Celent looks at the results of recent customer relationship management (CRM) implementations and draws out key learnings.
New York, NY (May 26, 2014) – The insurance industry faces multiple challenges that make improvement in customer management a priority. First, most transactions take place in a complex ecosystem where ownership of the end customer relationship is murky. Coordination between intermediaries and insurers is difficult, and there are many opportunities for suboptimal customer service. Additionally, customer expectations are being changed and shaped by consumer purchasing experiences in other industries. New service models deliver more efficient and intimate engagement from companies such as Amazon.
A new report, Insurance CRM: Keys to Implementation, documents the lessons learned from recent automation investments. Celent invited a select group of North American insurers to participate in an online survey. Each had recently implemented one or more components of a CRM solution. The results detail the scope of their efforts, identify key success factors, and recommends actions for others to take.
“Insurers are fighting decades of habit, transitioning from a product-centered to a customer-centered sales and service approach,” says Mike Fitzgerald, Senior Analyst with Celent’s Insurance Group and author of the report. “Many are investing in CRM in order to meet customers’ new expectations and improve coordination across and within the distribution chain.”
More detailed analysis is available in the report Insurance CRM: Keys to Implementation, available from Celent.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies (NYSE: MMC).