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Bajaj Allianz Life Essay

2456 Words10 Pages

Success Stories

6.1 Bajaj Allianz Success Story
Bajaj Allianz Life Insurance Company Limited is a joint venture between Bajaj Finserv Limited and Allianz SE. Both enjoy a reputation of expertise, stability and strength. 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.
Bajaj Allianz Life Insurance Corporation (BALIC), uses its in-house call center to cross sell to its existing customer base through regular telecalling done by its staff. However, the same did not yield efficient results, thus reducing profitability. Customer Centria, used initial list of its policy holders, for study and analysis to …show more content…

In Imago Digital (USA), they use personalized marketing on their most successful direct marketing campaigns that they create for their clients. It turns out that this is an excellent idea —some of their response and conversion rates can be seen on these personalized campaigns. They are through the roof when compared to traditional direct mail campaigns. They have given importance to personalized communications as personalized marketing is very customer-focused. There are many case studies that present success stories when utilizing personalized messaging. The results of these studies are tied to huge increases in ROI on direct marketing campaigns.
It is recommended taking this success to the next level by combining personalization with marketing analytics. They combine personalization with known attributes about their customers or prospects, this grabs hold of the recipient’s attention by communicating the most relevant message to the right groups of people.
As per their work process, there are a couple of ways to accomplish …show more content…

There are plenty of companies who specialize in working with large corporations with many divisions; many product groupings, many customer interactions, etc. are realizing the importance of data mining and the value that it can bring to their business. An analysis of this type would take a lot of planning, time and money. If an organization is not complex of, great understanding of customer base can be achieved without spending a ton of money to do it.
A full suite of demographic data is appended and compared it to a nationwide sample which gives a good idea of how your customers differ from prospects in the areas in which you market. A full set of great reports on customer base is provided that illustrates who your customers really are. Then, as an added bonus, provide with reporting of your customers versus your prospects so you can see how they differ, how penetrated you are in certain areas, and how to plan your next direct marketing campaigns.
Customer database can be mined and profile the customers and it doesn’t have to take the entire marketing budget to do

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