ICICI Prudential

Customer Relationship Management

Ngahorning Kashung 32126

Arijeet Das Diengdoh 32160
Aparna Bedi 32105
Varun Ramchandran Iyer 32135
History of 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
 ICICI Prudential today

• 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
 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 Operation Analytics

• Applying • Integrating front- • Analyzing data

collaborative office and back- created on the
interfaces office activities operational side
• Facilitate • Automating for the purpose of
interaction horizontal business business
between processes via performance
customers and interconnected management
organization delivery channels • Enable decision
• Facilitate • Totally technology making
interaction dependent and
between very much like
customers and an ERP package
organization
Before : Limited distribution

Channel Service Use of IT

access Points • Limited use
• Advisors • Branch of IT
Network

Now: Multi channel distribution

Multi channel Multiple Service Use of IT

access Points
• Shorter time of
• Advisors • Call centers
• E-mail
both :
• Brokers
• website • claim time and
• Corporates Agents
• Bancassurance
• Branch Network • 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 “And above all,
• Leveraging technology to service building
customers quickly, efficiently and transparency in all
conveniently their dealings”
ULIP(Unit linked insurance plan)

Policy value at any

• Partial withdrawal
time varies
• Lock-in for 3 years only according to the
• Higher returns(no guarantee) value of the
• Flexibility (to choose sum underlying assets at
assured whatever be the the time(net asset
premium) value)
• Option to choose rider
• Free Switches
• Tax benefit
 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
 CRM Roadmap of ICICI
Prudential
• 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
Thank You!!!