Understanding the Opportunities for CRM In Global Insurance (Market Focus): Industry

Understanding the Opportunities for CRM In Global Insurance (Market Focus)

Product Type: Market Research Report
Published by: Datamonitor
Published: December 2007
Product Code: R313-29400

Description

Introduction

In today's evolving market, insurers must become customer centric in order to compete and excel. Customer Relationship Management (CRM) is the insurer's ultimate tool for enabling the shift to customer centricity.

Scope

Identifies the key forces driving the need for CRM, namely increased competition, more complex sales channels and wider product offerings. Analyzes particular drivers in three regions: The United States, Europe, and BRIC Describes why vendors must reposition CRM as a business strategy, as opposed to an IT initiative

Highlights

The insurers that master the customer relationship will witness a boom to the bottom line. The same forces challenging today's market deregulation, globalization and advanced purchasing habits are also providing insurers with fruitful opportunities that can be capitalized upon with CRM. Despite its many promises, CRM faces one major impediment: its legacy.

Reasons to Purchase

Understand how the insurance market is evolving Gain insight on what insurers need to do in order to compete in today's market Compare the CRM of strategies of yesteryear with today's.

Table of Contents

DATAMONITOR VIEW
CATALYST
SUMMARY
ANALYSIS: CRM will enable insurers to compete - and excel - in today's highly competitive market; Focus on the customer in order to improve sales and service productivity; Improve customer retention and customer growth: Keys to being competitive; Insurers must use CRM to navigate the different global challenges; The United States; Europe; BRIC; CRM must shed its negative legacy and prove ROI by focusing on business rather than IT implications
ACTIONS: Vendors must clearly communicate that today's CRM strategies have evolved; Vendors and end-users must strive for enterprise-wide implementations-""Break Down the Silos""; Ensure that end-user participation is maximized
APPENDIX: Definitions; Methodology; Further reading; Ask the analyst; Datamonitor consulting; Disclaimer
List of Figures: Figure 1: Current threats and strategies; Figure 2: Premium Growth in BRIC compared to G7

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