RIJM Volume 3, Issue 10 (October 2014) ISSN: 2250 – 3986

A Journal of Radix International Educational and

Research Consortium

RIJM

RADIX INTERNATIONAL JOURNAL OF

RESERCH IN MARKETING

A STUDY OF CUSTOMER RELATIONSHIP MANAGEMENT IN LIFE INSURANCE CORPORATION AND

BAJAJ ALLIANZ PRIVATE LIMITED

PARUL BAJAJ
Research Scholar
Department of Commerce
A.M.U., Aligarh

ABSTRACT

Customer Relationship Management (CRM) is a term for methodologies, technologies and e-commerce
capabilities used by companies to manage customer relationships (Panda, 2003). Customer Relationship
Management is a business strategy that enables organizations to get closer with customers to better serve
their needs to improve customer service, enhance customer satisfaction and thereby maximize customer
loyalty and retention (What is CRM? n.d.). In This paper, two companies are taken under study i.e. LIC (Life
Insurance Corporation of India) and Bajaj Allianz Life Insurance. In this paper respondents are selected
through convenience sampling; while the survey Instrument was a developed Questionnaire comprising
questions based on Likert scale. The Likert scale has a 5 point scale (indicating 1 = strongly disagree, 2 =
Disagree, 3 = Neutral, 4 = Agree and 5 = strongly agree) divided into two (2) sections: personal details and
customers’ opinion towards Customer Relationship Management on the dimension of Reliability,
Responsiveness, Assurance and Empathy. The instrument contained 21 items and was administered to
about 250 respondents, while 190 completed and returned the Questionnaires. The statistical techniques
used for the analysis were Independent sample Test. The Independent sample test revealed that the
customer satisfaction of CRM practices implemented by LIC and Bajaj Allianz Life Insurance have significant
influence on their customers at 95%. In this study the main focus is on CRM dimension which are prevailing
in both of the companies that are Reliability, Responsiveness, Assurance and Empathy. Results of
independent sample t-test show that Reliability, Responsiveness, Assurance and Empathy were the
important variable in customer satisfaction in both of the companies.

Keywords: Customer Relationship Management, CRM, Reliability, Responsiveness, Assurance, Empathy,

LIC, Bajaj Allianz.

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1. INTRODUCTION

The business environment is dynamic in nature and that’s why it continuously changes and this changes
and this changes offers both the opportunities and threats to the organization. It enforced the organization
to think about their weakness as well as their strengths in accordingly to the changes of the environment.
First of all the lifestyle of people are changing and consequently the patterns of consumption. Nowadays
more women are working, the number of elderly people is in increasing and often nuclear families are
broken up, which implies more single homes. Gronroos (1993) says that the change in society has also led
to that the needs of the customers are increasingly sophisticated (as cited in Persson, 2004). Customer
relationship management (CRM) has become the number one focus when today’s competitive markets
were getting more saturated and competitive. Now a days the marketing model is changing from the
product –centered stage to the customer- centered stage. The Customers are demanding a different
relationship with suppliers than the traditional sales model. The new database technologies enable people
to get the knowledge about who the customers are what they bought and when they bought, even
predictions based on the historical behavior (Xu, Yen, Lin & Chou, 2002). Customer Relationship
Management is a business strategy that enables organizations to get closer with customers to better serve
their needs to improve customer service, enhance customer satisfaction and thereby maximize customer
loyalty and retention (What is CRM? n.d.). This strategy is designed to reduce costs and increase
profitability by strengthening customer loyalty. The success of a CRM implementation based on the
shoulders of a workforce that wants to share information about customers (Kumar, 2007).

2. STATEMENT OF THE PROBLEM

The present study is concerned with service quality aspects regarding CRM practices in insurance sector in
India. The CRM practices of insurance companies and problems faced by them in implementing the
customer relationship management strategies and measures needed to solve these problems, come under
the purview of this study. The main focus is on the service quality of performance of insurance sector,
regarding customer relationship management in the area of Reliability, Responsiveness, Assurance and
Empathy.

