Understanding the Opportunities for CRM In Global Insurance (Market Focus)

In today's evolving market, insurers must become customer centric in order to compete and excel. Customer Relationship Management (CRM) is the insurer's ultimate tool for enabling the shift to customer centricity.



Report Highlights
The insurers that master the customer relationship will witness a boom to the bottom line. The same forces challenging today's market deregulation, globalization and advanced purchasing habits are also providing insurers with fruitful opportunities that can be capitalized upon with CRM. Despite its many promises, CRM faces one major impediment: its legacy.


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DATAMONITOR VIEW 1
CATALYST 1
SUMMARY 1
ANALYSIS 2
CRM will enable insurers to compete - and excel - in today's highly competitive market 2
Focus on the customer in order to improve sales and service productivity 2
Improve customer retention and customer growth: Keys to being competitive 3
Insurers must use CRM to navigate the different global challenges 4
The United States 4
Europe 4
BRIC 5
CRM must shed its negative legacy and prove ROI by focusing on business rather than IT implications 6
ACTIONS 8
Vendors must clearly communicate that today's CRM strategies have evolved 8
Vendors and end-users must strive for enterprise-wide implementations-"Break Down the Silos" 8
Ensure that end-user participation is maximized 8
APPENDIX 9
Definitions 9
Methodology 9
Further reading 9
Ask the analyst 9
Datamonitor consulting 10
Disclaimer 10

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Figure 1: Current threats and strategies 3
Figure 2: Premium Growth in BRIC compared to G7 5


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