Project Aim
Study the customer behaviour in relation to the ICT technology for the growth and sustainability of the insurance company.
Every organization is moving towards the platform of digitization. The expansion and growth of the organization depends on the transformation of the business tactics to the inclusion of ICT technology in the working culture of the enterprise. The customers are get attracted towards the ICT application because it provides ease of accessing required information from the online application by making use of their electronic gadgets such as Laptops, desktops, tablet, android mobile, and others. The development of an online application for the insurance company helps in bringing sustainability by attracting more customers towards the organization. The profit of the organization can be improved with the development of the web application because it helps in increasing the availability of the information as demanded by the customers about the financial policies, wealth creation policies; market based financial policies, and others. The customer service support of the web application provides the response to the query generated by the customers within a fraction of seconds which helps in developing strong bonding between the customers and the insurance company. In this paper, we will perform the critical analysis of the customer behaviour in changing response with the development of a web portal for the insurance company.
The aim of this project is to critically analyse the change in the behaviour and profitability of the organization with the inclusion of ICT platform in the working of the insurance company.
- What are the benefits of developing an online application for the business operations of the insurance company?
- How the profit of the organization increased with the development of the ecommerce website for the enterprise?
- How the behaviour of the customer changes with the change in the working architecture of the enterprise from traditional to e-commerce website?
- What are the marketing policies developed for increasing the sale and profit of the enterprise?
The critical analysis on the literature review is conducted on analysing the behaviour of the customers with the development of the online ecommerce website for the insurance company. The deployment of the marketing campaign on the social networking sites helps in creating positive impact on the consumers because it helps in developing psychological impact on the customer behaviour (Boldosova, 2012). The satisfaction of the customers gets increased by getting quality of financial services from the online platform of the enterprise. The trading through the e-commerce website increases affordability of the customers to retrieve effective response of the query generated in the fraction of seconds (Basu, and Fernald, 2006). The automation in the working process of the enterprise helps in saving time of the customers and employees (Deloitte, 2015). The information about the financial services of the organization can be retrieved any time according to their own customers. The flexibility in the business processes helps in improving the level of satisfaction in the customers. The consumers can effectively differentiate between various marketing financial policies which help in taking effective decision (Gretton, Gali, Parham, 2011). The factors which are responsible for influencing the behaviour of the customers are categorised as price, convenience, trust, demographics, attitude and belief, impact of reference, consumer traits, and information about financial services, and quality of customer service support.
Research Questions
The inclusion of ICT technology in the development of the insurance companies helps in increasing the communication among the local and the global customers, connectivity with the global customers for the sale of financial services, on time delivery of information, automation in the business activities, providing quality of service to the customers, increasing knowledge about financial services, collaboration among the business units, and others (Ioncica., and at.el., 2012).
Interview:
The face to face interview is arranged with the customers for analysing their perspective opinion on the inclusion of ICT technology in the working program of the insurance company. It helps in collection facts and figures of their opinion which helps in analysing their attitude and behaviour towards the development of an e-commerce website for retrieving information about the financial services and programs. The positive and negative comments of the customers should be analysed for the research to predict their point of view about the benefits which they expect and receive through the development of an e-commerce websites. The interviewee can effectively share their views, thoughts, processes, and opinions on the online portal for the enterprise (Mihajlovic, 2014). It can be noticed that the customers feel comfortable in using the online application for fetching the financial information from the organization. The interview was arranged with all age group audience who make utilize of the ecommerce website for trading. The research questions which were prepared for the interview were what are the differences which they feel in the traditional working and online working of the insurance company? What are the factors which are responsible for getting attracted towards the online portal? Do they feel comfortable in using the online application of the insurance organization? What are the benefits which they seen from the online portal?
The interview was arranged with 15 customers and top executives of the company to analyse their opinion on the effectiveness and transformation of the traditional business to the new environment of ICT technology.
