London – Heightened competition along with more informed and demanding consumers is causing insurers worldwide to rethink their technology strategies, according to a new report from London-based independent market analyst Datamonitor. Insurers can no longer afford to provide poor customer service, nor can they continue failing to understand each policyholder, says Datamonitor’s new report. The report, “CRM in Global Insurance,” concludes that in order to remain competitive and to maintain profitability, life and non-life insurers globally must expand beyond their core competency of risk management and focus on customer management.
By focusing on the customer, Datamonitor points out insurers will be able to identify and grow their most profitable ones, while minimizing the resources spent on the less profitable customers. As a result of this strategy, insurers will reduce customer acquisition costs and decrease customer churn, resulting in improved margins. Furthermore, insurers can enjoy better returns on marketing campaigns by closing the loop between the sales and marketing departments.
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