ICICI PrudentialCustomer Relationship Management

Ngahorning Kashung 32126Arijeet Das Diengdoh 32160Aparna Bedi 32105Varun Ramchandran Iyer 32135

History of ICICI Prudential

ICICI Bank

Prudential plc (UK)

ICICI Prudential

Began operations in December 2000

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

• 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

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.

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.

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

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

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”

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)

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

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

The CRM Business Cycle

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

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

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

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

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

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

• 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

Thank You!!!