IN ING VYSYA LIFE INSURANCE HYDERABAD Project submitted in partial fulfillment for the award of the Degree of MASTER OF BUSINESS ADMINISTRATION TO XXXXX
DECLARATION BY STUDENT I hear by declare that this project Report titled CUSTOER RELATIONS!I" ANAGEENT s#b$itted by $e to the depart$e%t o& $a%a'e$e%t st#dies( Vi)e*a%a%da school o& post 'rad#ate st#dies( is a bo%a&ide +or* #%derta*e% by $e a%d it is %ot s#b$itted to a%y other U%i)ersity or i%stit#tio% &or the a+ard to a%y de'ree,diplo$a, certi&icate or p#blished a%y ti$e be&ore- Na$e . /ate . Si'%at#re
PROJECT ABSTRACT I% I%dia li&e i%s#ra%ce sector plays a $ajor role i% sa)i%'s o& a perso%- There are $a%y players i% li&e i%s#ra%ce sector( a%d LIC is leadi%' as it has roots i% I%dia &ro$ $ore tha% 01 years- To p#rchase a%y thi%' i% this +orld the c#sto$er has his,her o+% choice o& pre&ere%ces accordi%' to those pre&ere%ces o%ly( o%e ca% p#rchase the re2#ire prod#ct- The project st#dy o& ING VYSYA LIFE INSURANCE li%*ed +ith CR 3CUSTOER RELATIONS!I" ANAGEENT4- The ai$ o& st#dy to e5a$i%e a%d $a*e the co$pa%y e%able to the trac* c#sto$er sell the appropriate prod#ct #%dersta%di%' their %eeds a%d +a%ts a%d to i%s#re a lo%' ter$ rete%tio% o& c#sto$ers thro#'h the applicatio% o& CR i% a co$prehe%si)e $a%%er $o%itori%' the per&or$a%ce o& CR to ta*e correcti)e actio%s %ecessary to ass#re the res#lts $atch the pla% projectio%s- Co$i%' to ING VYSYA LIFE INSUARANCE i% I%dia its $a*i%' e&&ort to attract c#sto$ers a%d tap the li&e i%s#ra%ce $ar*et- So this st#dy is also i%te%ded to &i%d c#sto$ers a%d the rete%tio% )al#e thro#'h the applicatio% o& CR i% ING VYSYA LIFE INSURANCE- The $ethod o& this st#dy is based o% $ar*eti%' research +ith str#ct#red 2#estio%%aire co%sisti%' o& $#ltiple choice 2#estio%s- The sa$ple s#r)ey is co%d#cted o% 611 c#sto$ers belo%'i%' to di&&ere%t cate'ories -pri)ate i%s#ra%ce co$pa%ies are #%able to create e%o#'h bra%d )al#e a%d tr#st i% c#sto$ers- ost o& the co$pa%ies ha)e o%ly 789 o& $ar*et share i% li&e i%s#ra%ce sector +he% co$pare LIC- So CR $a*es s#''estio%s to ING VYSYA
LIFE INSURANCE sector ho+ to $a*e tr#st o& c#sto$ers a%d hoe to $a*e the rete%tio% )al#e- ACKNOWLEDGEMENT The prese%tatio% o& the report i% the +ay re2#ired has bee% $ade possible by
the +ay o& co%trib#tio% o& )ario#s people- The co$pletio% o& this project
Report titled CUSTOER RELATIONS!I" ANAGEENT :bri%'s to e5press tha%*s to o%e ;all o& those +ho helped alo%' the +ay- I a$ )ery tha%*&#l to <<<<( &ac#lty =$ar*eti%'( a%d $y colle'e "roject '#ide &or '#idi%' $e to co%d#ct $y project report- I +o#ld also li*e e5press $y 'ratit#de to <<<<( director o& the colle'e &or 'i)i%' his s#pport a%d '#ida%ce thro#'ho#t this project- <<< <
CONTENTS FUNCTIONS INTRODUCTUION INTRODUCTION OF CRM NEED OF CRM OBJECTIES COMPANY PROFILE METHODOLOGY LIMITATIONS LITERATURE APPLICATIONS OF THE OBJECTIE CONCLUSIONS BIBLOGRAPHY
INTRODUCTION
INTRODUCTION OF CUSTOMER RELATIONSHIP MANAGEMENT Se)eral co$$ercial CR i%s#ra%ce pac*a'es are a)ailable +hich )ary i% their approach to CR- !o+ e)er( as $e%tio%ed abo)e( CR is %ot j#st a tech%olo'y( b#t rather a co$prehe%si)e c#sto$er>ce%tric approach to a% or'a%i?atio%@s philosophy i% deali%' +ith its c#sto$ers- This i%cl#des policies a%d process( &ro%t>o&>ho#se c#sto$er ser)ice( e$ployee trai%i%'( $ar*eti%' syste$s a%d i%&or$atio% $a%a'e$e%t- !e%ce it is i$porta%t that a%y CR i$ple$e%tatio% co%sideratio%s stretch beyo%d tech%olo'y( to+ards the broader or'a%i?atio%al re2#ire$e%ts- The objecti)e o& a CR strate'y $ost co%sider a co$pa%y@s speci&ic sit#atio% a%d its c#sto$ers %eeds a%d e5pectatio%s- I%&or$atio% 'ai%ed thro#'h CR i%itiati)es ca% s#pport the de)elop$e%t o& $ar*eti%' strate'y by de)elopi%' the or'a%i?atio%@s *%o+led'e i% areas s#ch as ide%ti&yi%' c#sto$er se'$e%ts( i$pro)i%' c#sto$er rete%tio%( i$pro)i%' prod#ct o&&eri%'s3by better #%dersta%di%' c#sto$er %eeds4(a%d by ide%ti&yi%' the or'a%i?atio%@s $ost pro&itable c#sto$ers-
CR strate'ies ca% )ary i% si?e( co$ple5ity a%d scope- so$e co$pa%ies co%sider a CR strate'y to o%ly &oc#s o% the $a%a'e$e%t o& a tea$ o& sales people- !o+ e)er( other CR strate'y ca% co)er c#sto$er i%teractio% across the e%tire or'a%i?atio% -$a%y co$$ercial CR i%s#ra%ce pac*a'es that are a)ailable pro)ide &eat#res that ser)e sales( $ar*eti%' e)e%t $a%a'e$e%t( a%d project $a%a'e$e%t a%d &i%a%ce- S#ccess&#l CUSTOER RELATIONS!I" ANAGEENT re2#ires $ar*eti%'( sales a%d ser)ice a'ility o& a star co$pa%y to e%able today@s b#si%ess to o#t pace their co$petitors i% the race &or c#sto$ers- a%a'i%' the c#sto$er e5perie%ce( $ai%tai%i%' a $ore reliable data base( i$pro)i%' ser)ice operatio%s- &osteri%' c#sto$er loyalty( e$braci%' the characteristics o& hi'h per&or$a%ce $ar*eti%' a%d other related s#bjects- a*i%' s#ch a pi)ot i% CR to create c#sto$er i%teractio%s that prod#ce opti$al e5perie%ces a%d LONG TER relatio%ships $#st be the top $issio%- Abo)e all( those e5perie%ces $#st be co%siste%t +ith a co$pa%y@s bra%d pro$ise-
CRM DEFINITION !
CR de&i%es the process o& the co$pa%y are &#lly occ#pied +ith ac2#iri%' c#sto$ers (selli%' the prod#ct to the c#sto$ers( a%d $ai%tai%i%' a LONG TERM RELATIONSHIP to a c#sto$er- CR is act#ally a tre$e%do#s step &or+ard i% creati%' a syste$ that ca% pro)ide a $ea%s &or retai%i%' i%di)id#al loyalty i% a +orld o& %early se)e% billio% so#ls- CR helps i% order to #%dersta%d cha%'i%' %at#re o& the c#sto$er beca#se c#sto$er are %ot +hat they #sed to be-
FINANCIAL SECTOR OERIEW "INDIA
The &i%a%cial i%stit#tio%s are playi%' a )ital role &or pro)idi%' &i%a%cial assista%ce( these sho#ld be &#l&illi%' by the &i%a%cial i%stit#tio%s- Ge%erally the &i%a%cial ser)ices( co%tai%s ba%*i%' ser)ices( $#t#al &#%ds( chits( &i%a%cial i%stit#tio%s a%d i%s#ra%ce etc- The people are attracted to+ards i%s#ra%ce beca#se o& their attracti)e be%e&its a%d +hich pro)ide $a5i$#$ sec#rity to the people a%d their &a$ilies or their assets that helps &ace the #%certai%ties beca#se :+here there is a #%certai%ties there is ris*A- /#e to these reaso%s $a5i$#$ %#$ber o& perso%s are di)erti%' or pre&erri%' or attracti%' to+ards i%s#ra%ce sector- By obser)i%' this reaso% $ost o& the or'a%i?atio%s are e%teri%' i%to the i%s#ra%ce sector- It is %ot possible &or e)ery or'a%i?atio% to r#le the $ar*et or to beco$e $ar*et leader -To co$pete +ith the co$petitors or to be stable i% the $ar*et or to beco$e a $ar*et leader +e ha)e to co%ce%trate o% co%s#$er (beca#se co%s#$er ,c#sto$er is the #lti$ate perso% +ho 'ets the be%e&its pro)ided by the or'a%i?atio%- For that( those or'a%i?atio%s +ho prepare the pla%s accordi%' to the $i%ds or attit#des o& the co%s#$er by pro)idi%' attracti)e be%e&its +ill 'et $ore s#ccess-
WHAT IS INSURANCE ! I%s#ra%ce is a CONTRACT BETCEEN TCO "ARTIES +here by o%e party called i%s#rer #%derta*es i% e5cha%'e &or a &i5ed s#$ called pre$i#$s( to pay the other party called i%s#red a &i5ed a$o#%t o& $o%ey % the happe%i%' o& a certai% e)e%t - I%s#ra%ce is a protectio% a'ai%st &i%a%cial loss arisi%' o% the happe%i%' o& a% #%e5pected e)e%t- I%s#ra%ce co$pa%ies collect pre$i#$s to pro)ide &or this protectio%- A loss is paid o#t o& the pre$i#$s collected &ro$ the i%s#ri%' p#blic a%d the i%s#ra%ce act as tr#stees to the a$o#%t collected- For e5a$ple i% a li&e policy by payi%' a pre$i#$ to the i%s#rer( the &a$ily o& the i%s#red perso% recei)es a &i5ed co$pe%satio% o% the death o& the i%s#red- Si$ilarly( i% a car i%s#ra%ce( i% the e)e%t o& the car $eeti%' +ith a% accide%t( the i%s#red recei)es the co$pe%satio% to the e5te%t o& da$a'e-
It is a syste$ by +hich the loses s#&&ered by a &e+ are spread o)er $a%y e5posed to si$ilar ris*s-
WHY TO BUY LIFE INSURANCE !
