept of customer relationship
management for long term relationship and value added service. This study will
focus on CRM application for insurance sector related to their communicating
channels for customers, customer satisfaction and customer retention. Insurance
is an upcoming sector, in India the year 2000 was a landmark year for life
insurance industry. In this year the life insurance industry was liberalized after
more than 50 years. Insurance sector was once a monopoly, with LIC as the
only company, a public sector enterprise. But now-a-days the market is opened
up and there are many private players competing in the market. There are above
30 private life insurance companies have entered the industry. After the entry of
these private players, the market share of LIC has been considerably reduced. In
the last five years the private players are able to expand the market (growing at
30% per annum) and also have improved their market share to above 18%.For
the past five years private players have launched many innovations in the
industry in terms of products, market channels and advertisement of product,
agent training and customer services etc.
In today’s dynamic environment, the insurance industry has witnessed many
spectacular changes in terms of advancement in technology, strengthening of
the existing customer base and acquiring new customers. In this age of
information and uncertainty, more and more people have started recognising the
importance of insurance. However, the present situation in the insurance
industry is characterised by complexity and competitive situations. At present,
insurance industry is one of the leading industry in India. There are about 30
players operating in both life and non-life segments and one is reinsurer. Today,
the main challenge before insurance companies is the attraction and retention of
customers to its various policies.
On a global scale a number of insurers are competing and offering the
customers a plethora of products. The knowledge-savvy customer is demanding
greater flexibility and better service from the service providers. For the
insurance companies to survive competition, succeed and profit, there is only
one option – to learn from and actively respond to customer expectations.
Insurers are focusing on retaining customers by analyzing, understanding and
predicting customer behavior and improving sales efforts.
In the Indian context, since the ’90s, successive governments have embarked on
ushering in liberalization to keep pace with a rapidly changing global scenario.
The doors for private participation were opened in a number of sensitive
sectors, insurance being one of them. For the past few decades, insurance was
looked upon as a plain vanilla tax-saving investment product.
Currently, the Insurance Industry is in a state of change where today's industry
field is becoming extremely complex and more competitive. As the industry
continues to search for growth, obtaining clients has become difficult due to
large market share ownership by the big insurance providers. Economic
downturn is making it a problem to realize top-line growth, placing a higher
emphasis on improving profits by way of cost management. It seems like today,
anyone who is able to form some sort of insurance products, is. They are
marketing, selling it, and in turn creating even more competition. Banks have
begun to become the main cause of this new insurance surge, and there are a
larger percentage of people out there buying this insurance that really is not as
beneficial as buying coverage from a true insurance carrier. Today's customer is
capable of doing their own research on the Internet, comparing who is the best
buy for the right amount of money, adding to the increases pressure of reaching
target margins, return of equity and capture the wanted market share.
Compounding the problem over all of this is the recent blast of mergers and
acquisitions, which have taken place. Regulations have also impacted how
business is run, causing the insurance world to be additionally complicated. The
sluggish economy, regulatory changes and the ever changing state of transitions
technologies are in, is reshaping the insurance industries dynamics.Insurance
organizations have now found themselves caught in the race to continually
enhance products, adjust to new challenges, while trying to use this change as
an opportunity. These once 'product-centric' business's are finding the need to
turn into a 'customer-centric' operation in the attempt to achieve business goals,
retain customer retention, reduce operation costs, to hopefully in the end see
some revenue growth. This transition can seem straightforward, but is a
substantial implementation requiring good preparation and careful planning. It
seems that to become and remain customer centric, success can only be found
when supported by the right, on demand, enterprise-wide, small business CRM
(customer relationship management) deployment. Customers have made service
an issue for Insurance organizations, and to support your customers with
everything they need to be and stay satisfied is a huge challenge on top of all the
ones mentioned above.The difficulty of providing quality service in order to set
themselves apart from competitors is a challenging task because of the low
frequency of client interactions due to the nature of insurance products. The
need now is to make every interaction with the client count become important
because of the direct correlation with the bottom line impact it creates.Today, in
order to gain the needed knowledge and comprehensive view of small business
to better manage customers, brokers and agents, the insurance leaders are
swiftly and aggressively deploying small business CRM solutions that have
been specifically tailored to meet the needs of the insurance company. These
insurers are looking for small business CRM implementations that are designed
to help them reach small business goals, improve client retention and lower
costs across the board, while remaining efficient. The undisputed need to find a
flexible tool that is easy to utilize to support small business operations, create
opportunities to leverage and integrate the future's technology is a top concern.
Insurance is a complex product where personalized service-achieved through an
intimate knowledge of customers and their histories with an insurance
company-is critical to making sales. As insurance options broaden and products
grow more complex, customers seek superior, personalized service more than
ever. Most insurance companies understand the virtues of a single, complete,
real-time enterprise view of individual customers, and they have made great
progress towards providing this view at customer touch-points throughout the
enterprise. But it's critical to note that this view should not be regarded as an
end in and of itself-rather, it is a rich foundation to be used as a basis for a
deeper, more advanced level of customer understanding. Customer Relationship
Management is a comprehensive strategy and process of acquiring, retaining
and partnering with selective customers to create superior value for the
company and the customer. In an organization relationships exist between
employees, clients, customers, citizens and enterprise itself. An organization
could succeed only if it implements the strategy of CRM in right manner. CRM
helps businesses use technology and human resources to gain insight into the
behavior of customers and the value of those customers. There are many aspects
of CRM which were mistakenly thought to be capable of being implemented in
isolation from each other. From the outside of the organization, a customer
experiences the business as one entity operating over extended periods of time.
Thus piecemeal CRM implementation can come across to the customer as
unsynchronized where employees and web sites and services are acting
independently of one another, yet together represent a common entity.
With the repeal of the Glass-Steagal Act in 1999, insurance companies face
increased competition from banks and brokerages. With the enactment of the
Patriot Act, insurance companies need to ensure that they "know their customs."
To maintain competitive edge and viability, insurance companies are focusing
intently on delivering superior customer service. A comprehensive customer
relationship management (CRM) strategy addresses three imperatives: Sum
providing a unified enterprise customer view; Sum retaining customers with
great services; and Sum controlling costs as the insurance company in question
expands.
HOW CAN CRM HELP INSURANCE COMPANIES?
CAMPAIGN MANAGEMENT- Companies need to identify customers, tailor
products and services to meet their needs and sell these products to them. CRM
achieves this through Campaign Management by analyzing data from
company's internal applications or by improving data from external applications
to evaluate customer profitability and designing comprehensive customer
profiles, they can identify the most lucrative customers and customer segment,
and execute targeted, personalized multi-channel marketing campaigns to reach
these customers and maximize the lifetime value of those relationships.
CUSTOMER INFORMATION CONSOLIDATION- Instead of customer
information being stored in product centric silos, with CRM the information is
stored in a customer centric manner covering all the services/products of the
company. CRM integrates various channels to deliver a host of services to
customers, while aiding the functioning of the company.
MARKETING ENCYCLOPEDIA- Central repository for products, pricing
and competitive information as well as internal training material, sales
presentations, proposal templates and marketing collateral.
360-DEGREE VIEW OF COMPANY- This means whoever the employees
speak to, irrespective of whether the communication is from sales, finance or
support, the company is aware of the interaction. Removal of inconsistencies of
data makes the client interaction processes smooth and efficient, thus leading to
enhanced customer satisfaction.
PERSONALIZED SALES HOME PAGE- CRM can provide a single view
where sales managers and agents can get all the most up-to-date information in
one place, including opportunity, account, and news and expense report
information. This would make sales decision fast and consistent.
LEAD AND OPPORTUNITY MANAGEMENT- This enable organizations
to effectively manage leads and opportunities and track the leads through deal
closure, the required follow-up and interaction with the prospects.
ACTIVITY MANAGEMENT- It helps managers to assign and track the
activities of various members. Thus improved transparency leads to improved
efficiency.
CONTACT CENTER- It enables customer service agent uniform service
across multiple channels such as phone, Internet, Email & Fax.
OPERATIONAL INEFFICIENCY REMOVAL- CRM can help in strategy
formulation to eliminate current operational inefficiencies. An effective CRM
solution supports all channels of customer interaction including telephone, fax,
e-mail, the online portals, wireless devices, and face-to-face contacts with
company personnel. It also links these customer touch points to an operations
center and connects the operations center with relevant internal and external
business partners. 10.
ENHANCED PRODUCTIVITY- CRM can help in enhanced productivity of
customers, partners and employees.
