Customer Relationship Management Experiences a Resurgence in Insurance

New SMA research identifies a new wave of investment in CRM

Boston, MA (Feb. 12, 2016) – Strategy Meets Action (SMA), a leading insurance strategic advisory firm, has just released a new research report, CRM in Insurance: New Visibility and Role in the Digital Age. The report provides a snapshot of the state of CRM in insurance and insurer plans for investing in and enhancing CRM capabilities.

“CRM has a mixed reputation in insurance based on implementations in an earlier era,” said Mark Breading, SMA Partner and report author. “Now we are seeing renewed interest in CRM as a vital element of customer experience strategies. The new wave of implementations and enhancements extends the capabilities of CRM to address the requirements of the digital age.”

The following are important findings from this research:

  • 14% of insurers are planning to invest in new CRM solutions in 2016, either through replacements of legacy solutions or by implementing an additional CRM system.
  • Almost half of the North American insurers surveyed indicate that they have major initiatives underway relative to CRM.
  • Real-time analytics is the top new technology capability insurers are planning to implement in CRM systems.

The CRM in Insurance report covers P&C and L&A insurers in North America, and is based on an SMA survey of insurance professionals and SMA Partner observations from the support of insurers developing new CRM strategies.

Insurers, IT solution providers, and media that are interested in learning more should contact Mark Breading at mbreading@strategymeetsaction.com or 614-562-8310. Mark will be presenting his perspectives on these emerging technologies at the Insurance-Canada.ca Technology Conference on Feb. 29, 2016, and the next day’s Broker Forum on March 1.

About SMA

Exclusively serving the insurance industry, Strategy Meets Action (SMA) is an advisory services firm offering retainers, research, consulting, events, and innovation offerings to both insurance companies and solution providers. Learn more about SMA at www.strategymeetsaction.com.

SOURCE: Strategy Meets Action (SMA)