To protect a%d s#pport yo#r be%e&iciaries ho$e a%d li)elihood- To replace yo#r i%co$e a%d $i%i$i?e the debt load &or yo#r heirs- To pro)ide be%e&iciaries +ith i%co$e ta5 &ree proceeds- To pro)ide heirs +ith be%e&its to pay the ta5 o% yo#r estate- To help protect the )al#e o& yo#r estate- Li&e i%s#ra%ce helps protect the &i%a%cial sec#rity o& yo#r &a$ily i% the e)e%t o& yo#r o% ti$ely death- This is especially i$porta%t +he% yo# are the pri$ary +a'e ear%er- The o+%er o& the policy pays the i%s#rer pre$i#$s i% e5cha%'e &or a pro$ise to pay the be%e&iciaries a death be%e&it #po% the death o& the i%s#red-
WHO PROIDES IT ! INSURANCE REGULATORY AND DEOLOPMENT AUTHORITY Re&or$s i% the i%s#ra%ce sector +ere i%itiated +ith the passa'e o& the IR/A bill i% parlia$e%t i% /EC 6DDD- The IR/A si%ce i%corporatio% as a stat#tory body i% A"RIL 7111 has &astidio#sly st#c* to its sched#le o& &ra$i%' re'#latio%s a%d re'isteri%' the pri)ate sector i%s#ra%ce co$pa%ies- The other decisio%s ta*e% si$#lta%eo#sly to pro)ide the s#pporti%' syste$s to the i%s#ra%ce sector a%d i% partic#lar the li&e i%s#ra%ce co$pa%ies +ere the la#%ch o& the IR/A@S o%li%e ser)ice &or iss#e a%d re%e+al o& lice%ses to a'e%ts- Si%ce bei%' set #p a% i%depe%de%t stat#tory body the IR/A has p#t i% a &ra$e +or* o& 'lobally co$patible re'#latio%s- I% the pri)ate sector 67 li&e i%s#ra%ce a%d E 'e%eral i%s#ra%ce co$pa%ies ha)e bee% re'istered-
By passi%' o& the IR/A bill( the i%s#ra%ce sector has bee% ope%ed #p &or pri)ate co$pa%ies to carry o% i%s#ra%ce b#si%ess- I%s#ra%ce co%tracts are based o% 'ood &aith i-e the details &#r%ished by the proposer are accepted i% 'ood &aith a%d this +ill &or$ the basis o& the co%tract- WHAT ARE YOUR OPTIONS # Esse%tially( i%s#ra%ce co$pa%ies o&&er t+o di&&ere%t types o& li&e i%s#ra%ce policies . "er$a%e%t Ter$ PERMANENT POLICY !
"er$a%e%t i%s#ra%ce co)era'e s#ch as +hole li&e( #%i)ersal li&e a%d )ariable li&e ha)e the pote%tial to pro)ide co)era'e to a speci&ied $at#rity date-
TERM INSURANCE ! Co)era'e that lasts &or a speci&ic ti$e period a%d has t+o co$po%e%ts- 6- "re$i#$ a%d 7- /eath be%e&it OTHER FACTS ABOUT LIFE INSURANCE THAT YOU NEED TO KNOW Li&e i%s#ra%ce is a% esse%tial part o& &i%a%cial pla%%i%'- I%co$e ta5>&ree death be%e&it proceeds payable to yo#r be%e&iciaries- Needs a%d 'oals deter$i%e the a$o#%t to o+%- !elps e%s#re that yo#r depe%de%ts are %ot b#rde%ed by debt-
The yo#%'er a%d healthier yo# are +he% yo# p#rchase li&e i%s#ra%ce( the less it +ill be cost yo# to o+% a li&e i%s#ra%ce( the less +ill be cost yo# to o+% a li&e i%s#ra%ce policy- Li&e i%s#ra%ce %eeds sho#ld be re)al#ated +he% $ajor e)e%ts occ#r i% li&e s#ch as $arria'e( the birth o& childre% or a b#si%ess start#p- HISTORY OF INSURANCE SECTOR ! The b#si%ess o& li&e i%s#ra%ce i% I%dia i% its e5isti%' &ro$ started i% I%dia i% the year 6868 +ith the establish$e%t o& the orie%tal li&e i%s#ra%ce co$pa%y i% Calc#tta-
So$e o& the i$porta%t $ile sto%es i% the li&e i%s#ra%ce b#si%ess i% I%dia are. 6D67 . The I%dia% i%s#ra%ce co$pa%ies Act e%acted as the &irst stat#te to re'#late the li&e i%s#ra%ce-
6D78 . The I%dia% i%s#ra%ce co$pa%ies Act e%acted to e%able the 'o)t- to collect statistical i%&or$atio% abo#t both li&e a%d %o%>li&e i%s#ra%ce b#si%ess- 6DF8 . Earlier le'islatio% co%solidated a%d a$e%ded to by the i%s#ra%ce act +ith the objecti)e o& protecti%' the i%terests o& the i%s#ri%' p#blic-
6D0E . 7G0 I%dia% a%d &orei'% i%s#rers a%d pro)ide%t societies ta*e% o)er by the ce%tral 'o)t- a%d %atio%ali?ed-
INSURANCE IN INDIA " A BRIEF REIEW The i%s#ra%ce sector i% I%dia has co$e to a &#ll circle &ro$ bei%' a% ope% co$petiti)e $ar*et to %atio%ali?atio% a%d bac* to a liberali?ed $ar*et a'ai%- Trac*i%' the de)elop$e%ts i% the I%dia% i%s#ra%ce sector re)eals the FE1>de'ree t#r% +it%essed o)er a period o& al$ost t+o ce%t#ries-
The i%s#ra%ce i%d#stry is totally depe%de%t o% the ability to co%)ert ra+ data i% to i%telli'e%ce =i%telli'e%ce abo#t c#sto$ers(
$ar*eters( co$petitors( a%d b#si%ess e%)iro%$e%t- O)er the years data processi%' tech%olo'y has pro'ressed phe%o$e%ally a%d tools li*e data +are hosi%'( OLA" a%d data $i%i%'( +hich co%stit#te the cor%er sto%e o& e&&ecti)e b#si%ess i%telli'e%ce e%)iro%$e%t( ha)e bee% +idely accepted across i%d#stries- !o+ e)er( i%s#ra%ce co$pa%ies ha)e bee% relati)ely slo+ i% adapti%' these tools( pri$arily beca#se o& lac* o& co$petitio% d#e to protecti)e re'#latio%s- B#t %o+( they ca% %o lo%'er a&&ord to be co$place$e%t as the i%ter%et( dere'#latio%( co%solidatio%( a%d co%)er'e%ce o& i%s#ra%ce +ith other &i%a%cial ser)ices are &ast cha%'i%' the basic str#ct#re o& the i%d#stry- The i%s#ra%ce i%d#stry is 2#ite di)erse i% ter$s o& port&olio o& prod#cts pro)ided by di&&- co$pa%ies- The prod#cts ca% be broadly classi&ied i% to t+o prod#ct li%es- property a%d cas#ally 3";C4 a%d li&e i%s#ra%ce -li&e i%s#ra%ce prod#ct li%e ca% be &#rther s#b>di)ided i%to LIFE INSURANCE !EALT! INSURANCE
THE LEADING INSURANCE COMPANIES IN INDIA ARE
LIC OF INDIA ICICI LIFE INSURANCE
ING YSYA LIFE INSURANCE
HDFC LIFE INSURANCE MA$LIFE INSURANCE
LIFE INSURANCE CORPORATION OF INDIA The parlia$e%t o& I%dia passed the Li&e i%s#ra%ce Corporatio% Act o% the 6D th Septe$ber( 6D0E( +ith the objecti)e o& spreadi%' li&e i%s#ra%ce $#ch $ore +idely a%d i% partic#lar to the r#ral areas +ith a
)ie+ to reach all i%s#rable perso%s i% the co#%try( pro)idi%' the$ ade2#ate &i%a%cial co)er at a reaso%able cost- LIC had 0 ?o%al o&&ices( FF di)isio%al o&&ices a%d 767 bra%ch o&&ices( apart &ro$ its corporate o&&ice i% the year 6D0E-si%ce li&e i%s#ra%ce co%tracts are lo%' ter$ co%tracts a%d d#ri%' the c#rre%cy o& the policy it re2#ires a )ariety o& ser)ices %eed +as &elt i% the later years to e5pa%d the operatio%s a%d place a bra%ch o&&ice at each district head2#arter- Re> or'a%i?atio% o& LIC too* place a%d lar'e %#$bers o& %e+ bra%ches +ere ope%ed- As a res#lt o& re>or'a%i?atio% ser)ici%' &#%ctio%s +ere tra%s&erred to the bra%ches( a%d bra%ches +ere $ade acco#%ti%' #%its- It +or*ed +o%ders +ith the per&or$a%ce o& the corporatio%- It $ay see% that &ro$ abo#t 711-11 crores o& Ne+ b#si%ess i% 6D0H the corporatio% crossed 6111-11 crores $ar* o& %e+ b#si%ess- B#t +ith re>or'a%i?atio% happe%i%' i% the early ei'hties( by 6D80>8E LIC had already crossed H111-11 crore S#$ Ass#red o% %e+ policies-
Today LIC &#%ctio%s +ith 71G8 &#lly co$p#teri?ed bra%ch o&&ices( 611 di)isio%al o&&ices( H ?o%al o&&ices a%d the corporate o&&ice- LIC@s +ide Area Net +or* co)ers 611 di)isio%al o&&ices a%d co%%ects all the bra%ches thro#'h a $etro %et+or* -LIC has tied #p +ith so$e ba%*s a%d ser)ice pro)iders to o&&er o%>li%e pre$i#$ collectio% &acility i% selected cities-LIC@s ECSa%d AT pre$i#$ pay$e%t &acility is a% additio% to c#sto$er co%)e%ie%ce- Apart &ro$ o%>li%e *ios*s a%d IVRS( i%&o ce%ters ha)e bee% co$$iso%ed at #$bai( Ah$edabad( Ba%'alore( Che%%ai( !yderabad( *ol*ata( Ne+ delhi( "#%e a%d $a%y other cities- Cith a )isio% o& pro)idi%' easy access to its policyholders( LIC has la#%ched its SATELLITE SA"ARI o&&ices- The satellite o&&ices are
s$aller( lea%er a%d closer to the c#sto$er- The di'itali?ed records o& the satellite o&&ices +ill &acilitate a%y+here ser)ici%' a%d $a%y other co%)e%tio%s i% the &#t#re- LIC co%ti%#es to be the do$i%a%t li&e i%s#rer e)e% i% the liberali?ed sce%ario o& I%dia i%s#ra%ce a%d is $o)i%' &ast a %e+ 'ro+th trajectory s#rpassi%' its o+% past records- LIC has iss#ed o)er o%e crore policies d#ri%' the c#rre%t year- It has crossed the $ile sto%e o& iss#i%' 6(16(F7(D00 %e+ policies by 60 th oct( 7110( posti%' a healthy 'ro+th rate o& 6E-EH9 o)er the correspo%di%' period o& the pre)io#s year- Fro$ the% to %o+( LIC has crossed $a%y $ilesto%e a%d has set #%precede%ted per&or$a%ce records i% )ario#s aspects o& li&e i%s#ra%ce b#si%ess- The sa$e $oti)es +hich i%spired o#r &ore&athers to bri%' i%s#ra%ce i%to e5iste%ce i% this co#%try i%spire #s at LIC to ta*e this $essa'e o& protectio% to li'ht the la$ps o& sec#rity i% as $a%y ho$es as possible a%d to help the people i% pro)idi%' sec#rity to their &a$ilies-
ICICI PRUDENTIAL LIFE INSURANCE COMPANY I%dia@s N#$ber O%e pri)ate li&e i%s#rer( ICICI pr#de%tial Li&e i%s#ra%ce co$pa%y is a joi%t )e%t#re bet+ee% ICICI Ba%*>o%e o& i%dia@s &ore$ost &i%a%cial ser)ices co$pa%ies>a%d pr#de%tial plc> a leadi%' i%ter%atio%al &i%a%cial ser)ices 'ro#p head2#artered i% the U%ited *i%'do$- Total capital i%&#sio% sta%ds at Rs-68-60 billio%( +ith ICICI Ba%* holdi%' a sta*e o& HG9 a%d pr#de%tial plc holdi%' 7E9- ICICI Ba%*3NYSE.IBN4 is I%dia@s seco%d lar'est ba%* a%d lar'est pri)ate sector ba%* +ith assets o& Rs- 7D08 billio% as o% /ece$ber F6(711E- ICICI ba%* pro)ides a broad spectr#$ o& &i%a%cial ser)ices to i%di)id#als a%d co$pa%ies- This i%cl#des $ort'a'es( car a%d perso%al loa%s( credit a%d debit cards( corporate a%d a'ric#lt#re &i%a%ce- The Ba%* ser)ices a 'ro+i%' c#sto$er base thro#'h a $#lti>cha%%el access %et+or* +hich i%cl#des o)er ED0 bra%ches a%d e5te%sio% co#%ters( F106 AT@S call ce%ters a%d i%ter%et ba%*i%'- Established i% Lo%do% i% 68G8( pr%&ent'() p)c thro#'h its b#si%ess i% the UI a%d E#rope- US a%d Asia( pro)ides retail &i%a%cial ser)ices prod#cts a%d ser)ices to $ore tha% 76 $illio% c#sto$ers( policy holder a%d #%it holders +orld +ide- Today( pr#de%tial has $illio%s o& c#sto$ers +orld +ide a%d o)er 7F8 billio% 3as o& F1 J#%e 711E4 o& &#%ds #%der $a%a'e$e%t- I% Asia (pr#de%tial is the leadi%' E#ropea% li&e i%s#ra%ce co$pa%y +ith a )ast %et+or* o& li&e a%d &#%d $a%a'e$e%t operatio%s i% thirtee% co#%tries> Chi%a !o%' *o%'( I%dia( I%do%esia( Japa%( *orea( $alaysia( the "hilippi%es( Si%'apore( Tai+a%( Thaila%d( Viet%a$ a%d #%ited Arab E$irates-
