Challenges And Benefits Of Crm Insurance Companies

Published Date: 02 Nov 2017

CUSTOMER RELATIONSHIP MANAGEMENT first came onto the scene as mere software that organized and displayed customer information in a format that enabled customer service agents to offer fully informed and holistic customer service. This nascent software initiated the birth of a new philosophy in business strategy. It is a process or methodology used to learn more about customers' needs and behaviors in order to develop stronger relationships with them. There are many technological components to CRM, but thinking about CRM Software in primarily technological terms is a mistake. The more useful way to think about CRM is as a process that will help bring together lots of pieces of information about customers, sales, marketing effectiveness, responsiveness and market trends. CRM is a necessary solution for any service oriented company looking to maximize the potential of their customer relationships. We specialize in providing tools for effective CRM in insurance companies. Every insurance company faces the challenge of servicing their customers quickly and with all the necessary background information. As the character of insurance provider businesses expands to encompass a plethora of details, a proper CRM is especially important in order to gain a complete view of the customer which addresses all the facts involved. No one can deny that the dynamic of a customer service phone conversation should be different when handling requests for a motor home insurance quote and when navigating questions about Life Settlements. For every business that relates to customers in multiple ways and from multiple aspects of the company. No matter what the business, a CRM can be tailored to fit your needs and integrate your existing applications. So every business house which are service oriented has to develop new and new methods in CRM.

2. Objectives:

To Study the background, benefits, Solutions and challenges in introducing CRM in insurance services.

3. Significance:

This research has a significant contribution in throwing light on challenges and benefits of CRM in Insurance business.

4. Research Methodology:

The researcher referred secondary data and surf the websites related to CRM.

5. Key Words: CRM meaning Customer Relationship Management.

6. Background:

Insurance products are becoming more commoditized.

Customers are being influenced by multiple channels to make their buying decisions.

Advertising efforts are being countered by comparison portals, insurance advisors and corporate alignments.

A large share of business is driven through intermediaries where information challenges exist for effective management.

Companies continue to face stiff revenue targets spread across too many stakeholders.

Stakeholders struggle to deal with too many processes, systems and geographies.

Insurance products are becoming more commoditized.

Customers are being influenced by multiple channels to make their buying decisions.

Advertising efforts are being countered by comparison portals, insurance advisors and corporate alignments.

A large share of business is driven through intermediaries where information challenges exist for effective management.

Companies continue to face stiff revenue targets spread across too many stakeholders.

Stakeholders struggle to deal with too many processes, systems and geographies.

7. Challenges:

Effectively collaborate with network of agents and intermediaries to get better visibility of sales processes, reduce cycle times and prevent revenue leaks?

How to provide valid, up-to-date intermediary-wise performance data to help relationship managers drive revenues?

How to influence corporate buying decisions, while working to forward relationship width?

How to ensure optimal service quality to customers & intermediaries, across a multi-source eco-system?

How to evolve a complete 360° view of customers along with their policy holdings, risk profile, premium payments, claims history, to judge true value of relationship?

How to tap complete household/ account potential to offer personalized products as per requirement and propensity, using cross-sell/ up-sell techniques?

How to provide proactive real-time insights into processes for actions, with intelligent reports & dashboards?

How to comply with ever changing insurance regulations?

Different processes for different customer segments.

Reorganize and streamline reporting systems.

Eliminate multiple reporting tools and constant data reconciliation.

Implement "one version of the truth" solution across information silos.

Effectively collaborate with network of agents and intermediaries to get better visibility of sales processes, reduce cycle times and prevent revenue leaks?

How to provide valid, up-to-date intermediary-wise performance data to help relationship managers drive revenues?

How to influence corporate buying decisions, while working to forward relationship width?

How to ensure optimal service quality to customers & intermediaries, across a multi-source eco-system?

How to evolve a complete 360° view of customers along with their policy holdings, risk profile, premium payments, claims history, to judge true value of relationship?

How to tap complete household/ account potential to offer personalized products as per requirement and propensity, using cross-sell/ up-sell techniques?

How to provide proactive real-time insights into processes for actions, with intelligent reports & dashboards?

How to comply with ever changing insurance regulations?

8. Benefits:

CRM initiatives at insurance companies often have annexed visions due to the complexities involved in creating a single repository of actionable data. These initiatives become departmental in nature, point solutions that quickly become part of the problem.

Enhanced the capabilities of customer servicing by increasing first time right (FTR) and turn around time (TAT) adherence by 400%.

Reduced the cost of servicing by a great margin.

Improved lead conversion.

Increased the capability of customer retention.

Reduced time and IT resource requirements for regulatory reporting.

9. Solutions:

Our CRM solution for insurance with its advanced integration capabilities streamlines processes, implements integrated practices and consolidates data across various systems (underwriting, claims, policy management, etc). It also consolidates partner & customer profiles, manages referrals, new policy issuances, servicing needs and campaign strategies.

CRM initiatives at insurance companies often have annexed visions due to the complexities involved in creating a single repository of actionable data. These initiatives become departmental in nature, point solutions that quickly become part of the problem.

CRMnext's insurance solution helps general & life insurance companies enhance customer satisfaction and boost revenues by streamlining processes, improving intermediary management and providing actionable intelligence at front-ends on a single technology platform.

Targeted sale for corporate customers with a greater focus on relationship building.

Effective lead management through direct channel & telesales.

Lead capture through various source & distribution across agencies for a quicker inspection & sale of policy.

Effective customer servicing by intelligent allocation of cases to specialist teams & closures within SLA.

Integration between various core systems for effective customer servicing/operations management.

Sales Force Automation, Marketing Automation, Customer Service& Support along with Analytics module from CRMnext..

Sales processes for Corporate and Government Services Group, Retail and Telesales.

Starting with 500 users in 2008, Reliance General Insurance has now a CRMnext user base of 950.

10. Conclusion:

Our CRM solution for insurance with its advanced integration capabilities streamlines processes, implements integrated practices and consolidates data across various systems (underwriting, claims, policy management, etc). It also consolidates partner & customer profiles, manages referrals, new policy issuances, servicing needs and campaign strategies. Thus benefiting the customer by providing all needful data on time i.e. justontime.

11. Suggestions:

CRM should also integrate uninsured people and pursue them to undergo for insurance for their safety. Companies should also focus on providing such CRM facility in remote parts of Country where it is hardly provided. Also company should develop low budget insurance products which can suits to lower middle class people so safety of such population is not overlooked and even they will be a part of Insurance chain.