CRM was introduced as a tool that would improve customer service while increasing sales by maintaining all client data in a single location. The life insurance industry has been slow to adopt CRM, with many well documented project and ROI failures.
Our analysis points to a number of reasons including:
- Business factors that are peculiar to the life insurance industry
- Functionality requirements peculiar to the life insurance vertical that make horizontal CRM a poor
- General weaknesses in typical CRM packages
- The policy-centric nature of legacy administration systems and processes
Read this whitepaper for further analysis of why CRM has had such a low take-up and why it often disappoints in terms of ROI and business impact.
Insurance companies need to understand the objectives and requirements clearly when considering CRM. Trusting that a solution will have everything “out-of-the-box” rather than matching solution capabilities with requirements can lead to costly and ineffective projects. There are unique requirements of insurance that need to be considered and choosing a vendor with a good track record in your industry may make the most sense.
BlueSun Distribution Performance Management software increases the sales performance of insurance carriers and large distributors in North America. For more information, visit www.bluesunlife.com.Tags: BlueSun, Customer Relationship Management (CRM)