Paul Greenberg, a leading industry authority on CRM, speaks to why the CRM is not only about managing the customer relationship, but how to use the information that is captured to “analyze the data about the customer so that insights can lead to better engagement”.

Another key point made by Thomas Wieberneit is that “there is no Customer Relationship Management (CRM) without Customer Experience Management (CEX), and Customer Engagement Management (CEM).”

There is a great deal of truth to this statement, as there is no experience without engagement. Engagement leads to data, which provides insight into the customer experience. This in turn can be used to optimize the overall experience and ultimately improve the customer relationship.

What can insurance carriers learn from this?

It’s no secret that carriers are trying to figure out how they can improve customer experience and compete in this consumer driven market. This proves difficult in an industry where there are so many different business units with fragmented data throughout the organization. In order to streamline this data and ultimately improve customer engagement and experience, carriers would benefit from an industry specific CRM powered by real-time customer analytics. This solution would remove existing silos and allow the entire organization visibility into the complete customer journey. Carriers can then be more proactive when identifying and responding to member needs. To quote Paul:

“A well-orchestrated CRM system — set up to collect and manage all data related to customers and to analyze it — is the very foundation. It is a platform. From here all analytics and segmentation needs to be driven, with the segment size stretching from one all the way to something far bigger.”

The entire story can be read here.

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