3. REVIEW OF LITERATURE

Kumar, Anjana & Kavita (2006) in their study have made an attempt to introduce e-CRM, a marketing
concept. For the purpose a complete list of electronic technological instruments is presented. The paper
suggested that these techniques help the banks in retaining the existing customers as well as attracting
new customers and provide them best services for their satisfaction. The paper elaborate briefly the
techniques of e- CRM that is ATMs, phone banking , e- banking ,mobile banking , TBM, EFT, SWIFT etc. it is
found that e- CRM is a new revolution of Customer Relationship Management .

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Mishra, Deb, Guin & Sinha (2007) in their Study has emphasized upon the customer relationship
management in the context of food market. The authors have described variables affecting CRM like Eco-
labeling, consumer backlash. This study provides an explanation upon its model methodology, data
collection and data analysis and has concluded that the customer relationship management can make food
marketing successful as it is important for the marketers to first of all to know their target customers and
their requirement then they should learn about the values of the people.

Chandirkala (2009) in his article measures the importance of CRM in the new market driven by
globalization as well as the framework of CRM, Designed as operational, analytical, and collaborative. The
author has tried to identify about CRM as a comprehensive strategy and process of acquiring, retaining and
partnering with selective customers to create superior value for the bank and the customers. Thus only
CRM will play an important role in improving the banker customer relationship, thereby the improving
profitability of the banks. It is concluded that customer satisfaction is the customer’s perception on how
the service provider fully, efficiently and promptly meets the expectations of customer’s.

Balakrishnan & Gayathri (2010) in his paper have found that the objectives of the banks have changed
from the product centric approach to the customer centric approach. The customer relationship
management program provides the better understanding of the customer to develop close relationship
with the customer for achieving the life time value. CRM is a process that provides a mechanism to know
about customer needs and expectations as well as predict the change and project customer profitability.

Keramati, Shirkouhi, Moshki & Berneti (2010) in their article entitled state that nowadays, customer
relationship management (CRM) indicates the organizations capability to customers’ expectations in order
to have a long term and mutually profitable relationship with customers all routine activities of
organizations should be based on perception of needs and values in customer’s view.

Chopra & Mishra (2010) examine the hypothesis regarding difference between customer group and sales
executives’ opinion through a questionnaire based on the “SERVQUAL” model in this research paper. The
author has surveyed of academicians, company executives, management students and other of customers
of durable product with high customer involvement and found that over two third majority felt that
customer relationship management contribution of marketing success was above 80%.

4. SCOPE OF THE STUDY

In the opinion of researcher, this research project will certainly throw light upon various aspects, where
the top level management in insurance companies both in public and private sector needs to work out. The
service quality dimensions chosen for the study cover almost all aspects of CRM in any organization. In this
investigation the researcher has focused on the review of the service quality aspect of insurance
companies, to evaluate the performance and resource potential of LIC and Bajaj Allianz private ltd.

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5. OBJECTIVES OF THE STUDY

By identifying the research gap, need and significance and scope of the present study, the following
objectives have been pursued to analyze the service quality of insurance sector regarding customer
relationship management:

1. To study the concept of customer Relationship Management in India.

2. To know the policyholder perception with CRM in LIC and Bajaj Allianz Life Insurance.
3. To find out satisfactory level of policyholders with CRM in LIC and Bajaj Allianz Life Insurance.
4. To suggest some concrete remedial measures to overcome the problems of Insurance companies and
how to enhance service quality through CRM.

6. METHODOLOGIES

This section describes the methodologies which include collection of data, construction of questionnaire,
T-test, field work and frame work of analysis.

6.1 Collection of Data

The study is based on both the primary and secondary data. The primary data were collected from
respondents directly with the help of structured questionnaire. Secondary data were collected from books,
journals and websites.

6.2 Construction of Questionnaire

The information is obtained through field survey using a self administered questionnaire containing the
question on the various dimensions regarding CRM according to researcher that is prepared with the help
of SERVQUAL model by Parasuraman, 1988. There are some modifications in the questions under the
particular dimension of the scale to get close result in case of CRM practices in the insurance companies.
The variables to be included are identified by the researcher in the pilot study. The variable identified is
converted into appropriate question and they are included in the questionnaire. It is circulated among few
academicians and research scholars in the light of recommendation from them the questionnaire was
modified.