ICICI pr#de%tial be'a% its operatio%s i% /ece$ber 7111 a&ter recei)i%' appro)al &ro$ i%s#ra%ce Re'#latory /e)elop$e%t o& A#thority3IR/A4- Today( the %atio%>+ide tea$ co$prises( abo#t 011 o&&ices( o)er 711(111ad)isorsK a%d 77 ba%c>ass#ra%ce part%ers- ICICI pr#de%tial +as the &irst li&e i%s#rer i% I%dia to recei)e a Natio%al i%s#rer Fi%a%cial Stre%'th rati%' o& AAA 3i%d4 &ro$ Fitch rati%'s- For three years i% a ro+( ICICI pr#de%tial has bee% )oted as I%dia@s $ost tr#sted pri)ate li&e i%s#rer( by the eco%o$ic to$es =AC Nielse% ORG ar' s#r)ey o& Lost Tr#sted Bra%ds@- As +e 'ro+ o#r distrib#tio%( prod#ct ra%'e a%d c#sto$er base( +e co%ti%#e to tirelessly #pload o#r co$$it$e%t to deli)er +orld>class &i%a%cial sol#tio%s to c#sto$ers all o)er I%dia- The ICICI pr#de%tial ed'e co$es &ro$ the co$$it$e%t to c#sto$ers( i% all that is do%e>be it prod#ct de)elop$e%t( distrib#tio%( the sales process or ser)ici%'- The prod#cts ha)e bee% de)eloped a&ter a clear a%d thoro#'h #%dersta%di%' o& c#sto$ers( %eeds- It is this research that helps i% de)elopi%' Ed#catio% pla%s that o&&er the ideal +ay to tr#ly '#ara%tee &or Child@s ed#catio%( Retire$e%t sol#tio%s that are a hed'e a'ai%st i%&latio% a%d yet pro$ise the c#sto$ers +ith the &#%ds that $i'ht %eed to reco)er &ro$ a dreaded disease-
!a)i%' the ri'ht prod#cts is the &irst step( b#t e2#ally i$porta%ce to e%s#re that the c#sto$ers ca% access the$ easily a%d 2#ic*ly- To this e%d( ICICI pr#de%tial has a% ad)isor base across the( le%'th a%d breadth o& the co#%try( a%d also part%ers +ith leadi%' ba%*s( corporate a'e%ts a%d bro*ers to distrib#te their prod#cts- Rob#st ris* $a%a'e$e%t a%d #%der+riti%' practices &ro$ the core o& the b#si%ess- Cith clear '#ideli%es i% place( they e%s#re e2#itable costi%' o& ris*s a%d thereby e%s#re a s$ooth a%d hassle> &ree clai$s process- E%tr#sted +ith helpi%' c#sto$ers $eet their lo%'>ter$ 'oals( they adopt a% i%)est$e%t philosophy that ai$s to achie)e ris* adj#sted ret#r%s o)er the lo%'>ter$- Last b#t de&i%itely %ot the least( the 60(111 pl#s stro%' tea$ is 'i)e% the opport#%ity to lear% a%d 'ro+( e)ery day i% a $#ltit#de o& +ays- It is belie)ed that *eeps the$ e%'a'ed a%d e%th#siastic( so that they ca% deli)er o% the pro$ise to co)er c#sto$er( at e)ery step i% li&e-
MA$ NEW YORK LIFE INSURANCE COMPANY a5 Ne+ Yor* li&e i%s#ra%ce co$pa%y Ltd- Is a joi%t )e%t#re bet+ee% Ne+ Yor* Li&e( a &ort#%e 611 co$pa%y a%d a5 I%dia li$ited( o%e o& i%dia@s leadi%' $#lti>b#si%ess corporatio%s- The co$pa%y has positio%ed itsel& o% the 2#ality plat &or$- I% li%e +ith its )isio% to be the $ost ad$ired li&e i%s#ra%ce co$pa%y i% I%dia( it has de)eloped a stro%' corporate 'o)er%a%ce $odel based o% the core )al#es o& e5celle%ce( ho%esty( *%o+led'e( cari%'( i%te'rity a%d tea$ +or*- The strate'y is to establish itsel& as a tr#sted li&e i%s#ra%ce specialist thro#'h a 2#ality approach to b#si%ess-
I% li%e +ith its )al#es o& &i%a%cial respo%sibility( a5 Ne+ Yor* Li&e i%s#ra%ce has adopted pr#de%t &i%a%cial practices to e%s#re sa&ety o& policy holders &#%ds- The co$pa%y@s paid #p capital is Rs-E0H crore( +hich is $ore tha% the %or$ laid do+% by IR/A- a5 Ne+ Yor* li&e has ide%ti&ied i%di)id#al a'e%ts as its pri$ary cha%%el o& distrib#tio%- The co$pa%y places a lot o& e$phasis o% its selectio% process( +hich co$prises &o#r sta'es> scree%i%'( psycho$etric test( career se$i%ar a%d &i%al i%ter)ie+- The a'e%t ad)isors are trai%ed i%>ho#se to e%s#re opti$al co%trol o% 2#ality o& trai%i%'-
a5 Ne+ Yor* Li&e i%)ests si'%i&ica%tly i% its trai%i%' pro'ra$ a%d each a'e%t is trai%ed &or 607 ho#rs as opposed to the $a%datory 611 ho#rs stip#lated by the IR/A be&ore be'i%%i%' to sell i% the $ar*et place- Trai%i%' is a co%ti%#o#s process &or a'e%ts at a5 %e+ Yor* li&e i%s#ra%ce de)elop$e%t o& s*ills a%d *%o+led'e thro#'h a str#ct#red pro'ra$ spread o)er 011 ho#rs i% t+o years- This &oc#s o% co%ti%#o#s 2#ality trai%i%' has res#lted i% the co$pa%y ha)i%' a$o%'st the hi'hest a'e%t pass rate i% IR/A e5a$i%atio%s a%d the a'e%ts ha)e the hi'hest prod#cti)ity a$o%' pri)ate li&e i%s#rers- !a)i%' set a best i% class a'e%cy distrib#tio% $odel i% place( the co$pa%y is spearheadi%' a $ajor thr#st i%to additio%al distrib#tio% cha%%els to &#rther 'ro+ its b#si%ess- The co$pa%y is #si%' a &i)e> pro%'ed strate'y to p#rs#e alter%ati)e cha%%els o& distrib#tio%- These i%cl#de the &ra%chisee $odel( r#ral b#si%ess( direct sales &orce i%)ol)i%'
a5 Ne+ Yor* Li&e i%s#ra%ce o&&ers a s#ite o& &le5ible prod#cts- It %o+ has 7E li&e i%s#ra%ce prod#cts a%d 8 riders that ca% be c#sto$i?ed to o)er G11 co$bi%atio%s e%abli%' c#sto$ers to choose the policy that &its their %eed- HDFC STANDARD LIFE INSURANCE !/FC Sta%dard Li&e i%s#ra%ce Co$pa%y Ltd- Is o%e o& i%dia@s leadi%' pri)ate li&e i%s#ra%ce co$pa%ies( +hich o&&ers a ra%'e o& i%di)id#al a%d 'ro#p i%s#ra%ce sol#tio%s- It is a joi%t )e%t#re bet+ee% !o#si%' /e)elop$e%t Fi%a%ce Corporatio% Li$ited 3!/FC Ltd-4 i%dia@s leadi%' pro)iders o& &i%a%cial ser)ices i% the #%ited *i%'do$- Both the pro$oters are +ell *%o+% &or their ethical deali%'s a%d &i%a%cial stre%'th a%d are th#s co$$itted to bei%' a lo%'>ter$ player i% the li&e i%s#ra%ce i%d#stry =all i$porta%t &actors to co%sider +he% choosi%' yo#r i%s#rer- !/FC is i%dia@s leadi%' ho#si%' &i%a%ce i%stit#tio% a%d has helped b#ild $ore tha% 7F( 11(111 ho#ses si%ce its i%corporatio% i% 6DHH-I% the &i%a%cial year 711F>1G its assets #%der $a%a'e$e%t crossed Rs-FE(111cr-As $arch F6( 711G o#tsta%di%' deposits stood at Rs- H(G81
crores- The depositor base %o+ sta%ds at aro#%d 6 $illio% depositors- Rated LAAA@ by CRSIL a%d ICRA &or the 61 th co%sec#ti)e year- The Sta%dard Li&e 'ro#p has bee% loo*i%' a&ter the &i%a%cial %eeds o& c#sto$ers &or o)er 681 years- It c#rre%tly has a c#sto$er base o& aro#%d H $illio% people +ho rely o% the co$pa%y &or their i%s#ra%ce( pe%sio%( i%)est$e%t( ba%*i%' a%d health>care %eeds- Its i%)est$e%t $a%a'er c#rre%tly ad$i%isters 670 billio% assets- It is a leadi%' pe%sio% pro)ider i% UI( a%d is rated by sta%dard ; poor@s as Lstro%'@ +ith a rati%' o& AM a%d as L'ood@ +ith a rati%' o& A6 by $oody@s Sta%dard Li&e +as a+arded the Best pe%sio% pro)ider@ i% 711G( 7110 a%d 711E at the $o%ey $ar*eti%' A+ards( a%d it +as )oted a 0 star li&e a%d pe%sio%s pro)iders at the Fi%a%cial Ad)isor ser)ice A+ards &or the last 61 years r#%%i%'- The L0@star accolade has also bee% a+arded to sta%dard Li&e i%)est$e%ts &or the last 61 years( a%d to sta%dard Li&e ba%* si%ce its i%ceptio% i% 6DD8-sta%dard Li&e ba%* +as a+arded the Lbest &le5ible $ort'a'e le%der Lat the $ort'a'e $a'a?i%e A+ards I% 711E-
OBJECTIES OBJECTIES To 2#ic*ly ide%ti&y( co%tact( attract a%d ac2#ire %e+ c#sto$ers- To obtai% a better #%dersta%di%' o& the c#sto$ers( a%d their +a%ts a%d %eeds-
To de&i%e appropriate prod#ct a%d ser)ice o&&eri%' a%d $atch it to the c#sto$ers #%i2#e %eeds- To ide%ti&y cross selli%' a%d #p>selli%' opport#%ities - To i%crease rete%tio% o& e5isti%' c#sto$ers thro#'h i$pro)ed a&ter sales( ser)ice( ; s#pport-
NEED OF CRM NEED OF CRM Co$pa%ies ha)e to i%creasi%'ly p#rs#e a c#sto$er ce%tric co$petiti)e strate'y rather tha% a prod#ct ce%tric o%e-
C#sto$ers de$a%d co%sta%t access( i$$ediate respo%se ; a perso%ali?ed to#ch- Foc#s is shi&ti%' &ro$ s#pply chai% to de$a%d chai% e&&ecti)e%ess- Better #%dersta%di%' ; i%telli'e%t $a%a'e$e%t o& c#sto$er relatio% ship is esse%tial &or s#r)i)al-
RESEARCH METHODOLOGY RESEARCH METHODOLOGY
The $ethodolo'y &ollo+ed &or the &#l&ill$e%t o& the abo)e>$e%tio%ed 'oals is as &ollo+s. SOURCE OF DATA There are basically t+o so#rces o& data . A4 "ri$ary data- B4 Seco%dary data- PRIMARY DATA ! It is %ot recorded data- It is collected perso%ally i%ter)ie+i%' the respo%de%ts thro#'h e5perie%ce( obser)atio% a%d s#r)ey $ethods- It is collected specially &or a partic#lar p#rpose +ith certai% objecti)es i% $i%d- SECONDARY DATA ! It is already collected a%d recorded data by so$e other perso% &or so$e p#rpose a%d is a)ailable &or prese%t st#dy- E5a$ple. i%ter%et( te5tboo*s( or'a%i?atio%s a%%#al report etc- SAMPLE SUREY At the period o& research +or*( it is %ecessary to collect a certai% data &ro$ the people b#t it is %ot possible to s#r)ey each e)ery perso% +ho ca% 'i)e i%&or$atio% o% the iss#e- SAMPLE CHARACTERISTICS ! *(+p)e *',e! -.. clie%ts- N(t%re o/ *(+p)e ! !i'hly represe%tati)es o& the pop#latio%-
TOOLS OF DATA COLLECTION
