As insurers weigh their options for customer relationship management investments, it's become apparent that carriers are redefining what CRM strategies can-and cannot-accomplish.With the expectation bar set too high and the ability to measure results too ambiguous, insurers have learned several valuable lessons about CRM and now approach investments with a far more cautious attitude than they did as recently as two years ago.
Once epitomized as ambitious, enterprisewide projects-perceived by many as magic bullets to cure all that ails an operation-CRM projects were put on the back burner at many insurance companies, particularly after the economic downturn forced insurers to re-evaluate their e-business spending priorities. CRM programs that weren't shelved entirely were scaled back to target the most significant "pain point" areas of an organization.
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