EXECUTIVE SUMMARY

Life insurance in India made its debut well over 100 years

ago In our country, which is one of the most populated in the world,

the prominence of insurance is not as widely understood, as it ought to

be. What follows is an attempt to acquaint readers with some of the concepts of life

insurance, with special reference to Brilliant Insurance Broking It should, however, be

clearly understood that the following content is by no means an exhaustive description of

the terms and conditions of an BRILLIANT INSURANCE BROKING or Its benefits or

privileges. For more details, please contact our branch or divisional office. Any Brilliant

Insurance Broking Agent will be glad to help you choose the life insurance plan to meet

your needs and render Brilliant Insurance Broking servicing.

What Is Life Insurance?

Life insurance is a contract that pledges payment of an amount to the person

assured (or his nominee) on the happening of the event insured against.

The contract is valid for payment of the insured amount during:

 The date of maturity, or

 Specified dates at periodic intervals, or

 Unfortunate death, if it occurs earlier.

Among other things, the contract also provides for the payment of premium periodically to

the Corporation by the Brilliant Insurance Broking holder. Life insurance is universally

acknowledged to be an institution, which eliminates 'risk', substituting certainty for

uncertainty and comes to the timely aid of the family in the unfortunate event of death of

the breadwinner. By and large, life insurance is civilization‘s partial solution to the

problems caused by death. Life insurance, in short, is concerned with two hazards that stand

across the life-path of every person:

1. That of dying prematurely leaving a dependent family to fend for itself.

2. That of living till old age without visible means of support.

The Indian insurance industry is up for grabs. Once the domain of the public sector, the

much coveted market is being thrown open to private enterprise. A few private insurance

companies have already launched their operations while some more are preparing

themselves to start soon. The private parties are bringing with them international

experience, new technology, new channels of distribution besides of course new products.

Even the existing public sector players are gearing up with matching strategies to face

tougher competition. A strong insurance sector is the key 1 University of Delhi, Kirori Mal

College, Delhi, India, e-mail: [email protected] Journal of Doctoral Studies.

Accounting, Vol 1, No 1-2, 2011, 65-82 66 to well being of the economy. Insurance deals

with a very basic human need – the need for security. Insurance helps to smoothen out the

economic impact of sudden external shocks for households and enterprise. In that sense, it

is the very core of economic activity. Additionally, there are many benefits of products of

insurance, the most notable being mobilization of long-term savings. Also insurance, being

a manpower intensive business, generates a lot of employment. A common man‘s view of

insurance in most developing countries including our own, is that it entails regular premium

payment for the policies taken as insurance against premature death, fire, accident, natural

calamities, financial/property losses during riots, due to theft or burglary, hospitalization

etc. Insurance premiums are often taken to be a given cost which cushion against
uncertainties. Insurance, however, need not be confined into such a narrow view. Not only

that the services can be extended to cover other non-financial sectors but also a number of

volatile financial risks. The Indian insurance industry which until now was a controlled

sector, with only one player for the last five decades, has suddenly turned itself into a

battleground. Though the sector remained in the strong clutches of the government

enterprises, the growth has been slow. The industry is characterized by a number of players,

both domestic and international, competing for the huge untapped market. Indian insurance

is ranked 51 in the world with a low insurance penetration of 1.95 percent and less than 5

percent being spent on insurance out of the available 22 percent savings. This low

penetration and huge growth potential has already attracted many multinational insurance

giants like Allianz, royal insurance, etc. The customers are now looking at insurance as an

area with complete financial solutions – stable returns coupled with total protection. The

new millennium has exposed the insurance sector to new challenges of competition and

struggle for survival. The era of privatization, liberalization, deregulation, and globalization

has let lose a sense of urgency and neo-activism. Indian politico-economic think tank has

realized the obsolescence of remaining insular and monopolistic policies in the insurance

sector. Prior to liberalization the regulatory environment was primarily based on

consolidated provisions of the Insurance Act 1938. The controller of insurance had wide

ranging powers, which included directing, cautioning, advising, prohibiting, inspecting,

investigation, searching, seizing, prosecuting, and penalizing, authorizing, registering,

amalgamating and liquidating insurance companies.

Introduction To be competent and effectual in today's business environment and market

place, organizations have to develop strategies, policies and practices that should be

different from those used in the past; this is because of the frequent changes in the business

environment and the near unpredictable nature of the environment. However, this
environment presents opportunities and threats which can be exploited or managed by

prepared and forward looking organizations by crafting well-thought out strategies, policies

and approaches. One of such strategies for a product like life insurance and general

insurance will be the perceived quality of the product offered in the eyes of the customers.

The insurance industry in India consists of companies that are small by most standards to

underwrite most policies and characterized by low penetration and patronage compared to

its population. The insurance density of life insurance sector had gone up from USD 9.1bn

in 2001 to USD 55.7bn in 2010. Similarly, insurance penetration had gone up from 2.15 per

cent in 2001 to 4.60 in 2009, before slipping to 4.40 per cent in 2010 in life insurance

business, India ranked 9th among the 156 countries, for which data are published by Swiss

Re. During 2010-11, the estimated life insurance premium in India grew by 4.2 per cent

(inflation adjusted). However, during the same period, the global life insurance premium

expanded by 3.2 per cent. The share of Indian life insurance sector in global market was

2.69 per cent during 2010, as against 2.45 per cent in 2009. The non-life insurance sector

witnessed significant growth of 8.1 per cent during 2010. Its performance is far better when

compared to global non-life premium, which expanded by 2.1 percent during the same

period. The share of Indian non-life insurance premium in global non-life insurance

premium increased slightly to 0.58 percent, thereby GALAXY International

Interdisciplinary Research Journal_ ISSN 2347-6915 GIIRJ, Vol.2 (3), MARCH (2014) 189

improvising its global ranking to 19th in comparison to 26th in last year. The insurance

density of life insurance sector had gone up from USD 9.1bn in 2001 to USD 55.7bn in

2010. Similarly, insurance penetration had gone up from 2.15 per cent in 2001 to 4.60 in

2009, before slipping to 4.40 per cent in 2010. The number of insurance companies stood at

48 at the end of 2010-11, consisting of 23 life insurers, 24non-life insurers and a reinsurer.

Edelweiss Tokio Life Insurance Company was granted registration in the year2011-12,
leading to total number of insurance companies increasing to 49 as at end-September 2011.

(Directories Today Report) In recent years, insurance customers in India are increasingly

aware of their expectations and standards of services required from their insurance

companies. This is partly due to the fact that customers are more educated and

knowledgeable about services provided by insurance companies. Therefore it is becoming

desirable and important for insurance companies to come up with approach that will give

customer a central role for future growth and survival. In the same vein, insurance

companies in India have also recognized the fact that service quality is imperative to

achieve competitive advantage while poor quality brings about competitive disadvantage.

Siddique& Sharma (2010) observed that quality insurance services help to differentiate one

from others who are also offering identical services; also it offers a way of achieving

success among competitors. Therefore, this study aims at evaluating the quality of

insurance services in India using customers' assessment, so as to come out with effective

strategies that will offer best value to the customers, profitability to the insurance

companies; and overall boost the demand for insurance in India.

 INDUSTRY PROFILE
CUSTOMER RELATIONSHIP PROCESS
CRM process involves the activities and strategies that companies use to manage

their interaction with current and potential customers. The keyword here is

―relationship.‖ Nurture that with existing customers and they‘ll be coming back,

which means you achieve customer retention and loyalty. Harness that

relationship even with prospects and they‘ll be converted into actual customers.

In both cases, they translate to revenues that come into your coffers.

Customer relationship management (CRM) is a technology for managing all your

company‘s relationships and interaction swith customers and potential customers.

The goal is simple: Improve business relationships. A CRM system helps

companies stay connected to customers, streamline processes, and improve

profitability.

When people talk about CRM, they are usually referring to a CRM system, a

tool that helps with contact management, sales management, productivity, and

more.
A CRM solution helps you focus on your organization‘s relationships with

individual people — including customers, service users, colleagues, or suppliers

— throughout your lifecycle with them, including finding new customers,

winning their business, and providing support and additional services throughout

therelation ship.

Who is CRM for

A CRM system gives everyone — from sales, customer service, business

development, recruiting, marketing, or any other line of business — a better way

to manage the external interactions and relationships that drive success. A CRM

tool lets you store customer and prospect contact information, identify sales

opportunities, record service issues, and manage marketing campaigns, all in one

central location — and make information about every customer interaction

available to anyone at your company who might need it.