CRM WITH BUSINESS INTELLIGENCE- Companies need to analyze the
performance of customer relationships, uncover trends in customer behavior,
and understand the true business value of their customers. CRM with business
intelligence allows companies to assess customer segments, which help them
calculate the net present value (NPV) of a customer segment over a given
period to derive customer lifetime value. Customer can be evaluated within a
scoring framework. Combining the behavior
How CRM Meets the Insurance Industries Needs
So most insurers now are automated or in the process of becoming so, but these
systems are still geared towards being product-centric. They can meet the call
for claims management, billing, policy admin, actuary systems and so on, but
are falling short in the capability to be customer-centric. Not being fully
integrated in all of the small business processes, companies cannot improve
efficiencies, resolution times or accuracy of responses. Many years have gone
by where insurance businesses believed that customer management was directly
connected with service delivery and paying broker commissions on time. No
longer is this infrastructure sufficient enough to support a pure customer centric
operation. The forward thinking insurance companies have started to realize
small business CRM ventures are the catalyst to delivering the high quality
service clients are looking for and reduce operation costs all at once. Small
business CRM has become a very powerful tool in the goals to satisfy current
customers and win over new ones. Nothing else directly affects loyalty or the
ability to consolidate accounts like relationship building activities. If you
implement an operational small business CRM solution, well-defined,
quantifiable effects will happen to the institution that is choosing this as a
strategy.
There are four crucial customer centric areas that will be affected by a small
business CRM solution, creating long-term relationships.
Amalgamated customer view
Targeted marketing for growth and retention
Incorporated, multi-channel services and sales
Efficient management of distribution channels
Importance of CRM:
The focus in CRM is not to try to mold the customers to the company’s goals
but to listen to the customers and trying to create opportunities beneficial to
each. It is important to offer customers what they are currently demanding and
anticipating and what they are likely to demand in the future. This can be
achieved by providing a variety of existing access channels for customers, such
as e-mail, telephone and fax, and by preparing future access channels such as
wireless communication.
Provides Greater efficiency and cost reduction: Data mining, which is the
analysis of data for exploring possible relationships between sets of data, can
save valuable human resources. Integrating customer data into a single database
allows marketing teams, sales forces, and other departments within a company
to share information and work towards common corporate objectives using the
same underlying statistics (epiphany.com, 2001).
Improved customer service and support: An E-CRM system provides a
single repository of customer information. This enables a company to serve
according to customer needs quickly and efficiently at all potential contact
points, eliminating the customer’s frustrating and time-consuming “hunt” for
help (epiphany.com, 2001a).
More effective marketing: Having detailed customer information from an E-
CRM system allows a company to predict the kind of products that a customer
is likely to buy as well as the timing of purchases. In the short to medium term,
this information helps an organization to create more effective and focused
marketing/sales campaigns designed to attract the desired customer audience
(epiphany.com, 2001). ECRM allows for more targeted campaigns and tracking
of campaign effectiveness. Customer data can be analyzed from multiple
Perspectives to discover which elements of a marketing campaign had the
greatest impact on sales and profitability (Greenberg, 2001). In addition,
customer segmentation can improve marketing efforts. Grouping customers
according their need similarities allows a company to effectively market
specific products to members of the group.
Increasing Market Share: Customer relationship management techniques are
also used to increase the overall market share of the business. Essentially,
treating customers well adds to the value of the business products and services.
If the business impresses customers, it tends to attract more people, increasing
its pool of customers. Loyal customers will then attract others through word of
mouth.
Online Business: Online business is a popular and often necessary component
for many companies; the CRM tool can be responsible to respond the customers
who are trying to purchase the products through online.
FIVE KEY STRATEGIES WITH CRM
But what exactly does CRM enable and what are the potential benefits? While
there are surely many approaches being espoused in the market today, we
believe there are five main strategies that companies can employ to survive and
thrive during uncertain economic conditions:
1. Focus on existing customers
2. Maximize revenue opportunities
3. Do more with less
4. Reduce operational costs
5. Optimize existing IT assets
BAJAJ AND CRM
Customer portal
Pay online renewal premium
Fund switch and apportionment
Download account statement
Make partial withdrawal
Download it certificates
View all previous transaction details
Download previous online payment receipt
Change premium frequency
Change address request
Online customer service desk
1. They can download various policy servicing and claim forms
2. Life insurance customer can check NAV history and performance of all
funds
3. The customer can raise their grievance online
4. Bajaj alianz health insurance customer can view details network hospital
5. A gprs enabled app also helps them to locate the closet bajaj Allianz
branches
Customer focus unit
The CRM system has been customized to guide the CSE to most
appropriate answer for queries raise by customers/business partners
Every inbound call is passed through a verification process before
providing any information to the customer
Language based auto routing of call –based on the customers preferred
language
Mobile application
Insurance on the move is a mobile app developed by bajaj Allianz for its
customers. with the insurance app one can manage the life insurance policy any
time any where .
ICICI AND CRM
ICICI prudential; ICICI prudential has ambitious plans for its retail business
and has implemented the CRM software by the help of SAS and Teradata
solutions. It is implementing various modules of CRM to establish world class
CRM practices for the sake of better customer relationship management. ICICI
prudential life insurance company is using the CRM project properly by
integrating front office, back office and the analytical system.
The bank currently has the ability to process 0.27 million cheques per day and
Manage 7000 concurrent users.
The bank has successfully leveraged the power of Finacle and has deployed the
solution in the areas of core banking, consumer e-banking, corporate e-banking
and CRM. With Finacle, ICICI Bank has also gained the flexibility to easily
develop new products targeted at specific segments such as ICICI Bank Young
Stars- a product targeting children, Women's Account addressing working
women and Bank@campus targeting students
Call centers
ICICI Bank is certainly juggling some interesting numbers. Its Bombay call
centre handles 25 different products, for 10 million customers, with 620
positions. Now ICICI Bank’s branch network handles less than half of all
transactions – a shift which has taken an axe to the company’s costto- serve.
ICICI appreciated early on that by centralizing their service infrastructure, and
centralizing their service expertise, they created a new level of service for
customers. The call centre has played a leading role in transforming the bank’s
value proposition for its customers: The call centre also provides an opportunity
to shift the qualitative nature of the relationship between bank and customer to a
new level. Much of the extra leverage with customers that the call centre brings
is tactical. A customer is a lot more receptive to up selling and cross selling
when they’re phoning ICICI. The humble call centre is ICICI Bank’s means of
shifting away from a market share based product-as-commodity mindset, to
those stresses the importance of deepening exiting customer relationship.
E-marketing
The e-initiatives of the ICICI group have not been limited to customer
servicing. The marketing activities for its various products are also taking the
online route. In April 2000, through tie-ups with Orange and Airtel, ICICI
started offering limited WAP based services for customers on the move. A
month later, on its way towards a full-fledged online mobile commerce service,
the company commenced offering services like balance updation, request for
cheque book, details of last 5 transactions, request for statement etc.
Corresponding services are also available for the bank’s credit card customers.
On the anvil are personal banking services, payment services for utilities, travel
and ticketing information etc.
The processes for delivering CRM-The tools and the processes are as follow
–
• Customer application form
• Centralized software where the whole data is collected.
• Wide range of offering
• Cross – selling and
• Feedback forms
OBJECTIVE OF CRM
CRM is an organizational strategy to develop mutually profitable life
long relationship with the customer
The primary objective of CRM are to build and maintain a base of
committed customer who are profitable for the organization
Use technology and human resources to understand the need and behavior
of present and potential customers
Acquire, retain and establish mutually rewarding one to one relationship
with customer
Provide better customer service to customer
Identify high value customer so that the organization can serve them
better with differential service
Increase customer revenues by cross selling and up selling
Simplify marketing and sales processes
Collect customer information at all possible points and making this
information available to the entire organization
NEED OF CRM IN INSURANCE INDUSTRY
Insurance products are becoming more commoditized
Presence of numerous players
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
Companies continue to face stiff revenue targets spread across too many
stakeholders
Stakeholders struggle to deal with too many processes, system and
geographies
Speedy documentation and processes at the time of issue of policies
Prompt redressal of customer grievance
COMPANY PROFILE
Bajaj Allianz General Insurance Company Limited
Bajaj Allianz General Insurance Company Limited is a joint venture between
Bajaj Finserv Limited (recently demerged from Bajaj Auto Limited) and Allianz
SE. Both enjoy a reputation of expertise, stability and strength.
Bajaj Allianz General Insurance received the Insurance Regulatory and
Development Authority (IRDA) certificate of Registration on 2nd May, 2001 to
conduct General Insurance business (including Health Insurance business) in
India. The Company has an authorized and paid up capital of Rs 110 crores.
Bajaj Finserv Limited holds 74% and the remaining 26% is held by Allianz, SE.
As on 31st March 2013 Bajaj Allianz General Insurance maintained its premier
position in the industry by achieving growth as well as profitability. Bajaj
Allianz has made a profit before tax of Rs.421 Crores and has become the only
private insurer to cross the Rs.100 crore mark in profit before tax in the last two
years. The profit after tax was Rs.295 Crores, 138.5% higher than the previous
year.
