22-06-2011, 12:14 PM
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Rationale for the Project
Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the Reliance - ANIL DHIRUBHAI AMBANI Group. Reliance Capital is one of India’s leading private sector financial services companies, and ranks among the top 3 private sector financial services and banking companies, in terms of net worth. Reliance Capital has interests in asset management and mutual funds, stock broking, life and general insurance, proprietary investments, private equity and other activities in financial services.
Yet, nearly 80 per cent of Indian population is without life insurance cover while health insurance and non-life insurance continues to be below international standards. And this part of the population is also subject to weak social security and pension systems with hardly any old age income security. This itself is an indicator that growth potential for the insurance sector is immense.
Title of the Project
“Customer Relationship Management in Reliance Life Insurance”
OBJECTIVES
1. To study the company’s procedures conducted by the company for retaining the customers.
2. To study the current market trends in Customer Relationship Management.
3. To study the companies efforts in maintaining and motivating the advisors for retaining an existing customer and building a new customer
SCOPE OF THE STUDY
To understand the relations maintained by the Reliance Insurance Company with its customers. Ever increasing competition, low interest rates, and declining margins have driven firms to discover the customer as the basic element in their business equation Insurance as a sector has shown tremendous growth in recent years. People now are becoming more secured in terms of their life as well as their money. They want a profitable benefit out of their investment. There is a need to know the companies’ efforts towards convincing the customer about their product and to know how to create loyal customers. Insurance happens to be a mega opportunity in India. It’s a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs 450 billion.
