CRM Deployment Key to Insurer Customer-Centricity, but Solution Market is Increasingly Complex

Insurers should have a clear understanding of their intended use case and whether their needs are best served by a Core-, CCM-, or DXP-CRM platform: Novarica

Boston, MA (Oct. 13, 2020) – With the growth of digital engagement as a key priority, the “customer relationship management” —or CRM—market has expanded to include a wide range of disparate solutions. In a new executive brief, CRM in Insurance: Overview and Key Issues, research and advisory firm Novarica categorizes three types of CRMs and how they differ in origin, emphasis, complexity, scope, and the types of data they contain. In clarifying this space, Novarica advises insurers have a clear understanding of what type of CRM they have in mind.

“Insurers should start with the use cases and capabilities they hope to enable using a CRM, and then begin to approach vendors,” said Paul Legutko, VP of Digital Marketing and Analytics and author of Novarica’s new report. “Simply building or buying a CRM doesn’t ensure that its capabilities will be used, and, at worst, a CRM could be stood up whose features aren’t needed, by organizations who need certain capabilities that the CRM ends up lacking.”

Click here for the table of contents or to access the report.

Report Summary

This brief examines the origin, emphasis, complexity, scope, and the types of data contained in customer relationship management tools, or CRMs, available to insurers. There are hundreds of solutions and vendors in the marketplace that advertise themselves as customer relationship management (CRM) platforms and providers. Yet they vary widely in their capabilities, scope, and the type of data they are designed to manage. Insurers should have a clear understanding of their intended use case and whether their needs are best served by a Core-, CCM-, or DXP-CRM platform.

However sophisticated, CRM platforms are an essential component of insurance technology systems. Determining the core focus of these platforms should be the first step in standing up, expanding, or adopting them within the enterprise.

Click here for the table of contents or to access the report.

About Novarica

Novarica helps more than 100 insurers make better decisions about technology projects and strategy. Its research covers trends, best practices, and vendors, leveraging relationships with more than 300 insurer CIO members of its Research Council. Its advisory services provide enterprise phone and email consultations on any topic for a fixed annual fee. Consulting services range from assessments and strategic roadmaps to vendor evaluations. For more information, visit www.novarica.com.

Source: Novarica