Ask insurers about the importance of good customer service, and you’ll likely get similar responses: “It’s very important, and we pride ourselves on good customer service.”
And it may, in fact, be more important than ever. Heightened competition and more-informed and demanding consumers are 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 report. The report, “CRM in Global Insurance,” concludes that in order to remain competitive and maintain profitability, life and non-life insurers globally must expand beyond their core competency of risk management, and focus on customer management.
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