The tools o& data collectio% #sed i% the project are 2#estio%%aires- There are basically t+o types o& 2#estio%%aires- Open0en&e& ! !ere the respo%de%ts ca% a%s+er the 2#estio%s i% their o+% +ay- C)o*e0en&e& ! !ere the choices o& a%s+ers are 'i)e% a%d the respo%de%ts ha)e to choose &ro$ the choices( the a%s+er closest to this- TECHINI1UES OF INTERPRETATION AND ANALYSIS "erce%ta'e $ethod has bee% #sed to a%alyse the e&&ect o& bra%ds o% respo%de%ts- Bar( pie dia'ra$s had bee% #sed &or better prese%tatio% a%d better #%dersta%di%' data- The i%&or$atio% collected is calc#lated i% the &or$s o& perce%ta'e to $a*e i%terpretatio% easy-
LIMITATIONS
LIMITATIONS OF STUDY The i%&or$atio% collected a%d opi%io%s are o& c#sto$ers as to +hat they &eel- Th#s the acc#racy a%d i%&or$atio% colleted depe%ds #po% the perceptio% o& each respo%de%t a%d circ#$sta%ces i%)ol)ed- The st#dy has bee% co%d#cted by i%cl#di%' 611 c#sto$ers- Tho#'h the sa$ple is hi'hly represe%tati)e o& the pop#latio%( it does %ot co)er the e%tire $ar*et o& c#sto$ers ha)i%' i%s#ra%ce policies- A%alysis co#ld %ot dra+ &or the e%tire 2#estio%%aire( o%ly speci&ic 2#estio%s ha)e bee% a%aly?ed a%d i%terpreted- /#e to ti$e co%strai%t $ore i%&or$atio% ca% %ot be collected-
LITERATURE THE NEED FOR MARKETING A pop#lar %otio% i% $a%y or'a%i?atio% re$ai%s that $ar*eti%' is a &#%ctio% o& the sales depart$e%t o%ly a%d they are solely respo%sible &or it- Nothi%' co#ld be &#rther &ro$ the tr#th- ar*eti%' is $ore tha% ad)ertisi%'( sales a%d pro$otio%- No do#bt the sales depart$e%t directly i%teracts +ith c#sto$ers i% the $ar*et place( still they are o%ly &ro%t>e%di%' the or'a%i?atio%- Basically( +hate)er a% or'a%i?atio% does( +ith its e%d 'oals o& c#sto$er deli'ht( e%ha%ce$e%t i% share )al#e a%d ROI( is $ar*eti%'- A% e%d>to>e%d( c#sto$er>ce%tric approach re2#ires all se'$e%ts o& the or'a%i?atio% =)i? prod#ctio%( &i%a%ce( !R/ a%d ad$i%istratio% =to ali'% the$ a%d e)ol)e a c#sto$er>dri)e% approach a%d #%dersta%d the $ea%i%' o& $ar*eti%'- They $#st beco$e a% i%te'ral part o& the $ar*eti%' tea$ a%d assist i% the co$pa%y@s $ar*eti%' e&&orts- E$ployees o& s#ccess&#l Or'a%i?atio%s( +hile carryi%' o#t their day>to>day roles( ca%%ot isolate the$sel)es &ro$ the 'a$#t o& $ar*eti%'- The e%tire or'a%i?atio% $#st orchestrate itsel& i% a cohesi)e $a%%er( *eepi%' the $ar*eti%' at the &ore&ro%t- I% a s#ccess&#l p#blishi%' or'a%i?atio%( +he% the prod#ctio%>i%> char'e +or*s thro#'h the %i'ht to pri%t a %e+s paper a%d $eet his sched#les( he is deeply i%)ol)ed i% $ar*eti%'- !ere his pri$ary co%cer% is
co$$it$e%t to his reader &or the prod#ct@s ti$ely deli)ery- Editors +ho b#r% the $id%i'ht oil to $a5i$i?e )al#e are *eepi%' the $ar*eti%' &#%ctio% i% &oc#s a%d stri)i%' &or c#sto$er deli'ht-
I% today@s 'lobally co$petiti)e e%)iro%$e%t i%)ol)e$e%t i% $ar*eti%' cohesi)e%ess is %ecessary &or e)ery se'$e%t o& the or'a%i?atio% a%d best practices ca% e)ol)e o%ly by #%dersta%di%' the tr#e $ea%i%' o& $ar*eti%'- MARKETING ! ar*eti%' is i%deed a% a%cie%t art- It has bee% practiced i% o%e +ay or the other si%ce the days o& Ada$ a%d e)e- Its e$er'e%cy as a $a%a'e$e%t discipli%e( ho+ e)er( is o& relati)ely rece%t ori'i%- A%d +ith i% this relati)ely short period( it has 'ai%ed a 'reat deal o& i$porta%ce a%d stat#re( i% &act today $ost $a%a'e$e%t thi%*ers a%d practitio%ers the +orld o)er( re'ardi%' $ar*eti%' as the $ost i$porta%t o& all $a%a'e$e%t &#%ctio% i% a%y b#si%ess-
Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others. Marketing consists of all activities which a company adopts itself to its environment-creativity and profitability.-philip kotler
THE MARKETING CONCEPT ! The $ar*eti%' co%cept +as bor% o#t o& the a+are%ess that $ar*eti%' starts +ith the deter$i%atio% o& the co%s#$er +a%ts a%d e%ds +ith the satis&actio% o& those +a%ts the co%cept p#ts the co%s#$er both at the e%d o& the b#si%ess cycle- A b#si%ess ca% %ot s#cceed by s#pplyi%' prod#cts a%d ser)ices at are %ot properly desi'%ed to ser)e the %eeds o& the c#sto$ers- it proclai$s. MARKETING RESEARCH ! ar*eti%' research is a dy%a$ic s#bject it has a +ide co)era'e i%cl#di%' $ar*eti%' st#dies relati%' to $ar*et prod#ct policies $ea% a%d $ethods etc- ar*eti%' research be'i%s e)e% +he% prod#ctio% is i% pla%%i%' sta'e( it is also co%ti%#es thro#'h o#t o& the li&e ti$e o& a% e%terprise- It is th#s a co%ti%#o#s operati%' altho#'h here $ay be so$e ad>hoc projects ta*e% #p &or sol)i%' speci&ic proble$s o& e%terprise- :T2e ent're 3%*'ne** 2(* to 3e *een /ro+ t2e po'nt o/ 4'e5 o/ t2e c%*to+er67
ar*eti%' research is the collectio% a%d i%terpretatio% o& &acts that help $ar*eti%' $a%a'e$e%t to 'et prod#ctio% $i5 e&&icie%tly to the ha%ds o& the co%s#$ers- ar*eti%' research e%co$passes all i%&or$atio% perti%e%t to this tas*- It is the syste$atic objecti)e a%d e5ha#sti)e search &or a%d st#dy o& &acts rele)a%t to a%y proble$ i% the &ield o& $ar*eti%'-
N IMPORTANCE OF MARKETING RESEARCH ! ar*eti%' research per&or$ t+o &#%ctio%s- It pro)ides i%&or$atio% &or decisio% $a*i%' a%d it de)elops %e+ *%o+led'e 3creati)e thi%*i%'-4 The i%&or$atio% 'athered by the $ar*eti%' red#ces the ris*s i%)ol)ed i% decisio% $a*i%' -it is )ery i% de)elopi%' strate'ies- It i%&l#e%ces decisio% o% the prici%' o& the prod#ct a%d scale o& ad)ertisi%' etc- The i%&or$atio% collected directly e&&ects the pla%%i%' o& the prod#ct- 8M(r9et'n: re*e(rc2 '* t2e *;*te+(t'c pro3)e+ (n();*'* +o&e) 3%')&'n: /or t2e p%rpo*e o/ '+pro4e& +o&e) 3%')&'n: (n& /or '+pro4e& &ec'*'on +(9'n: (n& contro) 'n +(r9et'n: o/ :oo&* (n& *er4'ce*76 M(r9et'n: re*e(rc2 *er4e* t5o +(jor /%nct'on*< 't pro4'&e* 'n/or+(t'on /or &ec'*'on0+(9'n: (n& 't 'nte))':ence ne5 9no5)e&:e70 P2')'p 9ot)er
ar*eti%' research is 'reatly #sed +ith other bra%ds to *%o+ a%d $ai%tai% the pop#larity o& their prod#cts a$o%' co%s#$ers- COMPANY PROFILE
ING YSYA LIFE INSURANCE ING YSYA LIFE INSURANCE co$pa%y li$ited 3the co$pa%y e%tered the pri)ate li&e i%s#ra%ce i%d#stry i% I%dia i% SE"TEBER 7116(a%d i% a spa% o& 0 years has established itsel& as a disti%cti)e li&e i%s#ra%ce bra%d +ith a% i%%o)ati)e( attracti)e a%d c#sto$er &rie%dly prod#ct port&olio a%d a pro&essio%al ad)isor sales &orce- It has dedicated a%d co$$itted ad)isor sales &orce o& o)er 76(111 people( +or*i%' &ro$ 6G1 braches located i% HG $ajor cities across the co#%try a%d o)er F(111 e$ployees- It also distrib#tes prod#cts i% close cooperatio% +ith the ING YSYA BANK %et+or*- The co$pa%y has a c#sto$er base o& o)er G(01(111 ;is head2#artered at Ba%'alore -I% 7110 ING Vysya Li&e ear%ed a total i%co$e i% e5cess o& Rs- G11crore a%d also has a share capital o& Rs-GG1 crore-
ING Vysya 3a 'ro#p ter$i%olo'y4 has F b#si%ess i% I%dia( ING Vysya li&e i%s#ra%ce( ING Vysya Ba%*( a%d ING Vysya #t#al &#%d -ING Vysya Ba%* is a pre$ier pri)ate sector ba%* +ith a H1>year herita'e a%d 6-0 $illio% satis&ied c#sto$ers- ING Vysya #t#al F#%d is a $id si?ed asset $a%a'e$e%t co$pa%y +ith a retail i%)estor &oc#s-
ING is a 'lobal &i%a%cial i%stit#tio% o& /#tch ori'i%- It has 601 years o& e5perie%ce( a%d pro)ides a +ide array o& ba%*i%'( i%s#ra%ce a%d asset $a%a'e$e%t ser)ices i% o)er 01 co#%tries a%d is tr#sted by o)er E1 $illio% c#sto$ers- Its 6(6F(111 e$ployees +or* daily to satis&y a broad c#sto$er base>i%di)id#als( &a$ilies( s$all b#si%ess( lar'e corporatio%s( i%stit#tio%s a%d 'o)er%$e%ts- The ING Gro#p has 'o%e &ro$ stre%'th year a&ter year a%d is the +orld@s lar'est &i%a%cial i%stit#tio% +ith o)er US O8-0 billio% i% 7110P-
Other parter%ers i% joi%t )e%t#re are E5ide i%d#stries( GUJARAT ABUJA CEENTS LIITE/ AN/ ENA GROU"-
PRODUCTS OF ING YSYA LIFE INSURANCE =T(> 3ene/'t 52'c2 co4er* *ec ?. C< -.@-. DA =Enjo; p(;+ent +o&e*! Ye(r);< H()/ ;e(r);< 1%(rter);< Mont2); =p(;+ent* (ccepte& e't2er 3; c(*2< c2eB%e< EC*< (n& Cre&'t c(r& !Ne5 F%)/'))'n: L'/e ! 364 This is the do#ble s#$ ass#red pla%- 374 A)ailable loa% #p to 8193I%terest is lo+4- 3F4 U%der Sec-81C 61/ Ta5 Be%e&it- 3G4 I%s#ra%ce +ill co)er #p to 80 years- 304 Ce ha)e ter$i%al bo%#s-
3E4 i%i$#$ pre$i#$ is Rs-8111,>- !Cre(t'n: L'/e C2')& Protect'on En&o5+ent P)(n @CERA ! 364 It is a child protectio% pla% +hich 'i)es sa)i%'s a%d it also &#l&ils the object o& the pare%ts- 3E-'- !i'her ed#catio%( $arria'e4 374 This pla% +ill be 'i)e% to those people( +ho ha)e pote%tially +ith i%co$e proo&- 3F4 Cai)er o& pre$i#$ a)ailable- i-e 6 s#$ ass#red +ill be 'i)e% to the child as a &i%a%cial s#pport a%d &#t#re pre$i#$s are +ai)ed o&& 3co$pa%y +ill pay the pre$i#$s4- 3G4 O% $at#rity yo# +ill 'et app5- Triple s#$ ass#red- 304 Raiders a)ailable- 3E4 i%i$#$ pre$i#$ is Rs- 8111,>- ! Cre(t'n: L'/e C2')& Protect'on Mone; B(c9 P)(n ! 364 payo#ts are 'i)e% to the c#sto$ers depe%di%' o% ter$ e)ery F rd year(G th (0 th year 719 &ro$ the s#$ ass#red- 374 I% case o& a%y #%&ort#%ate death( o%e s#$ ass#red +ill be 'i)e% to the %o$i%ee a%d also &#t#re pre$i#$s are +ai)ed o&& a%d the pla% co%ti%#es *eepi%' the &#t#re o& yo#r child@s (o% $at#rity the bala%ce pay$e%t is do%e alo%' +ith bo%#s i%creased d#ri%' the policy ter$- .Cre(t'n: St(r !