With visibility and easy access to data, it's easier to collaborate and increase

productivity. Everyone in your company can see how customers have been

communicated with, what they‘ve bought, when they last purchased, what they

paid, and so much more. CRM can help companies of all sizes drive business
growth, and it can be especially beneficial to a small business, where teams often

need to find ways to do more with less.

Here’s why CRM matters to your business.

Gartner predicts that by 2021, CRM will be the single largest revenue area of

spending in enterprise software. If your business is going to last, you know that

you need a strategy for the future. You have targets for sales, business objectives,

and profitability. But getting up-to-date, reliable information on your progress

can be tricky. How do you translate the many streams of data coming in from

sales, customer service, marketing, and social media monitoring into useful

business information?

A CRM system can give you a clear overview of your customers. You can see

everything in one place — a simple, customizable dashboard that can tell you

a customer‘s previous history with you, the status of their orders, any

outstanding customer service issues, and more.

You can even choose to include information from their public social media

activity — their likes and dislikes, what they are saying and sharing about you or

your competitors. Marketers canusea CRM solution to better understand the

pipe line of sales or prospects coming in, making forecasting simpler and more

accurate. You‘ll have clear visibility of every opportunity or lead, showing you a

clear path from inquiries to sales.

Some of the biggest gains in productivity can come from moving beyond CRM

as a sales and marketing tool, and embedding it in your business – from HR to

customer services and supply-chain management.

Though CRM systems have traditionally been used as sales and marketing tools,

customer service teams are seeing great benefits in using them. Today‘s customer

might raise an issue in one channel — say, Twitter — and then switch to email or

telephone to resolve it in private. A CRM platform lets you manage the inquiry

across channels without losing track, and gives sales, service, and marketing a

single view of the customer.

Running a business without CRM can cost you real money.

More administration means less time for everything else. An active sales team

can generate a flood of data. Reps are out on the road talking to customers,

meeting prospects, and finding out valuable information–but all too tenths is

information gets stored in handwritten notes, laptops, or inside the heads of your

sales people
Details can get lost, meetings are not followed up on promptly,and prioritizing

customers can be a matter of guesswork rather than a rigorous exercise based on

fact. And it can all be compounded if a key salesperson moves on. But it's not

just sales that suffers without CRM. Your customers may be contacting you on a

range of different platforms including phone, email, or social media — asking

questions, following up on orders, or contacting you about an issue. Without a

common platform for customer interactions, communications can bemissed or

lost in the flood of information

leading to a slow or unsatisfactory or response.

Even if you do successfully collect all this data, you‘re faced with the challenge

of making sense of it. It can be difficult to extract intelligence. Reports can be

hard to create and they can waste valuable selling time. Managers can lose sight

of what their teams are up to, which means that they can‘t offer the right

support at the right time – while a lack of oversight can also result in lack of

account ability from the team.

Why is CRM important?

As anyone who is into business knows, customer is king. You would want them

to get the best experience when buying your products or availing of your

services. But you can only do that if you have enough relevant information about

them – their tastes, their needs and wants, their purchasing predilection and

partiality. Giving optimal customer experience is not without cost. This is why

it is important you put in place an efficient system or process that will provide a

positive experience to customers and which will result in business growth and

profitability. You will find later on that the benefits and returns will far outweigh

the investments you poured into building customer relations.

If you think a CRM system is only for large businesses, now is the time to

shatter that myth. A CRM is a significant tool whether you are a freelancer,

sole entrepreneur, startup or global corporation. The reasons why a CRM

system matters much for a business are far too many if we list down specifics

and details. For this section, we go for the big picture. Here are some of them:
1.Discover – by uncovering useful insights and information about your

customers, you are in the position to understand them better – who they are,

how and why they buy your products. Identifying and unraveling customer trends

and interactions are crucial not only because you can readily anticipate their

needs and address their issues but also keep you ahead of competitors who may

not be as attunedas you are to customers‘ pulse.

2.Organize – you have the ways and means to keep everything in order – from

the whole customer life cycle to customer channel engagement, from sales

process automation to marketing campaigns, and from business analytics to

storing and accessing customer data, among others. An otherwise string of

complex situations and convoluted processes are all streamlined and automated to

give you a clearer perspective and solid grasp of things.

3.Optimize – you can improve, build and manage customer related operations

through a host of CRM tools. These are designed to give you the flexibility and

convenience you need to be responsive to your customers and at the same time

make it easy for customer stood business with you.

What does a CRM system do?

A customer relationship management (CRM) solution helps you find new

customers, win their business, and keep them happyby organizing customer

and prospect information in a way that helps you build stronger relationships

with them and grow your business faster. CRM systems start by collecting a

customer's website, email, telephone, social media data, and more, across

multiple sources and channels. It may also automatically pull in other

information, such as recent news about the company's activity, and it can

store personal details, such as a client's personal preferences on

communications. The CRM tool organizes this information to give you a

complete record of individuals and companies overall, so you can better

understand your relationship overtime.

A CRM platform can also connect to other business apps that help you to

develop customer relationships. CRM solutions today are more open and can

integrate with your favorite business tools, such as document signing,

accounting and billing, and surveys, so that information flows both ways to

give you a true 360-degree view of your customer.

And a new generation of CRM goes one step further: Built-in intelligence

automates administrative tasks, like data entry and lead or service case routing, so

you can free up time for more valuable activities. Automatically generated

insights help you understand your customers better, even predicting how they

will feel and act so that you can prepare the rightoutreach.

What is the current state of the CRM market?

Statistics and surveys have shown that CRM is big business and a revenue

enhancer. Here are significant numbers relating to the industry.

 In 2018, CRM took the top spot from database management

systems as the biggest software market worldwide in terms of

revenues.(Gartner)

 CRM is the fastest growing software market with revenues

expected to reach over $80 billion by2025.

 Adoption of a CRM system increases sales by up to 29%. (Sales

force)

 According to sales teams surveyed, CRM systems increased their

revenue by 42%.(Trackvia.com)

 Leveraging a CRM system improved customer retention by as

much as 27%.(Trackvia.com)
  3 out of 4 customers spent more on a company due to positive

customer experience. (Global Customer Service study)

What are the types of CRM?

1. Operational. This type of CRM is for lead generation and

conversion. It integrates and automates sales, marketing and service

support, hence information on a customer typically includes past sales,

previous marketing efforts, service issues (if any) and others. Operational

CRM consists of Sales automation, Marketing automation and Service

automation.

 Sales force automation – helps to automate sales process in all the

stages of a sales cycle with the purpose of setting a standard to

gain new customers and handle existing ones. It analyzes sales

promotion, automates tracking of client account history, and

coordinates sales, marketing, call centers, and retail outlets.

 Marketing Automation – focuses on facilitating the marketing

process to make it more efficient and effective. It automates

repeated tasks such as sending marketing emails or posting

marketing information on various channel. Its goal is to find out

the best way

to offer products and approach potential customers in order o convert a sales

lead into a full customer.

Service automation – allows business to retain customers by providing best

quality service. It covers service automation of customer support which includes

issue management, customer call management (for incoming/outgoing calls) and

service quality management based on KPIs.

Analytical. Its main function is to analyze customer data collected through

multiple sources in order to help top management, marketing, sales and support

departments get better insights on how to improve customer service and

experience. This CRM type employs data mining, pattern recognition and

correlation techniques to analyze customer data and help key corporate people in

the making of informed decisions, determining campaign effectiveness, and

improving sales support.

Collaborative. As the term implies, this type enables a business organization

to share customers‘ information with external stakeholders such as vendors,

suppliers and distributors so that they would be on the same page with various

business units like sales team, marketing team, technical and support team.

Uniting all these groups through common customer information allows the

crafting of more effective, customer specific, targeted campaigns.

What are the benefits of CRM?

Modern businesses operate on an information and technology- driven, ultra-

competitive market and implementing a powerful CRM system is as critical as

ever. Without CRM, you are likely missing on the following benefits:

Enhanced Efficiency. A CRM can automate, streamline and fast track

workflows and tasks aside from organizing data, documents and reports. Also,

CRM systems are designed to integrate with a wide array of business and office

platforms to give you superior flexibility. All these are meant to ensure that

concerned personal and teams operate at maximum efficiency and produce

optimum results.

