CRM in insurance: A novel way to beat the odds

CRM in insurance: A novel way to beat the odds In today's dynamic world, the importance of good customer service is becoming more and more apparent. With the blurring up of differences between banking, broking and insurance; coupled with industry consolidations; demutualization; shrinking margins; profitability pressures; and new distribution channels; the insurance companies are being forced to rethink their business models for survival. Today's customers are more sophisticated and are more willing to explore alternatives …

…stakeholders of the insurance industry to enable convergence that evolves around core competencies and maintain an appropriate balance between the business model, human resources and technology. There is no panacea for implementing CRM successfully. There are, however, some common pitfalls that an enterprise can avoid. Enterprises that pay attention to the reasons for CRM failure and plan accordingly will be well on their way to having world-class CRM strategies, and more satisfied and more-profitable customers.