Insurance Technology - CRM in Global Insurance (Review Report)

This report combines the two briefs from the CRM theme for Q4 2007. Areas covered include market conditions and developments across the L&P and P&C sector, as well as strategies for meeting the market conditions.



Report Highlights
Insurers must gain a full view of the customer in order to identify and grow the most profitable customers, and marginalize the customers that have little or no profit potential. To capitalize on opportunities and to thwart competition, insurers must become customer centric. The insurers that master the customer relationship will witness a boom to the bottom line. According to Datamonitor projections, global CRM license sales will grow 9% annually through 2012, reaching $440 million.


[Studien Infos ausblenden]

Overview 1
Catalyst 1
Summary 1
Methodology 1
Executive Summary 2
Introduction 2
Understanding the Opportunities for CRM in Global Insurance (Market Focus) 2
Protecting and Improving Insurer's Margins with CRM (Strategy Focus) 2
Customer Relationship Management Software Spending through 2012 in Insurance - North America (Databook) 3
Customer Relationship Management Software Spending through 2012 in Insurance - Western Europe (Databook) 3
Understanding the Opportunities for CRM In Global Insurance (Market Focus) 7
Summary 7
CRM will enable insurers to compete - and excel - in today's highly competitive market 7
Focus on the customer in order to improve sales and service productivity 7
Improve customer retention and customer growth: Keys to being competitive 8
Insurers must use CRM to navigate the different global challenges 9
The United States 9
Europe 10
BRIC 10
CRM must shed its negative legacy and prove ROI by focusing on business rather than IT implications 12
Vendors must clearly communicate that today's CRM strategies have evolved 13
Vendors and end-users must strive for enterprise-wide implementations-"Break Down the Silos" 13
Ensure that end-user participation is maximized 13
Protecting and Improving Insurer's Margins with CRM (Strategy Focus) 14
Summary 14
Insurers must gain a full view of the customer in order to drive cross-sales and allocate resources more efficiently 14
Customer centricity begins with Customer Data Integration (CDI) 14
Customer segmentation: The first step in customer analytics 15
Beyond segmentation: Portfolio Analysis and Predictive Analytics 15
Insurers must aggressively manage their producers, i.e. agents and brokers 16
Portals: The differing needs of captive and independent agents 16
Insurers need to integrate and automate sales, marketing and operations 17
"Close the Loop" 17
Intelligent automation reduces costs and improves service 18
Design flexible offerings that meet the needs of the intricate insurance process 20
Create insurer-agent portals that allow for collaboration but respect the agent's sovereignty 20
Know where the market is heading so that you can properly market to insurers 20
Customer Relationship Management Software Spending through 2012 in Insurance - North America (Databook) 21
Introduction 21
Global Spending on CRM Licenses by Insurers, by Region, through 2012 22
North American Spending on CRM Licenses by Insurers, by Country, through 2012 23
North American Spending on CRM Licenses, by Insurer Type, through 2012 24
Customer Relationship Management Software Spending through 2012 in Insurance - Western Europe (Databook) 25
Introduction 25
Global Spending on CRM Licenses by Insurers, by Region, through 2012 26
Western European Spending on CRM Licenses by Insurers, by Country, through 2012 27
Western European Spending on CRM Licenses, by Insurer Type, through 2012 29
APPENDIX 30
Definitions 30
Methodology 30
Further reading 30
Ask the analyst 30
Datamonitor consulting 31
Disclaimer 31

[Inhaltsverzeichnis ausblenden]

Table 1: Global Spending on CRM Licenses by Insurers, by Region, through 2012 ($ millions) 22
Table 2: North American Spending on CRM Licenses by Insurers, by Country, through 2012 ($ millions) 23
Table 3: North American Spending on CRM Licenses by Insurers, by Country, through 2012 ($ millions) 24
Table 4: Global Spending on CRM Licenses by Insurers, by Region, through 2012 ($ millions) 26
Table 5: Western European Spending on CRM Licenses by Insurers, by Country, through 2012 ($ millions) 28
Table 6: Western European Spending on CRM Licenses by Insurers, by Country, through 2012 ($ millions) 29


Figure 1: Current threats and strategies 9
Figure 2: Premium Growth in BRIC compared to G7 11
Figure 3: The process required to turn a prospective customer into a policyholder 18
Figure 4: Global Spending on CRM Licenses by Insurers, by Region, through 2012 ($ millions) 22
Figure 5: North American Spending on CRM Licenses by Insurers, by Country, through 2012 ($ millions) 23
Figure 6: North American Spending on CRM Licenses, by Insurer Type, through 2012 ($ millions) 24
Figure 7: Global Spending on CRM Licenses by Insurers, by Region, through 2012 ($ millions) 26
Figure 8: Western European Spending on CRM Licenses by Insurers, by Country, through 2012 ($ millions) 27
Figure 9: Western European Spending on CRM Licenses, by Insurer Type, through 2012 ($ millions) 29

[Tabellenverzeichnis ausblenden]