Improved Collaboration. Current cloud-based CRM platforms bring a distinct

technological and practical advantage over on-premise software – anytime,

anywhere accessibility. This capability enables the sharing of data and information

as well as collaboration on tasks and workflows, unhindered by time and location.

Increased Customer Engagement. A CRM is one of the proven means to

increase positive customer experience and interaction since it is able to track a

company‘s relationship with customers on all ―touch points‖ – company

website, email, phone, live chat, tickets, physical or online store. CRM makes

your business customer- focused and responsive, resulting in greater customer

retention, and conversion of prospects.

Better Accountability. With streamlined workflows and communication among

concerned teams and employees, they are well aware of their roles and

understand when they do commit missteps. Correcting and avoiding these earn

notches for the company when it comes to accountability and instilling values. A

CRM can easily identify the areas in customer relationship that have fallen short

and can pinpoint the employees responsible for it. This allows the company to

put corrective measures and respond accordingly.

Data Availability. CRM puts data on the spotlight as your most prized strategic

asset. Integrated CRM system shave tools to collect, analyze and make sense of data

from your customers and prospects so that you can extract insights to improve your

services and offerings. Understanding what data is all about, processing them to filter

useful patterns and indicators, and making them readily available to you and your

employees, will serve as guide in providing exceptional services that you want for your

customers.
If you want to learn more on how companies choose the right CRM solution

read our other post about this topic.

What are common features of CRM software?

Today‘s CRM software is an integrated platform of various functions and

capabilities. They typically carry the following features:

Sales automation – Also referred to as sales force automation, this sales

management feature is intended to prevent duplicate efforts between a

salesperson and a customer by automatically tracking all follow-ups and contact

by both sides.

Marketing automation – Together with sales automation the comprise the major

component of CRM software. This Automates repetitive tasks to facilitate marketing

efforts to customers at different stages in the lifecycle.

Contact center automation – Meant to simplify customer service processes and

lessen the load of a contact center agent when assisting in customer problem-

solving and informationdissemination.

Contact manager – Categorizes contacts, such as customers and suppliers, for

easier sorting or retrieval. Although commonly integrated with other modules in a

CRM software package, some vendors offer this as a stand- alone module for

small businesses tight budget.

Sales tracking – A feature that is normally part of sales automation but can be

availed as a separate module. This feature measures and tracks sale so you can get

an overview of sales performance both of your products and sales personnel.

Analytics and reporting – Provides you useful insights and information from all

the collected data on customers, sales, marketing, leads and others. It produces

reports usually on ready-midterm plates.

Communication channels – This feature enables communication with customers on

multiple-channels including email, instant messaging, phone, live chat, forums

and social networks.

Mobile – Most CRM software have mobile apps with basic features to enable

access and uploading of reports, customer information and other data at any

time and from any location.

Five Step Process for CRM

CRM is the acronym commonly used for customer or client relationship

management. CRM refers to a process used by an organization to learn more

about its consumers and to improve marketing productivity.

The goal of any business is to derive maximum profitability from its

customer base. The CRM value chain describes the process that a

business must have in place to gain the profitability wanted from

customers. Five key steps are necessary for the successful implementation

of a CRM strategy, and are commonly refer redtops―the five step process

for CRM.‖
Customer portfolio analysis

This first step involves analysis of your organization's customer base to

determine what groups and kinds of customers are the most profitable.

This will define your organization's target customer base.

Customer intimacy

Customer intimacy is the process of getting familiar with the individual

customers within the organization's target customer base. Relationship

building is predicated upon how well you know your customer and that

includes everything from buying habits to when their birthday is. Every

interaction with a customer is an opportunity to improve customer

intimacy and learn more about your target market. This step usually

includes building a customer data base to store the gathered in formation.

Network development

Network development refers to the identification and development of

strong relationships with organizations, networks and people that are

critical to your success in servicing your customers. These relationships

will include external partners

such as suppliers and investors, as well as internal partners, your

employees.

Value proposition development

This step builds on the information gathered while working on customer

intimacy. Once you have identified your target customer, you can move

forward and create a tailored value proposition for this customer. In

creating value for your customer, your value proposition must also

create value for your organization.

Customer life cycle management

The customer life cycle refers to the ideal customer journey :from

potential client to product/service advocate. It also relates the

continuing relationship you maintain with your customer. Managing

this cycle requires structure and attention to process. Your

organization must determine how it will organize itself to effectively

manage customer relationships (structure). As well, thought must be

given to determining glow you reorganization will approach customer

acquisition and retention, as well as the performance measurement of

your CRM strategy(process).

Operational Vs. Analytical CRM

Operational customer relationship management and analytical customer

relationship management are closely related concepts, but they define

different aspects of a CRM program. Operational CRM relates to the

operational factors of implementing a CRM system while analytical

CRM refers to customer data analysis to determine behavioral responses.

Operational CRM

Operational CRM is, in simplest terms, the business operations connected

to building and managing CRM in a company. It includes operation of

such functions as sales force automation and callcenters.

Analytical CRM

Analytical CRM describes the component of CRM that relates to data

mining and interpretation of data collected about customers. Companies

that use CRM are usually trying to garner as much customer data and

transaction history as possible to make effective business and customer-

centered marketing decisions.

Comparing Operational and Analytical CRM

The tools and other resources used in operational CRM and analytical

CRM are often essentially the same. The resources themselves are

considered part of the business operations, or operational CRM. The

analysis of the data collected through these operations is analytical

CRM. Effective operational CRM contributes to solid analytical CRM,

which leads to more targeted marketing and better customer

experiences.

Differences Between CRM & CRS

CRM stands for customer relationship management, one of the most

frequently used terms by modern businesses. It is the idea that customer

relationships are one of the most important facets of business success,

and businesses should build systems that naturally help create trust and

relationship with the customer. CRS, on the other hand, stands for

customer relationship strategy, a broader term used to describe wider

business goals.
Strategic Level

CRM plans evolve from CRS. On an industry level, CRS is the concept

that customer service is important and needs to be a focus. CRS changes

based on the type of customers an industry has and what level of

interaction businesses have with these customers. CRM, on the other

hand, is a more focused form of strategy that deals with specific methods

and systems that businesses use to contact customers and manage their

information.

Systems

CRM deals primarily with the non-technical aspects of customer service,

studying employees, customers and their interactions with one another.

CRS adds another factor to CRM: CI, or customer intelligence. This is a

general term for database management and analysis programs used to

study customer movement and compile useful customer data for

customer service departments. CRS includes these technical aspects,

while CRM is more interested in the effectiveness of the customer

strategy.
Approach to the Customer

The differentiation between including the technical aspects and focusing

on customer interaction leads to a difference between CRM and CRS in

how the customer is considered. In CRM, customers are more likely to be

considered as emotional beings with individual interests, people with

whom the company tries to establish a personal connection so as to

increase its loyal base. CRS strategies are more likely to look at

customers as units or sections of data pertinent to company systems.

Types of CRM in CRS Strategies

Only one type of CRS strategy generally exists: the combination of

personal and technical aspects that the business uses todevelop customer

relationships. However, at the CRM level many different types of

management systems exist: Operational, analytical, campaign and

collaborative CRM are only some of the types used by different

businesses.

The Definition of a Customer Portfolio

A customer portfolio comprises the various groups that make up the

customer base of a business. For example, Coca-Cola's customer

portfolio consists of restaurants, grocery stores, amusement parks and

sports arenas.
Management

The goal is to manage the company's limited resources to meet the

customers' demands while still operating efficiently.

Mutually exclusive

Often, the customers in a company's customer group are exclusive to

that particular group. For example, a grocery store is not also in the

amusement park customer group.

Analysis

Customer portfolios analyzed to understand how a particular customer

group is performing. For example, a construction company can

examine the accounts receivable of the home builder/residence

customer group to discover the amount of financial risk in case the

market for homes goes down.

.
What are the best CRM tools?

CRM is now the leading software category which is proof of its

usefulness and relevance to businesses. The use of cloud technology to

host SaaS platforms has further amped up its appeal by providing

unheard before flexibility, scalability and affordability. Vendors offer

CRM tools either as complete, all-in- one packages or as separate,

feature-specific modules. They can be cloud-hosted or deployed

on-premise. There are several popular CRM software tools available

in the market and in some cases you will even be able to get a CRM

software for free. Here are some of them:

 Pipedrive– An award-winning platform designed by sales

professionals and hardcore web app developers. It helps you to

organize leads, offers an insightful overview of your sales, and can

quickly set up crucial operations. It is fully mobile optimized, can

work seamlessly with numerous third-party business apps and

comes with email integration, contact history, multi-language

capability, 24/7 support, and a powerfulAPI.