Questionnaire:
The Questionnaire was arranged with the amalgamated group of customers and experts of the enterprise. It helps in analysing the change in the working practice which the employees and customers feel with the development of the web portal and services. It is an open forum where the participants can express their opinion freely on the use of ICT in changing the working practice of the insurance companies. The questionnaires were arranged by undertaking the questions like Do they feel comfortable for using the web portal of the insurance company? Which is more convenient traditional working of the enterprise or ICT platform? Do they feel difficulty is acquiring information about the financial services from the application? Do they get response of the query posted? Do the employees feel difficulty in using the ICT working system? Do they need any extra training and development program for using the application? They analysing of the answers of the questions helps in analysing the behaviour and attitude of the customers and employees with the working architecture of the ICT technology.
Critical Literature Review
Survey:
The survey was arranged on the two insurance companies one is having online portal and the other is working on the traditional way of insurance marketing policies. The difference between the two working architecture and the profit gained by the company helps in analysing the facts about the efficiency and effectiveness of the two models.
Sampling:
The small sample of 200 populations is taken under consideration for analysing the change in the behaviour of the customers to use an online application of the enterprise. The convenience of the customers can be effectively measured through the deployment of the sampling methods.
Online and offline sources:
The online and offline sources are used for collecting the facts and figures related to the efficiency on the online web application in satisfying the requirement of the customers. The analysis of the literature review helps in collecting the details of the customer experiences and complexities which they face in using the application. The critical analysis on the literature review is conducted on analysing the behaviour of the customers with the development of the online ecommerce website for the insurance company (Narwal, and Sachdeva, 2012). The deployment of the marketing campaign on the social networking sites helps in creating positive impact on the consumers because it helps in developing psychological impact on the customer behaviour.
The data collected for the questionnaire methodology is from 226 participants of different age group and gender. The following table shows the distribution of the participants of different gender which are taken under consideration:
|
Gender |
No. of participants |
|
Male |
80 |
|
Female |
146 |
|
Total |
226 |
The following table shows the distribution of different age group people which are taken under consideration for analysing their behaviour
The analysis of the questionnaire report helps in finding the facts and figures about their opinion on the online web application of the insurance company on the basis of their experience (Kundishora, 2011). The following table shows their experiences on taking policies through the online web portal of the insurance company:
It can be analysed that most of the customers are satisfied with the use of ICT technology in delivering insurance policies (Sapa, Phunde, Godbole, 2011). The customers are getting instant response of their query posted within a fraction of second which was a troublesome job in the traditional working of the enterprise. The following diagram shows the future expectation of the users:
It can be seen that the customers are getting attracted towards the online application of the web portal. The percentage of the customers associated with the insurance program through online web portal is getting increased from 54% to 62%.
Methods
The factors which are responsible for making customers attracted towards the online web portal are trust, convenience, customer service support, and information. The research was conducted to analyse the change in the behaviour of the customers according to the trust, convenience, customer service support, and information. The trust is the major problem with the online business application because it looks like dealing financial services with an unknown insurance company. The following table shows that the less number of respondent behaves in the feeling of trust developed with the online insurance company:
It is difficult for the customers to choose financial services from the online insurance company due to the lack of confidence and trust with them.
The positive response from the respondent can be achieved on the basis of convenience they feel with doing business through an online portal of insurance company (Talonen, 2011). The following table shows the result of the data collected for analysing the convenience which the customers feel with taking financial services from the online application of the company.
Most of the respondent are showing positive attitude with the convenience associated with the online development of the insurance company. The customers can directly retrieved information from the website of the company and the related offer without going to the office of insurance company. The queries raised by the customers are instantaneously solved by providing the facility of 24 hours customers service support. The majority of the respondent are happy with the development of ecommerce website for trading the insurance policies (Tapera, and Gororo, 2013).
The comparison of the financial services provided by the company can be effectively done by the customers through the online application which helps in selecting the best policies for them. It helps in generating trust in the financial services that they are getting best quality financial services at lowest prices. The sale of the business increases with the increase in the satisfaction level of the customers in doing business with the organization by getting quality of service at lowest price. The following table shows the research analysing conducted on the customer behaviour in making comparison of financial services provided by the organization with the other market competitors:
The result shows that the feeling of trust and confidence can be effectively developed with the organization if it provide the facility of the doing comparison with the rates and price of insurance policies provided by other market competitors (Sahu, Jaiswal, and Pandey, 2009). It makes them believe that they are getting the best quality financial services at lowest prices. 72% of the respondent are satisfied with the comparison made by them on the price.
