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CRM Trends in the Insurance Industry

CRM Trends in the Insurance Industry

Abstract

Contemporary CRMs in the insurance industry are expected to overcome the boundaries placed by ‘siloed’ development of solutions, and to not only give a ‘complete picture of their customers,’ but also interpret, analyze, and predict the behaviour of customers as well as facilitate strategic business decision-making. Furthermore, as that ‘complete picture’ changes, CRMs are supposed to keep up with those changes as dynamically as the changes themselves. This may sound like a talk order (from IT) but that is the demand of insurers and customers.

Excerpts from the Paper
Generally, a CRM system is integrated with various applications, and the core systems are enabled with many external interfaces (e.g., IVRS‐CTI, Web Portal, emails, Co‐Browsing etc) and internal applications (e.g., CRM Analytics, Business Intelligence and data mining tools etc). A comprehensive CRM system often comprises multiple vendor applications to address the business needs and problems of insurers.

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