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

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

Product Type: Market Research Report
Published by: Datamonitor
Published: January 2008
Product Code: R313-30024

Description

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.

Table of Contents

DATAMONITOR VIEW: CATALYST; SUMMARY
ANALYSIS: Insurers must gain a full view of the customer in order to drive cross-sales and allocate resources more efficiently; Customer centricity begins with Customer Data Integration (CDI); Customer segmentation: The first step in customer analytics; Beyond segmentation: Portfolio Analysis and Predictive Analytics; Insurers must aggressively manage their producers, i.e. agents and brokers; Portals: The differing needs of captive and independent agents; Insurers need to integrate and automate sales, marketing and operations; ""Close the Loop""; Intelligent automation reduces costs and improves service
ACTIONS: Design flexible offerings that meet the needs of the intricate insurance process; Create insurer-agent portals that allow for collaboration but respect the agent's sovereignty; Know where the market is heading so that you can properly market to insurers
APPENDIX: Definitions; Methodology; Further reading; Ask the analyst; Datamonitor consulting; Disclaimer
List of Figures: Figure 1: The process required to turn a prospective customer into a policyholder

Ordering and More Information

Price and Delivery Options

MindBranch has been the leading provider of industry and investment research from more than 550 independent research firms since 1992. With over 90,000 market research reports, MindBranch is your trusted source of competitive business intelligence.