6.3 Sampling Design

Simple convenience sampling technique was adopted in the four cities of Uttar Pradesh that are Aligarh,
Agra, Buland Shahar and Delhi for the survey, to collect information about customer perception towards
the CRM practices used by the insurance companies. A total of 250 structured questionnaires were
distributed among the respondents, of these 190 completed and returned the questionnaires.

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6.4 Framework of Analysis

A table was prepared for entering responses for each respondent for analysis in order to determine the
customers’ perception towards CRM in insurance sector. Likert scaling technique was used. The numerical
weight given to the responses in such manner like (5= Strongly Agree, 4 =Agree, 3=Neutral, 2=Disagree and
1 =Strongly Disagree). The data were analyzed by using SPSS 16.0 software.

6.5 Tools for Analysis

Data were analyzed with the help of table and percentage. For testing of hypotheses of the study
independent t-test has been used.

7. HYPOTHESIS

The Following Hypotheses Were Formulated.

Hypothesis 1
H01: There is no significant difference in the perception of customers on the service quality dimension of
Reliability between LIC and Bajaj Allianz private ltd.
Ha1: There is significant difference in the perception of customers on the service quality dimension of
Reliability between LIC and Bajaj Allianz private ltd.

Hypothesis 2
H02: There is no significant difference in the perception of customers on the service quality dimension of
Responsiveness between LIC and Bajaj Allianz private ltd.
Ha2: There is significant difference in the perception of customers on the service quality dimension of
Responsiveness between LIC and Bajaj Allianz private ltd.

Hypothesis 3

H03: There is no significant difference in the perception of customers on the service quality dimension of
Assurance between LIC and Bajaj Allianz private ltd.
Ha3: There is significant difference in the perception of customers on the service quality dimension of
Assurance between LIC and Bajaj Allianz private ltd.

Hypothesis 4
H04: There is no significant difference in the perception of customers on the service quality dimension of
Empathy between LIC and Bajaj Allianz private ltd.
Ha4: There is significant difference in the perception of customers on the service quality dimension of
Empathy between LIC and Bajaj Allianz private ltd.

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8. DATA ANALYSIS AND INTERPRETATION

8.1 Status of the survey according to status of the Company

TABLE 1: RESPONDENTS ACCORDING TO STATUS OF THE COMPANY

Company Respondents Percent

LIC 79 41.6

Bajaj Allianz 111 58.4

Total 190 100.0

8.2 Profiles of the Respondents

Gender- 48 (25.26%) of the male respondents were LIC customers while 51(26.84%) male respondents
were the customers of Bajaj Allianz. on the other hand 31(16.32%) female customers were from LIC and 60
(31.58%) customers were from Bajaj Allianz.

Age- 15(7.89%) respondents were in the age group between 20-25 years, 33(17.36%) respondents were in
the age group between 26-31 years, 35 (18.42%) respondents were in the age group of between 32 -37
years,32 (16.84%) respondents were in the age group of between 38-43 years, maximum 51(26.84%)
respondents were in the age group between 44-49 Years, 24(12.65%) respondents were in the age group
of above 50 years.

Educational Qualification- 34(17.9%) Respondents Have Education Up To Intermediate. 60 (31.58%)

Respondents Completed Graduation, So As 60(31.58%) Respondents Have Completed Post Graduation,
36(18.95%) Respondents Were Having Doctoral Degree.

Income- Maximum 53(27.89%) respondents were from annual income group of Rs. 100000 to 300000,
52(27.89%) respondents were from income group of Rs. 300000 to 600000, 46(24.21%) respondents were
from income group of Rs.600000 to 1000000 and 39(20.53%) respondents were from income group of
above Rs.1000000.