Bajaj Allianz today has a countrywide network connected through the latest
technology for quick communication and response in over 200 towns spread
across the length and breadth of the country. From Surat to Siliguri and Jammu
to Thiruvananthapuram, all the offices are interconnected with the Head Office
at Pune
Vision
To be the first choice insurer for customers
To be the preferred employer for staff in the insurance industry
To be the number one insurer for creating shareholder value
Mission
As a responsible, customer focused market leader, we will strive to understand
the insurance needs of the consumers and translate it into affordable products
that deliver value for money.
A Partnership Based on Synergy
Bajaj Allianz General Insurance offers technical excellence in all areas of
General and Health Insurance as well as Risk Management. This partnership
successfully combines Bajaj Finserv's in-depth understanding of the local
market and extensive distribution network with the global experience and
technical expertise of the Allianz Group. As a registered Indian Insurance
Company and a capital base of Rs. 110 crores, the company is fully licensed to
underwrite all lines of general insurance business including health insurance.
Our Achievements
Bajaj Allianz has received iAAA rating, from ICRA Limited, an associate of
Moody's Investors Service, for Claims Paying ability. This rating indicates
highest claims paying ability and a fundamentally strong position.
Bajaj Allianz General Insurance has received the prestigious "Business Leader
in General Insurance", award by NDTV Profit Business Leadership Awards
2008. The company was one of the top three finalists for the year 2007 and
2008 in the General Insurance Company of the Year award by Asia Insurance
Review.
OUR CORE VALUE
Bajaj Finserv Limited
Bajaj Finserv Limited has been recently demerged from Bajaj Auto Limited
which is the largest manufacturer of two and three-wheelers in India. As a
promoter of Bajaj Allianz General Insurance Company Ltd., Bajaj Finserv Ltd;
has the following to offer:-
Vast distribution network through its group companies.
Knowledge of Indian consumers.
Financial strength and stability to support the insurance business.
Allianz SE, Germany
Allianz SE is in the business of General (Property & Casualty) Insurance; Life
& Health Insurance and Asset Management and has been in operation for over
110 years. Allianz is one of the largest global composite insurers with
operations in over 70 countries. Further, the Group provides Risk Management
and Loss Prevention Services. Allianz has insured most of the world's largest
infrastructure projects (including Hong Kong Airport and Channel Tunnel
between UK and France), further Allianz insures majority of the fortune 500
companies. Besides being a large industrial insurer, Allianz has a substantial
portfolio in the commercial and personal lines sector, using a wide variety of
innovative distribution channels.
Allianz SE has the following to offer Bajaj Allianz General Insurance Company
Ltd:-
Set up and running of General insurance operations
New and improved international products
One of the world's leading insurance companies
More than 700 subsidiaries and 2 lac employees in over 70 countries
worldwide
Provides insurance to almost half the Fortune 500 companies
Technology
Other similar businesses
The promoters have also incorporated a Life insurance Company in India, called
Bajaj Allianz Life Insurance Company Limited to provide life insurance
solutions.
Visit Bajaj Allianz Life Insurance
FINANCIAL HIGHLIGHT
Particulars
2012-
13
Rs.
Million
s
2011-
12
Rs.
Million
s
2010-
11
Rs.
Million
s
2009-
10
Rs.
Million
s
2008-
09
Rs.
Million
s
2007-
08
Rs.
Million
s
2006-
07
Rs.
Million
s
2005-
06
Rs.
Million
s
2004-05
Rs.
Million
s
Gross
Written
Premium
41094 36759 31294 27249 28662 25780 18033 12846 8561
Net Written
Premium
32031 26957 23105 19717 20066 17526 10398 6987 4793
Net Earned
Premium
29243 24747 21497 18842 18913 14154 8385 5864 3709
Net Incurred
Claims
-21181 -19079 -17013 -13866 -13599 -9457 -5556 -4100 -2263
Net
Commissions
-991 -747 -404 -318 -238 188 786 622 419
Management
Expenses
-7687 -6722 -6461 -5485 -5988 -5195 -3454 -2156 -1456
Underwriting
Results
-617 -1777 -2193 -502 -727 -210 254 230 409
Income from
Investments
4877 3726 2793 2207 2061 1896 895 520 389
Non
Recurring
Investment
Income
-45 -9 20 93 164 -7 21 68 29
Profit Before
Tax
4215 1940 619 1798 1498 1679 1170 818 770
Provision for
Tax
1265 -703 -186 -590 -546 -623 -417 -303 -299
Profit After
Tax
2951 1237 433 1208 952 1056 754 516 471
Claim's Ratio 72% 77% 79% 74% 72% 67% 66% 70% 61%
Commission
Ratio
3% 3% 2% 2% 1% -1% -9% -11% -11%
Management
Expenses Ratio
26% 27% 30% 29% 32% 36% 41% 37% 40%
Combined
Ratio
102% 107% 111% 104% 105% 102% 98% 96% 90%
Return on
Equity
27% 14% 5% 16% 15% 23% 22% 23% 34%
Shareholder's
Equity
12553 9587 8356 7928 6725 5748 4116 2,767 1824
Assets Under
Management
56818 46088 38523 27456 23683 20103 14305 7973 6127
Number of
Employees
3582 3473 3654 3506 3973 3603 2540 1371 924
Best Insurance Company in the Private Sector – 2014
Bajaj Allianz General Insurance has won the award for "Best Insurance
Company in the Private Sector - General" by ABP News - Banking, Financial
Services & Insurance Awards.
The BFSI Awards 2014 recognizes the best performances of various Banking,
Finance & Insurance Services. The award focuses on the best practices in the
BFSI Industry based on their strategy, security, customer service, and the future
technology challenges and innovations. This award recognizes our
organizational values and contribution.
Claims Awards Asia 2013
Bajaj Allianz General Insurance has won the Claims Awards Asia 2013 in the
category Claims Innovation of the Year in the Asia Pacific Region for its Tablet
based claims module application.
This award is instituted by Insurance Insight, a prominent Insurance magazine
in Asia and a part of Post, UK. Insurance Insight's Claims Club Asia, is an
award that recognizes the Asian general insurance claims and risk management
sectors by rewarding the dedicated teams and individuals for their achievements
over the last 12 months.
General Insurance Company of the Year 2013
The Indian Insurance Awards 2013 was conducted by Fintelekt, part of SP
Media Pvt Ltd, a specialist in research, consulting and conferences in the
financial services industry.
Claims Service Company of the Year 2013
The Indian Insurance Awards 2013 was conducted by Fintelekt, part of SP
Media Pvt Ltd, a specialist in research, consulting and conferences in the
financial services industry.
Personal Lines Growth Leadership Award Year 2013
The Indian Insurance Awards 2013 was conducted by Fintelekt, part of SP
Media Pvt Ltd, a specialist in research, consulting and conferences in the
financial services industry.
General Insurance Provider of the Year
General Insurance Provider of the Year at the Money Today FPCIL Awards
2012
Best General Insurance Provider- Private Sector
Best General Insurance Provider- Private Sector at the CNBC TV18 India Best
Bank and Financial Institution Award FY 11 and 12.
Bajaj Allianz General Insurance Co. Ltd.
Head Office:
Add. : GE Plaza 1 st Floor, Airport Road, Yerawada,Pune 411006Tel : +91-020-66026666Fax : +91-020-66026667Email : [email protected]
Putting Motor Insurance on the right track
One important parameter that has always differentiated insurers is service. Be it
during the period when the tariff based regime
was going out of phase or now when a new de-tariff scenario is emerging, this is
one parameter which has always remained the same. At Bajaj Allianz, we have
always believed in delivering quality service to our clients. This philosophy has
spawned several initiatives. Some of them are as below:
1. Bajaj Allianz pioneered the cashless model in motor repair claims by
tying up with over 1800 garages/ workshops across India. This enabled our
customers to simply drive-in and drive-out of a garage after paying the nominal
difference of admissible claims
2. Bajaj Allianz is still the only company to automate SMS alerts on the
progress of the claims status to its customers. Four to five SMS alerts are sent
from the time the claim is registered to the issuance of final claim cheque. This
unique service is being offered only by Bajaj Allianz General Insurance to all
its motor insurance clients (provided they have registered their cell numbers).
It delivers total transparency to claims process
Bajaj Allianz Mobile Settlement (BAMS) was recently launched whereby the
claim assessment and payment is made at the customer's doorstep. The
process followed is simple - the customer intimates a claim, the in-house
service engineer armed with all necessary accessories reaches the customer's
doorstep to assess and pay the claim cheque onthe-spot. In addition to this,
suitable advice is given to choose good workshop/ garage and to help resolve
the problem then and there itself. This approach shortens the claim settlement
process and helps in addressing the proble m at an emotional level also. In
most of the cases, the claim cheque is issued on the same day. The service has
been rolled out in all the prominent cities where the company has its offices
4.Bajaj Allianz Drive-In Centre (BADIC), is yet another initiative launched by
the company. Here, the customer is required to drive the vehicle to the
designated office where the in-house service engineer assesses the claim and
the claim cheque is paid instantly.In both of these services, the customers are
at an advantageous position. They get the claim instantly and besides that they
have the liberty to bargain the best price with a workshop or garage of their
choice
5. Bajaj Allianz offers adequate assistance services to its customers during the
claim process. They can call the 24x7 call centre for on-the-spot assistance.
