EFFECTIVENESS OF CORPORATE SOCIAL RESPONSIBILITY PRACTICES OF INSURANCE COMPANIES IN INDIA

Author (s) : Dr. K. GEETHA

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Abstract :
Insurance companies by virtue of being engaged in the business of providing life insurance coverage to the society, have their core business intertwined with the social objectives. Private insurance companies have also gone beyond their boundaries when it comes to servicing of customers. Dedicated calls centers and touch points to serve customers is one example. With the advent of email and mobiles, the extent of automation by private insurance companies has resulted in faster customer service at a touch of the button. On the employees’ front, insurance companies, especially the private sector, have done exceedingly well. Apart from monetary compensation, the employee engagement initiatives are worth noting. Sensing the employee satisfaction levels by conducing assessment surveys, conducting off sites to unwind and relearn, focus more on training and skill sets, nurturing and retention of talents, to quote a few. One of the other areas, eventhough due to regulatory requirements, where insurance companies have contributed to the CSR initiatives are the coverages the weaker sections and persons residing in rural and sector obligations. Micro insurance products which provide coverage to the down trodden at affordable prices have gone a long way in delivering their obligations to the society. In fact many life insurance companies have gone beyond the regulatory mandate and have extended coverage to move persons in these sectors voluntarily.  The main objective of the study is to get an insight into the corporate social responsibility initiatives taken by the insurance companies, to find out the effect of CSR initiatives of insurance companies on the development of the society.  The Study was concluded that the insurance companies in India are doing good in CSR initiatives.   They are effectively doing the CSR initiatives without any cause.

Keywords : CSR, Insurance Companies, Cause Marketing, CSR practices

Conference Date : 13/11/2020

Pages : 229

Paper ID : 20229