Life Insurance Company Case Study
Narasima Murthy, G. (1996) in his paper attempts to examine and evaluate the customer service provided by company at Hanamkonda branch in Andhra Pradesh. For this purpose, opinions of the policyholders were grouped as professional and managerial group, regular income group, self-employed group and agricultural group. A sample of 100 customers on random basis was selected and the data were collected, using structured questionnaire. The findings of the study was that majority of the policyholders are satisfied with premium rates fixed by Life Insurance Company and remaining felt that rates should be reviewed in view of declining mortality rate. Majority of the respondents expressed satisfaction with service of agents at the time of maturity.
Jaya Basu and Chandra Sekhar (2000) discuss the problem faced by the insurance players towards majority of population being ignorant of the policies. Only 15 per cent of the total population is insured and the penetration level of insurance policies in India is only 0.5% as against 2.86% in Israel and 2.43% in Hong Kong. If this status is to be increase in
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and Rajender, K. (2006) article “Changing Scenario of Insurance Sector” Indian Journal of marketing revealed that insurance companies of India are required to come up with multi-benefit policies including tax benefits with quality based timely customer services and need to focus on health insurance which is one of the untapped areas of insurance including services through innovative products, smart marketing and aggressive distribution with internet facility with much individual attention transparency and flexibility to increase the quality and volume of insurance business. Today, the focus is on selling more products to existing customers to improve profitability, therefore customer - focused strategies require an effective CRM ensuring insurance firms monitor the ebb and flow of customer behaviour, giving them a holistic 360-degree view for their
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