ONCUSTOMER RELATIONSHIP MANAGEMENT & Submitted To: Submitted by:Miss. Savita Dhingra Shantana Bose

Reg. No. 10903433

Roll No. RR1903B44INTRODUCTION: Max New York life insurance: Max New York Life Insurance Company Ltd. is a joint venture between Max India Ltd., one of Indias leading multi-business corporations and New York Life International, the international arm of New York Life, a Fortune 100 company & global expert in life insurance. Max New York Life Insurance, incorporated in 2000, is one of Indias leading private life insurance companies. The company offers both individual and group life insurance solutions. . Max New York Life Insurance started its commercial operations in India in 2001. It is the first life insurance company in India to be awarded the IS0 9001:2000 certifications. Max New York life Insurance is creating a partnership for life with its customers in India to facilitate them to achieve more. It offers a variety of flexible products covering both life and health insurance including 8 riders that can be customized to over 800 combinations which enable the customers to choose the policy that suits their needs. Max New York Life also offers 6 products and 7 riders in group insurance business. Max New York Life offers a suite of flexible products. It now has 25 products covering both life and health insurance and 9 riders that can be customized to over 800 combinations enabling customers to choose the policy that best fits their need. Besides this, the company offers 6 products and 7 riders in group insurance business.

ICICI Prudential life insurance:

ICICI prudential life insurance is the joint venture between Indias second largest bank ICICI and Prudential Plc, one of the world foremost finance group. For an average Indian brand ICICI needs no introduction as they are present in almost all the financial field starting from core-banking to mutual fund, Housing loan to credit cards. Whose headquarter is at UK, is also one of the leading financial group. The Prudential Insurance Company of America, is one of the largest life insurance companies in the U.S. Similar to ICICI their product includes mutual funds annuities, real estate brokerage franchises, relocation services, and more. They began their operation in late 2001. Today with nearly 2000 branches, over 261,000 advisors and 24 bank assurance partner, they have very strong presence in entire India. ICICI Prudential Life is also the only private life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA (Ind) rating is the highest rating, and is a clear assurance of ICICI Prudential's ability to meet its obligations to customers at the time of maturity or claims. As of Sept-2008, Among Private Players ICICI Prudential Life is at the top with market share of 8.2%for Individual New Business, They are also at the top with respect to Group business with market share of 6.2%.

CRM strategy used in Max New York life insurance:

The Max New York life insurance follow the generic strategy are as follow:

As Max New York Life belongs to the Insurance industry where the strategies of cost are determined by the IRDA that is Insurance Regulatory and Development Authority so the price of the product does not play as important role as the marketing stratergy that each player adopts. There are three type of strategy comes under this:

(1) Cost LeadershipThis is a strategy where a company aims to out-price its competitors by reducing overheads or the fixed costs associated with manufacture and distribution. It requires a focus on the efficiency of production lines and economies of scale. This strategy is employed where customers have the ability to change supplier easily and the products or services are standardized and well understood by the consumer.The channel that we work for is known as CEIP which stands for Corporate Employee Insurance Programme where Max New York Life targets people working with corporate offering them a lower premium than that charged in retail. There is no additional cost involved as the leads are generated by the agents and their target is to tap the customers who cannot afford a high premium. Hence it reduces the distribution cost as there is bulk selling involved and since insurance is an intangible product the manufacture cost is negligible. Hence MNYL aims at cost leadership under this umbrella.

(2) DifferentiationThis strategy is employed where a unique attribute of a product or service is highlighted relative to similar alternatives presented by the competition. It allows a higher price to be charged or a greater ability to command customer loyalty. Differentiation strategy is used where the company sees its key product competencies as a more profitable advantage than simple cost leadership. Examples include Coca-Cola, which differentiates by building a solid brand, or Sony, which differentiates on quality or reliability of products. Customers react to this strategy by paying more for a perceived greater reliability or quality or by returning to a trusted brand. It relies heavily on marketing or advertising to maintain the brand identity and raises the barrier to competitors entering the market. The generic strategy given by Porter on differentiation is not applicable to the insurance industry since its a regulated industry and the prices of each policy across the industry are more or less the same. Hence differentiating the products based on charging a higher price for the brand does not exists in the insurance industry.