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TABLE 2: DEMOGRAPHICAL PROFILES OF THE RESPONDENTS

Company LIC Bajaj Allianz Total

No. % No. % No. %
Gender Male 48 25.26 51 26.84 99 52.1
Female 31 16.32 60 31.58 91 47.9
Total 79 41.58 111 58.42 190 100
Age 20-25 Years 5 2.63 10 5.26 15 7.89
26-31 Years 14 7.36 19 10 33 17.36
32-37 Years 17 8.95 18 9.47 35 18.42
38-43 Years 10 5.26 22 11.58 32 16.84
44-49 Years 19 10 32 16.84 51 26.84
50 & above 14 7.36 10 5.26 24 12.65
Total 79 41.58 111 58.42 190 100
Education Intermediate 14 7.36 20 10.53 34 17.9
Bachelor’s Degree 25 13.16 35 18.42 60 31.58
Master’s Degree 23 12.11 37 19.47 60 31.58
Doctorate Degree 17 8.95 19 10 36 18.95
Total 79 41.58 111 58.42 190 100
Income Rs. 100000 to 300000 21 11.05 32 16.84 53 27.89
Rs. 300000 to 600000 29 15.26 23 12.11 52 27.37
Rs.600000 to 1000000 21 11.05 25 13.16 46 24.21
Above Rs.1000000 8 4.22 31 16.31 39 20.53
Total 79 41.58 111 58.42 190 100

8.3 Descriptive Statistics

In the table no. 3, descriptive statistics is shown which clearly indicates the mean value, standard deviation
and standard error mean obtained by LIC (Life Insurance Corporation of India) and Bajaj Allianz Life
insurance ltd. India. This has been found that Bajaj Allianz has the highest mean value of 3.603 and lowest
standard deviation value of with 0.5567 that indicates the positive perception of customers towards Bajaj
Allianz on the dimension of CRM practices.

TABLE 3: DIMENSION-WISE DESCRIPTIVE STATISTICS

Descriptive Statistics

Dimensions Company N Mean Std. Deviation Std. Error Mean

Reliability LIC 79 2.610 .8448 .0950511

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Bajaj Allianz 111 3.603 .5669 .0538133

Total 190

Responsiveness LIC 79 2.172 .8525 .0959237

Bajaj Allianz 111 3.394 .6856 .0650815

Total 190

Assurance LIC 79 2.941 .6580 .0740318

Bajaj Allianz 111 3.335 .6025 .0571884

Total 190

Empathy LIC 79 3.023 .6386 .0718587

Bajaj Allianz 111 3.424 .5567 .0528442

Total 190

8.4 Hypothesis Testing

Independent sample test were performed to identify that if there is any significant difference among the
satisfaction levels of customers regarding Reliability, Responsiveness, Assurance and Empathy. The result
of independent sample test shows that there is a significance difference on the satisfaction levels of
customers in LIC and Bajaj Allianz on the dimension of Reliability, Responsiveness, Assurance and Empathy.
Table no. 4 indicates the t value is -9.699 and sig. value is 0.000 which is less than 0.05 at 95 % confidence
internal, which indicates that there exists difference in the perception of customers of LIC and Bajaj Allianz
towards dimension of Reliability regarding CRM. Like Reliability, sig. value of Responsiveness, Assurance
and Empathy is 0.000 which is less than 0.05 at 95 % confidence internal.

TABLE 4: INDEPENDENT SAMPLE TEST

Dimensions Levene's Test t-test for Equality of Means Result

for Equality of
Variances
F Sig. t df Sig. (2-
tailed)
Reliability Equal 21.418 .000 -9.699 188 .000 Reject Null
variances
assumed
Equal -9.096 126.780 .000
variances

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not
assumed
Responsiveness Equal 1.469 .227 -10.936 188 .000 Reject Null
variances
assumed
Equal -10.546 144.610 .000
variances
not
assumed
Assurance Equal .550 .459 -4.268 188 .000 Reject Null
variances
assumed
Equal -4.205 158.775 .000
variances
not
assumed
Empathy Equal .698 .405 -4.609 188 .000 Reject Null
variances
assumed
Equal -4.504 153.370 .000
variances
not
assumed

9. FINDINGS

Today insurance has become a part of our life. This research paper was undertaken to find out whether the
policyholders were satisfied with LIC and Bajaj Allianz as well as to analyze a comparative study between
both of the companies. As a result of the hypothesis testing, the following findings were analyzed that-

1. In gender wise classification 99 (52.1%) respondents were female.

2. Regarding age maximum 51(26.84%) respondents are from 44-49 Years age group.
3. As per qualification 60 (31.58%) respondents are having bachelor’s degree and so master’s degree.
4. 53 (27.89%) respondents are earning Rs. 1, 00,000 to Rs. 3, 00,000 per annum.
5. The customers of Bajaj Allianz life Insurance have positive attitude towards the Reliability of CRM
dimension in comparison to Life Insurance Corporation of India (LIC).
6. It is found that the customers of Bajaj Allianz life Insurance have more satisfaction towards the
‘Responsiveness’ attribute of their Insurance company’s employees in comparison to the customers of
LIC.

