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CONSUMER RETENTION STRATEGY IN INSURANCE SECTOR

 CUSTOMER RETENTION STRATEGY IN INSURANCE SECTOR Essay

Journal of Business Management & Cultural Sciences Study (JBM& SSR) Volume several, No . eleven, November 2014

ISSN No: 2319-5614

Buyer Retention Approach

An Scientific Study In Insurance Sector

Dr . Biswamohan Dash, Helper Professor, DRIEMS, Cuttack, Odisha, India Mr. Bibekananda Mohanty, Assistant Mentor, DRIEMS, Cuttack, Odisha, India Dr . Sabyasachi Das, lecturer, Utkal College or university, Odisha, India

Abstract

This research study is founded on impact of customer romantic relationship management procedures on insurance sector in Odisha industry. The research examine mainly is targeted on the the pattern of service plus the facilitation method for the sake of clients adopted by the CRM driven insurance companies in Odisha. Buyer Relationship Management(CRM) practice is actually becoming very important and will need of the hour in the cut-throat competition saved in the insurance sector. Initially LIC of India was the single insurance participant having larger market share although after liberalization, privatization and globalization a lot of private insurance firms came in to the picture. Chances are they adopted a large number of customer centric strategies to satisfy and retain the customers to get market share also to survive. CRM is a consumer focused approach adopted by many people insurers in India and Odisha. To acknowledge the notion of insurance customers regarding service regular, innovation and quality of products, the work have been undertaken through this kind of research study. From this study client's opinions have already been collected by using a structured set of questions to understand the effectiveness of CRM execution in relation to the companies like AVIVA, LIC of India, ICICIprudential, Birla sun life and Reliance. Below to gauge the customer retention gained simply by above insurance providers; factor evaluation and group statistics have been completely used. Keywords: service standards, customer targeted strategy, buyer retention, creativity

Introduction

Consumer relationship managing is an imperative

evaluate in any assistance sector. it is the main instrument in advertising management to buy more numbers of customers and also to create one to one connection with transparency and integrity. Today the businesses have to maneuver from

owning a market, to managing particular customers. Although

managing the purchasers and maintaining them to get long time

will not be easy task within a competitive market. Besides dealing

with changing psychology, personal preferences and needs from the

customers is now challenging one. So the business

organizations now a day are taking the assistance of data foundation

management system for customer retention and e-CRM

is the final result of such system.

The requirement of relationship advertising is dominant

in the service sectors particularly in Indian marketplace to create trust and valuable strategic customer care. This will absolutely raise the notion of customer romantic relationship

management intended for long term relationship and useful

service. This study can focus on Crm system for

insurance sector linked to their conversing channels

can be, customer satisfaction and customer retention. Insurance is usually an upcoming sector, in India the year 2150 was a landmark year for lifetime insurance market. In

this season the life insurance industry was liberalized after

more than 50 years. Insurance sector was once a monopoly, with LIC as the only company, a public sector enterprise. But now-a-days the industry is made available and there are a large number of private players competing on the market.

There are over 30 exclusive life insurance companies

have joined the sector. After the admittance of these personal

www.borjournals.com

players, the market talk about of LIC has been significantly

reduced. Within the last five years the non-public players can easily expand the industry (growing for 30% per annum) and

also have superior their market share to above 18%. Intended for

the past five years non-public players include launched various

innovations in the industry in terms of items, market

programs and ad of item, agent schooling

and customer services...

Recommendations: [1] Kotler, Keller, koshy and Jha, (2010) Advertising

Management, PHI, New Delhi.

[2] Dyche, jill, (2002); the CUSTOMER RELATIONSHIP MANAGEMENT hand book, Pearson education, Singapore.

[3] Sheth, jagdish N and Parvatiyar, (2003); handbook of relationship promoting, sage distribution, New Delhi.

[4] Kothari C. 3rd there’s r, (2009); exploration methodology,

New Age International Author, New Delhi.

[5] Subramanian, V. (2007); life guarantee management; insurance institute of India, Mumbai.

[6] Ramaswamy VS and Namkumari. s, (2006);

Promoting management; Macmillan, India ltd,

[7] Sheth, jagdish. And Rajendra H. Sisodia,

(2000); improving advertising productivity.

[8] Xavier, Meters. J; ( 2002) Promoting in the fresh millennium, Vikash publishing, Fresh Delhi.

[9] Khurana, W. S, (2002) Building interactions that

previous.

[12] Bayon. t, Gutsche. j; (2002), Customer fairness

marketing; holding the intangible; European

[13] www.latec.uff.br/mestrado/sg-qualidade/

[14] Greenberg, (2002), managing e-business projects; www.hicbusiness.org.

[16] www.bizresearchpapers.com

[17] Wilson, (2002); elements for success in CRM

[18] www.mendely.com/.../hugh-wilson-mcdonaldfactors-success-customers-relationshipmanagement

[19] Ryals, L and Knox, S, (2001), cross-functional

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