 HubSpot CRM – A popular solution for companies investing in a

CRM system for the first time as well as for enterprises that have

not been able to full utilize their

 Existing CRM platform. A very popular Pipe drive alternative.

The software is designed to help sales reps function effectively

without making drastic changes to their existing workflow. It is an

easy and smart product that offers all the essential basic features

such as email integration, company database, social media, phone

integration, and email integration.

 Freshsales– This CRM platform is part of the Freshdesk suite of

products and was created to manage multipleaspects of the sales

process. It uniquely offers all the functions of legacy CRM

platforms and also provides its own tools to boost sales and

prioritize pipeline opportunities such as its dynamic analytics that

reveals deep sales insights. The app also features calendar sync,

email scheduling, call history, activity timeline, and role- based

access.

 Zoho CRM – A leading choice for companies looking for reliable

CRM software, Zoho boast of powerful sales force automation,

lead management and account management. It can automate

daily work activities, monitor sales, engage customers on various

channels, and customize sales processes to fit your operations. It

also has Social CRM,

 mobile CRM, and CRM for Google Apps to further extend its

functionality.

 Bpm’onlineCRM– Process-driven CRM built round the BPM

platform to help in your sales, marketing, and service support by

combining customer data with business process management

tools. Among its many features include drag and drop

functionality, easy customization, mobile capability, and

integration with popular productivity tools.

 Adsoup– multi-platform sales CRM with a focus on unifying

client and prospect communications. The software is directed

towards SMEs based in Asia to assist them in monitoring their

inbound leads and sales from all channels.

Why should you adopt a CRM system?

By now you probably have a deeper understanding of what is CRM

process. As you may have learned, there are many benefits and

advantages to having a CRM system in place. It puts in order the

chaos and clutter that are results of normal business interactions,

giving you the time to prioritize your customers. It gives you a

database of customer information that is safely

stored and can easily be accessed when needed. It gives you the means to

analyze, track and forecast sales. It provides you a 360-degree view of the

customer from different data sets that have been consolidated and

organized. In short, a CRM system is a productivity booster and revenue

enhancer.

A report cites that 70% of companies intend to boost their technology

spending on technology until 2019, with around 49% involving

investments for CRM software or CRM-related technology. That‘s nearly

half of businesses putting their trust and investment on a system they

know can guarantee returns. You wouldn‘t want to be leftout.

HOW A CRM SYSTEM CAN HELP YOUR BUSINESS TODAY.

1. MAKE IMPROVEMENTS TO YOUR BOTTOMLINE.

Introducing a CRM platform has been shown to produce real results –

including direct improvements to the bottom line.

Average Percentage Improvements Reported by Sales force Customers

IDENTIFY AND CATEGORIZELEADS.

A CRM system can help you identify and add new leads easily and

quickly, and categorize them accurately. By focusing on the right leads,

sales can prioritize the opportunities that will close deals, and marketing

can identify leads that need more nurturing and prime them to become

quality leads.

With complete, accurate, centrally held in for motional out clients and

prospects, sales and marketing can focus their attention and energy on

the right clients.

2. INCREASE REFERRALS FROM EXISTING CUSTOMERS.

By understanding your customers better, cross-selling andupselling

opportunities become clear — giving you the chance to win new

business from existing customers.

With better visibility, you‘ll also be able to keep your customers happy

with better service. Happy customers are likely to become repeat

customers, and repeat customers spend more — up to 33% more

according to some studies.

.
OFFER BETTER CUSTOMER SUPPORT

Today's customers expect fast, personalized support, at any time of day

or night. A CRM system can help you provide the high- quality service

that customers are looking for. Your agents can quickly see what

products customers have ordered, and they can get a record of every

interaction so they can give customers the answers they need, fast.

3. IMPROVE PRODUCTS ANDSERVICES.

A good CRM system will gather information from a huge variety of

sources across your business and beyond. This gives you unprecedented

insights into how your customers feel and what they are saying about

your organization — so you can improve what you offer, spot problems

early, and identify gaps.

WHAT CLOUD-BASED CRM OFFERS YOUR BUSINESS.

CRM and the cloud computing revolution have changed everything.

Perhaps the most significant recent development in CRM systems has

been the move into the cloud from on- premises CRM software. Freed

from the need to install software on hundreds or thousands of desktop

computers and mobile devices, organizations worldwide are discovering

the benefits of moving data, software, and services into a secure online

environment.
WORK FROM ANYWHERE.

Cloud-based CRM systems such as Sales force (Learn more: What is

Sales force?) mean every user has the same information, all the time.

Your sales teams out on the road can check data, update it instantly after

a meeting, or work from anywhere. The same information is available to

anyone who needs it, from the sales team to the customer service

representatives.

REDUCE COSTS.

CRM can be quick and easy to implement. A cloud-based system doesn‘t

need special installation, and there‘s no hardware to set up, keeping IT

costs low and removing the headache of version control and update

schedules.

Generally, cloud-based CRM systems are priced on the number of users

who access the system and the kinds of features you need. This can be

very cost-effective in terms of capital outlay, and is also extremely

flexible — enabling you to scale up and add more people as your

business grows. Sales force is flexible in terms of functionality, too —

you‘re not paying for any features that are not useful to you.
A CLOUD-BASED CRM PLATFORM OFFERS YOU:

 Faster deployment

 Automatic software updates

 Cost-effectiveness and scalability

 The ability to work from anywhere, on any device

 In creased collaboration
 LIFE INSURANCE

Life insurance is a contract between an insurer and a policyholder in

which the insurer guarantees payment of a death benefit to named

beneficiaries upon the death of the insured. The insurance company

promises a death benefit in Understanding Life Insurance

The purpose of life insurance is to provide financial protection to

surviving dependents after the death of an insured. It is essential for

applicants to analyze their financial situation and determine the

standard of living needed for their surviving dependents before

purchasing a life insurance policy. Life insurance agents or brokers are

instrumental in assessing needs and establishing the type of life

insurance most suitable to address those needs. Several life insurance

channels are available including whole life, term life, universal life

and variable universal life (VUL) policies. It is prudent to re-

evaluate life insurance needs annually, or after significant life events

like marriage, divorce, the birth or adoption of a child and major

purchases, like a house.

How Life Insurance Works

There are three major components of a life insurance policy.

1. Death benefit is the amount of money the insurance company

guarantees to the beneficiaries identified in the policy upon the

death of the insured. The insured will choose their desired death

benefit amount based on estimated future needs of surviving heirs.

The insurance company will determine whether there is an

insurable interest and if the insured qualifies for the coverage based

on the company's under writing requirements.

2. Premium payments are set using actuarially based statistics. The

insurer will determine the cost of insurance (COI), or the amount

required to cover mortality costs, administrative fees, and other

policy maintenance fees. Other factors that influence the premium

are the insured‘s age, medical history, occupational hazards, and

personal risk propensity. The insurer will remain obligated to

pay the death benefit if premiums are submitted as required. With

term policies, the premium amount includes the cost of

insurance(COI).For permanent or universal policies, the

 Premium amount consists of the COI and a cash value amount.

3. Cash value of permanent or universal life insurance is a component

that serves two purposes. It is a savings account, which can be

used by the policyholder, during the life of the insured, with cash

accumulated on a tax- deferred basis. Some policies may have

restrictions on withdrawals depending on the use of the money

withdrawn. The second purpose of the cash value is to

offset the rising cost or to provide insurance as the insured ages.

Life Insurance Riders

Many insurance companies offer policyholders the option to customize

their policies to accommodate their personal needs. Riders are the

most common way a policyholder may modify their plan. There are many

riders, but availability depends on the provider.

 The accidental death benefit rider provides additional life insurance

coverage in the event the insured's death is accidental.

  The waiver of premium rider ensures the waiving of premiums if

the policyholder becomes disabled and unable to work.

 The disability income rider pays a monthly income in the event the

policyholder becomes disabled.

 Upon diagnosis of terminal illness, the accelerated death benefit

rider (ADB) allows the insured to collect a portion or all of the

death benefit.

Each policy is unique to the insured and insurer. Reviewing the policy

document is necessary to understand the coverage in force and if

additional coverage is needed.

Consideration of the payment of premium by the insured.

