Some insurers may see the value of a CRM system while others may simply view it as a headache. Those that view CRM systems as a challenge cite expensive and time consuming implementations with little to no ROI. However, according to the following article, interest in CRM technology appears to be increasing as almost half of insurers have CRM initiatives underway in 2016. Why? According to SMA research, 85% of North American insurers have some sort of strategic initiative focused on improving customer experience. Insurers are realizing that in order to improve customer experience, they need technology to better manage customer interactions and internal operations. As a result of this increasing interest, CRM functionality is improving, with analytics becoming an extremely important component for providing deep insight into customer behavior and engagement. The article below provides further insight into why many insurers are investing in CRM.
Why are the solutions from 10 to 15 years ago being revamped? And why have so many new CRM offerings been introduced to the market?
The simple answer is the customer experience. For each of the last two years, SMA research reveals that 85 percent of North American insurers have a strategic initiative to improve the customer experience; the most widespread initiative in the industry.
Prospects, policyholders, and producers are all customers in some sense for insurers, and their expectations and demands are clearly driving business and technology strategies. In fact, some insurers are implementing CRM solutions specifically for one constituency by developing agent/broker relationship management systems as part of their distribution channel management approach.
So, CRM is back in the game, but in new and improved forms. A broader range of relationships are now being considered. New dimensions are being added to the relationships, and options like social networks, location, delivery preferences, and interaction or communication tracking are becoming increasingly common. Modern technologies such as cloud computing, mobile support, and analytics are important features of today’s CRM solutions.
Zipari’s insurance specific CRM Apps-powered by data analytics, addresses the challenges of the insurance industry, by providing carriers with a solution that not only provides a unified view of all customer data but actionable recommendations to help organizations improve member engagement and experience. Click here to learn more and download the data sheet.