Depending on the nature of the claim, assistance is accordingly provided to
help with and coordinate any claim procedure that the customer may require
on the spot.
6.The company ensures total transparency throughout the claim settlement
procedure. In case of a cashless settlement, a Claim Amount Confirmation
(CAC) sheet is sent to the customer to inform the rates charged under various
heads. This is to ensure that the customer is not conned by the workshop/
garage. In case the workshop/ garage refuses cashless mode, the company
makes an up-front payment of at least 75% of the admissible claim. The
balance is paid after the survey is completed
ICICI PRUDENTIAL LIFE INSURANCE
OVERVIEW
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank, a premier financial powerhouse, and Prudential plc, a leading
international financial services group headquartered in the United Kingdom.
ICICI Prudential was amongst the first private sector insurance companies to
begin operations in December 2000 after receiving approval from Insurance
Regulatory Development Authority (IRDA).
ICICI Prudential Life's capital stands at Rs. 4,793 crores (as of March 31, 2013)
with ICICI Bank and Prudential plc holding 74% and 26% stake respectively.
For the financial year 2013, the company has garnered total premium of Rs
13,538 crores. The company has assets held over Rs. 77,393.09 crores as on
December 31, 2013.
For the past decade, ICICI Prudential Life Insurance has maintained its
dominant position (on new business retail weighted basis) amongst private life
insurers in the country, with a wide range of flexible products that meet the
needs of the Indian customer at every step in life.
Vision & Values
Our vision:
To be the dominant Life, Health and Pensions player built on trust by world-
class people and service.
This we hope to achieve by:
Understanding the needs of customers and offering them superior products and
service
Leveraging technology to service customers quickly, efficiently and
conveniently
Developing and implementing superior risk management and investment
strategies to offer sustainable and stable returns to our policyholders
Providing an enabling environment to foster growth and learning for our
employees
And above all, building transparency in all our dealings
The success of the company will be founded in its unflinching commitment to 5
core values -- Integrity, Customer First, Boundaryless, Humility and Passion.
Each of the values describe what the company stands for, the qualities of our
people and the way we work.
We do believe that we are on the threshold of an exciting new opportunity,
where we can play a significant role in redefining and reshaping the sector.
Given the quality of our parentage and the commitment of our team, there are
no limits to our growth.
Our values :
Every member of the ICICI Prudential team is committed to 5 core values:
Integrity, Customer First, Boundaryless, Humility, and Passion. These values
shine forth in all we do, and have become the keystones of our success.
AWARDS
ICICI Prudential Life Insurance has been pronounced winner in the 2nd
Excellence Awards and Recongnition for Shared Services, 2012. We won the
award in the category - Shared Services in India - Insurance Domain.
These awards have been instituted by All India Management Association
(AIMA) & Delhi Management Association (DMA), in collaboration with
Rvalue Consulting as knowledge partners, to honour,recognize & promote
trasformative strategies for shared services.
Bronze Effie in the Financial services category for the campaign "Life
Insurance in just 10 Minutes"
ICICI Pru iCare has been voted the Product of the Year 2012*
*A survey by Nielsen for Insurance Category that included 30,000 people
ICICI Prudential Life Insurance has been pronounced winner in the 2nd
Excellence Awards and Recongnition for Shared Services, 2012. We won the
award in the category - Shared Services in India - Insurance Domain.
These awards have been instituted by All India Management Association
(AIMA) & Delhi Management Association (DMA), in collaboration with
Rvalue Consulting as knowledge partners, to honour,recognize & promote
trasformative strategies for shared services.
Bronze Effie in the Financial services category for the campaign "Life
Insurance in just 10 Minutes"
ICICI Prudential Life Insurance has been conferred the 'Insurance Company of
the Year Award 2011' and Company of the Year Award 2011 Life Insurance at
The Indian Insurance Awards 2011 instituted by the reputed insurance journal
of India Insurance Review, in association with Celent, a research and consulting
firm.
ICICI Prudential Life Insurance has been awarded the prestigious award for the
Best Leading Private Player Life Insurance 2011 at the CNBC TV18 Best Bank
and Financial Institution Awards for FY11.
PROMOTERS
ICICI Bank (taken from the press release of ICICI Bank)
ICICI Bank Limited (NYSE:IBN) is India's one of the leading private sector
bank and the second largest bank in the country, with consolidated total assets
of US$ 111 billion at June 30, 2012. ICICI Bank's subsidiaries include India's
one of the leading private sector insurance companies and among its largest
securities brokerage firms, mutual funds and private equity firms. ICICI Bank's
presence currently spans 19 countries, including India.
About Prudential Plc (taken from the press release of Prudential Plc)
Prudential plc is incorporated in England and Wales, and its affiliated
companies constitute one of the world's leading financial services groups. It
provides insurance and financial services through its subsidiaries and affiliates
throughout the world. It has been in existence for over 160 years and has £363
billion in assets under management (as at 30 June 2012).
LITERATURE REVIEW
The insurance industry has the highest new customer acquisition costs of any
industry,
According to "Rough Notes" magazine. This makes customer retention one of
the top priorities of any insurance company that wants to remain competitive.
Insurance companies accomplish this by creating a personal connection to
customers, pricing competitively and trying to sell each customer multiple
policies to make it a more complex decision to switch insurance providers.
Swift 2002; stated that companies can gain many benefits from CRM
implementation. Such as lower cost of acquiring customers, to acquire so many
customers to preserve a steady volume of business. CRM can help to retain the
customers for long range. Apart from this he stated, the cost regarding selling
are reduced owing to existing customers are usually more responsive. In
addition with better knowledge of channels and distributions, the relationship
becomes more effective as well as that cost for marketing campaign is reduced.
According to Maoz 2003, Research director of CRM for the Gartner group,
CRM is a strategy by which companies optimize profitability through enhanced
customer satisfaction and retention. “CRM is a business strategy, not a
technology, says Maoz.”It involves process, technology and people issues. All
three together really captures what CRM is.
The Indian insurance industry is in a booming phase. In the post-liberalization
phase, due to the opening up of industry for private players, there is greater
exposure to various products and customers have started demanding for world-
class facilities and services. This has forced the companies to rethink on their
customer service strategy by adopting a customer-centric approach.
According to a report by independent market analyst data monitor, the insurance
sector is all set to become a front-runner in the adoption of Service Oriented
Architecture (SOA).
Wilson 2001; claimed that organizations are becoming increasingly aware of the
importance of moving closer to their customers and extending their enterprise
units. CRM objectives are to; improve the process to communication with the
right customers, providing the right offer for each customer, providing the right
offer through the right channel for each customer, providing the right offer at
the right time for each customer. By doing this, organizations can receive the
following benefits; like increasing customer retention and loyalty, higher
customer profitability, creating value for customer. Greenberg 2001 stated that
the following objectives seem reasonable for an organization implementing
CRM such as; it focuses the sales force on increasing organizational revenues
through better information and better incentives to drive top line growth, it
improves global forecast and pipeline management to improve organization.
As CRM evolves richer definitions are emerging with an emphasis on the goals,
logistics and complex character of CRM . According to light (2001) CRM
evolved from business processes such as relationship marketing and the
increased emphasis on improved customer retention through the effective
management of customer relationship. Relationship marketing emphasizes that
customer retention affects company profitability in that it is more efficient to
maintain an existing relationship with a customer than create a new one.
Furthermore peppard (2000) suggests that technological in global networks,
convergence and improved interactivity are key to explain the growth of E-
Business and CRM .the increasing use of digital technologies by customers
particularly the internet is changing what is possible and what is expected in
terms of customer management. The appropriate use of automation technologies
such as interactive voice response system and web based frequently asked pages
could be popular with customers and highly cost effective. peppard said that in
reality CRM is a complex combination of business and technological factors
and thus strategies should be formulated accordingly.
Although decision made during this phase are critical to the eventual success or
failure of a CRM initiative , there is a paucity of research exploring these
adoption issues (markus and tanis 2000) classified CRM research directions
into:
concept level
model level
process level.
The review of literature ranges from 1972 to 2013 includes around 1000
reference. It was the pioneering working of the researchers that provided the
much needed impetus in the process of understanding and formulating the
sector wise CRM comparison parameter for analysis.
Another measure is Bartlett’s test of sphericity which measure the presence of
correlations among the variables. It provide the statistical probability that the
correlation matrix has significant correlations among at least some of variables.
Thus a significant Bartlett’s test of sphericity is required because we could
proceed with the factors such as CRM goals ,CRM principles technology
consideration, technology implementation effects, customer satisfaction , CRM
benefits before and after CRM implementation
Several scholars studying buyer-seller relationships have enriched the literature
with relevant CRM concepts and constructs.