1. Benefits of Life Insurance

1. Risk Coverage: Insurance provides risk coverage to the insured

family in form of monetary compensation in lieu of premium paid.

2. Difference plans for different uses: Insurance companies offer a

different type of plan to the insured depending on his need for insurance.

More benefits come with the more premium.

3. Cover for Health Expenses: These policies also cover

hospitalization expenses and critical illness treatment.

4. Promotes Savings/ Helps in Wealth creation: Insurance policies

also come with the saving plan i.e. they invest your money in profitable

ventures.

5. Guaranteed Income: Insurance policies come with the guaranteed

sum assured amount which is payable on happening of the event.

6. Loan Facility: Insurance companies provide the option to the insured

that they can borrow a certain sum of amount. This option is available on

selected policies only.

7. Tax Benefits: Insurance premium is tax deductible under

section80CoftheincometaxAct,1961.

2. Types of Life Insurance Policies

1. Term insurance plan

As the name says Term insurance plan are those plan that is purchased

for a fixed period of time, say 10, 20 or 30 years. As these policies don‘t

carry any cash value their policies do not carry any maturity benefits,

hence their policies are cheaper as

Compared to other policies. This policy turns beneficial only on the

occurrence of the event.

2. Endowment policy

The only difference between the term insurance plan and the endowment

policy is that endowment policy comes with the extra benefit that the

policyholder will receive a lump sum amount in case if he survives until

the date of maturity. Rest details of term policy are same and also

applicable to an endowment policy.

3. Unit Linked Insurance Plan

These plans offer policyholder to build wealth in addition to life security.

Premium paid into this policy is bifurcated into two parts, one for the

purpose of Life insurance and another for the purpose of building wealth.

This plan offers to partially withdraw the amount.

4. Money Back Policy

This policy is similar to endowment policy, the only difference is that this

policy provides many survival benefits which are allotted proportion

the period of the policy term.

5. Whole Life Policy

Unlike other policies which expire at the end of a specified period of

time, this policy extends up to the whole life of the insured. This policy

also provides the survival benefit to the insured. In this type of policy,

the policyholder has an option to partially withdraw the sum insured.

Policyholder also has the option to borrow sum against the policy.

6. Annuity/ Pension Plan

Under this policy, the amount collected in the form of a premium is

accumulated as assets and distributed to the policyholder in form of

income by way of annuity or lump sum depending on the instruction of

insured.

3. Claim Settlement Process

On the happening of the event, the beneficiary is required to send

claim intimation form to the insurance company as soon as possible.

Claim intimation should contain details such as Date, Place, and Cause of

Death. On successful submission of claim intimation form, an insurance

company can ask for additional information about

 1. Certificate of Death

2. Copy of Insurance Policy

3. Legal Evidence of title in case insured has not appointed a beneficiary

4. Deeds of assignment

On successful submission of all the document, the insurance company

shall verify the claim and settle the same.

4. Principles of Life Insurance?

Life insurance is based on a number of principles that are tailored to

meet market conditions and ensure insurance companies make profits,

while offering security policies to insured individuals.

There are broadly four major insurance principles applied in India, these

being:

 Insurable Interest – This principle pertains to the level of interest

an individual is expected to have in a particular policy. The interest

could be a family bond, a personal relationship and soon. Base don

the interest level, an insurance company can choose to accept or

reject an application in order to protect the misuse of a policy .

.
 .

 Law of large numbers–This is a theory that ensures long- term

stability and minimizes losses in the long run when experiments

are done with large numbers.

 Good faith – Purchasing insurance is entering into a contract

between company and individual. This should be done in good

faith by providing all relevant details with honesty. Covering any

information from the insurance company may result in serious

consequences for the individual in the future. This being said, the

insurer must explain all aspects of a policy and ensure that there

are no unexplained or hidden clauses and that the applicant is

made aware of all terms and conditions.

 Risk & Minimal loss – Insurance is a risky and companies have to

do business and make profits keeping in mind the risk factor. The

principle of minimal risk states that the insured individual is

expected to take necessary action to limit him/her self from any

hazards. This includes following a healthy lifestyle, getting a

regular health check- up and more.

 POINTS TO CONSIDER FOR LIFE INSURANCE

 Research: As an applicant for life insurance, there are

numerous policy options at your fingertips to choose from. It is

essential that you do your research before making an informed

decision on purchasing a life insurance policy, as it can help you

save money and receive maximum benefits.

 Read terms and conditions: The terms and conditions of an

insurance plan contain all relevant information regarding the

particular policy. Make sure that you read the fine print in detail

and completely understand it before purchasing an insurance policy

of your choice.

Remember lock-in period: There are instances when individuals purchase

insurance policies without making an informed decision and later realise that they

are unhappy with the insurance policy. In such scenarios, some insurance

companies offer a lock-in time frame, which is a Short time usually 15 days

where a policy holder can return the policy to the insurer and purchase another in

case they were unsatisfied with the initial purchase.

 .

 Consider premium payment options: Almost all insurance

providers offer premium payment options consisting of annual,

semi-annual, quarterly or on monthly basis. It is essential that you

opt for Electronic Check System (ECS) payment that will

periodically debit your bank account with the required insurance

amount. Also, you can choose from a schedule that will allow you

to make a premium payment with the convenience of interval

payments.

 Don’t Mask Information: There are times where individuals try

to hide information when filling out the insurance application form.

All personal credentials and medical history must be accurately

presented to the insurance company. Misinformation can cause

serious issues when trying to make claims later on.

LIFE INSURANCE COMPANIES IN INDIA

Some of the prominent life insurance companies in India are:

1. BRILLIANT INSURANCE BROKING

1. SBI Life Insurance

2. ICICI Prudential Life Insurance

3. HDFC Standard Life Insurance

4. Bajaj Allianz Life Insurance

5. Max Life Insurance

6. Birla Sun Life Insurance

7. Kotak Life Insurance

 COMPANY PROFILE

COMPANY PROFILE

BRILLIANT INSURANCE BROKING

Brilliant Insurance Broking Services Private Limited is a Private incorporated on 19 June

2009. It is classified as Non-got company and is registered at Registrar of Companies,

Hyderabad. Its authorized share capital is Rs. 6,500,000 and its paid up capital is Rs.

6,500,000. It is involved in Other service activities Brilliant Insurance Broking Services

Private Limited's Annual General Meeting (AGM) was last held on 21 June 2018 and as per

records from Ministry of Corporate Affairs (MCA), its balance sheet was last filed on 31

March 2018.

Directors of Brilliant Insurance Broking Services Private Limited are Sudeep Kumar

Pellakuru, Srirama Peri Chandra Murty, Vuppala Deepika Reddy,

Brilliant Insurance Broking Services Private Limited's Corporate Identification Number is

(CIN) U93090TG2009PTC064069 and its registration number is 64069.Its Email address is

[email protected] and its registered address is H.No.6-3-1099/1/8,Flat No.601,Aditya

Land mark Apt Hotel Park Lane Road, Somajiguda Hyderabad TG 500082

Current status of Brilliant Insurance Broking Services Private Limited is – Active.

Company Details

CIN U93090TG2009PTC064069

Company Name BRILLIANT INSURANCE BROKING

SERVICES PRIVATE LIMITED

Company Status Active

RoC RoC-Hyderabad

Registration 64069

Number

Company Company limited by Shares

Category

Company Sub Non-govt company

Category

Class of Private

Company
CIN U93090TG2009PTC064069

Date of 19 June 2009

Incorporation

Age of Company 10 years, 4 month, 26 days

Share Capital & Number of Employees

Authorized Capital ₹6,500,000

Paid up capital ₹6,500,000

Number of Employees Login to view

Listing and Annual Compliance Details

Listing status Unlisted

Date of Last Annual General Meeting 21 June 2018

Date of Latest Balance Sheet 31 March 2018

Email ID: [email protected]

Address:

H.No.6-3-1099/1/8,Flat No.601,Aditya Land mark Apt Hotel Park Lane Road,Somajiguda

Hyderabad Hyderabad TG 500082 IN

Director Details

DIN Director Name Designation

02589721 SRIRAMA PERI CHANDRA MURTY Director

08145749 SUDEEP KUMAR PELLAKURU Additional Director

08145744 VUPPALA DEEPIKA REDDY Additional Director

BRILLIANT INSURANCE BROKING OPERATES ALL OVER INDIA

COMPANY NETWORK
OBJECTIVES OF BRILLIANT INSURANCE BROKING

 Spread Life Insurance widely and in particular to the rural areas and to the

socially and economically backward classes with a view to reaching all

insurable persons in the country and providing them adequate financial cover

against death at a reasonable cost.

