A Report on Crm Practices by Aegon

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INDEX
* BASIC DETAILS
* COMPANY BACKGROUND
* INTRODUCTION
* THE CRM CYCLE
* CRM PRACTICES
* ADVERTISING
* LEAD MANAGEMENT
* LOGIC
* AGENTS
* OPPURTUNITIES
* PROSPECTIVE CUSTOMERS
* PRODUCT FEATURES
* PROPOSAL
* ISSUANCE OF POLICY
* POST POLICY ISSUANCE
* MICROSOFT DYNAMICS
* IMPORTANCE OF LEAD MANAGEMENT
* PRE AND POST CRM
* UPSELLING
* CONCLUSION

Company:
AEGON RELIGARE LIFE INSURANCE

Office Address:
Unit No-102, 1st floor, Nomura Building (Winchester), Hiranandani Business Park, Hiranandani Powai, Mumbai, Maharashtra – 400076.

Phone No.: 022 – 61180100

EMPLOYEE CONSULTED:
Mr. Vivekanand Tripathi (Sr. Project Manager IT & AVP IT Applications at Aegon Religare Life Insurance Co. Ltd.) Phone No. – 9967575534

COMPANY BACKGROUND –
AEGON, an international life insurance, pension and investment company, Religare, a global financial services group and Bennett, Coleman & company, India’s largest media house, have come together to launch AEGON Religare Life Insurance Company Limited (ARLI). ARLI launched its pan-India operations in July, 2008 following a multi-channel distribution strategy with a vision to help people plan their life better. The fulfillment of this vision is based upon having a complete product suite, providing customised advice and enhancing the overall customer experience through superior service. ARLI has launched a suite of products that are focused on providing the customer with the means to meeting their long-term financial goals. At the same time product development has been founded on the tenet of providing the customer with great value. ARLI products such as AEGON Religare iTerm Plan and AEGON Religare Future Protect Plan have been ranked among the best in terms of value and have attracted many external accolades.

INTRODUCTION -
In today’s dynamic environment, the insurance industry has witnessed many spectacular changes in terms of advancement in technology, strengthening of the existing customer base and acquiring new customers. In this age of economic volatility leading to an uncertain future, more and more people have started recognising the importance of insurance. However, the present situation in the insurance industry is characterised by complexity and competitive situations. Presently, the insurance industry is one of the fastest growing industries in India. There are about 30 players operating in both life and non-life segments and one reinsurer. Today, the main challenge before the insurance companies is the acquiring new customers while retaining the existing profitable customer base. “In order to maintain an edge in a competitive industry, we are increasingly focusing our efforts on improving our customer relationship management (CRM) strategies.” "CRM in insurance starts with a single, complete, real-time enterprise view, so that call center representatives, agents and brokers can understand and serve every facet of individual customers’ needs" "This level of holistic, personalized service can be the differentiating factor that retains good customers and reduces churn.”, said Mr.Tripathy. So from this we can deduce that, in this competitive market of the insurance sector, the only way to be better than others and to get more business is to have a service oriented approach.

THE CRM CYCLE

CRM PRACTICES –
* ADVERTISING AND CAMPAIGNS:
Since Aegon Religare is a fairly new company, they have put in a lot of effort into their marketing. Proper and effective marketing is required for any product or company and in 2008, when the company started with their operations, they did just that by creating a hype around the around the company (in the marketing lingo, it's called as a 'teaser campaign'). In 2008 they started with the ’K.I.L.B’ teaser campaign. Bollywood actor, Irfan Khan was their brand ambassador. It was a series of ads where Irfan Khan would tell people that they were...
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