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7. The customers of Bajaj Allianz life Insurance have more satisfaction towards the behavior and courtesy
of employees, politeness and trustworthiness of the employees, knowledge of the employees and their
ability to inspire trust and confidence in comparison to Life Insurance Corporation of India (LIC).
8. The customers of Bajaj Allianz life Insurance have more satisfaction towards willingness and capability
to give personalized attention in comparison to Life Insurance Corporation of India (LIC).

10. SUGGESTIONS

1. Charges of the insurance companies should be kept low.

2. More personalized follow up by the companies instead of sending couriers for information about their
investment and all updates.
3. Insurer will have to maintain continuous contract under the concept of CRM.
4. Decision making power should be forwarded to the employees and it also allows them to use resource
and make them available for faster implementation.
5. It is suggested that the technology driven services with hi-tech facilities of electronic fund transfer and
electronic mail services should be effectively utilized to satisfy the customers of the companies. The
customers should be informed about the types of forms or place used for each transaction and to
respond to their queries and complaints.
6. Life Insurance Corporation has to consciously cultivate the habit of treating their customer as king. This
would include provision of more and more customized services that are suit their individual needs.
7. Data gathered from the customer should be given proper value. It should be properly utilized for
further process.
8. Incentives should be given to new as well as existing customers too otherwise they will lose relation
with the present service provider company soon.
9. It is suggested to both of companies that not only to pay attention to the new customers as present
customers are as equal valuable for the companies.
10. It is suggested to provide more option for premium payments. LIC has a large number of premium
points as compare to Bajaj Allianz. ATM card also can be good option for premium payment.
Companies can arrange for the premium payment through ATM machines. These days Mobile Money is
also a good concept of transferring money anytime- anywhere, so lots of improvements can be done in
this area.

11. CONCLUSIONS

Customer Relationship management is the strongest and the most efficient approach to maintaining and to
create relationships with customers to its organization. Customer relationship management is not only a
business activity but also a strong personal bonding within the existing and future customers. Development
of this type of bonding drives the business to new levels of sky. The present research has found out the
perception of customers regarding the CRM dimension between Life Insurance Corporation and Bajaj
Allianz Life Insurance and draws the conclusion that there exist variations in the perception of customers
regarding CRM in Life Insurance Corporation and Bajaj Allianz Life Insurance. A gap exists in the satisfaction
level of customers in all attributes of CRM dimensions, viz: Reliability, Responsiveness, Assurance, and

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Empathy and customers of Bajaj Allianz have are highly satisfied regarding the CRM dimension of
Reliability, Responsiveness, Assurance and Empathy as compared Life Insurance Corporation of India.

REFERENCES

Balakrishnan, R. & Gayathri (2010). An insight in to customer relationship management practices in

