Thesis On Crm In Insurance Sector

Indian contribution has increased to 2.45% in the global insurance market in 2009 from 1.98 % in 2008.

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The generalizability of the proposed scale can be tested by replicating the study in other nations.

The proposed scale will serve as a strategic tool for effective and efficient pre and post CRM implementation outcomes.

There is an tremendous growth seen over the past decade in terms of diversification of different companies in insurance segment e.g.

Tata AIG’s alliance with HSBC, ICICI Prudential alliance with ICICI Bank and ICICI Direct, Birla Sun Life’s with Citibank and IDBI, LIC alliance with Corporation Bank, Kotak Life Insurance has an alliance with Kotak Bank.

Customer centric products and services as well as the expert guidance have become the backbone of the Indian insurance industry.

The insurance service providers are now offering a diverse range of innovative products because of the customized solutions requirements of the problems from the customers at the competitive prices because of which the situation of cut-throat competition is prevailing in the Indian insurance market.In financial services sector insurance services add about 7% to the country’s GDP along with banking services.The development of insurance industry in the country can be measured by two major factors namely insurance density and insurance penetration.The IRDA is the regulatory authority in the insurance sector, trusted with protecting the interests of holders of insurance policies and ensuring, promoting and regulating orderly growth of the insurance industry in India.India has the highest number of life insurance policies in force around the globe (Pasha, 2004).Insurance companies which have established operations in the life segment after post opening up of the sector, sixteen are in collaboration with the foreign partners whereas twenty are in joint venture with foreign partners and the companies (including health insurers) who have commenced operations in the non-life segment.The three standalone health insurance companies have been set up in collaboration with foreign joint venture partners.In this direction this study aims to bridge this gap in the existing literature.There is a worldwide debate over the rapidly growing integration of financial services along with increasing globalization of economics and the gradual liberalization of the financial sector around the globe.A dramatic shift has been seen in the Indian financial markets during the past few years.The interest among the Indian companies towards entering in financial services segment is gaining momentum as some of the Indian manufacturing companies are entering in the financial services segment whereas the existing players of financial services market are diversifying into other sectors depending on the markets.

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