The insurance industry has certainly felt the brunt of the global economic downturn and providers are realizing that there customer relationships are more valuable than ever. In these tough times, it is imperative to maintain balance between managing risk and managing the customer experience. Customer needs are changing, and product and price are no longer the sole deciding factor in attracting or retaining customers. Customers are demanding better treatment and a higher level of personal insurance products and services. This is a determining factor in provider brand loyalty and profitability.
A new model for the customer relationship that delivers experiences designed to support the insurance customer’s view of the relationship needs to be created. We all know that CRM promises to help providers sustain customer relationships and increase satisfaction and loyalty. The problem is CRM doesn’t have the technological sophistication needed to improve different customer...