Customer Relationship Management (CRM) as a challenge of global competitiveness of the Indian Industry: Life Insurance Corporation of India (LIC)

Type :

Indian project

Pages :

11 pages

Format :

.doc

Published date :

09/21/2009

Category :

Business & market

Sub category :

Management

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Summary :

Introduction
Elements of CRM
1. Customer
2. Product
3. Service
4. Database
5. Quality
6. Value
Importance of CRM in insurance industry
CRM - organization set-up
1. CRM at zonal office
2. CRM at divisional office
3. CRM at branch office
CRM - Organizational procedures and methods
Application of information technology in CRM
Conclusion

Abstract

The purpose of business is to create new customers and retain old customers. customer orientation is the ultimate key to success in any business.

customer relationship management is a comprehensive approach for creating, maintaining and expanding customer relationships. crm does not just belong to sales and marketing, but is also an intelligent blend of marketing and information technology for serving the customer with greater care and value. It is a new way of doing business covering all aspects. If any area is left out of crm, the Organization is exposed to greater risk.

crm is an integrated approach of dealing with customers with smart use of Information Technology. Computerization of records, maintenance of customer data base, on¬line customer service will enhance the customer loyalty apart from exploring new opportunities for cross selling / sell ups. It involves a dramatic change in the marketing strategies from products or sales-centric to customer-centric approach. crm focuses on the total customer requirements. When any crm strategy is implemented it computes and analyzes data about the target customers and their buying habits in multiple ways.

relationship Marketing is discovering the new and potential ways and strategies for enhancing customers' value to business. Earlier, companies focused on mass marketing, but now they are selecting their customers more carefully and building long lasting and direct relationships with targeted customers.