Implementation of CRM Processes in Life Insurance Sector: A Customers' Perspective Analysis

Abstract

At the turn of the 20 century most of the commercial establishments knew who their customers were and also understood their individual needs. Accordingly, these organization fulfilled the aspirations and expectations of the customer individually and maintained the relationships and loyalties with the advent of mass marketing, customer relationship become distant. The technological advances have helped to track the relationship with the customer and also given the information to analyze the changing needs/profile of the customer. The life insurance players are struggling to maintain a good customer relationship due to lack of personalization of services, lack of transparency in claim settlement, poor designing polices and poor service quality. CRM processes represents the steps involved in Customer Relationship Management which focuses from customer acquisition to customer retention. The present paper makes an attempt to analyse the customers' perspective on implementation CRM processes by the Life Insurers.