(Gundlatch and Cadotte 1974; Doney and Cannon 1997; Kumar and Jha 2002;
Smith 2004). A compelling business case and success stories continue to attract
business interest and investment in CRM. These works focused on the adoption
phase (Rapp and Collins 1991) of a technology based innovation in CRM where
decision- making and planning activities are conducted to address “whether,
why, and how” to implement the innovation in CRM initiatives (Merlin 2001).
Although decisions made during this phase are critical to the eventual success or
failure of a CRM initiative, there is a paucity of research exploring these
adoption issues (Markus and Tanis 2000). Wilson (1995) classified CRM
research directions into concept level, model level and process research.
Several scholars have enriched this literature through model level research
(Liljander and Strandvik 1996; Smith 1997; Donney 2000), concept level
research (Anderson and Hakanson 1994; Berson 1996; Light 1998; Han 2000)
and process level research (Anderson and Narus 2002; Schurr and Oh 2003).
Several studies have been conducted on the impact of CRM programmes on the
performance of banks, hospitals and insurance sector (Aulakh and Kotabe 1997;
Nevin 1998; Souder 2001; Zahay 2004).
Previous researchers have addressed the intellectual alignment (strategy,
structure, goal and principles), social alignment (culture, customer interaction
and domain knowledge) and technology alignment (IT capability and
Knowledge Management) of CRM implementation
(Mulligan 1990; Payne 1994; Reich and Benbasat 2000; Battista 2000).
This body of research generally finds that these CRM alignments “enable a firm
to maximize its IT investments and achieve harmony with its business strategies
and plans, leading to greater profitability”. Several authors have established that
by looking at the relationship development process, one could identify which
CRM constructs would actively impact the outcome considerations and which
of them would have latent influence and this will help in establishing a
comparison of CRM parameters (McKie 1992; Simonian and Ruth 1996;
Sodano
1996; Wilson 2006) and insurance sector is no exception.
The review of literature ranges from 1972 to 2006 and includes around 245
references. It was the pioneering work of Rudi (2003), Hewson (2003), Crook
(2002), Schmitt (2006) and Schellong (2005) that provided the much needed
impetus in the process of understanding and formulating the sector wise CRM
comparison parameters
Most of the academics discussing “CRM Systems Implementation” were
inspired with several researches that prove low percentage of successful CRM
implementation cases. Bygstad, for example, draws on Tafti, (2002) research
that revealed 70% failure rate of CRM projects, as did Bull 2003 citing Giga,
(2001) research. On the other hand statistics show growing expenditures on
corporate CRM and big growth rate of CRM software sales (Bull 2003, Rigby,
2004).
Citing Marble (2000) paper that suggests an implied dynamic between user
function and IS function as two main parties engaged in IS implementation,
Corner and Hinton (2002) argue that, at least, in CRM system implementation
dynamic is much more complex and engage other parties, such as extra-
company contributors and project managers. These extra parties, in tandem with
higher sensitivity of organizational politics surrounding sales and marketing or
customer service systems, require consideration of new risks, resulting from this
complexity.(Corner and Hinton, 2002)
Gefen (2002) add to this complexity by comparing CRM to ERP systems and
arguing that customer relationship activities are not as standardized as other
business activities, such as accounting or procurement. Hence CRM
implementation calls for much more complex and flexible approach. (Gefen,
2002).
Another specifics of CRM that is brought forward by Rygielski, Wang and Yen
(2002), calls for increased responsibility by CRM implementers in terms of
privacy rights. The authors urge 3 implementers to balance between respect
towards the privacy of consumers and economic gains from using CRM and
establish privacy policy to make sure the CRM doesn’t gain opposite results.
(Rygielski, Wang and Yen, 2002)
The diversity of users in CRM systems implementation is also emphasized by
Fjermestad and Romano (2003), who claim that compared to homogeneous
users of other traditional information systems, users of CRM may include all
levels of management, permanent and temporary field customer service
representatives and customers themselves. Hence the CRM should be designed
to cross much more organizational boundaries and contain broader
functionalities that would be used by both known and unknown users.
(Fjermestad and Romano, 2003).
In a hope to help practitioners to adopt better implementation procedures,
Corner and Hinton build their idea by examining eight sets of CRM specific
implementation risks asserted by Hewson and McAlpine (1999), differing them
from other IS implementations. Hewson and McAlpine (1999) present 25 risks
grouped in eight sets that cover quite wide range of aspects of IS
implementation including users, processes, speed of change, politics, need for
mobility and need for change, funding and reliance on methodology.
The case study that Corner and Hinton (2002) used to examine the theoretical
risks is based on a software developer company that adopted and used CRM.
The paper however concludes that most of the risks mentioned by Hewson and
McAlpine were not viable and that other areas need to be examined that can
undermine the CRM implementation process as well as, need to discover how
various risk categories may impact each other. (Corner, Hinton 2002)The paper
also provides with quite valuable insight into technological, economic and
organizational risks to be considered while implementing a CRM system,
however its controversial conclusion leaves little hope for usage by practitioners
as most of the risk
OBJECTIVE OF THE STUDY
To analyze the customer relationship strategies adopted by insurance
companies
To identify the factor that result in retention of customer
To study how customer relationship management helps in building better
service management
SCOPE OF THE STUDY
This study is conducted in DEHRADUN city where major insurance companies
like BAJAJ ALLIANZ AND ICICI PRUDENTIAL have been taken. They
have managed their customer relationship through E-CRM
RESEARCH METHODOLOGY
Research design stands for advance planning of methods to be adopted for
collecting the relevant data and the techniques to be used in their analysis
keeping in the view the objective of research and the availability of time and
money research design in fact has a great bearing on reliability of result arrived.
The research study carried out is descriptive and diagnostic in nature.
Descriptive rearch includes surveys and fact finding and enquiries of different
kinds. The major purpose of these types of rearch is description of states of
affairs as it exits at present .the main characteristic of this method is that the
researcher has no control over the variables he can only report what has
happened or what is happening
Data Source: the study will be based on primary data as well as on secondary
data
Primary Data: data collected from respondents of insurance organization
Research Instrument: Questionnaires
DATA COLLECTION METHOD:
PRIMARY DATA : for collecting primary data these are main two important
methods
*NON-probability sampling and convenience sampling
*Questionnaires method
SECONDARY DATA: will be collected from websites and magazines
SAMPLING METHOD: Non probability method
CONVENIENCE SAMPLING METHOD: convenience sampling attempts to
obtain a sample of convenient elements .often respondent are selected because
they happen to be in the right place at the right time
Contact: personally
Sample size: 100
50: ICICI
50: Bajaj Allianz
Universe: DEHRADUN CITY
STATISTICAL TOOL: factor analysis and SPSS
HYPOTHESIS
H0: customer relationship management in insurance sector doesn’t helps in
developing better service management
H1: customer relationship management in insurance sectors helps in developing
better service management
DATA ANALYSIS AND INTERPRETATION
Q.1.Do you agree that your insurance company offer variety of products?
ICICI PRU BAJAJ ALLIANCEYes 90 80No 10 20
ICICI PRU BAJAJ ALLIANCE0
10
20
30
40
50
60
70
80
90
90
80
10
20
YesNo
INTERPRETATION
45% of the respondents from icici and 35 respondents from Bajaj Allianz are agree that company offer variety of the products where as only 5% respondents from icici and 15% respondents from Bajaj Allianz are not agree. Both organizations offer the variety of the products such as:
Health insurance
General insurance
Life insurance
Motor insurance etc.
Q.2.Did you get sufficient information about the customer while selling?
ICICI PRU BAJAJ ALLIANCEYes 80 70No 20 30
ICICI PRU BAJAJ ALLIANCE0
10
20
30
40
50
60
70
80
80
70
20
30
Yes No
INTERPRETATION
32 %of the respondents from icici and 28% from bajaj are agree that they get sufficient information where as only 18% respondents from icici and 22% of respondents from bajaj Allianz are not agree. This information is collected from the past purchase of the customer crm helps in the lead generation it helps to advisors to know about the buying behavior of customer, income of the customer etc. In case of new customer the sufficient information is not available
Q.3.How many times you have contacted existing customers?
ICICI BajajOnce a week 20 15Once a month 30 25once in 6 month 20 20Once in a year &above 15 30As and when required 15 10
Once a week Once a month once in 6 month Once in a year &above
As and when required
0
5
10
15
20
25
30
20
30
20
15 1515
25
20
30
10
ICICI Bajaj
INTERPRETATION
20 respondents from ICICI are agreed that they contact their customer once in a week 30 respondents from Bajaj are agreed for once in a month, 10% respondents from ICICI are agreed for Once in a Six Month and 20% Respondents from ICICI are agreed as and when required. Whereas 20% respondent from Bajaj are agreed that they contact their customers once in a year and Above.
Q.4. Which CRM Strategy is adopted by your organization?
