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Thursday, 8 January 2015

Insurance sector understanding relevance of CRM

1/08/2015 01:53:00 pm

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When innovation is being discussed about, it has been found that the insurance domain is slow in regard to ‘quick change’. Although the industry is slow, but it won’t be correct to state that it is lagging.

When we speak in relation to the industry, it has displayed aggressive traits to unveil new products and also services with the aim to meet the clients’ requirements.  Obviously, it is being developed on the concept that it is taking care or managing risks. By avoiding the risky bets, the insurers have in the past bagged profit as they have been able to opt for investment the money from clients’ premiums and also pay out less as compared to they take in, which helps in generation of profit.

Now, the question which is arising is why the industry risk is undergoing changes too quickly?

One of the major problems witnessed by the insurance firms is that it is impossible to predict the performance of the global stock market and its prediction is not likely to improve in coming days as well. Reports suggest that the revenue generation mechanism of insurance domain has not been able to perform in accordance to the historical standards. This is also one of the reasons that it is causing pressure on the players from the domain to offset their absence of investment returns by cutting the operating costs and also easily locating possible new ways to enhance the revenue levels.

CRM able to bring down costs and enhance profits 
Most of the insurance players have been found to be stressing on the below mentioned client focused projects such as –

- Optimization of contact center: For the insurance players, their first client service aim is to make sure that all inbound calls are resolved by the member service agents who answer the call. For quite some time now, the insurers have been stressing on contact center. As they are coming back, as more business is taking place online and mainly on Facebook and Twitter.

But at the same time, the relationship between the technology investments and also business returns cannot be ignored.

Transformation of sales force: Often, the insurance players undergo alter and adapt their products with the aim to successfully suit the requirements of the market and also bag profit from the new opportunities. For instance, the life insurance sector enjoys expertise at handling of the difficult payouts that are needed after the death of the policyholder.

But to continue retooling of products and services, insurers usually need flexible sales automation tools which helps the sales team to stay updated with all the recent happenings.

Automation of mobile sales: Most of the sales personnel own a smartphone, tablet or both. This pushes the CRM tool to offer scope for mobility. The business drives on simple logic that it wants to offer the field agents with quick access to complete clients and also details about brokers. It proves helpful in rapidly court clients with profitable proposals.

Social monitoring: Although the insurers are not readily adopting social technology as early as some other domains like the high tech firms, they are starting to opt for projects that prove helpful in monitoring social networks.

As these projects display, when it comes to cutting down of the operating costs and enhancing the revenue levels, the insurance players do not hesitate from bringing revision in their business practices and also adopt the recent CRM approaches and technology as well. It is a known fact that to bag rewards, risk management is also essential.

The article is also available at http://www.basearticles.com/Article/44851/Insurance-sector-understanding-relevance-of-CRM.html