Many insurance e-business experts agree that establishing a single source of customer data is a key to making customer relationship management (CRM) succeed. A single source of data produces a unified customer view across the enterprise, in turn enabling insurers to generate a clear and concise profile of customers.Once established, insurers can confidently proceed to configure customer needs profiles, such as realizing specific and changing needs within a mutual fund portfolio. Using analytics, insurers can separate their customers into demographic "buckets" from which they can determine specific needs.
While configuring new products for customers is a priority, basic customer service activities performed within CRM can't be overlooked. Industry solutions providers say that how well, or poorly, insurers perform in this space can make or break a relationship.
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