Life Insurance Failure

982 Words4 Pages

According to Subrahamanya Sarma, M., and Kalyani, .V (2006), Customer Relationship Management is a comprehensive approach for creating, maintaining and expanding customer relationship. Life Insurance Corporation has a focused, committed strategy in providing quality service to policyholders. A well-developed system with latest technologies such as the internet, touch screen, kiosks, green channel, and e-mail has been adopted to enhance corporation's ability to serve the policyholders. The authors have suggested that segmenting the available customer information would help in targeting new, customer prospects.
Evangels Tsoukahos and ravel (2006) in their study titled, “path analysis of perceived service quality, satisfaction & loyalty in Greek …show more content…

Jawaharlal, U. (2006), in this research paper has analyzed the success and failures of Insurance companies. He has stated that a significant change that has occurred in life insurance business is the introduction of riders. Some of the life insurers have very few base products to show but by making different combinations with different riders, they are able to eventually come out with several products. There is an inexplicable preference for savings in life insurance as against the much cheaper term or pure insurance.
Kishore, R.B. (2006), has highlighted the success story of Life Insurance Corporation. According to him, the Life Insurance Corporation has recorded a successful growth rate of 20.6 percent due to the introduction of time-tested traditional products and market-savvy unit-linked plans in tune with the market demands. He identifies an upward trend in terms of the number of policies sold, sum assured and the total assets held by the Life Insurance Corporation. He has expressed hope that, with the vast network of the agent force, the Life Insurance Corporation would march ahead to maintain its …show more content…

It was revealed that factors such as awareness of the product, service behaviour, advertisement, product feature and safety of the scheme played a major role in influencing the behaviour of the customers. The researcher has suggested that the insurance companies should concentrate on the personnel procedure and the process in order to lure customers towards them.
Rajesh .C. Jampala and Polavarapu Adilakshmi (2006), have identified the major Challenges, for Indian Life Insurance Companies, to be stringent solvency norms, expense overruns, new business strain, low agent productivity, high attrition level of agents, low average premiums and high competition in the marketplace. They are of the opinion that, there is a great potential for insurance business as the penetration level of insurance to Gross Domestic Product is very low, and selection of the right quality. of business would ensure success for the private

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