Role of Information Technology in enhancing the customer reach at IDBI Federal Life Insurance Company Ltd.
Background of the Study
Information technology has been providing wide range of benefits to all the business sectors. It has become hugely beneficial to the Insurance industry also. The key area in which it has provided major improvements and benefits is customer support. Insurance industry is perhaps the best example of an “information-based” industry, because its activities consist of gathering, processing and distributing information. To drive growth and profitability of the company, efforts are required to interact with and retain the customers. Information technology is driving changes in the functions of the insurance companies with its innovations. The companies that fail to keep up with the latest technologies have the risk falling behind in competition by relinquishing their leadership positions.
Making no mistake, the insurance industry is at a pivot point as further success is likely to rest on today’s technology strategies and decisions. With increased competition among insurers, service has become a key issue. Customers are looking for more and features that add to better service. So, any insurance company today must meet the need of the hour with more and more sophisticated approaches while handling the customers. Today, managing the customer intelligently is very essential for the insurer, especially in this highly competitive environment.
This project aims to study the importance of information technology attached with its business processes at my SIP Company, IDBI Federal life Insurance Company limited. It also identifies the new developments in Information technology that can be applied to this company. Also, it analyses whether the company can gain any strategic advantage through e-insurance. It also aims at understanding how customer’s