 Maximize mobilization of people‘ savings by making insurance-linked

savings adequately attractive.

 Bear in mind, in the investment of funds, the primary obligation to its

Brilliant Insurance Broking holders, whose money it holds in trust, without

losing sight of the interest of the community as a whole; the funds to be

deployed to the best advantage of the investors as well as the community as

a whole, keeping in view national priorities and obligations of attractive

return.
  Conduct business with utmost economy and with the full realization that

moneys belong to the Brilliant Insurance Broking holders.

 Act as trustees of the insured Brilliant Insurance Broking in their individual

and collective capacities.

 Meet the various life insurance needs of the community that would arise in

the changing social and economic environment.

 Involve all people working in the Corporation to the best of their capability

in furthering the interests of the insured Brilliant Insurance Broking by

providing efficient service with courtesy.

 Promote amongst all agent and employees of the corporation a sense of

participation, pride and job towards achievement of Corporate objective.

MISSION/VISION

Mission

“Explore and enhance the quality of life of people through financial security by providing

products and services of aspired attributes with competitive returns, and by rendering

resources for economic development.”

Vision

“A trans-nationally competitive financial conglomerate of significance to societies and

Pride of India.”

BRILLIANT INSURANCE BROKING of India is the growing Insurance Broking

sector life insurance Company in India.

Organisation Structure Of Brilliant Insurance Broking

Chairman

Managing Director

Executives Directors
Chiefs

Zonal Managers

Regional Managers

Divisional Managers

100 Seniors Divisional Managers

Marketing Managers

Sales Managers

Senior Branch Managers (Head of the Branch)

Assistant Branch Managers Sells

Development Officers

Different Agent

BRILLIANT INSURANCE BROKING RELATION DEPARTMENT

The Brilliant Insurance Broking Relation Department in BRILLIANT INSURANCE

BROKING is divided into three major

categories. Namely:

1. Communication Department

2. Crisis Management Department

3. Insurance Broking Department

CHIEF PUBBRILLIANT INSURANCE BROKING RELATION OFFICER

The Chief Brilliant Insurance Broking Relation Officer of BRILLIANT INSURANCE

BROKING is Mr. M. V. Kulkarni. He heads the PR department. The above three

committees are under the PRO. The PRO is responsible for the overall functioning of the

PR department. He has to monitor the smooth functioning of the three departments.

RESPONSIBILITIES OF CHIEF PUBBRILLIANT INSURANCE BROKING

RELATION OFFICER:-

1. PR represents whole organization.

2. Should know how to behave in a certain situation.

3. He is not a person, he is representative.

4. Should know how to create enthusiasm.

5. In crisis he has to give feedback as soon as possible.

OBJECTIVES AND FUNCTIONS OF CHIEF PUBBRILLIANT INSURANCE

BROKING RELATION OFFICER:-

 The PRO is directly answerable to the Chairman Shri. T.S. Vijayan.

 The PRO looks after all the activities of the three departments all over India.

 Also he has to keep in close touch with the over-seas PR departments of

BRILLIANT INSURANCE BROKING.

 All the Brilliant Insurance Brookings‘s implemented in India are informed to other

PROs of the over-seas branches of BRILLIANT INSURANCE BROKING.

 The PRO monitors the norms and values of all the branches.

 The new rules and regulations in India are informed to the PROs of the over-seas

branches.

 The PRO also holds regular workshops for the top management employees to

motivate them to lift the spirit of the work culture.

 The PRO also has to provide information about latest Brilliant Insurance Broking to

the communication department and ask them to Brilliant Insurance Broking or air it

through various mediums.

 Since a major share of workload of BRILLIANT INSURANCE BROKING is in the

Brilliant Insurance Broking sector, the PRO has to look after social responsibility as

well as maintaining the image of the company.

COMMUNICATION DEPARTMENT

The PRO of this Department is an external PR.

He looks after:-

 Arranging press conferences, press releases and is in constant contact with the

media.

 He is also responsible for monitoring the overseas communications.

 The Communication Department PRO has to make arrangements for the guests and

their overall honors. The conversations with the guests are directly done by the

Communication Department PRO.

 The PRO from this department should always keep a close eye on the latest

happenings in the market. Any social issue at any area is a news to be worked out

for him.

 He reports directly to the Chief PRO of the company.

 The Press conference usually includes the CEO of the company, the Chief PRO and

the Communication Dept. PRO.

 If the case is of crisis, then only is the Crisis management Dept PRO present for the

Press conference.

 Since BRILLIANT INSURANCE BROKING is closely related with the Brilliant

Insurance Broking Sector, the Communication

 Dept. PRO has to also be in a close contact with the government officials.

 He also has to motivate the employees in his department for constant progress in the

strategies for communication.

In short, the communication Department PRO ensures that there is no

communication gap between the company and the external concerned

bodies.

CRISIS MANAGEMENT DEPARTMENT

The PRO in this department is an internal one. From the overall history of

BRILLIANT INSURANCE BROKING, it is seen that the company has never been into any

major crisis. This itself is one of the best achievements.

He is answerable to the Chief Brilliant Insurance Broking Relation Officer.

The PRO from crisis management, though is here to handle crisis, he has been

assigned many other internal responsibilities.

xecutives and sales and

marketing employees.

White Collar.

these issues are solved before they create crisis.

The strategy used by the PR here for crisis management is:-

―Wash the utensil before having food in it.‖

Thus all the employees right from the day of joining are kept in close

contact with the Crisis Management Dept. And regular workshops help to restrict

cases like Corruption. With a company so closely associated with the

government, restricting such practices is very difficult task.

INSURANCE BROKING DEPARTMENT

The PRO of the Insurance Broking Department is an External PR.

This department was formed due to the fall of sales in the 1999. This fall was due

to the emergence of the foreign insurance companies and their advertising

strategies. Initially, the ads shown by BRILLIANT INSURANCE BROKING always said

―no worry even after death‖. All the ads portrayed death. The other insurance companies

came up with the idea that insurance is for happy life. Thus the sales of BRILLIANT

INSURANCE BROKING went down as

people liked the idea of Life more than Death.

Hence a separate Brilliant Insurance Broking department was formed which worked only

for Brilliant Insurance Broking strategies. Initially it was looked up by the Communication

Department. To satisfy the consumers in Brilliant Insurance Broking they make effective

consumer relations
S.W.O.T. ANALYSIS OF BRILLIANT INSURANCE BROKING

A proper S.W.O.T. analysis of BRILLIANT INSURANCE BROKING has also been

conducted to know better about the position, growth, and upcoming future and

prospective of the company.

STRENGTHS

 BRILLIANT INSURANCE BROKING is on 1st rank among the Insurance player.

 Long-term plans of BRILLIANT INSURANCE BROKING are the main strength.

 After sales services.

 Products cost are very low.

 Customer does not believe on private company.

WEEKNESS

 Low interest rate

OPPORTUNITIES

 Good brand promotion.

 1/2nd- % insurance has been covered.

THREATS

 Competitors.

 Entry of Private Insurance banks..

 Chapter 4

Subject matter

Introduction of topic

Research methodology
 LITERATURE REVIEW

Customer Relationship Management refers to how satisfied customers are with the

products or services they receive from a particular agency. The level of satisfaction is

determined not only by the quality and type of customer experience but also by the

customer‘s expectations.

A customer may be defined as someone who:

• has a direct relationship with, or is directly affected by your agency and receives or relies

on one or more of your agency‘s services or products. Customers in human services are

commonly referred to as service users, consumers or clients.

• An organization with a strong customer service culture places the customer at the center

of service design, planning and service delivery. Customer centric organizations will:

• determine the customers‘ expectations when they plan

• listen to the customer as they design

• focus on the delivery of customer service activities

• Value customer feedback when they measure performance.

Why is it important?

There are a number of reasons why customer satisfaction is important in

Insurance Sector:

• Meeting the needs of the customer is the underlying rationale for the
Existence of community service organizations. Customers have a right toquality services

that deliver outcomes.

• Organizations that strive beyond minimum standards and exceed the expectations of their

customers are likely to be leaders in their sector.

• Customers are recognized as key partners in shaping service development and assessing

quality of service delivery.

