CRM ICICI Prudential
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Transcript of CRM ICICI Prudential
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ICICI PrudentialCustomer Relationship Management
Ngahorning Kashung 32126Arijeet Das Diengdoh 32160Aparna Bedi 32105Varun Ramchandran Iyer 32135
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History of ICICI Prudential
ICICI Bank
Prudential plc (UK)
ICICI Prudential
Began operations in December 2000
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ICICI Prudential today
• Largest Private insurance company
and second largest insurance
company in India after LIC
• Capital stands at Rs. 37.72 billion (as
on March 2008)
• ICICI Bank – 74%
• Prudential plc – 26%
• 1900 branches, 210,000 advisors & 7
‘Bancassurance’ partners
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• 10 million policies issued since
inception
• Customized underwriting system
• Deliver service on the mobile as
part of its self service model
• Entire staff is regularly trained
and equipped with the latest the
latest sales material
ICICI Prudential today
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Why CRM?
“It is seven times more expensive to acquire a new customer than to keep an existing one”
Therefore the value of customer information and management should never be underestimated.
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Why CRM in the insurance sector?
• Identifying potential customers via interactions and profiling and then targeting them
• Sales reference material which is a consolidated information database(products, pricing, competitor information)
• Consistent interface with the customers
The process for measuring customer satisfaction and obtaining feedback on organizational performance are valuable tools for quality and continuous service improvement.
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CRM on various functions of insurance
Marketing
• Applying collaborative interfaces
• Facilitate interaction between customers and organization
• Facilitate interaction between customers and organization
Operation
• Integrating front-office and back-office activities
• Automating horizontal business processes via interconnected delivery channels
• Totally technology dependent and very much like an ERP package
Analytics
• Analyzing data created on the operational side for the purpose of business performance management
• Enable decision making
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Before : Limited distribution
Channel access• Advisors
Service Points• Branch
Network
Use of IT• Limited use
of IT
Now: Multi channel distribution
Multi channel access• Advisors• Brokers• Corporates Agents• Bancassurance
Multiple Service Points• Call centers• E-mail• website• Branch Network
Use of IT• Shorter time of
both :• claim time and• Policy issuance
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The Vision
“To be the dominant Life, Health and Pensions player built on trust by world-class people and service.”
This they hope to achieve by:` • Understanding the needs of
customers and offering them superior products and service• Leveraging technology to service customers quickly, efficiently and conveniently
“And above all, building transparency in all their dealings”
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ULIP(Unit linked insurance plan)
• Partial withdrawal• Lock-in for 3 years only• Higher returns(no
guarantee)• Flexibility (to choose sum
assured whatever be the premium)
• Option to choose rider• Free Switches• Tax benefit
Policy value at any time varies according to the value of the underlying assets at the time(net asset value)
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CRM- The ICICI Prudential Experience
• CRM involves increased communication between the insurance company and its customers and prospects as well as within the group itself
• The underlying idea is to enhance every instance of contact with the customer
• ICICI Prudential believes that a true customer-centric relationship can only be accomplished by considering the unique perspectives of every single customer of the organization
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CRM- The ICICI Prudential Experience
• ICICI prudential chose Taslima CRM
• The objective is to enable the customer to “Serve Himself “ – it is a self service monitor
Why Talisma?• Highly cost effective• Development centre based
in India• Transparent support process
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The CRM Business Cycle
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Understand and Differentiate
• Organizations need to understand their customers in order to have a relationship with them
• Profiling to understand demographics, purchase patterns and channel preference
• Primary research to capture needs and attitude
• Customer valuation to understand profitability, as well as lifetime value or long-term potential
• The customers need to see that the firm is differentiating service and communications, based on their learning independently and on the customer expectation
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Develop and Customize
• In a customer-focused world, product and channel development has to follow the customer’s lead, identify customer’s wants, determine the value and desire of the customer, etc
• Organizations are increasingly developing products and services, and even new channels based on customer needs and service expectations
• ICICI Prudential believes that the extent of customization should be based on the potential value delivered by the customer segment
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Interact and Deliver
To foster relationships, ICICI Prudential is ensuring that:
• All areas of the organization have easy access to relevant, actionable customer information
• All areas are trained how to use customer information to tailor interactions based on both customer needs potential customer value
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Acquire and Retain
• The more ICICI Prudential learns about customers, the easier it is to pinpoint those that are producing the greatest value for the organization
• It aims to continue to learn more about each customer segment and use it for successful customer retention
• As it moves step further in CRM, it hopes to gain insight and understanding that enhance the subsequent efforts
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Health claims management system
• Provided cashless claims decision within 8 to 3 hrs providing anywhere and everywhere access
• Allows real time information for analytics and reduces fraudalent claims
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CRM Roadmap of ICICI Prudential
• Focus on automating and improving the business processes associated with managing customer relationships in the areas of sales, marketing, customer service and support
• Achieve the end goal of one-to-one marketing by tracking complete customer life-cycle history
• Facilitate the coordination of multiple business functions
• Coordinate multiple channels of communication with the customer to carry out customer management more efficiently
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• Cross- and up-selling capability to provide market opportunities within an existing customer database
• Predictive capability to determine customer behaviour
• Information regarding customer retention or
attrition helps determine the likelihood of policy lapses and helps identify customers worth targeting for retention campaigns
• Customer segmentation that leverages data to create accurate categories for use in marketing strategies
CRM Roadmap of ICICI Prudential
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Thank You!!!