Frugal IT budgets don't skimp on customer service upgrades. (Technology).
"Insurers are recognizing the fact that they can no longer operate under a product-centric strategy and need to alter that strategy enterprisewide so that it can be focused instead around customers," said Stephen Ross, an analyst with Meridien Research and study author.
The report, "Insurance Client-Centric Strategies: Reach for the Stars with Service," introduces three key customer relationship management strategies: an operational customer information system, frontoffice CRM/channel support with Web-based self-service capabilities and rule-based business-process automation. According to the report, these strategies can give insurance providers a competitive advantage.
Meridien estimates that global spending on insurance-related CRM project initiatives will reach $1.6 billion by the end of the year, a modest increase from 2001. The study projects spending will increase 8%, compounded annually, reaching $2.5 billion in 2006.
"Insurance providers that 'get CRM' are continuing to invest in initiatives that streamline operations and improve customer service to policyholders," Ross said. "Insurers that differentiate the customer's total experience throughout the entire life cycle will win."
Newton, Mass.-based Meridien Research provides analytical research services to users and providers of financial industry technology.
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|Title Annotation:||information technology, insurance industry|
|Comment:||Frugal IT budgets don't skimp on customer service upgrades. (Technology).(information technology, insurance industry)(Brief Article)|
|Article Type:||Brief Article|
|Date:||Jun 1, 2002|
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