Documents Helpful. Today, the main challenge before the insurance companies is the attraction and retention of customers to its various policies. In the last decade, total premium grew at a cagr of 25 and reached a total of 67 billion in 2010. However, the development of CRM gave proactive banks access to technology that helped them improve customer retention by using customer feedback to offer conveniences like ATMs and online banking. In this age of information and uncertainty, more and more people have started recognising the importance of insurance. The organized retail industry in India had not evolved till the early 1990s. The pressures of competitive and dynamic markets havecontributed to the growth of CRM in the Financial ServicesSector. It will be an analytical research to find out whether Really the Insurance Sector requires CRM initiatives which fulfills the customers expectations or not. Choosing a customer centric strategy can go a long way in achieving this.
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Crm in, banking, sector, essay.
Management, iN, banking, sector, introduction Today, many businesses such as banks, insurance companies.
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With liberalization of Indian economy, functioning of the bank allowed private and foreign banks to increase their operation with international banking standards. Todays market is more more complex so, to survive in the market the companies not only have to satisfy its customers but also delight cip term papers them. Thus, satisfaction of the customer needs is a perquisite for existence and survival of banks. At this point, close relationship with customers will require a strong coordination between IT and marketing departments to provide a long-term retention of selected customers. At present, insurance industry is one of the leading industry in India. CRM Practices in Indian Insurance Sector By Aitbar Ahmed Khan CRM Practices in Indian Insurance Sector In todays dynamic environment, the insurance industry has witnessed many spectacular changes in terms of advancement in technology, strengthening of the existing customer base and acquiring new customers. Sales has taken on more importance in banks with the evolution of CRM.
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