The process for measuring CRM and obtaining feedback on organizational performance are

valuable tools for quality and continuous service improvement. Customer satisfaction,

a sine buss term, is a measure of how products and services supplied by a company meet or

surpass customer expectation. It is seen as a key performance indicator within business and

is part of the four of a Balanced Scorecard.

In a competitive marketplace where businesses compete for CRM is seen as a key

differentiator and increasingly has become a key element of business strategy.

There is a substantial body of empirical literature that establishes the benefits of customer

satisfaction for firms.

Organizations need to retain existing customers while targeting non-customers;[2].

Measuring customer satisfaction provides an indication of how successful the organization

is at providing products and/or services to the marketplace.

CRM is an abstract concept and the actual manifestation of the state of satisfaction will vary

from person to person and product/service to product/service. The state of satisfaction

depends on a number of both psychological and physical variables which correlate with

satisfaction behaviors such as return and recommend rate. The level of satisfaction can also
vary depending on other factors the customer, such as other products against which the

customer can compare the organization's products. It's a well known fact that no business

can exist without customers. In the business of Website design, it's important to work

closely with your customers to make sure the site or system you create for them is as close

to their requirements as you can manage. Because it's critical that you form a close working

relationship with your client, customer service is of vital importance. What follows are a

selection of tips that will make your clients feel valued, wanted and loved.

1. Encourage Face-to-Face Dealings

This is the most daunting and downright scary part of interacting with a customer. If you're

not used to this sort of thing it can be a pretty nerve-wracking experience. Rest assured,

though, it does get easier over time. It's important to meet your customers face to face at

least once or even twice during the course of a project.

My experience has shown that a client finds it easier to relate to and work with someone

they've actually met in person, rather than a voice on the phone or someone typing into an

email or messenger program. When you do meet them, be calm, confident and above all,

take time to ask them what they need. I believe that if a potential client spends over half the

meeting doing the talking, you're well on your way to a sale.

2. Respond to Messages Promptly & Keep Your Clients Informed

This goes without saying really. We all know how annoying it is to wait days for a response

to an email or phone call. It might not always be practical to deal with all customers' queries

within the space of a few hours, but at least email or call them back and let them know

you've received their message and you'll contact them about it as soon as possible. Even if

you're not able to solve a problem right away, let the customer know you're working on it.
A good example of this is my Web host. They've had some trouble with server hardware

which has caused a fair bit of downtime lately. At every step along the way I was emailed

and told exactly what was going on, why things were going wrong, and how long it would

be before they were working again. They also apologised repeatedly, which was nice. Now

if they server had just gone down with no explanation I think I'd have been pretty annoyed

and may have moved my business elsewhere. But because they took time to keep me

informed, it didn't seem so bad, and I at least knew they were doing something about the

problems. That to me is a prime example of customer service.

 OBJECTIVE OF STUDY
The study seeks to analyze CRM techniques in Brilliant Insurance

Broking of India and how they can contribute to meeting customer

expectations.

The specific objectives of the study are as follows:

1. To identify of India Dealers that practice CRM.

2. To identify the challenges facing Brilliant Insurance Broking of India

in their implementation of CRM practices.

3. To find out the relationship between CRM practices and Customer

loyalty.

4. Benefits of a Good CRM practices in Brilliant Insurance Broking of

India.
 RESEARCH METHODOLOGY

RESEARCH

The study of research method provides you with the knowledge

and skills you need to solve the problem and meet the challenges of

the fast- based decision. Marketing environment we define Business

Research as a systematic inquiry whose objective is to provide

information to solve managerial problem.

It seeks to find explanation to unexplored phenomena to clarify the

doubtful facts and to correct the misconceived facts.

TYPES OF RESEARCH

DESCRIPTIVE RESEARCH

Descriptive study is a fact- finding investigation with adequate

interpretation. It is the simplest type of research. It is more specific than

an explanatory study, as it has focus on particular aspect of the problem

studied. It is designed to get her descriptive information and provide

information for formulating more sophisticated studies. Data are collected

by using one or more appropriate method, observation, interviewing and

mail questionnaire.
TYPE OF DATA USED

There are basically two types of Data

 Primary Data

 Secondary Data

PRIMARY DATA

Primary Data is first-hand information that the researcher collects. It helps

in collecting useful and most accurate information that is needed for their

searcher to do his research.

SOURCES OF PRIMARYDATA

 Questionnaire

 Interview Schedule

SECONDARY DATA

Secondary data is what the researcher collects from different sources.

It also help researcher to get elaborate information to do his research.

SOURCES OF SECONDARYDATA

 Internet
 Journals
TARGET GROUP/ POPULATION

As this research is based on Customer perception my

Target group is newsreaders.

AREA OF STUDY

GORAKHPUR CITY

TOOLS FOR DATACOLLECTION

The Various method of Data gathering involves the use of

appropriate recording forms. These are called tools or instrument

of data collection.

SAMPLE SIZE

50 (Fifty)
 DATA ANALYSIS AND INTERPRETATION

Q.1. Knowledge and practices of Customer Relationship

Management ?

Option Percentage

Yes 72

No 12

No Answer 16

100
90
80 72
70
Percentage

60
50
40
30 16
12
20
10
0

Yes No NoAnswer

Interpretation :

Accordingtoabovetable72%respondentshaveknowledgeabout

CRM, 12% respondents don’t have knowledge about CRM and

16% respondents answer about knowledge ofCRM.

Q.2. Which type of CRM tools are implemented in your company?

Option Percentage

Database Marketing 76

Marketing Information 10
System

Internet Marketing 14

100

90

80 76

70
Percentage

60

50

40

30
14
20 10
10
0 Database Marketing Marketing Information Internet Marketing
System

Interpretation :

According to above table 76% respondents said that Database

marketing tools are implemented in their company, 10%

respondents said marketing information system and 14%

respondents said internet marketing.

Q.3. Do Top Management in your company interfere in

CRM?

Option Percentage

Yes 61

No 15

Sometimes 24

100
90
80
70 61
Percentage

60
50
40
24
30 15
20
10
0
Yes No Sometimes

Interpretation :

According to above table 61% respondents said that top

level management interfere in CRM and 15% said no and 24%

respondents said that sometimes top level management interfere

in CRM.
Q.4. Is there less personnel in your company?

Option Percentage

Non Availability of personnel 11

Lack of Qualified Personnel 17

Lack of Experience 25

Lack of Management 47
Commitment

100

90

80

70

60
percentage

47
50

40
25
30
17
20 11

10

0
Non Availability of Lack ofQualified LackofExperience Lack of
personnel Personnel Management
Commitment

Interpretation :

According to above table 11% respondents said that there is non

availability of personnel, 17% respondents said lack of qualified
personnel, 25% respondents said lack of experience and 47%
respondents said that there is lack of management commitment
in their company.
Q.5. Do you company take help of digital means in

CRM?

Option Percentage

Yes 72

No 18

Sometimes 10

100
90
80 72
70
Percentage

60
50
40
30 18
10
20
10
0
Yes No Sometimes

Interpretation :

According to survey 72% respondents said company take help of

digital means in CRM, 18% respondents said no and

10%respondents said that sometimes company take help of

digital mean in CRM.

Q.6. What is medium of communication?

Option Percentage

Email 32

Letter Writing 15

Telephone Calls 12

Social Media 41

100

90
80
70
percentage

60

50 41
32
40
30 15
12
20
10
0
Email Letter Writing Telephone Calls Social Media

Interpretation :

According to above table, 32% respondents said that medium of

communication was email, 15% respondents said letter writing,

12% respondents said telephone calls and 41% respondents said

social media.
Q.7. How your company representatives relate to

customers after the first and subsequent visits?

Option Percentage

Give information’s about 46

products

Arrange product display 25

Give more information about 29

products

100

90

80

70
Percentage

60

50 46

40
29
25
30

20

10

0 Give information about Arrange product display Give more information

products
about products

Interpretation :

According to above table 46% managers giver information’s about

products, 25% respondents said arrange product display and

29% respondents said give more information’s about their

products.
Q.8. Does CRM lead to customer loyalty?

Option Percentage

Yes 82

No 18

100

90
82
80

70
Percetange

60

50

40

30
18
20

10

0
Yes No

Interpretation :

According to above table 82% respondents said CRM lead to

customer loyalty and 18% respondents said no CRM don’t lead to

customer loyalty.
Q.9. Do you find Company’s Research on the markets is

useful and beneficial to increase the market share of

company?