364 It is '#ara%teed ed#catio%al pla%- 374 "ay o#t be%e&its are 'i)e% to the child &ro$ 68 th year > 719 &ro$ the &#%d )al#e- 6D th year > F19 &ro$ the &#%d )al#e- 71 th year > 019 &ro$ the &#%d )al#e- 76 st year > at#rity be%e&it M&#%d )al#e- 3F4 i%i$#$ pre$i#$ is Rs- 67(111,> !Re(**%r'n: L'/e En&o5+ent P)(n W't2 Re4er*'on(r; Bon%* ! 364 O% $at#rity . s#$ Ass#red M Bo%#s +ill be 'i)e%- 374 Loa% Facility . Up to D19- 3F4 No% $edical optio% is a)ailable - 3G4 i%i$#$ is Rs-8111,>- I% policy ter$ i& death occ#rs . 304 S#$ Ass#red M bo%#s +ill be 'i)e% to the %o$i%ee- !ConB%er'n: L'/e Cr't'c() I))ne** P)(n @TCIA ! i%i$#$ a'e e%try is 68 years- a5i$#$ a'e e%try is 01 years - at#rity a'e is E0 years- i%i$#$ pre$i#$ is Rs- 7(011,>
I% policy ter$ i& death occ#rs. S#$ Ass#red M 3Less CI pay o#t( i& a%y4- O% $at#rity . S#$ Ass#red M Bo%#s +ill be 'i)e%- S#r)i)al. 019 S#$ Ass#red li$ited to 71 La*hs paid o% dia'%osis o& a%y o& the 61 CIS- !Po5er'n: L'/e L'+'te& En&o5+ent P)(n@ELRA . I% policy ter$ i& death occ#rs. S#$ Ass#red M Bo%#s +ill be 'i)e% to the %o$i%ee- O% $at#rity . S#$ ass#red MBo%#s +ill be 'i)e%- Loa% Facility . #p to D19- Si$ple Re)ersio%ary Bo%#s- No% $edical optio% is a)ailable- i%i$#$ pre$i#$ is Rs-7G(111,> - !REWARDING LIFE WHOLE OF LIFE PLAN @WLLA ! O% $at#rity . S#$ Ass#red M Bo%#s +ill be 'i)e%- Loa% Facility . Up to D19- Co$po#%d Re)ersio%ary Bo%#s- No% $edical optio% is a)ailable- i%i$#$ pre$i#$ is Rs-E111,>- Ris* co)era'e #p to 80 years- I% policy ter$ i& death occ#rs . S#$ Ass#red M Bo%#s +ill be 'i)e% to the %o$i%ee-
Ris* co)era'e #p to 80 years- I% policy ter$ i& death occ#rs . S#$ Ass#red M Bo%#s +ill be 'i)e% to the %o$i%ee- !HIGH LIFE ! A% #%it li%*ed pla% +ith li$ited pre$i#$ pay$e%t period F(0(61(60(71(70- "artial +ith dra+ #p to 709 &ro$ the &#%d )al#e- Ta5 &ree +ith partial +ithdra+al &acility- at#rity are also ta5 &ree- A'e e%try 1>H1 years- A best pla% +hich ca% be 'i&ted to child o%ce they t#r% to $ajor ha)e a% optio% to +ithdra+ depe%di%' o% the &i%a%ce %ecessity e)ery year- ING LIFE PLUS A 3sip4 pla% +ith s$all re'#lar i%)est o& 61111 rs p,a A %o% $edical pla% a%d s#$ ass#red *eep e%ha%ce$e%t by 09 e)ery year- Optio% &acility o& partial +ith dra+er - at#rity be%e&its are as &or the $ar*et i%)est$e%t E%try 61>G0 years-
FREEDOM PLANS A pla% +hich o&&ers 'ood i%s#ra%ce co)er #p to H1 years-
A'e e%try 68>E0- Ta5 &ree partial +ith dra+er U ca% start #p +ith $i%i$#$ pre$i#$ 60111,> HIERACHIES OF ING YSYA LIFE INSURANCE MANAGEMENT TEAM Board of Directors (as on January 18 !""8#
MR7 RAJAN RAHEJA ! C!AIRAN OF T!E BOAR/ MR7 KSHITIJ JAIN ! ANAGING /IRECTOR MR7 N7N7 JOSHI ! DIRECTOR MR7 SATISH RAHEJA ! DIRECTOR MR7 RAJESH KAPADIA ! DIRECTOR MR7 S7B7 GANGULY ! DIRECTOR MR7 RON AN OIJEN ! DIRECTOR SENIOR ANAGEENT TEA KSHITIJ JAIN ! MANAGING DIRECTOR C CEO AMIT GUPTA ! DIRECTOR " MARKETING HEMAMALINI RAMAKRISHNAN ! APPOINTED ACTUARY OFFICER
MARCO FREDRIKS ! FINANCIAL CONTROLLER PRIYA GOPALAKRISHNAN ! DIRECTOR " HUMAN RESOURCES RAHUL AGARWAL ! DIRECTOR 0 CUSTOMER SERICES RAISHANKAR SUBRAMANIAN ! DIRECTOR " INFORMATION
RENE AN DER POEL ! DIRECTOR " ALTERNATE CHANNELS T K UTHAPPA ! DIRECTOR " SALES< TIED AGENCY Y D PRASAD ! DIRECTOR " BUSINESS DEELOPMENT
COMPETETORS OF ING YSYA LIFE INSURANCE Li&e I%s#ra%ce Corporatio% O& I%dia 3LIC4- ICICI- !/FC- a5 Li&e I%s#ra%ce-
APPLICATIONS OF OBJECTIES
6- To 2#ic*ly ide%ti&y( co%tact( attract a%d ac2#ire %e+ c#sto$ers- C#sto$er relatio%ship is a% i%&or$atio% i%d#stry ter$ $ethodolo'ies that help a% e%terprise $a%a'e c#sto$er relatio%ship i% a $a%a'ed +ay &or e5a$ple( A% ING VYSYA $i'ht b#ild a database abo#t its c#sto$ers( that describes relatio%ships i% s#&&icie%t detail- So that $a%a'e$e%t( sales people ser)ice( people a%d the c#sto$er ca% directly access their i%&or$atio%( $atch c#sto$er %eeds +ith prod#ct pla%s a%d o&&eri%'s re$i%d c#sto$ers o& ser)ice re2#ire$e%ts a%d *%o+ +hat other prod#cts a c#sto$er had p#rchased- CR e%ables the creatio% o& lo%' ter$( pro&itable relatio%ship +ith c#sto$ers thro#'h i%creased c#sto$er i%ti$acy a%d i$pro)ed b#si%ess process e&&ecti)e%ess- CR li%*s bac*>o&&ice a%d &ro%t>o&&ice &#%ctio%s +ith all o& a co$pa%y@s to#ch poi%ts 3&or e5a$ple call ce%ters( the corporate +ebsite4 +ith the c#sto$er- CR ca% re&er either b#si%ess strate'y or tools- It de&i%es the &ro%t>e%d tool desi'%ed to &acilitate the capt#re( co%solidatio%( a%alysis( a%d e%terprise +ide disse$i%atio% o& data &ro$ e5isti%' a%d pote%tial c#sto$ers- this process occ#rs thro#'h o#t the $ar*eti%'( sales a%d ser)ices sta'es o& the b#si%ess- I% ING VYSYA( CR co)ers all c#sto$er to#ch poi%ts( li*e &ace>to>&ace- I%ter%et3the corporate +ebsite4( or pho%e3call ce%ters4- It s#pports e$ployee( a%d c#sto$er &aci%' roles a%d
all+s all i%di)id#als +heather e$ployee( b#si%ess part%ers or c#sto$ers( to collaborate - ING VYSYA &ollo+s the belo+ tech%i2#es . /IRECT ARIETING. direct $ar*eti%' #ses $ail( telepho%e( &a5( e>$ail( a%d i%ter%et to co$$#%icate directly +ith or solicit a direct respo%se &ro$ speci&ic c#sto$ers a%d prospects- It has its roots i% direct $ar*eti%' a%d $ail a%d catalo' $ar*eti%'- The direct $ar*eti%' as a% i%teracti)e $ar*eti%' syste$ that #ses o%e or $ore ti$e &ro$ a%y +here- CALL CENTER TEC!NOLOGY . A call ce%ter is a 'ro#p o& a'e%ts a%d )oice respo%si)e 3VRUS4 that assist c#sto$ers +ith s#pport( i%2#iry a%d tra%sactio% &#%ctio%s- So$e type o& call ce%ter tech%olo'y +ith VOI" 3)oice o)er i%ter%et protocol4- I%te'rated +ith i%telli'e%t call ro#ti%' is a% absol#te $#st &or a% i%ter&ace +ith the li)e c#sto$ers-
CR IN ING pro)ides a% i%te'rated )ie+ o& a co$pa%y@s c#sto$er to e)ery o%e i% the or'a%i?atio% a%d th#s( e%s#res that e)ery o%e i% the ING &oc#sed o% the c#sto$er-
CR pro)ides sea$less i%te'ratio% bet+ee% all applicatio%s a%d &le5ible deploy$e%t o& sol#tio%s( $er'i%' &ro%t>o&&ice a%d bac*>o&&ice i%to o%e o&&ice that &oc#ses o% i%creased c#sto$er satis&actio%- 7- To obtai% a better #%dersta%di%' o& the c#sto$ers( their %eeds a%d +a%ts-
The co$pa%y &oc#ses their atte%tio% o% ho+ to achie)e a%d the% s#stai% s#perior or'a%i?atio%al per&or$a%ce- The ING VYSYA LIFE INSURANCE +a%ts to *%o+ the e5celle%t co$pa%io% &or +hat the c#sto$ers +a%ts yo# to *%o+- Beca#se it helps those i% sales a%d +ho s#per)ise the$( it ca% be do%e thro#'h the heart o& %e+ approach to selli%' is a% i%te%se &oc#s o% the prosperity o& yo#r c#sto$er is thro#'h )al#e creatio% selli%' 3VCS4- The ING VYSYA LIFE INSURANCE %otes that VCS is s+eepi%'ly di&&ere%t &ro$ ho+ $ost co$pa%ies sell today i% these &i)e +ays- FIRST. ING as a seller a%d yo#r or'a%i?atio% de)ote lar'e a$o#%t o& ti$e a%d e%er'y > $#ch $ore tha% yo# do today > to lear%i%' abo#t yo#r c#sto$ersQ b#si%esses i% 'reat detail- SECOND! ING #se capabilities a%d tools that yo#Q)e %e)er #sed be&ore to #%dersta%d ho+ yo#r c#sto$ers do b#si%ess a%d ho+ yo# ca% help the$ i$pro)e that b#si%ess---