banking sector. Banking Finance, 23 (8), 5-7.
Chandirkala, S. (2009). Effective role of CRM in banking sector. Banking Finance, 22 (9), 5-8.
Chopra, P. K. & Mishra, P. K. (2010). Customer relationship management with reference to product of high
customer involvement. Indian journal of marketing.40 (4).
directions”, in Swartz, T.A., Bowen, D.E. and Brown, S.W. (Eds), Advances in Services
Grönroos, C. (1993), “Toward a third phase in service quality research: challenges and future
Keramati, A., Shirkouhi, S. N., Moshki, H. & Berneti, E. M. (2010). A hierarchical structure to evaluate risk of
customer relationship management (CRM) projects. International Journal of Electronic Customer
Relationship Management, 4(2), 97 – 124.
Kumar, N. (2007) Customer relation management: A strategy for achieving competitive advantage in a
global economy. In Kang, K. N. S. (Eds.), Strategic Business Management: Creating Competitive Advantage
in Global Economy (pp. 520 – 533). Deep and Deep Publications, New Delhi, India.
Kumar, N., Anjana & Kavita (2006). E- CRM in Banks. Banking Finance.19 (6), 10-12.
Lindegreen, A. & Shergill, G. (2001) .The Financial Impact of CRM Programmes. Retrieved on May 9, 2010
from http://www.uclouvain.be/cps/ucl/doc/iag/documents/WP_13_Lindgreen.pdf Accessed
Marketing and Management, Vol. 2, JAI Press, Greenwich, CT, pp. 49-64.
Mishra, D., Deb, M., Guin, K. K., & Sinha, G. (2007). Customer Relationship Management (CRM) in contest
of food Marketing – A fuzzy logic approach. Indian journal of marketing, 37 (1), 16-25.
Persson, P. (2004, a) .Customer Relationship Management: How CRM System can be used in the sales
process (Master thesis, Luleaₒ University of Technology, Stockholm) p.1 Retrieved from
http://epubl.luth.se/1402-1617/2004/124/LTU-EX-04124-SE.pdf
Parasuraman, A., Zeithaml, V. A., & Berry, L. L. (1988). SERVQUAL: A multiple-item scale for measuring
consumer perceptions of service quality. Journal of Retailing, 64 (1), 12-40.What is CRM? (n.d.) Retrieved
24 February, 2012, from http//CRMapp.com/crem.htm
Winer, R., S. (2001). A Framework for Customer Relationship Management. California Management
Review, 43(4), 89-105.
Xu, Y., Yen, D. C., Lin, B. & Chou, D. C. (2002). Adopting customer relationship management Technology.
Industrial Management & Data Systems, 102 (8), 442 – 452.

DEAR RESPONDENT

The researcher is preparing a Doctorate Thesis studying “A Study of Customer Relationship Management
In Life Insurance Corporation And Bajaj Allianz Private Limited”. This questionnaire is designed to elicit
the opinions of customers of LIC and Bajaj Allianz. This questionnaire consists of two parts all of which you
are kindly request to answer. However, information and responses in this questionnaire will be kept in
confidence and will be used solely for research purposes.

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Part 1: General information of the respondent

1. Name:

2. City:

3. Gender : Male Female

4. Age: 2 0-25 years 38-43 years

26-31 years 44-49 years

32-37 years 50 years and older

5. Education: Intermediate
Bachelor’s Degree
Master’s Degree
Doctorate Degree

6. Annual Income : Rs.100000 to 300000 Rs.300000 to 600000

Rs 600000 to1000000 More than Rs.1000000

7. Name of your insurance company: LIC Bajaj Allianz

Note: The following statements listed under different heads refer to the opinions about the elements of
Customer Relationship Management (CRM) in LIC and Bajaj Allianz Company. Please indicate to what
extent you agree with them by putting tick marks in appropriate boxes given against the statements. There
is no right or wrong answer, all I am interested in knowing your opinion on a “5 point scale” where,

SD represents “Strongly disagree, D represents “Disagree”, N represents “Neutral” A represents “agree”

and SA represents “Strongly agree”. Please mark an applicable box with an (√).

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S.no. Statement regarding service quality dimension in CRM SD D N A SA

practices of insurance company

Reliability

1 When employees of the insurance company promise to do

something by a certain time, they do it.

2 The insurance company keeps their records accurately.

3 The insurance company does not misuse my personal

information.

4 The insurance company is following remedial procedures

(like interest) for delayed payment of claims.

5 The insurance company and its agents are providing all the
services as they promised before.

Responsiveness

6 The insurance company’s employees are willing to help

customers.

7 The insurance company takes customer feedback

seriously and replies to them.

8 The employees and agents constantly communicate with

customers.

9 Employees of the insurance company are never too busy

to respond to customer requests.

10 The insurance company Keeps customers informed about

when services will be performed.

Assurance

11 The employees and agents of the insurance company are

well- trained.

12 The employees and agents of the insurance company are

courteous.

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13 Employees have the knowledge to answer customer

questions.

14 Customers feel safe in their transactions with the

employees.

15 The employees and agents give accurate presentation of

products and services.

Empathy

16 The insurance company often contacts you to make aware

about new products.

17 The insurance company makes you satisfied by giving you

different offers/incentives.

18 The insurance company gives customers individual

attention.

19 Employees have spontaneous care and concern for

customer’s needs.

20 The insurance company has easy to use premium points

to pay premium on time.

21 Operating hours of the insurance company are convenient

to customers.

If any other suggestions, please specify ---------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------

Thank You……….

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