(3) FocusThis strategy is aimed at a specific target consumer group, for example cultural, economic, political, geographical or age-related groups. The strategy employs either cost focus (3A) or differentiation focus (3B) within its target audience, and in this sense it is a narrower application of one of the aforementioned strategies. Porter identified that one combination of the strategies is possible: combining market segmentation with differentiation. However, in general, other combinations are not possible due to a conflict between cost reduction and value-added differentiation. Therefore, a company should retain one overall main strategy to maintain its long term competitive advantage. Max New York Life adopts this strategy of focus where in it divides the consumer on the basis of economic and social class and makes a strategy that attracts them along with the prices to match the segment. We can take the example of CEIP where it targets those consumers for whom paying a high premium is difficult but at the same time they want to secure their families. Here again it divides the strategies on the basis on the needs of the consumer whether they want family protection or want to secure their childs future they want their funds to grow or want a steady income after retirement. Hence on these needs each product is offered making it a focus strategy.

Hence we can conclude that MNYL adopts two of Porter generic Strategy which are focus and cost leadership because it customizes its products according to the consumers needs and also offers discounts on premiums making it a cost leadership strategy.

CRM strategy used in ICICI prudential life insurance:

CRM at ICICI involves increased communication between the virtual universal bank and its customers and the prospects as well as within the group itself. The underlying idea is to enhance every instance of contact with the customer. ICICI believes that a true customer relationship can only be accomplished by considering the unique prospective of every single customers.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. The CRM strategy of ICICI proves to be One to One marketing so that every prospect is taken care of in their own way this flexibility is the main reason for the companys overall success in Relationship marketing The award-winning Teradata enterprise data warehouse (EDW) solution has enabled ICICI prudential to establish business intelligence market leadership in the fast- growing Indian insurance market. They uses its Teradata platform to develop tailored marketing campaigns that have boosted customer acquisition rates significantly. It has serviced over 11 million unique customers around the country. The CRM software applications facilitate multiple business functions with the customers. As known ICICI systems are well designed so as to equal quality with its one to one marketing strategy and that is it was awarded in DM review world class solutions. These Success milestones talk more about the concentric and concrete functions of ICICI in CRM strategies. The chronic strategies of ICICI right from its inception and till now have shown the companys importance towards its customer centric strategies and organizations. The customer life cycle tracking system in ICICI is the only kind of software used in the insurance sector in India. This unique software used by the ICICI helps customer to provide faster solution to the customers. It also use Taslima CRM because it is highly cost effective, Development centre based in India, Transparent support process which objective is to enable the customer to Serve Himself it is a self service monitor. CRM business cycle in ICICI Prudential:

1. Understand and Differentiate.2. Develop and customize3. Interact and Deliver4. Acquire and retain.The basic model of implementing CRM is what followed by ICICI also. The post of Relationship officer proved that the ICICI has felt that the customer needs a person interacting to the organization. ICICI started understanding the customer needs from the relationship officers in every concern and started listening to the basic benefits that the customers are expecting from the ICICI prudential. Customization of these specifications is really tougher in case of insurance sector since India is the country where more than 1Billion people live and more diversified regions and languages. Appointing local executives in respective regions was one of the smart thinking for ICICI so that those local executives as Relationship Managers carry out respective region customers problems more easily.

Customer retention is for what all these CRM companies are fighting for. This insurance company has a wide customer networking system where the every policy holder would pull on in any other scheme of the same organisation. Methods for acquisition of data in ICICI prudential life insurance:(1) Account Transaction: In the case of the Customer, carrying out one or more transactions of following nature by the Customer by accessing his Customer Account through a Customer ID and Customer Password. Request for change in his address and other contact details in relation to Policies held by the Customer. Give request to switch his investment funds, wholly or in part, from one or more investment funds to other investment funds or re-direct premiums in relation to his unit linked insurance policy. Carry out such other online requests or transactions facility for which may be provided by ICICI Prudential from time to time. By this they gather the information through the customer account in ICICI.