T!IR/. ING 'oi%' to $a*e it yo#r b#si%ess to *%o+ %ot o%ly yo#r c#sto$ers b#t also yo#r c#sto$ersQ c#sto$ers-- FOURT! ING ha)e to reco'%i?e that the e5ec#tio% o& this %e+ approach +ill re2#ire $#ch lo%'er cycle ti$es to prod#ce a% order a%d 'e%erate re)e%#e- FINALLY. Top $a%a'e$e%t i% yo#r co$pa%y +ill ha)e to ree%'i%eer its reco'%itio% a%d re+ard syste$ to $a*e s#re that the or'a%i?atio% as a +hole is &osteri%' the beha)iors that +ill $a*e the %e+ sales approach e&&ecti)e-R Earlier ING &oc#s +hy traditio%al sales approaches are #%able to satis&y +hat c#sto$ers +a%t salespeople to *%o+- ThatQs tr#e b#t it sho#ld be %oted that ING )ie+s the VCS process > i& properly &or$#lated a%d the% e&&ecti)ely i$ple$e%ted > sho#ld directly or at least directly i%)ol)e e)eryo%e +ithi% the 'i)e% e%terprise- I% &act( beca#se the VCS process is i%&or$atio%>dri)e%( ING stro%'ly reco$$e%ds that e5ter%al so#rces also be #tili?ed to obtai% the i%&or$atio% %eeded abo#t each c#sto$er a%d its b#si%ess- Those so#rces i%cl#de o%li%e a%d electro%ic b#si%ess $edia as +ell as )e%dors a%d research a%alysts +ithi% the 'i)e% $ar*etplace- Thoro#'h as al+ays( ING e)e% s#''ests +hat *i%ds o& 2#estio%s sho#ld be as*ed to deter$i%e speci&ic i%&or$atio% %eeds a%d objecti)es- Near the co%cl#sio% o& the ING obser)es. RTra%s&or$i%' a sales &orce &ro$ tra%sactio%al selli%' to o%e that creates )al#e &or the c#sto$er is a lo%' jo#r%ey---E)ery part o& the co$pa%y has to p#t the
c#sto$er &irst---Virt#ally e)ery co$pa%y +ill ha)e a$o%' its c#sto$ers so$e +ho are pro'ressi)e a%d &#lly #%dersta%d the )al#e o& collaborati%' +ith their s#ppliers to the $#t#al be%e&it o& both- Start there( a%d do%Qt t#r% bac*---Abo)e all( )al#e creatio% selli%' +ill sp#r yo#r ING to co$e #p +ith %e+ ideas a%d i%%o)atio%s that +ill co%ti%#ally di&&ere%tiate it i% the hi'hly co$petiti)e b#si%ess e%)iro%$e%t o& the t+e%ty>&irst ce%t#ry- It is the path+ay to a prospero#s &#t#re-R F-/EFINE A""RO"RIATE "RO/UCT AN/ SERVICE OFFERING AN/ ATC! IT TO T!E CUSTOERSUNISUE NEE/S- ore tha% hal& o& all co%s#$ers say a %e'ati)e o%li%e e5perie%ce leads to o%li%e a%d o&&li%e aba%do%$e%t- Cith the clic* o& a $o#se( a c#sto$er +ho has i%)ested ti$e a%d e&&ort researchi%' yo#r prod#cts a%d ser)ices o%li%e( a%d +ho $ay ha)e p#rchased policy pla%s store i% the past( +ill disappear &ore)er beca#se o& a si%'le( bad o%li%e e5perie%ce- O&te% the iss#e that ca#sed the c#sto$er to aba%do% his or her tra%sactio% co#ld ha)e bee% resol)ed easily +ith help &ro$ a li)e a'e%t- As s#ch( ING reali?e ca% %o lo%'er thi%* o& their i%di)id#al cha%%els as sel&>s#stai%ed e%tities( b#t as i%te'ral parts o& a% e%tire bra%d operatio%-
I%teracti)e help optio%s li*e Rclic* to callR a%d Rclic* to chatR deli)er cross>cha%%el perso%ali?atio% capabilities that allo+ co$pa%ies to tar'et a%d e%'a'e c#sto$ers proacti)ely based o% their percei)ed %eeds- These tech%olo'ies ca% ha)e a pro&o#%d e&&ect o% o%li%e sales( pro)ided that the co$pa%ies i$ple$e%ti%' the$ &ollo+ certai% '#ideli%es- These '#ideli%es i%cl#de. "roacti)ely tar'eti%' Re%'a'edR Ceb site )isitors O&&eri%' the $ost appropriate co%tact based o% co%te5t o)i%' shoppers sea$lessly across cha%%els Shari%' i%&or$atio% &ro$ o%e cha%%el to the %e5t Ca% yo# i$a'i%e retail stores +here %i%e o#t o& 61 c#sto$ers le&t +itho#t b#yi%' a%d %o o%e e)er as*ed the$ +hat they +ere loo*i%' &orT Cell thatQs the state o& a&&airs i% the o%li%e c#sto$er ser)ice +orld- E%'a'i%' c#sto$ers proacti)ely is the e2#i)ale%t o& a sales represe%tati)e +al*i%' #p to a c#sto$er i% a retail store a%d *i%dly sayi%'( Ray I help yo# +ith so$ethi%'TR Co$pa%ies that deli)er perso%ali?ed cross>cha%%el e5perie%ces &or their c#sto$ers #si%' clic* to call a%d clic* to chat ha)e i%creased sales co%)ersio%s( red#ced Ceb site aba%do%$e%t a%d i$pro)ed ser)ice e&&icie%cy dra$atically- This *i%d o& co%te5t#ali?ed approach to o%li%e c#sto$er i%teractio% has i%creased co%)ersio% rates by as $#ch as 71 perce%t a%d decreased ha%dli%' ti$es by #p to 71 perce%t( accordi%' to a rece%t J#piter Research report- T2e R':2t Cont(ct (t t2e R':2t T'+e The reality is that $ost co$pa%ies +o#ld pre&er %ot to ha)e e)ery c#sto$er i%2#iry res#lt i% a pho%e call or chat( a%d they i%)est hea)ily i%
pro)idi%' sel&>ser)ice tools to address basic c#sto$er ser)ice iss#es- Chile $a%y o%li%e $ar*eters )ie+ this as a% e&&ecti)e +ay to red#ce costs( it so$eti$es e5acerbates c#sto$er &r#stratio% by de%yi%' the$ the perso%ali?ed ser)ice they %eed to co$plete a sale- The res#lt is a% #%happy c#sto$er a%d a $issed opport#%ity &or the co$pa%y to 'e%erate re)e%#e- RI% the &#t#re( retailers +ill %eed to de)elop a $ore bala%ced )ie+ o& i%teractio%s across cha%%els( opti$i?i%' &or a co$bi%atio% o& cost a%d satis&actio%- Val#able c#sto$ers( &or i%sta%ce( $ay re2#ire di&&ere%t ser)ice optio%s tha% other c#sto$ers(R accordi%' to a /ece$ber 711E st#dy by Forrester Research- I% those i%sta%ces +here c#sto$er co%tact is desired or re2#ired( clic* to call a%d clic* to chat %ot o%ly o&&er 2#ality ser)ice a%d i%crease co%tact ce%ter e&&icie%cy( b#t also help $eta$orphose the co%tact ce%ter i%to a sales ce%ter by tar'eti%' i%di)id#al c#sto$ers based o% their percei)ed %eeds a%d pote%tial )al#e- This ca% be do%e by e)al#ati%' i%di)id#al c#sto$ers accordi%' to pro&ile or se'$e%t i%&or$atio%- For e5a$ple( co$pa%ies that se'$e%t their c#sto$er base i%to 'old( sil)er a%d bro%?e cate'ories ca% set a r#le that prese%ts clic* to call to 'old 3hi'h>)al#e4 c#sto$ers thro#'ho#t their sessio%( b#t o%ly to sil)er a%d bro%?e c#sto$ers o%ce their shoppi%' carts reach a certai% threshold- Gold c#sto$ers 'et the piece o& $i%d o& al+ays ha)i%' the pho%e optio% sho#ld they ha)e a 2#estio%s( +hile lo+er>)al#e c#sto$ers are cha%%eled to less costly ser)ice optio%s li*e FASs( e>$ail or chat 3#%less they $eet the shoppi%' cart
G-I/ENTIFY CROSS SELLING AN/ U" SELLING- Cross>sell a%d #p>sell so&t+are typically i%cl#de the capability to 2#ality prospects( trac* co%tracts( a%d re&er the$ to sales perso%s
+he% appropriate e)e%t dri)e% $ar*eti%' is o%e aspect o& cross> selli%' -&or e5a$ple IN ING a% e)e%t +o#ld be a lar'e policy( +hich +o#ld the% tri''er a sales perso% to call the c#sto$er a%d as* i& he or she +o#ld be i%terested i% other pla%s o& policies- Cross >selli%' a%d #p>selli%' ca% also be based o% ide%ti&yi%' the li&e>path %eeds o& the prospects- For e5a$ple ING sho#ld reco$$e%d $o%ey bac* policy to those o& their c#sto$ers +ho are approachi%' retire$e%t- I& c#sto$ers +ith yo#%' childre% co#ld be ide%ti&ied the% ING co#ld cross>sell child li&e pla%s ( cross sell a%d #p>sell so&t+are $ay be #sed to sched#le sales calls( *eep detailed records abo#t sales acti)ities( a%d chec* o% the stat#s o& c#sto$er orders- This so&t+are $ay also be i%te'rated +ith i%)e%tory so&t+are3to see +hat prod#cts are i% stoc*4 or &ield ser)ices ,e5ter%al c#sto$er s#pport3to lear% ho+ the prod#ct is +or*i%' &or the c#sto$er- 0-INCREASE RETENTIION OF E<ISTING CUSTOERS T!ROUG! I"ROVE/ AFTER SALES( SERVICE( AN/ SU""ORT-
S#ccess&#l C#sto$er Ac2#isitio% a%d C#sto$er Rete%tio% ar*eti%' Strate'ies- Tar'eted $ar*eti%' is a critical co$po%e%t o& yo#r $ar*eti%' s#ccess- Attracti%' a%d retai%i%' pro&itable c#sto$ers a%d t#r%i%' pote%tial c#sto$ers i%to act#al c#sto$ers is a h#'e challe%'e = especially +he% yo# co%sider the $#ltit#de o& co%s#$er data a)ailable- Chether itQs b#si%ess>to>b#si%ess $ar*eti%' or b#si%ess>to>co%s#$er $ar*eti%'( ING %eed to *%o+ yo#r c#sto$ers- By #%dersta%di%' the de$o'raphic characteristics( li&estyle beha)iors a%d p#rchase pre&ere%ces that dri)e yo#r a#die%ceQs decisio%s( ING ca% s#ccess&#lly tailor their $ar*eti%' strate'ies to reach those $ost li*ely to p#rchase yo#r prod#ct or ser)ice( i%crease yo#r c#sto$er loyalty a%d i$pro)e c#sto$er pro&itability- "o+er&#l ar*eti%' Sol#tio%s ar*et tar'eti%' starts by co$bi%i%' yo#r proprietary c#sto$er data +ith o#r se'$e%tatio% syste$s a%d the $ost co$prehe%si)e databases a)ailable- The res#lt is so#%d( actio%able( i%telli'e%t i%&or$atio% tar'eted &or yo#r speci&ic i%d#stry- ING VYSYAQ tar'eted $ar*eti%' sol#tio%s pro)ide the tools yo# %eed to e&&ecti)ely reach a%d retai% yo#r best c#sto$ers( +hile i$pro)i%' c#sto$er loyalty a%d c#sto$er pro&itability- Che% co%d#cti%' b#si%ess> to>co%s#$er $ar*eti%'( yo#Qll disco)er yo#r c#sto$ersQ li&estyles( habits( pre&ere%ces a%d %eeds( i%cl#di%'. Speci&ic prod#ct #sa'e Cha%%el pre&ere%ces Tech%olo'y adoptio%
