Effectiveness of Customer Relationship Management Program in Insurance Companies: An Indian Exploration

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Author(s): Vikas Gautam (ICFAI University, Dehradun, India)
Copyright: 2013
Pages: 16
Source title: Managing Customer Trust, Satisfaction, and Loyalty through Information Communication Technologies
Source Author(s)/Editor(s): Riyad Eid (United Arab Emirates University, UAE)
DOI: 10.4018/978-1-4666-3631-6.ch013

Keywords: Business & Management / Business Information Systems / Business Science Reference / Consumer Management

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Abstract

Customer relationship management in the insurance industry is in the nascent stage. Firms are framing new strategies to combat stiff competition. Public and private insurance companies are implementing customer relationship programs to attract more customers and retain existing customers. The objectives of this study are (1) to study the customer relationship management program of the Life Insurance Corporation of India, and (2) to assess the effectiveness of this customer relationship management program. The study is based on the opinion scores of 182 policyholders of Life Insurance Corporation of India, who have been with the company for more than the last five years. Based on the average opinion scores before and after the implementation of the Customer Relationship Management program, it was concluded that the program is effective, which was evidenced by the results obtained from statistical analysis (Paired sample t-test).

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