Protecting and Improving Insurers' Margins with CRM (Strategy Focus): Industry

Protecting and Improving Insurers' Margins with CRM (Strategy Focus)

Published Date: January 2008

Published By: Datamonitor

Page Count: 10

Order Code: R313-30024

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Description

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Introduction

To capitalize on strong market conditions, and to alleviate the pains of cyclical troughs, insurers must use CRM to gain a greater share of the customer's wallet and improve margins.

Scope

Explores why insurers must remove departmental silos in order to enable Customer Data Integration (CDI). Compares the direct sales model with the agent model, and details how to improve the agent-insurer relationship. Details why the sales department must close the loop between not just the marketing department but also the claims department.

Highlights

Armed with a view of the customer that ranges from personal and product information to intangible information, insurers are able to segment each customer in an effort to tailor promotions and allocate resources. In terms of managing independents, insurers must design an easy to use and reliable portal that can quickly provide accurate pricing information and allow for expedited services such as underwriting and policy administration. To close the loop, the marketing department must follow leads through the sales process in an effort to improve future marketing campaigns, as well as to create marketing campaigns for prospects that have already contacted the company.

Reasons to Purchase

Understand how to compete in today's evolving insurance market Gain insight on how to manage indirect sales channels Explore how various departments can improve sales through increased collaboration.

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