edia #sa'e Li&estyle a%d other co%s#$er beha)iors Li&e cycle data "ro)e% Steps to S#ccess ING VYSYAQ established best practices &or c#sto$er ac2#isitio% a%d c#sto$er rete%tio% $ar*eti%' i%te'rates i%&or$atio%( a%alysis a%d $ar*eti%' applicatio%s &or tar'eti%' their best c#sto$ers a%d prospects a%d retai%i%' co$pa%y@s best c#sto$ers- ING VYSYA Usi%' Q G>step $ar*et tar'eti%' process o& /isco)ery( Strate'y( I$ple$e%tatio% a%d eas#re$e%t( ING VYSYA trai%ed represe%tati)es +ill help co$pa%y apply "recisio% ar*eti%' tech%i2#es to de)elop the best c#sto$er ac2#isitio% a%d c#sto$er rete%tio% sol#tio%s to tac*le yo#r speci&ic $ar*eti%' challe%'es. 6- D'*co4er; =ING VYSYA Be'i% +ith a co$plete e5a$i%atio% o& both yo#r c#sto$er base a%d yo#r $ar*et to ide%ti&y yo#r hi'hest )al#e c#sto$er se'$e%ts a%d best %e+ sales opport#%ities- This li%* bet+ee% yo#r i%ter%al i%&or$atio% a%d the $ar*etplace pro)ides )al#able i%si'ht i%to yo#r c#sto$ersQ p#rchasi%' beha)ior a%d pre&ere%ces = re)eali%' +ho is li*ely to b#y $ore a%d +hich prod#cts or ser)ices they +a%t- Cith this i%&or$atio% i% ha%d( yo# i$$ediately i$pro)e yo#r opport#%ities to i%crease c#sto$er pro&itability a%d i$pro)e c#sto$er loyalty- Li&estyle se'$e%tatio% is a *ey co$po%e%t o& the c#sto$er a%alysis phase a%d helps to ide%ti&y li&e sta'es( i%co$e ra%'es( ed#catio% le)els a%d $edia pre&ere%ces- Lear% +hich prod#cts &it
yo#r c#sto$ersQ li&estyles &or $ore precise pla%%i%' o& cross>sell a%d #p>sell pro$otio%s- 7- Str(te:; O%ce yo#r *ey c#sto$er se'$e%ts ha)e bee% ide%ti&ied( de)elop tar'eti%' strate'ies that address c#sto$er %eeds a%d ta*e &#ll ad)a%ta'e o& yo#r %e+ opport#%ities today a%d i%to the &#t#re- This strate'ic phase &oc#ses o% the three core areas esse%tial &or tr#e c#sto$er ac2#isitio% a%d rete%tio% s#ccess. c#sto$ers( $ar*ets a%d deli)ery cha%%els- F- I+p)e+ent(t'on = Implement Your lan The *%o+led'e 'ai%ed &ro$ the a%alysis a%d strate'ic pla%%i%' phases allo+ yo# to i$ple$e%t a solid tar'eted $ar*eti%' pla%- Tar'et prospects precisely( choosi%' se'$e%ts that $atch yo#r c#sto$er base a%d $edia cha%%els that $atch their pre&ere%ces- Reachi%' pote%tial c#sto$ers +ith tar'eted o&&ers has %e)er bee% easier- G- Me(*%re+ent = Measure Your erformance /#ri%' the $eas#re$e%t phase o& yo#r pro'ra$( ar$ yo#rsel& +ith the per&or$a%ce be%ch$ar*s a%d Rpote%tialR a%alysis to assess the e&&ecti)e%ess o& yo#r strate'ies a%d i$ple$e%tatio% tactics- The ability to $eas#re a'ai%st these actio%s is critical = it is the o%ly +ay yo# ca% 'ai% the i%si'ht to $a*e i$pro)e$e%ts( i$ple$e%t cost sa)i%'s a%d acc#rately assess 'ai%s or losses- eas#ri%' yo#r res#lts ca% i%crease yo#r respo%se rates &or the %e5t ca$pai'% a%d help to allocate yo#r $ar*eti%' b#d'et $ore e&&ecti)ely-
M(r9et Se:+ent(t'on ING VYSYAQ $ar*et tar'eti%' se'$e%tatio% research tools e5cel at #%co)eri%' hidde% patter%s o& co%s#$er beha)ior &or yo# to capitali?e o%- ING help yo# i$pro)e the tar'eti%' o& yo#r speci&ic $ar*et se'$e%t a%d a#die%ce by #%dersta%di%' the de$o'raphic characteristics( li&estyle beha)iors a%d p#rchase pre&ere%ces that dri)e their b#yi%' decisio%s- ING VYSYA has led the i%d#stry i% a%alytical $ar*eti%' se'$e%tatio% research sol#tio%s that 'e%erate pro)e% b#si%ess>to>co%s#$er $ar*eti%' res#lts &or o#r clie%ts- ING VYSYA se'$e%tatio% syste$s pro4'&e ( /)e>'3)e /r(+e5or9 /or &ec'*'on0+(9'n: t2(t '* con*'*tent /ro+ t2e 'n&'4'&%()< to )oc() +(r9et*< to t2e n(t'on() )e4e) = a%d e)ery le)el i% bet+ee%- This ability to R#pshi&tR or Rdo+%shi&tR across $ar*et se'$e%ts +ith total co%siste%cy is a #%i2#e be%e&it o& +or*i%' +ith ING VYSYA Bro+se thro#'h the co$prehe%si)e listi%' o& ING tar'eted $ar*eti%' se'$e%tatio% sol#tio%s( desi'%ed to bri%' all co%s#$er pro&iles( $ar*et se'$e%tatio% a%d &acets o& yo#r se'$e%tatio% challe%'es i%to &oc#s- O#r $ar*eti%' se'$e%tatio% research syste$ optio%s allo+ yo# to easily locate the best $ar*et se'$e%tatio% sol#tio% &or yo#r b#si%ess %eeds-
U%paralleled pri$ary co%s#$er research ING VYSYA o&&ers the $ost e5te%si)e li%*s to the %atio%Qs leadi%' sy%dicated s#r)eys a%d databases o& co%s#$er beha)ior- These co%s#$er pro&iles pro)ide a po+er&#l tar'eti%' tool to acc#rately se'$e%t co%s#$ers by li&estyle( $edia a%d prod#ct pre&ere%ces- Natio%al a%d local $ar*et pro&iles are a)ailable- Co%)er'e%ce A#dit S#r)ey U = The Co%)er'e%ce A#dit pro)ides $ar*et i%telli'e%ce re'ardi%' co$$#%icatio%( e%er'y a%d tech%olo'y #se thro#'h act#al co%s#$er attit#di%al a%d beha)ioral i%&or$atio%- I%s#ra%ce A#dit S#r)ey U = The I%s#ra%ce A#dit pro)ides detailed i%&or$atio% abo#t co%s#$er beha)ior o& i%s#ra%ce a%d i%)est$e%t prod#cts- ar*et A#dit V S#r)ey = ar*et A#dit is the lar'est sy%dicated database o& co%s#$er &i%a%cial beha)ior = co$piled a%%#ally &ro$ i%ter)ie+s +ith o)er 611(111 ho#seholds( ar*et A#dit co)ers ho#sehold #se o& do?e%s o& &i%a%cial prod#cts( acco#%ts a%d acco#%t bala%ces( +here acco#%ts are held a%d $ore- E5te%si)e se'$e%tatio% part%erships ING VYSYA tar'eted $ar*eti%' se'$e%tatio% syste$s li%* to $ore sy%dicated prod#ct>#se s#r)eys( direct $ail lists( a#die%ce $eas#re$e%t a%d other *ey databases i% the U-S- a%d Ca%ada tha% a%y other se'$e%tatio% syste$s- These li%*s $a*e it possible to #se o#r $ar*et se'$e%tatio% data &or a +ide )ariety o& b#si%ess>to>co%s#$er $ar*eti%' applicatio%s( &ro$ $edia pla%%i%' to database $ar*eti%'- O#r
part%erships 'i)e yo# the po+er a%d co%&ide%ce o& pro)e% $ar*et se'$e%tatio% research a%d tech%olo'y e5pertise- !egment your "ustomers # $arget your rospects I%creasi%' ING VYSYA $ar*et tar'eti%' e&&ecti)e%ess is o%e o& yo#r to#'hest challe%'es = ho+ do yo# $a*e the $ost o& yo#r $ar*eti%' dollars +hile s#ccess&#lly reachi%' a%d retai%i%' yo#r $ost pro&itable c#sto$ers a%d prospectsT ar*et se'$e%tatio% helps to easily classi&y yo#r best c#sto$ers a%d &i%d $ore li*e the$ = res#lti%' i% i$pro)ed c#sto$er pro&itability a%d c#sto$er loyalty- Cith the o)er+hel$i%' ra%'e o& data a%d se'$e%tatio% o&&eri%'s a)ailable( yo# %eed a% easy>to> #se reso#rce that co%%ects $ar*et de$o'raphics( co%s#$er se'$e%tatio% a%d beha)ioral s#r)ey data i% o%e syste$- ING VYSYA Co%s#$er "oi%t pro)ides a co$prehe%si)e sol#tio% that allo+s yo# to li%* yo#r i%ter%al data +ith the e5ter%al $ar*et perspecti)e( #%co)eri%' )al#able i%&or$atio% abo#t yo#r 'reatest opport#%ities- Co%s#$er "oi%t i%cl#des the &ollo+i%' collectio% o& ING VYSYA +ell>*%o+% a%d po+er&#l $ar*et se'$e%tatio% a%d $ar*et data syste$s. "RIW V NEXThe Ne+ E)ol#tio% "RIW NE 0Y Cor*place "RIW NE "OYCLE V NE "OYCLE NE 0Y $he Marketer%s "omplete &nline $oolkit
