| Globalization is an escalation of political, technological, | | | | and better insurance service. |
| economic, social and cultural relations that extend | | | | Today managing the customer in foreign trade is |
| beyond state borders, has marshaled all the sectors | | | | wisely critical for the insurer especially in the |
| of economy including the insurance sector. | | | | competitive environment. Companies need to apply |
| The Insurance sector plays a vital role in the | | | | different set of rules and treatment strategies to |
| economic development of our nation. It acts as a | | | | different customer segments. However, to |
| mobilizer of savings, financial intermediary, and | | | | personalize interactions, insurers are required to |
| promoter of investment activities, stabilizer of | | | | capture customer information in an integrated |
| financial markets and a risk manager. India is still an | | | | system. |
| under-insured country in the world. It is at the 18th | | | | It is widely felt that, The General insurance |
| position among Life Insurance markets and 28th in | | | | companies must meet the need for more |
| Non-Life Insurance markets in the world. This | | | | personalized loom to handle the customer. With the |
| indicates that there is a huge potential, yet to be | | | | explosion of Website and greater access to direct |
| explored. | | | | product or policy information, there is a need to |
| India is poised to experience major changes in its | | | | develop better techniques to give customers a truly |
| insurance markets as insurers operate in an | | | | personalized experience. Personalization helps |
| increasingly deregulated and liberalized environment. | | | | organizations to reach their customers with more |
| However, despite the liberalization in the insurance | | | | impact and to generate new revenue through cross |
| sector, public sector insurance companies are | | | | selling and up selling activities. |
| expected to maintain their dominant positions, at | | | | The general insurance sector should ensure that, the |
| least in the likely future. However, given the | | | | exporters for their insurance are receiving |
| enormous potential of the Indian market, it is | | | | personalized information; many organizations are |
| expected that there will be enough business for new | | | | incorporating knowledge database-repositories of |
| entrants. For consumers, opening up of the insurance | | | | content that typically include a search engine and let |
| sector will mean new products, better packaging, and | | | | the customers locate the all document and |
| improved customer service. Product innovation and | | | | information related to their queries of request for |
| channel diversification would gain momentum, in line | | | | services. |
| with the global trend of financial services | | | | Exporters can hereby use the knowledge database |
| convergence. For government, insurance, especially | | | | to mange their products or the company information |
| life insurance, can substitute for State security | | | | and invoices, claim records, and histories of the |
| programmes. It can thus relieve pressure on social | | | | service inquiry. These products also may be able to |
| welfare systems and allow individuals to tailor their | | | | learn from the customer's previous knowledge |
| security programmes to their own preferences. | | | | database and to use their information when |
| This substitution role is especially valuable, given the | | | | determining the relevance to the customers search |
| growing demand for social security and the increased | | | | request. Against this backdrop, there is an |
| financial challenges faced by the Indian social | | | | evolutionary transformation in the technology that |
| insurance system. | | | | has revolutionized the entire insurance sector. |
| Amidst this backdrop, it is felt that, with increased | | | | More particular, General Insurance sector is a |
| competition among insurers, service to Exporters has | | | | data-rich industry, and thus, there is a need to use |
| become a key issue. Moreover, customers are | | | | the data for trend analysis and personalization which |
| getting increasingly sophisticated and tech-savvy. | | | | will help the exporters in a great extent possible. |
| Corporate undertakings occupied in export trade | | | | Further more, well-regulated General insurance |
| today don't want to recognize the current value | | | | industry which moves with the times by offering its |
| schemes, they want personalized interactions and | | | | exporters tailor-made Insurance products to satisfy |
| they look for more and more features and add ones | | | | their financial needs is, therefore, essential. |