ICICI Prudential

Customer Relationship Management

Thangal Luwang
Bhavesh Jha
Teri University
History of ICICI Prudential
ICICI Bank

ICICI
Prudential
Prudential
plc (UK)

Began operations in December 2000

 Why CRM in the insurance sector?

• Identifying potential customers via interactions and profiling

and then targeting them
• As competition intensifies, insurers are trying every trick in the
book to retain existing customers, with a wide range of services
driving the market for CRM applications in the process
• Consistent interface with the customers
• It is more expensive to acquire a new customer than to keep an
existing one

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
• Totally technology making
dependent and • Employee
very much like performance
an ERP package management
Use of IT Multiple Service Multi channel
Points access
• Shorter time of both • Call centers • Advisors
: • E-mail • Brokers
• claim time and • website • Corporates Agents
• Policy issuance • Branch Network • Bancassurance
Now: Multi channel distribution
Use of IT Service Points Channel
• Limited use of IT • Branch Network access
• Advisors
Before : Limited distribution
 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”
 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
 Performance Management System
Stepping Stones SM
FSC FSC
Advantage

1 6 Months
Month 6 Months
FSM FSM Review
12 Months

Champion FSC
Stabilization • Bronze- no salary hike
period •Silver- hike by 30000 p.a
-HR Induction • Gold- Hike by 60000 p.a
- Insight

•Brings in transparency
• Employee awareness of their performance and target
• As target are clear employees are motivated to perform

*note – Stepping stone on the web page is in a excel like format(Goal sheet) , all the target
for the different levels are mentioned
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 Health claims management system

• The more ICICI Prudential learns • Provided cashless claims decision within 8
about customers, the easier it is to to 3 hrs providing anywhere and
pinpoint those that are producing
the greatest value for the everywhere access
organization
• Allows real time information for analytics
• It aims to continue to learn more and reduces fraudulent claims
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
 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

• 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
Thank You!!!