ICICI BAJAJ Marketing and customer service 10 5CRM in customer contact centers 5 10Sales force transformation 5 10CRM in B2B market 10 10Mobile sales automation 17 55
Contact center optimization 53 10
Mark
eting and customer service
CRM in c
ustomer con
tact ce
nters
Sales force transform
ation
CRM in B
2B market
Mobile sales auto
mation
Contact ce
nter optimizati
on 48
0102030405060
10 5 5 1017
53
5 10 10 10
55
10
ICICI BAJAJ
INTERPRETATION
48% of the respondents from ICICI are agreed that company has adopted contact center
optimization. Its Bombay call centre handles 25 different products for 10 million customers. The
call centre provides an opportunity to shift the qualitative nature of the relationship between
company and their customer to a new level
35% of respondents from BAJAJ Allianz said that they have adopted the Mobile sales
automation strategy. Pay online renewal premium, fund switch and apportionment
Download account statement, make partial withdrawal, download IT certificates, view all
pervious transaction details, download pervious online payment receipt, change address
request .Where as 5 respondents from bajaj are agreed Marketing and customer service
CRM in customer contact centers 7 Bajaj Sales force transformation 3 Bajaj CRM in B2B
market 2 ICIC
Q5.which CRM strategies is more effective in customer retention?
ICICI BAJAJMarketing and customer service 10 10CRM in customer contact centers 10 20Sales force transformation 20 15CRM in B2B market 10 5Mobile sales automation 14 45Contact center optimization 36 5
Marketing and customer service
CRM in custom
er con
tact ce
nters
Sales force transform
ation
CRM in B
2B market
Mobile sales auto
mation
Contact center optimization
0
10
20
30
40
50
10 10
20
1014
36
10
2015
5
45
5
ICICI BAJAJ
INTERPRETATION
Marketing and customer service Bajaj 5CRM in customer contact centers Bajaj 5Sales force transformation Bajaj 10CRM in B2B market ICICI 15Mobile sales automation Bajaj 30 Contact center optimization ICICI 35
5 respondents from Bajaj are agreed that Marketing and customer services CRM strategies is
more effective in customer retention 5% Respondents from Bajaj are agreed that CRM in
customer contact centers and 10% from Bajaj agreed sales force transformation and 30%
respondents from Bajaj are agreed that Mobile sales automation CRM strategies is more
effective in customer retention. 15% respondents from ICICI are agreed that CRM in B2B
Market and 35% respondents from ICICI are agreed that Contact centre optimization.
Q6.How does the company keeps in touch with the customers ?
ICICI BAJAJSMS 70 65 Email 20 30greetings 10 5
SMS Email greetings0
10
20
30
40
50
60
70
70
20
10
65
30
5
Chart Title
ICICIBAJAJ
INTERPRETATION
SMS 38 30Email 10 10 Greetings 2 10
38% respondents from ICICI and 30% respondent from Bajaj are agreed that the company
keeps in touch with the customers through SMS facility. whereas 10% respondent from ICICI
and 10% of respondent from Bajaj are agreed that the company keeps in touch with the
customers. 2% respondents from ICICI and 10 % respondent from Bajaj are agreed that the
company keeps in touch with the customers
Q7. Do you take feedback from your customers?
ICICI BAJAJ YES 90 80No 10 20
ICICI BAJAJ 0
10
20
30
40
50
60
70
80
90
90
80
10
20
YES No
INTERPRETATION
47% of the respondents from ICICI and 43% of respondents from BAJAJ are agreed that they
take feedback from customer and 3 of respondents from ICICI and 7% of respondents from
BAJAJ agreed that the they don’t take the feedback from customer
Q8. Do you customize your product or services according to the customer?
ICICI BAJAJ YES 75 85NO 25 15
ICICI BAJAJ 0
10
20
30
40
50
60
70
80
9075
85
25
15
YES NO
INTERPRETATION
47% of the respondents from ICICI and 38% of respondents from Bajaj Allianz are agree
that they customize product or services according to the customer and 3% respondents from
ICICI and 12% respondents from BAJAJ ALLIANZE were not agreed that they customize
their product.
Q9. How much is the role of computers in serving the customers?
a) Plays a big role 75
b) Not much role to play 20
c) No role to play 5
Plays a big role Not much role to play No role to play
46
2 2
26
1410
ICICI Bajaj
INTERPRETATION
Plays a big role 46 26 Not much role to play 2 14 No role to play 2 10
46% of respondent from ICICI and 26% from Bajaj are agreed that the computers plays a
big role in serving the customers where as 2% of respondents from ICICI and 14% from
Bajaj are Agreed that computers has not much role to play in serving the customers. 2%
respondent from ICICI and 10% from Bajaj are agreed computer has no role to play in
serving the customers.
Q10. Do you have centralized database for customer information?
.. ICICI BAJAJ Yes 80 70No 20 30
ICICI BAJAJ 0
10
20
30
40
50
60
70
80
80
70
20
30
Yes No
INTERPRETATION
46% of the respondents from ICICI and 44% respondents from the BAJAJ Allianz are
agreed and only 6% respondents from BAJAJ Allianz and 4% from ICICI are not agreed that
they have centralized database for customer information.
Q11. Do you get proper training for CRM?
ICICI BAJAJ Yes 80 20b. No 20 80
icici bajaj 0
10
20
30
40
50
60
70
80
80
20
80
YesNo
INTERPRETATION
48% of the respondents from ICICI and 32% of respondents from Bajaj Allianz have agreed
that they get proper training for CRM. Whereas 2% of respondents from ICICI and 18% of
respondents from Bajaj Allianz were not agreed that they get proper training for CRM
Q12. Do you think the company is maintaining good customer relationship management
through its services?
icici bajaj Yes 89 78b. No 11 22
icici bajaj 0
10
20
30
40
50
60
70
80
90
89
78
11
22
Yesb. No
INTERPRETATION
47% of the respondents from ICICI and 43%from Bajaj Allianz are agree that the company
is maintaining good customer relationship management through its services where as only 3%
respondents from icici and 7 % of respondents from Bajaj Allianz are not agree. Both the
companies have adopted different CRM strategies to maintain good customer relationship
management
Q13. How do you get customer comments and complaints?
icici bajajFace to face interview. 35 15 Toll free numbers, formal surveys. 45 50 Others means 20 35
Face to face interview. Toll free numbers, formal surveys.
Others means0
5
10
15
20
25
30
35
40
45
50
35
45
20
15
50
35
icici bajaj
INTERPRETATION
25% of the respondents from ICICI and 35%from Bajaj Allianz are agreed for toll free
numbers and formal surveys to solve the customer comments and complaints and 10% of
respondents from ICICI and 10% from Bajaj Allianz are agree with other means where as
only 15% respondents from ICICI and 5% respondents from Bajaj Allianz agreed with face
to face interview for their complaints and comments. Both the companies have their toll free
numbers and their service advisors go through survey time to time. The other means are
websites customer can register their complaints on the website
Q14. Do you communicate results of your customer satisfaction surveys regularly throughout
the company?
icic bajaj Yes 85 79 No 15 21
icic bajaj 0
10
20
30
40
50
60
70
80
9085
79
1521
Yes No
INTERPRETATION
47% of the respondents from ICICI and 43% respondents from Bajaj Allianz are agreed that
they communicate results of your customer satisfaction surveys regularly throughout the
company. Whereas 3% of respondents from ICICI and 2% of respondents from Bajaj Allianz
are not agreed. Both the companies conduct meetings in monthly basis and the monthly
reports are been send to the corporate office to the senior level manager. Past month report
and other changes are discussed in these meetings
Q15.Is there any improvement in customer response rate to the marketing activities?
icici bajaj yes 79 86no 21 14
icici bajaj 0
10
20
30
40
50
60
70
80
90 7986
2114
yes no
INTERPRETATION
25% of the respondents from ICICI and 15% of respondents from Bajaj Allianz are agreed
that that there is improvement in customer response rate where as 25% respondent from icici
and 35% respondents from Bajaj Allianz are not agreed that there is improvement in
customer response rate to the marketing activities. Both the companies conduct several
marketing activities programs in malls petrol pumps and other places but customers hardly
response for those activities.
Q16.CRM HELPS IN?
icici bajaj reduce cost of service 20 16effective use of customer`s data 20 14 up selling 50 50 cross selling 10 20
A. reduce cost of service
B. effective use of customer`s data
C. up selling D. cross selling 0
5
10
15
20
25
30
35
40
45
50
20 20
50
10
1614
50
20 icici bajaj
INTERPRETATION
35% of the respondents from icici and 25 respondents from Bajaj Allianz are agree that CRM
helps in Up selling and 2% respondents from ICICI and 10% from Bajaj Allianz agreed in
cross selling where as 6% respondent from ICICI and 5% from Bajaj are agreed that CRM
help in effective use of customer’s data and 7% respondents from ICICI and 10% from Bajaj
are agreed that CRM help in reduce cost of service.
