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Idbi Federal Life Insurance Case Study

3279 Words14 Pages

EXECUTIVE SUMMARY

Insurance is one such sector in india , which has a very bright future.This insurance market has a very wide scope and for new entrants it has a lot of cushion to operate alongside our public sector giant i.e L.I.C.

In India the present stage of insurance industry is still nascent,due to Indians’ hostility to risk the government has entities has a good and significant presence and brand recognition in india and while the other new companies have to face a tough time to carve out a space for them in the existing market.

CRM helps us in understanding the customer and his expectations in order to meet their requirements and expectations which further helps the company in acquiring the new customers for its company and …show more content…

Although the advisors and sales officers provide all the required information to customers, while selling their product,but 26% of the total customers felt that they had not received the required information. Provided information was complex, and rest of the respondents felt that the information provided was less and of not much help to them.
• The study found that IDBI Federal Life Insurance has a very large variety of products in its portfolio, it has been observed that 37% of the customer felt that the product purchased by most the customer do not meet their actual requirement.
• As compared to the Advisors, Sales people are performing more than advisors. In occurence sales people have motivated the most of the customers for purchasing the product.
• The male were the dominating category in advisors
• Due to lack of the effective training, most of the advisors' were not able to handle the customer properly, and were not able to solve the customer’s queries.
• There were no satisfactory visits were made by the advisors to the customers' doorstep. only 14% of the advisors have been visiting the customer at their doorstep Once a week. So that they can find the need of the existing customers or be able to build a new customer for the IDBI federal Life

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