International Journal of Innovative Research and Development

Abstract

“We make a living by what we get, but we make a life by what we give."- Winston Churchill

It is becoming increasingly important for companies to be good corporate citizens. Society has started to demand it and more so in the globalized economy. CSR is a method viewed to embrace responsibility for the company’s actions and encourage a positive impact through its activities on the environment, consumers, employees, communities, stakeholders and all others members of the public sphere who may also be considered as stakeholders. The interests of these stakeholders are vast, and insurers should focus on those that are affected by, or align with, their business operations.

There are many potential benefits an insurer can earn such as superior reputation in the market. They can increase engagement and loyalty among staff while reducing turnover rates. CSR can also increase long-term sustainability and profitability by shaping the market’s competitive environment and the community as a whole. Ultimately, it will result in insurers becoming more attractive to investors, who are increasingly concerned about CSR and corporate governance.

The present paper makes an attempt to understand the importance of CSR in insurance sector, evaluate the role of IRDA in regulating CSR in insurance sector and also tries to examine the various CSR initiatives undertaken by leading Insurance companies in India. The data is largely obtained from secondary sources i.e. from annual reports of insurance companies, journals and websites. It is imperative from the study that though insurance companies have realized the importance of CSR and there is a paradigm shift to triple bottom line approach where the emphasis is not only on profits but also on planet and people from single bottom line i.e. profitability. CSR initiatives not only help the organization but also the economy towards sustainable development. The concept of CSR should not be merely a statement of intent or promise made by some insurance companies but it should be effectively operational. IRDA should make it mandatory to publish CSR report annually in their financial statements for effective implementation of CSR policies.

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Abstract

Economic liberalization, Globalization and Information Technology paved way to bring out phenomenal changes in dynamic marketing world. The increased competition and sizzling issues encountered in area of advertising made internet as the most convenient and cost effective method of marketing. Currently the goal of most of the companies is to locate the right way of effective marketing communication with customers as such "Buzz Marketing" tool emerged as a popular viable adjunct to traditional marketing communication. "Buzz marketing" as a viral marketing technique attempts to create preference and demand among prospective customers via contagious talk about a brand, service, product or idea. The present paper focuses to explore the SWOT of "Buzz" on Red bull energy drink which made an impact on consumer buying decisions.

Buzz spreads like "wild fire". All you need is a good product and the rest will take care of itself which helps companies in building a successful buzz campaign. As technology continues to facilitate the delivery of an electronic buzz marketing message easier, some advertising experts predict that electronic buzz marketing techniques will become a standard component in all cross media advertising campaigns. Buzz marketing through Online Social Media (OSM), therefore is a delicate engagement for the futuristic marketers that, considering the influence and significance of the OSM users, can be successfully managed through intensive involvement with the very OSM that would be intervened into. Although Buzz approach may be effective in the short term, once consumers recognize its selling intent, the phenomena may have a boomerang effect.

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In the present day sustainability is becoming an integral part of all businesses. The global economy has initiated much focus on economic progress but at the same time neglected environmental issues. The existing situation of the environment has led to a call by the society for taking responsibility to safeguard the planet. We find a paradigm shift in the corporate sectors from the single bottom line that is profit to the wider approach of “Triple bottom line” in view of achieving economic, social and environmental performance simultaneously for attaining sustainable development. Today we find every sector of the world economy talking about their approach towards protection of the environment, and the financial sector moving towards their “going green” approach. Various financial services which have adopted green approach in their business are banks, stock brokerages, insurance companies and consumer finance companies.

This paper makes an attempt to understand and examine “Green Banking” and its role towards sustainable development. It also elicits the various initiatives taken by the Indian banking industry to protect the natural environment and bring about sustainable development in the society. It is felt that Green Banking is not only a Corporate Social Responsibility activity of an organization but also it is about making the society habitable without any considerable damage to the environment.  Green Banking is the need of the hour for sustainable development of the country. 

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