The Changing paradigms in the inter related matrix between CRM parameters versus Demographic factors enhancing in business of life insurance sector: An Exploratory Study in Bareily Division

Bhoopendra Bharti, Anurag Agarwal

Abstract


The major objective of this research study is to analyze the changes in the nature, gender.
occupation and tenure of life insurance of an individual have an impact on the CRM parameters
like freeness and human satisfaction hence increases the efficiency of the Life insurance sector by
enhancing the profit business margin which further benefits the customer satisfaction monitory
wise and behavioral satisfaction on the other side as well. Impact of customer demographics
(gender, occupation and tenure of life insurances) on the CRM awareness and efficiency from
five select life insurance companies that are located in Bareilly city of Uttar Pradesh. A sample
size of 252 respondents was chosen and a survey instrument was designed to measure the
relationship between the demographics and CRM awareness and efficiency. CRM efficiency
was measured on a Likert scale of 1 to 5, where 1=Very Low, 2=Low, 3=Moderate, 4= High and
5= Very High. Chi-Square test was performed to assess the relationship between the respondents
occupation and their perception of CRM awareness. This test was also used for testing the
association between the tenure of life insurance and CRM effectiveness. The relationship between
the gender type and customers preference was also tested by using Chi-Square test. In line with
the research findings suggestions were offered to strengthen the service delivery in life insurance
business of Indian companies. Further co-relation between the gender factor and CRM has
helped us to reach to the conclusion that how the CRM awareness a specific gender assists to
sustain relationship between a specific life insurance company and customer which ultimately
navigates the business quotient and attends a sound relationship co-efficient which leads to a
holistic development of both.


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