(2) Carrying out Account Transaction: Getting / viewing / downloading information regarding or concerning Alerts, proposals of insurance logged by Advisor, including status of such proposals, Policies issued against proposals logged by the Advisor, and status of such policies, commissions on Policies issued against proposals logged by the Advisor, information pertaining to the Policyholders solicited by him, commission tables, Benefit illustrations, advisor club membership details, submit request for redemption of points under his advisor club membership, and other facilities as may be offered to Advisors by ICICI Prudential from time to time on the Website

(3) Personal Information: This means all or any of the information of personal nature provided by the Customer or Advisor to ICICI Prudential either in the proposal or application form, and includes Registration Data as defined in the Terms, and as updated from time to time. Policy means the policy of life insurance of ICICI Prudential (individual or group) including policy for pension and annuity products. Policyholder means a person who holds a Policy of ICICI Prudential. Terms or Terms and Conditions means these terms and conditions for availing the Facility and use of the Website. Visitor means any person having general access (whether with or without the need to supply his identification particulars) to the Website. Website means the website accessed through domain name or located at URL "www.iciciprulife.com", through which the Facility is offered to the Visitors, Customers and the Advisors. This means the Visitor, Customer or the Advisor, as the case may be, and the word Your will be construed accordingly.(4) Evidence Of Account TransactionsICICI Prudential's own records of the Account Transactions maintained through computer systems or otherwise shall be accepted as conclusive and binding for all purposes. More particularly, the record of ICICI Prudential generated by the Account Transactions, including the recording of the time of the Account Transactions shall be conclusive proof of the genuineness and accuracy of the Account Transactions.

(5) Legal DisclaimerThe Website is maintained by ICICI Prudential and Your use of the Website is subject to the Terms and Conditions and all applicable Indian laws. This Website is offered to You on the condition that You accept the Terms and Conditions contained herein without modification or reservation or qualification of or in respect of any of the terms, conditions and notices contained herein prior to using, accessing and browsing this Website, and also acknowledge that any other agreement between You and ICICI Prudential to the extent contrary to the Terms and Conditions are superseded and of no force or effect.

Methods of acquiring data used by Max New York life insurance:Max New York Life Insurance Co. Ltd. announced the launch of two new life insurance solutions Max New York Life Shubh Invest and Max New York Life Shiksha plus II. Both these products are compliant with the new IRDA regulations and also the proposed new Direct Tax Code which will be in effect from 2012. The sum assured on both these products is more than 20 times the premium amount hence making it eligible for tax exemption at maturity also. Max New York Life Shubh Invest is a simple, affordable yet powerful solution to start ones journey towards financial independence. The plan offers safe savings options for those who might wish to buy their maiden insurance plan and combines the twin benefits of Wealth and Health coverage. Features are: low entry point - annual premiums starting at as low as INR 15,000; comprehensive protection through high sum assured multiple of more than 20 times (for ages 21 to 29, 30 times and for ages 30 to 50, 20 times), inbuilt read disease benefit and optional personal accident benefit rider; capital preservation through Dynamic Fund Allocation a life stage based automatic investment strategy; and continued EEE benefit even under new Direct Tax Code. Max New York Life Shiksha Plus II is a 360-degree child plan launched with additional features that provide resources for over all development of child under all uncertain circumstances. Features are: university education pool to take care of expenses on higher education for children; school fee support to provide for the yearly education expenses of the child in case of an unfortunate event of death of the parent; university education support in the form of all future premiums funded by the company in case of unfortunate event of death of the parent; capital preservation through Dynamic Fund Allocation a life stage based automatic investment strategy and Systematic Transfer Plan that helps customers maximize returns over unstable markets and volatility; and continued EEE benefit even under new Direct Tax Code. Customer Privacy data Policies of ICICI prudential life insurance:The privacy and have taken reasonable steps to protect the confidentiality of the Personal Information You have furnished to us and its transmission through the world wide web. the process using this Website or availing of the existing or future services or Facility provided by the Website, they may required to furnish information, personal or otherwise, relating to you, including information that is of a confidential nature (all such information being part of Personal Information as defined herein). They also urged to keep the Personal Information current so as to ensure that the services and Facility remain relevant and reach to the customer. ICICI Prudential undertakes not to disclose, except as otherwise provided, the Personal Information provided by You to any person, unless such action is necessary to:

Conform to legal requirements or comply with legal process; Protect and defend ICICI Prudentials or its Affiliates' rights, interests or property.

Enforce the terms and conditions of the products or services or Terms and Conditions; or Act to protect the interests of ICICI Prudential, its Affiliates, or its members, constituents or of other persons.

They should not disclose to any person, in any manner whatsoever, any information relating to ICICI Prudential or its Affiliates of a confidential nature obtained in the course of availing the Facility or use of Website. Failure to comply with this obligation shall be deemed a serious breach of the terms herein and shall entitle ICICI Prudential or its Affiliates to terminate the services or Facility, without prejudice to any damages, to which they may be entitled to or can access otherwise.

They may, and are authorized to, share the Personal Information with a third party, including Affiliates, that is interested in serving the customer. They may inform us at any time not to share customer Personal Information with third parties by sending us an e-mail message at lifeline@iciciprulife.com. They may also use customer Personal Information for the purposes of providing customer with any services to which customer subscribe, and any service-related activities such as collecting subscription fees from the consumer for those services, and notifying You or contacting customer regarding any problem with, or the expiration of, such services. In this regard, it may be necessary to disclose consumer Personal Information to one or more Advisors and contractors of ICICI Prudential and their sub-contractors, but such Advisors, contractors, and sub-contractors will be required to agree to use the information obtained from us only for these purposes.

They may, and are authorized to, share part with all Personal Information related to the details and transaction history of the Customers to its Affiliates / agencies / participation in any telecommunication or electronic clearing network as may be required by law, customary practice, credit reporting, statistical analysis and credit scoring, verification or risk management and they shall not hold ICICI Prudential liable for use or disclosure of Personal Information.

They will also use the Personal Information for the following purposes:

Allow consumer to access specific account information;

Providing customization: they may use the Personal Information provided by You to customize Your visit to the Website by displaying appropriate content at our judgment and discretion;

Send consumer information about us and / or our products and services;To contact you when required.

ICICI Prudentials Affiliates may from time to time send by e-mail or otherwise, information relating to their products and services.

Please be aware that other websites that have links to Website may collect personally identifiable information about consumer. This privacy statement does not cover the information practices / privacy policy of those websites or advertisers.Customer Privacy data Policies of Max New York life insurance:

The Privacy Policy governs the use of this website of Max New York Life Insurance Co. Ltd (MNYL). MNYL is committed to protecting your privacy and working towards offering you a powerful, safe, online experience. They does not collect personal information about individuals except when such individuals specifically provide such information on a voluntary basis which information will not be sold or otherwise transferred to unaffiliated third parties unless otherwise stated at the time of collection or with the approval of the user as the case may be. MNYL treats your personal information or your use of the service as private and confidential and does not check, edit or reveal it to any third parties except where it believes in good faith, such action is necessary to comply with the applicable legal and regulatory processes or to protect and defend the rights of other users or to enforce the terms of service which are binding on all the users of Except where specifically agreed or necessary for operational or regulatory reasons, MNYL will not send you any unsolicited information. If the user does not opt out, MNYL may use any e-mail addresses of users to send occasional e-mails pertaining to information on product and services. The user can nevertheless unsubscribe from receipt of such e-mails by following instructions therein. MNYL may collect unnamed statistics, which do not personally identify consumer. MNYL reserves the right to perform statistical analyses of user behavior and characteristics in order to measure interest in and use of the various areas of the site and to inform advertisers of such information as well as the number of users that have been exposed to or clicked on their advertising banners. They will provide only aggregated data from these analyses to third parties. They will communicate with users via e-mail or by other online delivery devices only if the user agrees to/elects to receive/send those communications. Users, who believe they are receiving our communications in error or no longer desire to receive them, should inform us and we will remove those users' names from our mailing lists. MNYL will be judicious in the use of e-mail and paper mail to communicate with users. MNYL reserves its right to correct any part of the content of the website at any time as and when required at its sole discretion. The content of this website shall not be displayed or printed in any form in part or whole without the prior written approval of MNYL. The information contents provided on this site cannot be copied, modified, uploaded, downloaded, published or republished, transmitted or otherwise distributed for commercial purposes without prior and explicit permission from MNYL. Reproduction of any information or material provided on this website, with or without any modification, is prohibited unless, with prior permission of MNYL, and shall amount to violation of copyright and would be deemed an illegal act. Consumer are requested to note that Insurance is a subject matter of solicitation and the information, tools and planners contained in the site, are meant for a general information only and not to be used for deciding on your insurance requirements. Consumers are specifically advised to contact one of the Agents for any of the particular insurance needs.Customization methods used by Max New York life insurance:

As life is full of uncertainty. Unexpected events that strike without warning can disrupt the smooth rhythm of life. Customer must be prepared at all times. As the primary earning member, customer need to make sure that the family is never lacking in anything even if the customer are taken away from them forever. Do the best today to ensure that the family can always enjoy a comfortable lifestyle. In double income families, both spouses should get adequate life covers especially if there are dependent children involved. They have plans that guarantee maximum protection at a low cost.

Max New York Life Platinum Protect Whole Life Participating20 year Endowment (Par)Endowment to Age 60 (Par)Life Gain Plus 20 (Par)Life Gain Plus 25 (Par)Life Pay Money BackLife Gain Endowment

Customization methods used by ICICI prudential life insurance:As the head of your family, consumer have always fulfilled your responsibilities and given their loved ones the comforts they need. However, life is full of uncertainties and it is important to ensure that consumers family has a term insurance cover, should something unfortunate happen to the consumer. Keeping this in mind, they bring to the consumer, ICICI Pru Pure Protect Classic & Pure Protect Elite, which are term insurance, plans to insure customer life and provide total security to the family.

ICICI Pru Pure Protect ClassicICICI Pru Pure Protect Elite

Min / Max Entry Age18 / 65 years18 / 65 years

Min / Max Term10 / 30 years10 / 30 years

Max. Coverage Age75 years75 years

Min. PremiumRs. 2,400 p.a.Rs. 2,400 p.a.

Min. Sum AssuredSubject to minimumpremium as applicableRs. 25,00,000

Max.Sum AssuredRs. 24,99,999

Premium Payment FrequencyYearly / Half Yearly /Monthly

Tax Benefit of the terminsurance planPremium paid towards the life insuranceprotection policy will be eligible fortax benefit under Sec 80C , any benefit amount received under this policy will be eligible for the tax benefit under section 10 (10D), as per prevailing Income Tax laws

Inclusive of service tax and education cess as applicableCONCLUSION:Both the companies are providing the customer relationship management strategies to retain their customer and to grap the new customer. This two frims are providing best service by which the customer are satisfied and they also provide the customize services such as ICICI prudential Keeping this in mind, they bring to the consumer, ICICI Pru Pure Protect Classic & Pure Protect Elite, which are term insurance plans to insure customer life and provide total security to the family and Max New York life insurance given the customer service as the primary earning member, customer need to make sure that the family is never lacking in anything even if the customer are taken away from them forever. Do the best today to ensure that the family can always enjoy a comfortable lifestyle. In double income families, both spouses should get adequate life covers especially if there are dependent children involved. They have plans that guarantee maximum protection at a low cost. Rest all are mention above and described one by one.REFRENCES: www.maxnewyorklife.comwww.iciciprulife.comwww.bimadeals.com www.iloveindia.comwww.mapsofindia.comwww.apnainsurance.comwww.insurancecompanyindia.com