Option Percentage

Yes 52

No 22

No Answer 26

100
90
80
70
Percentage

60 52

50
40 26
22
30
20
10
0
Yes No NoAnswer

Interpretation :

According to survey 52% respondents said that company

research on the market is useful and beneficial to increase

market share of company, 22% respondents said no and 26%

respondents gave no answer.

Q.10. Would you like to improve you CRM system?

Option Percentage

Yes 12

No 72

No Answer 16

100
90
80 72
70
Percentage

60
50
40
30
20 16
12
10
0

Yes No NoAnswer

Interpretation :

Accordingtoabovetable12%respondentssaidthattheywilllike to

improve their CRM system, 72%respondent ssaidnoand16%

respondents gave no answer.

 FINDING
 72% respondents have knowledge about CRM, 12%

respondents don‘t have knowledge about CRM and 16%

respondents answer about knowledge of CRM.

 76% respondents said that Database marketing tools are

implemented in their company, 10% respondents said marketing

information system and 14% respondents said internet

marketing.

 61% respondents said that top level management interfere in

CRM and 15% said no and 24% respondents said that sometimes

top level management interfere in CRM.

 11% respondents said that there is non-availability of personnel,

17% respondents said lack of qualified personnel, 25%
respondents said lack of experience and 47% respondents said
that there is lack of management commitment in their company.
 72% respondents said company take help of digital means in

CRM, 18% respondents said no and 10% respondents said that

sometimes company take help of digital mean in CRM.

 32% respondents said that medium of communication was

email,15%respondentssaidletterwriting,12%
 respondents said telephone calls and 41% respondents said

social media.

 46% managers giver information about products, 25% respondents

said arrange product display and 29% respondents said give more

information about their products.

 82% respondents said CRM lead to customer loyalty and 18%

respondents said no CRM don‘t lead to customer loyalty.

 52% respondents said that company research on the market is

useful and beneficial to increase market share of company, 22%

respondents said no and 26% respondents gave no answer.

 12% respondents said that they will like to improve their CRM

system, 72% respondents said no and 16% respondents gave no

answer.
 CONCLUSION

After Finding‘s we can see about BRILLIANT INSURANCE BROKING features and his

The tendency to take the expedient approach and focus on the far right of the BRILLIANT

INSURANCE BROKING spectrum, Peacetime Contingency Operations and conduct

training as usual, while briefing that the BRILLIANT INSURANCE BROKING block has

been checked, will lead us to a possibly fatal false sense of security.

Instinctive behavior and ingrained training must be adjusted to fit new

circumstances. STXs must be developed locally or borrowed from units who

have already been through the training.

The probability of becoming involved in a BRILLIANT INSURANCE BROKING

operation is high. The potential to attract international attention, even with limited forces, is

also great. Units have demonstrated that with a balanced training focus and proper

preparation, many pitfalls outlined above can be avoided. BRILLIANT INSURANCE

BROKING is not conventional warfare. This is critical for the counterinsurgent to

understand. The insurgent‘s violent and coercive strategy is applied so as to achieve

political, civil, military and psychological results. Hence, the counterinsurgent must counter

all of these strategic elements individually. In addition, the target of the insurgent‘s violence

and coercion is the population.

This is because the population is the centre of gravity in BRILLIANT INSURANCE

BROKING. Therefore the counterinsurgent must also focus on the population to be

successful. In terms of military principles in counterinsurgency, doctrinal precision,

professionalism, independence, initiative, force precision, restraint, combined arms,

precision engagement, joint force, effective population based intelligence, integrated

communications, a civil affairs approach and high levels of training are critical. So all

Brilliant Insurance Broking and plan totally satisfied the customers.

This study was concluded on the premise that for insurance companies in India to remain

competitive and attract more business as well increase its acceptance by their current

customers and potential one's they must understand the following: A) That quality is

defined by customer and not by the producer or seller and B) That customer assesses

service quality by comparing their expectation to their perceptions of how the service will

perform. And that since insurance provides for a futurist need which is the provision of

security on the occurrence of a loss, no policyholder will be satisfied to be told that the

claim cannot be paid.

 RECOMMENDATION & SUGGESTION

RECOMMENDATIONS & SUGGESTION

TO CONVERT ALL NEGATIVE POINT IN POSITIVE TO SIT IN

FIRST LEVEL IN INSURANCE AREAS FOREVER AND IMPROVE

Q.D.C
Focus on Given Question to improve customer satisfaction:

 Your Brilliant Insurance Bond And Its Safety

 Your Brilliant Insurance Number

 Brilliant Insurance Conditions

 Alterations In Brilliant Insurance policy information

 If Your Brilliant Insurance Broking Is Lost what to do

 Your Contact Address – Keep Us Posted Without Fail

 Right Age of Admission

 Nomination

 Assignment

 When To Pay The Premiums

 Grace Period For Premium Payment

 How And Where To Pay The Premiums

 Brilliant Insurance Status – Where Available

 Revival Of Lapsed Brilliant Insurance Ploicy

 Availing Loans On Insurance

 Surrender Value

 Maturity, Survival Benefits, Disability And Death Claims

 Brilliant Insurance Under Salary Savings Scheme

 Helpline
 LIMITATION

The present study has the following limitations:

• The time bound period is the major limitation in research projects.

• Due to the financial and time constraints a cluster analysis of the

population so as to get better results was not feasible.

• Compilation of data on competitor analysis was difficult due to no

availability of correct information.

• The figure shave been taken as approximations

• We are bound to study that segments which is trapped by Brilliant

Insurance Broking of India.

• Data which is used in report is collected by personal interview &

some data provided by Brilliant Insurance Broking of India.

 BIBILIOGRAPHY

• Starkov, Max (2006) e-CRM Strategy in Hospitality,

fromhttp://www.hospitalityebusiness.com/hr/hr102104121407.ht

mlCRM: How to keep your travel customers? From

http://www.hotelmarketing.com

/index.php/content/article/

061101_crm_how_to _keep_your_travel_customers.

• The Loyalty Momentum Effect from

http://www.crm2day.com/ library/ Robin Trehan (2005) e- CRM

and e-Business: How it Can Be Synergized in the Hospitality

Industry fromhttp://www.hotel-

online.com/News/PR2005_3rd/Sep05_eCRM.htmlBerry,

L.L. (1983), ‗Relationship Marketing‘

• Abratt R and Kelly P.M (2002) Customer-Supplier Partnerships:

Perceptions of A Successful Key Account Management

Program, Journal of Industrial Marketing Management, Vol

31,pp467-476.

• Adebanjo D (2003) Classifying And Selecting E-CRM

Applications: An Analysis Based Proposal. Journal Of

ManagementDecision.Vol41.No.6,pp.570-577.

• Al-Husan F. B and Brennan R (2009) Strategic Account

Management In An Emerging Economy, Journal Of

 Business And Industrial Marketing, Vol 24, No. 8, pp 611- 620.

Important websites –

(recummented)

Brilliant Insurance Brokingindia.com

Magazine

–Brilliant Insurance Broking Magazine

News Paper
 QUESTIONNAIRE

Q.1. Knowledge and practices of Customer Relationship Management

1. Yes ( )
2. No ( )
3. No Answer ( )

Q.2.Which type of CRM tools are implemented in your company?

1. Database Marketing ( )

2. Marketing Information System ( )

3. Internet Marketing ( )

Q.3.Do Top Management in your company interferes in CRM?

1. Yes ( )
2. No ( )

3. Sometimes ( )

Q.4. Is there less personnel in your company?

1. Non Availability of personnel ( )

2. Lack of Qualified Personnel ( )

3. Lack of Experience ( )

4. Lack of Management Commitment ( )

Q.5.Do you company take help of digital means in CRM?

1. Yes ( )

2. No ( )

3. Sometimes ( )

Q.6.What is medium of communication?

1. Email ( )
2. Letter Writing ( )
3. Telephone Calls ( )
4. Social Media ( )

Q.7.How your company representatives relate to customers

after the first and subsequent visits?

1. Give information’s about products ( )

2. Arrange product display ( )

3. Give more information about products ( )

Q.8. Does CRM lead to customer loyalty?

1. Yes ( )

2. No ( )
Q.9.Do you find Company’s Research on the markets is useful and

beneficial to increase the market share of company?

1. Yes ( )

2. No ( )

3. No Answer

Q.10.Would you like to improve you CRM system?

1. Yes ( )

2. No ( )

3. No Answer