Q17. Do you agree that mobile application helps in maintaining better customer relationship
management?
icici bajaj yes 85 79no 15 21
icici bajaj 0
10
20
30
40
50
60
70
80
9085
79
1521
yes no
INTERPRETATION
30% of the respondents from icici and 45% respondents from bajaj Allianz are agree that
mobile application helps in maintain better customer relationship management where as only
20% respondent from ICICI and 5% respondent from Bajaj are not agreed that mobile
application helps in maintain Better customer relationship management.
Q18. Does the company policy provide better tax benefit as compared to its competitors?
icici bajaj Yes 78 87no 22 13
icici bajaj 0
10
20
30
40
50
60
70
80
90 78
87
22
13
Yesno
INTERPRETATION
40% of the respondents from ICICI and 35% of respondents from Bajaj Allianz are agreed
that the company policy provide better tax benefit as compared to its competitors where as
only 10% respondent from ICICI and 15% respondents from Bajaj Allianz are not agreed that
the company policy provide better tax benefit as compared to its competitors
Q19 on a scale of 1 to 5 kindly rate the following CRM strategies which are as follow?
S no
Strategies Least conside
r
Less considered
Not considered
More considered
Most considered
1 Marketing and customer service
2 CRM in customer contact 3 Sales force transformation
4 CRM in B2B market
5 Mobile sales automation
6 Contact center optimization
Marke
ting a
nd cu
stome
r serv
ice
CRM
in custo
mer c
ontac
t cen
ters
Sales
force
tran
sform
ation
CRM
in B2
B mark
et
Mobil
e sale
s auto
matio
n
Conta
ct cen
ter
1 2 3 4 5 6
0123456
Least considerLess considered Not considered More consideredMost considered
Opti
miza
tion
FINDINGS
1. 45% of the respondents from icici and 35 respondents from Bajaj Allianz are agree that company offer variety of the products where as only 5% respondents from icici and 15% respondents from Bajaj Allianz are not agree.
2. 32 %of the respondents from icici and 28% from bajaj are agree that they get sufficient information where as only 18% respondents from icici and 22% of respondents from bajaj Allianz are not agree.
3. 20 respondents from ICICI are agreed that they contact their customer once in a week 30 respondents from Bajaj are agreed for once in a month, 10% respondents from ICICI are agreed for Once in a Six Month and 20% Respondents from ICICI are agreed as and when required. Whereas 20% respondent from Bajaj are agreed that they contact their customers once in a year and Above.
4. 48% of the respondents from ICICI are agreed that company has adopted contact center optimization 35% of respondents from BAJAJ Allianz said that they have adopted the Mobile sales automation strategy. Whereas 5 respondents from bajaj are agreed Marketing and customer service CRM in customer contact centers 7 Bajaj Sales force transformation 3 Bajaj CRM in B2B market 2 ICIC
5. 5 respondents from Bajaj are agreed that Marketing and customer services CRM
strategies is more effective in customer retention 5% Respondents from Bajaj are
agreed that CRM in customer contact centers and 10% from Bajaj agreed sales force
transformation and 30% respondents from Bajaj are agreed that Mobile sales
automation CRM strategies is more effective in customer retention. 15% respondents
from ICICI are agreed that CRM in B2B Market and 35% respondents from ICICI are
agreed that Contact centre optimization.
6. 38% respondents from ICICI and 30% respondent from Bajaj are agreed that the
company keeps in touch with the customers through SMS facility. whereas 10%
respondent from ICICI and 10% of respondent from Bajaj are agreed that the
company keeps in touch with the customers. 2% respondents from ICICI and 10 %
respondent from Bajaj are agreed that the company keeps in touch with the customers
7. 47% of the respondents from ICICI and 43% of respondents from BAJAJ are agreed
that they take feedback from customer and 3 of respondents from ICICI and 7% of
respondents from BAJAJ agreed that the they don’t take the feedback from customer
8. 47% of the respondents from ICICI and 38% of respondents from Bajaj Allianz are
agree that they customize product or services according to the customer and 3%
Marketing and customer service
CRM in customer contact centers
Sales force transformation
CRM in B2B market
Mobile sales automation
Contact center
1 2 3 4 5 6
0123456
Least considerLess considered Not considered More consideredMost considered
Opti
miza
tion
respondents from ICICI and 12% respondents from BAJAJ ALLIANZE were not
agreed that they customize their product.
9. 46% of respondent from ICICI and 26% from Bajaj are agreed that the computers
plays a big role in serving the customers where as 2% of respondents from ICICI and
14% from Bajaj are Agreed that computers has not much role to play in serving the
customers. 2% respondent from ICICI and 10% from Bajaj are agreed computer has
no role to play in serving the customers.
10. 46% of the respondents from ICICI and 44% respondents from the BAJAJ Allianz
are agreed and only 6% respondents from BAJAJ Allianz and 4% from ICICI are not
agreed that they have centralized database for customer information
11. 48% of the respondents from ICICI and 32% of respondents from Bajaj Allianz have
agreed that they get proper training for CRM. Whereas 2% of respondents from
ICICI and 18% of respondents from Bajaj Allianz were not agreed that they get
proper training for CRM
12. 47% of the respondents from ICICI and 43%from Bajaj Allianz are agree that the
company is maintaining good customer relationship management through its services
where as only 3% respondents from icici and 7 % of respondents from Bajaj Allianz
are not agree. Both the companies have adopted different CRM strategies to maintain
good customer relationship management
13. 25% of the respondents from ICICI and 35%from Bajaj Allianz are agreed for toll
free numbers and formal surveys to solve the customer comments and complaints and
10% of respondents from ICICI and 10% from Bajaj Allianz are agree with other
means where as only 15% respondents from ICICI and 5% respondents from Bajaj
Allianz agreed with face to face interview for their complaints and comments
14. 47% of the respondents from ICICI and 43% respondents from Bajaj Allianz are agreed that they communicate results of your customer satisfaction surveys regularly throughout the company. Whereas 3% of respondents from ICICI and 2% of respondents from Bajaj Allianz are not agreed.
15. 25% of the respondents from ICICI and 15% of respondents from Bajaj Allianz are agreed that that there is improvement in customer response rate where as 25% respondent from icici and 35% respondents from Bajaj Allianz are not agreed that there is improvement in customer response rate to the marketing activities.
16. 35% of the respondents from icici and 25 respondents from Bajaj Allianz are agree
that CRM helps in Up selling and 2% respondents from ICICI and 10% from Bajaj
Allianz agreed in cross selling where as 6% respondent from ICICI and 5% from
Bajaj are agreed that CRM help in effective use of customer’s data and 7%
respondents from ICICI and 10% from Bajaj are agreed that CRM help in reduce cost
of service.
17.30% of the respondents from icici and 45% respondents from bajaj Allianz are agree
that mobile application helps in maintain better customer relationship management
where as only 20% respondent from ICICI and 5% respondent from Bajaj are not
agreed that mobile application helps in maintain Better customer relationship
management.
18. 40% of the respondents from ICICI and 35% of respondents from Bajaj Allianz are
agreed that the company policy provide better tax benefit as compared to its
competitors where as only 10% respondent from ICICI and 15% respondents from
Bajaj Allianz are not agreed that the company policy provide better tax benefit as
compared to its competitors
19.The customers of COMPANY are throughout India.
20. The needs of the customers are clearly defined and the products are
customized according to the needs of the customers.
21. Customer’s comments and complaints are welcomed and resolved quickly
and positively. Comments and complaints are taken through formal survey,
and toll free number .
22.The company conducts customer satisfaction surveys through its CRM
Department.
LIMITATIONS OF THE STUDY
1. The employee’s attitude and opinion may change in future, so future relevance to the
study cannot be assured.
2. Reliability of the study depends greatly on the reliability of information provided by
the respondents. The personal bias of the respondents is another limiting factor.
3. The results obtained from the analysis would not be applicable to similar
organizations in the industry.
4. Lack of experience of Research.
5. Another difficulty was very limited time-span of the project.
SUGGESTIONS
Better CRM Policy to be launched.
New technology to be adopted for maintaining better Customer Relationship.
With regard to insurance companies, consumers respond at different rates, depending
on the consumers characteristics. Hence Insurance companies should try to bring their
new product to the attention of potential early adopters.
Due to the intense competition in the insurance market, the insurance companies have
to adopt better CRM strategies to attract more customers.
Keeping the cost, quality and return on investment in tact is necessary in order to
tackle the competition.
Life insurance products are taken mainly by middle and higher income group. Hence
they should be regarded as main targeted income groups. Life insurance products
which are suitable for lower income group should also be released so that the market
share increases.
Return on investment, company reputation and premium outflow are most preferred
attributes that are expected by the respondents. Hence greater focus should be given
to these attributes.
Insurance companies should ask for their consumer feedback to know whether the
consumers are really satisfied or dissatisfied with the service.
Proper training for CRM should be implemented in the organization.
The Company should give more Advisement about the product.
The company should be flexible to bend its rules and procedures in the
clients favour
The company can communicate and develop stronger customer bonding by
providing social and financial benefits.
