CRM in Insurance: New Opportunities in the Digital Age

| September 24, 2015

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The insurance industry was once dominated by policy-centric, inside-out thinking. Relationships were simple a policyholder was matched with a policy and perhaps an agent/producer. Much of the executive focus and corresponding technology investment was designed to improve operational efficiencies and manage the porfolio of risks. Those days are rapidly disappearing. Most insurers have done a significant reorientation around customers, taking the outside-in view and seeking to gain and act on a deeper understanding of their relationships with customers, as well as agents. In fact, insurers ranked customer engagement and experience as the number one strategic initiative in 2015, with 85% of insurers claiming to have major initiatives in progress.

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State Farm

At State Farm®, our mission is to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams. We are passionate and driven to create possibilities, and we’re serious about being here to help life go right™ for customers by providing solutions for all of life’s moments.

OTHER ARTICLES

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Article | April 7, 2020

Chatbots are capable of providing one-on-one consultancy to website visitors, customers, as well as internal employees. In the insurance industry, this is vital, as it is a large, complex industry that customers and employees alike may have questions about. Where do chatbots fit in within the insurance industry? One of our chatbot experts has crafted a list of key areas for chatbots in the insurance industry.

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Article | February 18, 2020

Insurance fraud scams seem to make the news at least every month, as organized criminals seek to exploit the way insurers reimburse clinics, pharmacies and other providers for their services. What’s often shocking is how much money fraudsters can steal from insurers before they’re caught. Recently, in a single month, two separate alleged fraud rings based in California were busted for scams that investigators say netted $20 million or more.

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7 Business Models of the Future for Insurers

Article | March 18, 2020

The insurance industry continues to be an enabler of innovation. Since its creation three centuries ago, it has become an essential part of the global economy — providing security and resilience to businesses and individuals alike. But the fundamentals of how it operates have barely changed. As we enter a new decade, the industry must reflect the reality of the needs of today’s businesses and society. Large commercial insurers and reinsurers, in particular, have an increasingly urgent imperative to realign their organizations and modify their offerings to include stronger preventive services against new and evolving threats, including climate change and cyber risk. There is a huge opportunity. Our latest NextWave Insurance report reveals that, should the industry act now, an unprecedented growth and profitability spike is within reach. By 2030, we project that large commercial insurers and reinsurers could experience:

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Spotlight

State Farm

At State Farm®, our mission is to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams. We are passionate and driven to create possibilities, and we’re serious about being here to help life go right™ for customers by providing solutions for all of life’s moments.

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