The generalizability of the proposed scale can be tested by replicating the study in other nations.The proposed scale will serve as a strategic tool for effective and efficient pre and post CRM implementation outcomes.
There is an tremendous growth seen over the past decade in terms of diversification of different companies in insurance segment e.g.
Tata AIG’s alliance with HSBC, ICICI Prudential alliance with ICICI Bank and ICICI Direct, Birla Sun Life’s with Citibank and IDBI, LIC alliance with Corporation Bank, Kotak Life Insurance has an alliance with Kotak Bank.
Indian contribution has increased to 2.45% in the global insurance market in 2009 from 1.98 % in 2008.
In non-life insurance premium the Indian contribution is merely 0.46% of the global non-life insurance market and ranked 26th (Swiss Re Report, 2009).
The IRDA is the regulatory authority in the insurance sector, trusted with protecting the interests of holders of insurance policies and ensuring, promoting and regulating orderly growth of the insurance industry in India.
India has the highest number of life insurance policies in force around the globe (Pasha, 2004).
There is a dramatic shift that has been seen in the role of marketing from the telling and selling point of view to communicating and sharing knowledge with customers (Mc Kenna, 1991).
Watkins, 1988 has investigated the major industry marketing trends in the insurance sector specifically catering to the areas of advertising, new product development, distribution and price.
Visit for more related articles at Journal of Internet Banking and Commerce This research study aims at developing and validating CRM scale for Indian insurance sector.
A robust scale development methodology is followed which ultimately results into Six-factor CRM scale comprising of claim payment security, product knowledge, personalization, transparency in product selling and service quality.