In the competition for customer interfaces, Customer Relationship Management plays a central role in customer-oriented corporate management. The holistic knowledge about customer behavior, the permanent customer orientation as well as the fast availability and efficient use of Customer information is a crucial factor and creates competitive advantages. Within the working group, experts discuss in particular the effects of changing business and sales models on customer management and its technical support about this health insurance solution.
The User Group is primarily aimed at employees in the areas of CRM, marketing, customer management as well as complaints and quality management. As in any service-based industry such as marketing, logistics, etc., CRM software is an indispensable management tool for the banking sector. An effective CRM requires strong coordination between the IT and marketing departments and improves the performance of the banking sector in various parameters such as customer acquisition, lead conversion and customer loyalty. Today, CRM is much more than a mere technical implementation. It is a business strategy that helps a bank of profitable customers and prospects through personalized marketing and personalized service delivered through various channels and touch points in identifying and targeting.
Digitization of your customer relationship
An analytical CRM framework enables an effective segmentation and profiling of a client’s bank, thus enabling the bank to design tailor-made marketing strategies for each of the segments. It revolutionizes the online banking of the banks providing a single overview of a particular customer by integrating the data on the various interactions with the customer through multiple channels and touch points. With this overview, a bank can serve every client in a most personal way in order to better target customers. The extension to these, important business decisions can be made valid from access and actionable insights from huge databases of information. CRM applications provides information about customers buying history, Settings and other data and the resources available to dedicate by identifying specific products and services to broaden account relationships with the most valuable customers that these customers benefit. This in turn helps in instilling a higher level of loyalty to the customers.
Conclusion: Why CRM for insurance industry?
CRM has become the new competitive and differentiating strategy in today’s business. The efficiency of traditional 4P’s of marketing has been decreasing steadily over the last few years. Especially in the insurance sector product differentiation has become very difficult due to the replication of a product’s features and functions. The price is no longer a means of differentiation in the competition. Thanks to the wealth of special offers and continuity of sales, advertising strategies are not as effective as they were in the past.
At last, the advent of Internet as a universal platform for companies in place of distribution has less impact on the prospects of a company made to compete. A stronger emphasis on customer relations trumps effectively the benefits of 4P’s.