The customer service support provides the facilities of posting queries at any time and gets the relevant response to the query posted within a fraction of second (Parida, at.el., 2013). The customer service support plays an important role in purchasing and selling of the insurance policies to the customers because they guide them to take effective policies according to their requirement which helps them to take decision in purchasing financial services and policies from the company. It helps in building strong relationship between the customers and organization for the future trust and reference (Pawar, 2011). The following table shows the impact of customer service support in purchasing insurance policies at any time according to their requirement and need.
The mixed behaviour can be seen with the availability of service for purchasing insurance policies at any time according to their own comfort and time.
The following table summarised the primary factors which plays an important role in changing the behaviour of the customers in doing business and taking financial services through the development of the online web portal for the company. The important factors can be categorised as trust, convenience, and the service of making comparison of price with the market competitors.
The good quality of service at lowest price is the centre of attraction for the development of an online web portal for the organization (PWC, 2011). 41% of the respondent gets attracted due to the lowest price which they pay for getting best quality of financial services from the insurance company. 30% of the participants are get attracted through the trust which generates by taking policies with the company, and 28% of the participants are get attracted with the ICT application for the sale of insurance policies through an online web portal is due to the convenience which they get in purchasing financial services by sitting in their home.
From the result generated from the different methodologies which are taken for collecting the data on analysing the customer behaviour get affected with the inclusion of ICT technology in the working architecture of the insurance company. It can be seen that the drastic change in the customer behaviour and the increment in the profit of the organization can be seen with the development of the ICT application for the insurance company to do trading of financial services through an online web portal (Apampa, and Razaq, 2010). The convenience of the sale and purchase is provided to both employees and the customers. The field work of the employees had been reduced which increases the productivity of the organization by utilizing their time in the productive work for the growth of the company (Nikoloski, 2012). The inclusion of the customer service support helps in guiding the customers in taking effective financial policies according to their requirement and need. The profitability and sustainability of the insurance company can be achieved by connectivity of the global customers with the organization. The development of the ecommerce websites provides expansion of the enterprise to the global world. The area of sale of financial policies is get increased with the online web application.
The behaviour of the customers get changed with the three factors which are categorised as lowest price which they get for the good quality financial services, facility of customer service support for increasing their convenience, and feeling of trust which is generated by getting quality of services from the organization (Mathur, and Tripathi, 2011). The customers prefer to use the same organization to fetch the information and financial services for the future reference. 41% of the respondent gets attracted due to the lowest price which they pay for getting best quality of financial services from the insurance company. 30% of the participants are get attracted through the trust which generates by taking policies with the company, and 28% of the participants are get attracted with the ICT application for the sale of insurance policies through an online web portal is due to the convenience which they get in purchasing financial services by sitting in their home. The satisfaction level of the customers can be effectively improved by getting instant responses to their query posted. It helps in minimizing the wastage of time which was previously spent in searching the policies at lowest prices, market analysis, doing agreement with the company, and others (Osewe, 2013). The complexities of the traditional way of working of the insurance company can be effectively resolved with the development of an online web portal because it helps in developing strong connectivity with the global customers, ease of searching and doing agreement, cost effective, time effective, and others. The security of the confidential information of the customers is the major concern of the consumer in doing business with the online application. The security features like cryptographic techniques, firewall protection system, and hash value algorithm are some of the preferred solution for securing the confidential and private information of the user. It helps in restricting the unauthorised accessing of the customer account with the third party (Pandey and Rao, 2011).
Conclusion
The critical analysis of the customer behaviour on the use of ICT technology in the working of the insurance company helps in analysing that the trading through the e-commerce website increases affordability of the customers to retrieve effective response of the query generated in the fraction of seconds. The positive response from the respondent can be achieved on the basis of convenience they feel with doing business through an online portal of insurance company. The security is the major concern of the customers in doing trading through online medium. The security parameters should be used for preserving the confidentiality of the information.
It is recommended to develop an online web application for the effective working of the enterprise because the customers are getting attracted towards the convenience and price of financial services which they receive from the online organization.
The limitation of the research is that the research was conducted with the small number of sample population of 226 participants. The behaviour of the customers are judged on the positive and negative feedback received from them.
References
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