CONCLUSION
Customer relationship management (CRM) is the key for success of
organizations. CRM will be able to manage the huge database of customers.
also will facilitates the online customer interaction for the sake of quick access,
better service and delivering right offers at right time to the right
customers.CRM implementation is also a cost effective and time saving activity,
which will provide the long range solutions to the insurance players. Thus, the
need to integrate customer data from multiple channels, to increase sales force
productivity (including agents), raising service standard, customer satisfaction,
loyalty of customers, CRM soft wares will be always in demand.
When the organizations grow larger and larger, complexity increases in
controlling potential customers. Establishing a Systematic and well organized
CRM systems calls for understanding and analyzing the key success
factors.CRM is a new business philosophy based on trust and value; The core
function of CRM is the value creation process; Customer relationships develop
over time; The role of global salespeople in the process is that of both
relationship builders and relationship promoters; and The basic premise of CRM
is to offer superior value to customers in an effort to turn prospects into
customers, customers into loyal customers, and loyal customers into partners.
Life Insurance companies want intermediaries who can deliver solutions to
customers, not simply products. They need intermediaries with technical
knowledge and skills. They need people with relationship, communication, and
negotiation skills & Customer Relationship Building skills. Improving CRM is
an important part of the financial Sector especially in life insurance sector. This
can be measuring of customer satisfaction, Making customer satisfaction targets
part of the individual performance report, Extra focus on complaint
management and solving client problems, installing product approval processes
(including compliance and risk management) that guarantee careful information
to the client.To become more customer-centric and optimize customer lifetime
value, financial services
providers need to consider the following five variables that create mutual value
to the customer and the services provider: 5C's Coverage, Cost, Convenience,
and Care & Compliance. To serve as a practical tool for managing customer
relationships, the lifetime value optimization we have to adopt these 5C's. The
results of customer value optimization can be highly rewarding. Life Insurance
companies that have adopted this approach have been able to achieve business
growth and profitability in competitive environment.
BIBLIOGRAPHYBooks:
Kothari C.R., Research Methodology, New Delhi; New Age International Publication,
second edition.
Web pages:
www.google.com
1. Gefen D. and Ridings C.M., Implementation team responsiveness and
user evaluation of customer relationship management, journal of
management information system, 19, 47-69 (2002)
2. Burnett K., hand book of key customer relationship management, New
Jersey: prentice hall (2001)
3. Greenberg, P. CRM at the speed of light: capturing and keeping
customers in internet real time, mc- graw hill (2001)
4. Bayon T., Customer equity marketing, European management journal,
20, 213-224 (2002)
5. Bradshaw and brash C., Managing customer relationships in the e-
business world; international journal of retail and distribution
management, 29, 520-530 (2001)
6. www.expresscomputeronline.com/indiatrends 02.shtml (2012)
7. http://business.maps of India.com/Indiainsurancemarket. html (2012)
8. http//en.wikipedia.org/wiki/insurance_in_india (2012)
9. www.researchhandmarkets.com (2012)
10.www.economywatch.com/India economy/India insurance (2012)
11.http://dilbert.iiml.ac.in/crm, (2012)
12.ww.crminfoline.com/crm-articles, (2012)
Customer Relationship Management Strategies and its Implementation :
A study of some selected Insurance Organisation
Q.1.Do you agree that your insurance company offer variety of products?
a. Yes 80
b. No 20
Q.2.Did you get sufficient information about the customer while selling?
a. Yes 60
b. No 40
Q.3.How many times you have contacted existing customers?
a. Once in a week 20
b. Once in a month 30
c. Once in 6 month 15
d. Once in a year & above 25
e. As and when required 10
Q.4. Which CRM Strategy is adopted by your organization?
Marketing and customer service 5
CRM in customer contact centers 7
Sales force transformation 3
CRM in B2B market 2
Mobile sales automation 35
Contact center optimization 48
Q5.which CRM strategies is more effective in customer retention?
Marketing and customer service 5
CRM in customer contact centers 5
Sales force transformation 10
CRM in B2B market 15
Mobile sales automation 30
Contact center optimization 35
Q6.How does the company keeps in touch with the customers ?
a. SMS 70
b. Email 20
c. Greetings 10
Q7. Do you take feedback from your customers?
a) Yes 90
b) No 10
Q8. Do you customize your product or services according to the customer?
a) Yes 85
b) No 15
Q9. How much is the role of computers in serving the customers?
a) Plays a big role 75
b) Not much role to play 20
c) No role to play 5
Q10. Do you have centralized database for customer information?
a) Yes 90
b) No such database. 10
Q11. Do you get proper training for CRM?
a. Yes 80
b. No 20
Q12. Do you think the company is maintaining good customer relationship management
through its services?
a. Yes 90
b. No 10
Q13. How do you get customer comments and complaints?
a) Face to face interview. 15
b) Toll free numbers, formal surveys. 60
c) Others means 25
Q14. Do you communicate results of your customer satisfaction surveys regularly throughout
the company?
a) Yes 70
b) No 30
Q15.Is there any improvement in customer response rate to the marketing activities?
a) Yes 40
b) No 60
Q16.CRM HELPS IN?
A. reduce cost of service 10
B. effective use of customer`s data 10
C. up selling 60
D. cross selling 20
Q17. Do you agree that mobile application helps in maintaining better customer relationship
management?
A yes 75
B no 25
YesNo
INTERPRETATION
30% of the respondents from icici and 45% respondents from bajaj Allianz are agree that
mobile application helps in maintain better CRM where as only 25% are not agree.
ICICI has started their mobile banking facility recently where every process for opening a new account is done by the mobile phone and bajaj has also launched their mobile application in android market which helps customer in
Sign and upload insurance documents Storing digital signature Uploading photograph Emailing insurance documents See key products and their information quickly
Q18. Does the company policy provide better tax benefit as compared to its competitors?
a. Yes 80
b. No 20
YesNo
INTERPRETATION
80% of the respondents are agree that company policy provide tax benefit as compared to its
competitors where as only 20% are not agree. Both companies agreed that they provide better
tax benefit than others they have various tax benefit policies which helps the customer to
have the tax benefit
Q19 on a scale of 1 to 5 kindly rate the following CRM strategies which are as follow?
S no
Strategies Least conside
r
Less considered
Not considered
More considered
Most considered
1 Marketing and customer service
2 CRM in customer contact 3 Sales force transformation
4 CRM in B2B market
5 Mobile sales automation
6 Contact center optimization
23.
QEUSTIONNAIRE
Q1.Personal Details
a. Name:___________________________
b. Age:___________________________
c. Education_______________________
d. Organization:____________________
e. Designation:_______________________
Q.2.Do you agree that your insurance company offer variety of products?
c. Yesd. No
Q.3.Did you get sufficient information about the customer while selling?
c. Yesd. No
Q.4.How many times you have contacted existing customers?
f. Once in a week g. Once in a monthh. Once in 6 month i. Once in a year & abovej. As and when required
Q.5. Which CRM Strategy is adopted by your organization?
1 .Resolving Customer Complaints2 Providing Customizing Information
3. Feedback Record4. Sharing of Information
Q6.which CRM strategies is more effective in customer retention?1. Marketing and customer service2 CRM in customer contact centers3 Appointments 4 CRM in B2B market 5 mobile sales automation
6 contact center optimization
Q7.How does the company keeps in touch with the customers ? a. SMS b. Email c. Greetings
Q8. Do you take feedback from your customers?
a) Yes
b) No
Q9. Do you customize your product or services according to the customer?
a) Yes
b) No
Q10. How much is the role of computers in serving the customers?
a) Plays a big role
b) Not much role to play
c) No role to play
Q11. Do you have centralized database for customer information? a) Yes b) No such database.Q12. Do you get proper training for implementation of CRM?
a. Yesb. No
Q13. Do you think the company is maintaining good customer relationship management through its services?a. Yesb. No
Q14. How do you get customer comments and complaints?
a) Face to face interview. b) Toll free numbers, formal surveys. c) Others means
Q15. Do you communicate results of your customer satisfaction surveys regularly throughout the company? a) Yes b) No
Q16.Is there any improvement in customer response rate to the marketing activities?
a) Yes
b) No
Q17. on a scale of 1 to 5 kindly rate the following CRM strategies which are as follow?
S no Strategies Least consider
Less considered
Not considered
More considered
Most considered
1 Marketing and customer service
10 10 59 19 12
2 CRM in customer contact centers
30 46 15 10 9
3 Sales force transformation
22 40 18 10 10
4 CRM in B2B market 10 49 1 21 19
5 Mobile sales automation 3 11 19 21 46
6 Contact center optimization
15 16 1 25 43
Q18.CRM HELPS IN?
E. reduce cost of service
F. effective use of customer`s dataG. up selling H. cross selling
Q19. Do you agree that mobile application helps in maintaining better customer relationship management?
A yesB no
Q20. Does the company policy provide better tax benefit as compared to its competitors?a. Yesb. No
