The Life Insurance Corporation of India has roped in Wipro and IBM for its customer relation management project.

The project will help the corporation chalk out its future plan and marketing strategy.

"The CRM project is the largest of its kind in India. It is aimed at studying consumer behaviour and chalking out our future plans and marketing strategy," said R N Bhardwaj, managing director, LIC.

The cost of the project is estimated to be over Rs 50 crore (Rs 500 million) and it is expected to be completed in the next three years.

Wipro and IBM will work together to compile the data of over 15 crore (Rs 150 million) policyholders of LIC.

The data would reflect consumer behaviour of the policyholders. It will also find out the number of customers going for loans, paying premium within the due date and defaulting in premium payment.

"Based upon the consumer behaviour of over 15 crore policy holders, LIC will formulate its new policy accordingly and will chalk out its market plan. Consumer behaviour analysis will help the corporation play a major role in the competitive and expanding insurance market," said Bhardwaj.

"For LIC, the customer is very important. All efforts will be made to provide faster and better services to the customers," Bhardwaj said.