ING VYSYA is a %e+ o%li%e tar'eted $ar*eti%' e5perie%ce- Rather tha% &oc#si%' o% a si%'le $ar*eti%' discipli%e( +e ha)e created a tool*it that allo+s $ar*eters to co$plete all o& their $ar*eti%' a%d pla%%i%' projects &ro$ a si%'le reso#rce- M(r9et An();*'* = "rod#ce reports( $aps a%d data )ariables &or yo#r $ar*et areas- A%aly?e de$o'raphic tre%ds( co%s#$er spe%di%' a%d b#si%ess pro&iles to choose the best $ar*ets a%d site locatio%s- C%*to+er An();*'* = Se'$e%t yo#r c#sto$ers to tar'et yo#r best 'ro+th opport#%ities- U%dersta%d c#sto$er li&estyles( prod#ct pre&ere%ces( a%d $edia habits so yo# ca% tar'et c#sto$ers a%d prospects $ore e&&ecti)ely- B%*'ne** to B%*'ne** An();*'* = /isco)er yo#r best b#si%ess to b#si%ess c#sto$ers a%d co$petitors( pla% yo#r strate'y a%d the% e5ec#te it U%til %o+( $#ltiple reso#rces +ere re2#ired to co$plete rob#st $ar*eti%' a%alysis- This )ersatile tool pro)ides a%s+ers to all yo#r %eeds. /o?e%s o& detailed reports,$aps = /e$o'raphics( Co%s#$er B#yi%' "o+er( Retail ar*et "o+er( B#si%ess Facts a%d $#ch $oreY Tho#sa%ds o& data )ariables o&&eri%' i%si'ht i%to a%y US $ar*et- Tho#sa%ds o& beha)ioral pro&iles that #%loc* the beha)iors o& yo#r tar'et c#sto$ers a%d prospects- ar*et leadi%' co%s#$er se'$e%tatio% = "RIW NE( "OYCLE NE(
Co$plete b#si%ess to b#si%ess $atchi%' a%d disco)ery tools Co%s#$er a%d b#si%ess to b#si%ess prospect lists B#si%ess"oi%t U '(' Marketing, &nline in )eal $ime ING VYSYA B#si%ess poi%t a rob#st( +eb>based portal( 'i)es yo# the ability to disco)er( pla%( e)al#ate a%d e5ec#te yo#r b#si%ess>to>b#si%ess e&&orts- Use B#si%ess "oi%t to 'ai% a better #%dersta%di%' o& yo#r B7B c#sto$ers a%d 'et the co$plete pict#re o& the RB7BR la%dscape i% yo#r $ar*et- I% short( a&ter #si%' ING VYSYA B#si%ess "oi%t( yo# +ill achie)e $ore s#ccess&#l b#si%ess>to>b#si%ess $ar*et tar'eti%' ca$pai'%sY ING VYSYA is a cost>e&&ecti)e tar'eti%' tool that +ill a%s+er yo#r to#'hest $ar*eti%' 2#estio%s- The co$prehe%si)e i%&or$atio% abo#t each b#si%ess helps yo# de&i%e a%d tar'et yo#r direct $ail( tele$ar*eti%'( a%d direct sales e&&orts- The site o&&ers the &le5ibility to re&i%e yo#r a%alysis by #si%' &ilters to recei)e e5actly the i%&or$atio% yo#Qre loo*i%' &or- "RIW V NE $he *ew +volution in !egmentation For the &o#rth ti$e i% as $a%y decades( ING has recra&ted its tar'eted $ar*eti%' se'$e%tatio% tech%olo'y to correspo%d +ith the lar'est data collectio% e&&ort e)er #%derta*e% by a%y e%tity = the 7111 U-S- Ce%s#s- The "RIW NE syste$ capt#res the esse%ce o& the pre)io#s "RIW syste$( as +ell as the best>i%>class $ethodolo'y o& icroVisio%- ChatQs di&&ere%t = a%d $ost po+er&#l = abo#t the c#rre%t de)elop$e%t process
&or "RIW NE is that it li%*s ho#sehold a%d %ei'hborhood>le)el se'$e%t assi'%$e%ts- Updati%' se'$e%tatio% syste$s to e)ol)e +ith the ti$es is %othi%' %e+ &or ING The Ce%s#s tra%sitio% &ro$ 6D81 to 6DD1 &o#%d #s #pdati%' both "RIW a%d Visio%( o%e o& ING &or$er se'$e%tatio% syste$s- These #pdates res#lted i% the creatio% o& the E7>cl#ster )ersio% o& "RIW a%d the D0>ato$ icroVisio% syste$ at the WI"MG le)el- This #pdati%' process has *ept ING at the &ore&ro%t o& se'$e%tatio% de)elop$e%t- $he ower of !egmentation ,here "onsumers ,ork E&&ecti)ely ide%ti&yi%' a%d tar'eti%' the c#sto$ers +ho dri&t i% a%d o#t o& yo#r $ar*et area d#ri%' their +or*days ca% be challe%'i%'( yet this is a critical co$po%e%t o& yo#r $ar*eti%' s#ccess- Chether they are eati%' o#t &or l#%ch( droppi%' o&& dry clea%i%'( 'etti%' cash at the AT( or pic*i%' #p a birthday card( co%s#$ers li*e the co%)e%ie%ce o& b#yi%' prod#cts a%d ser)ices %ear +here they +or*- For as $a%y as three shi&ts a day( FE0 days a year( a %ei'hborhoodQs +or*place pop#latio% co%stit#tes a si'%i&ica%tXb#t o&te% #%tappedX$ar*et o& pote%tial c#sto$ers- No+ yo# ca% tar'et yo#r c#sto$ers +here they +or* +ith the sa$e sta%dard se'$e%tatio% syste$ yo# #se to tar'et the$ at ho$e- Cor*place ING pro)ides $ar*eters +ith the distrib#tio% o& INGVYSYA se'$e%ts carried i%to a %ei'hborhood by its +or*i%' pop#latio%- O%ce
its +or*ers arri)e( a 'eo'raphyQs ING pro&ile ca% be as di&&ere%t &ro$ its reside%t pop#latio% pro&ile as( 2#ite literally( %i'ht a%d day- ar*et tar'eti%' se'$e%tatio% data a%d prod#cts +ill help yo# i%crease yo#r c#sto$er pro&itability a%d i$pro)e yo#r c#sto$er loyalty- Co%tact ING to &i%d o#t ho+ +e ca% help yo# +ith $ar*et se'$e%tatio%( tar'eted $ar*eti%' se'$e%tatio% research( co%s#$er pro&iles( $ar*et data a%d de$o'raphic se'$e%ts data %eeds-
DATA ANALYSIS AND PRESENTATION 6- "lease tic* the &actor that dri)es yo# &or the p#rchase o& the i%s#ra%ce-
ANALYSIS OF CUSTOMER RELATIONSHIP MANAGEMENT IN HYDERABAD Respondents Profie N!"e# Se$# A%e# p&one # @-A P)e(*e t'c9 t2e /(ctor t2(t &r'4e* ;o% /or t2e p%rc2(*e o/ t2e 'n*%r(nce7 AA *(/et; BA 3ene/'t* CA co+/ort DA Br(n& @FA DO ;o% p)(n to 2(4e ( )'/e 'n*%r(nce po)'c; 'n ne(r /%t%re7
AA W't2'n G +ont2* BA W't2'n - ;e(r
CA A/ter one ;e(r DA A3o4e one ;e(r @DW2'c2 o/ t2e )'/e 'n*%r(nce po)'c; &o ;o% pre/er /or ;o%r /(+');7 AATr(&'t'on() p)(n* BA +one; 3(c9 p)(n* CA Un't )'n9e& p)(n* DA +(r9et 'n4e*t p)n* IA52'c2 +o&e o/ p(;+ent &o ;o% /'n& +ore *%'te& 'n ;o%r con4en'ence7 AA 1%(rter); BA H()/;e(r); CA ;e(r); DA An; ot2er EA Are ;o% *(t'*/'e& 5't2 t2e *er4'ce* (n& 3ene/'t* o/ t2e ING YSYA LIFE 'n*%r(nce co+p(n; ;o% 2(4e po)'c;7
AA Ye* BA No @GA Do ;o% *%::e*t t2e 'n*%r(nce t2e ING YSYA to ;o%r /r'en&*7 AA ;e* BANo @JA 52'c2 o/ t2e /o))o5'n: +e&'( 'n ;o%r 4'e5 '* t2e 3e*t *e(te& /or t2e 'n*%r(nce 'n&%*tr;7 @AA Ne5* p(per* BA T77 @?A An; e>pect(t'on* t2(t (re not /%)/'))e& 3; t2e ING YSYA co+p(n; (n& *%::e*t'on*7000000000000000000000000000000000000000000000 000000000000000000000000000000000000000000000000000000000000000000000000000000000007 I THANK TO YOU ERY MUCH FOR YOUR ALUABLE TIME AND COPERATION IN COMPLETING THIS 1UESTIONNIRE7
CONCLUSIONS FINDINGS!
Fro$ the project st#dy a%d i%terpretatio% the &i%di%'s are s &ollo+s . O#r co#%try i%dia has a pop#latio% 671 crore a%d that are o%ly 8 crore people ha)e li&e i%s#ra%ce policy- O#t o& 611 sa$ples E09 people ha)e i%s#ra%ce policy i% LIC a%d re$ai%i%' F09 people ha)e i%s#ra%ce policy I% other i%s#ra%ce co$pa%ies-
ost people ha)e tr#st i% LIC tha% a%y other i%s#ra%ce co$pa%y a%d still LIC holds h#'e $ar*et share i% li&e i%s#ra%ce sector i% I%dia- The reaso% behi%d this is LIC is a p#blic sector co$pa%y a%d has its roots &ro$ 01 years i% I%dia- 879 people are ta*i%' i%s#ra%ce policy o%ly i& it is +ithi% their b#d'et a%d ha)e &le5ible pay$e%t optio%s a%d re$ai%i%' is ta*i%' policy i& it is %ot +ith i% b#d'et- B#t d#e to be%e&its is ta*i%' policy a%d rep#tatio% o& the co$pa%y- A$o%' )ario#s &actors 009 o& people are loo*i%' &or be%e&its policy a%d re$ai%i%' 719 people are loo*i%' &or bra%d %a$e o& i%s#ra%ce co$pa%y- RECOMMENDATIONS!
There is a h#'e pote%tial $ar*et &or li&e i%s#ra%ce co$pa%ies i% I%dia as o#t p#t o& 671 crore pop#latio%- O%ly 8 crore are i%s#red- The i%s#ra%ce co$pa%ies sho#ld ed#cate people abo#t i%s#ra%ce its i$porta%ce( di&&ere%t policies a%d be%e&its o& policies- The people opt &or policy by ta*i%' i%to co%sideratio% price o& pre$i#$ o& policy a%d be%e&its o& policy a%d least i$porta%ce is 'i)e% to bra%d %a$e- the li&e i%s#ra%ce co$pa%ies sho#ld loo* o)er &le5ible pay$e%t optio%s &ro$ the poi%t o& #%tapped pote%tial $ar*et i% I%dia- The price o& pre$i#$ o& a policy $#st be +ithi% the b#d'et o& co$$o% $a% a%d li&e i%s#ra%ce co$pa%ies sho#ld pro)ide &le5ible
pay$e%t optio%s- By doi%' so( the pri)ate i%s#ra%ce co$pa%ies ca% s#rely capt#re the #%tapped $ar*et alo%' +ith creati%' bra%d %a$e- BIBLOGRAPHY