Role of CRM Initiatives of Life Insurance Corporation of India to Satisfy the Customers

Abstract

India has a large population base. But the untapped market potential of this population creates a very big opportunity for the life insurance industry. Earlier LIC was having monopoly over life insurance in India, so customers had no choice but after liberalisation, with the entry of private players, customers became aware and they started to compare the product of LIC and the private players. This has created a big challenge for the LIC.As private players are providing innovative products to the customers , so they are capturing the market share of LIC. To overcome this problem, LIC has to do something more than the usual things so that their customers feel reluctant to leave the LIC. So, LIC has introduced the concept of CRM in insurance business. The purpose of this paper is to know in detail the CRM init iatives of LIC, which are helpful to delight the customer. Main findings of the paper are that although LIC has init iated a number of in itiatives to satisfy the customers , yet there is a need to build strong database.