CRM system and insurance business Increase sustainable growth and profitabilityvgenz
Even though the insurance industry in the country is still experiencing a continuous growth rate. But the insurance business can be regarded as a complex business. High competition and high uncertainty. Compared to other businesses. The main challenge of insurance business is Customer acquisition Whether it is a new customer or keeping current customers, continue to use our services. Thailand will have several insurance companies. However, there are only a few large companies that dominate the majority of the market. Therefore, it is difficult for insurance companies to make more profits. While the company will have to reduce costs again. We see more mergers in the insurance business over the past 3-4 years.
CRM system and insurance business Increase sustainable growth and profitability
Before the sale of insurance is limited to insurance companies only. But now insurance sales have become a viable alternative to the banking business. This results in both direct and indirect competition. Customers are more likely to buy insurance from non-insurers. Including the growth of the Internet put pressure on the insurance companies. Take share of the mind of the customer and create more complex insurance business such as online brokers etc.
Deep understanding of the customer is central to successful insurance business. Only customer centric information may not be enough. Customer Relationship Management (CRM) strategy can help companies understand more customers.
Most insurance companies have a good insurance management system. Good billing system And the management system is good, but there is a lack of effective customer relationship management (CRM). However, this may not be enough. Insurers need to understand their CRM strategy to help companies deliver superior customer service. To satisfy current customers and get new customers efficiently, CRM will help you understand and build good relationships with customers, sales, service and marketing.
Success Formula of Insurance Company For growth and sustainable profit generation.
Create an overview of the customer for the organization.
In general, insurance companies will have individual customer information, such as customer name, last name, customer contact information. Claim history Purchased policy Payment history And customer status, etc. You may want to know more about customer insights such as liking, dislike, customer feedback. Promotions have been of interest, but these data are scattered into each agency. How do you create a single customer overview? To see 360-degree customers throughout the organization.
For insurance companies These data are distributed by various systems. According to each type of service, such as billing system, call center, site claim system, etc., the company has a wide range of services and subsidiaries. These scattered data will create a lot of problems for you.
CRM for insurance business is based on customer-centric information. See the customer overview. All employees, whether they are call center agents, brokers, are able to understand the customer and offer the most customized service. (Personalized Service) better. This is an important factor in keeping the customer well and reducing the Churn rate has enabled the company to achieve higher sales and profits. Because companies who are looking for new customers rather than keeping current customers will spend a higher cost.
Keep current customers With excellent service.
Most insurers focus on customer centric views. It is a snapshot of the customer and is real-time and it invests in information technology to address this need in every customer touch point, but this is not enough. An overview of the customer is just the beginning to lead to a better understanding of the customer.
Imagine that. If the company tries to sell car insurance to non-car owners. Because sales representatives do not have analytical information, customer needs or forecasts. Customer purchase behavior Customers will feel annoyed and may be offensive to the company. Deep customer insight into customer behavior and buying trends will help. Companies can increase sales by up-selling and cross-selling.
Customer behavior prediction helps to make sales more effective. We can do 3 steps as follows.
Customer History: Insurance companies must create and store customer history and past behavior. Customer history must be insightful and essential to boost sales. Contains service history. Contact information, call center, etc., or external data, such as other usage data. For example, information of customers paying medical bills through credit card. Can contact with customers to offer health insurance.
Modeling: Analyzing customer history and segmenting it with data mining. Relational analysis helps to make the strategy more successful, such as customers who behave similarly to customers who have purchased car insurance. There is a tendency to buy car insurance as well.
Rating: Insurance companies can prioritize buying with ratings. By comparison with the above model. Any customer closest to the model will get the highest score. Customers with these points will also be considered for additional sales and are also offered. Different services and promotions.
Analyzing customer history and buying trends in the form of a life event can help build more customer relationships, such as offering health insurance promotions to new or prospective clients. Special for customers with children aged 18 years, etc. Customer attention and presentation with special promotions can impress. To the customer very well. And customers will not bother with these offers.
In many businesses, the more customers use the more variety of services. Customers are more likely to change carriers more difficult. Which can be used with the insurance business as well. Finally, the longer the customer stays with us, the longer it takes. The amount of claims will be reduced only. All this makes the company more profitable stand.
Cost control along with business growth.
Business growth is an indicator of increased sales opportunities. Add organizational assets And reach new customers more broadly. How can the company grow? Where profits continue. The company must maintain a high standard of customer service in line with customer expectations. While the company will have to control the cost of services is not too high. To maintain the profit of the organization. The following principles apply.
1. Call center agents, sales agents and brokers must prioritize each sales opportunity. High value sales opportunity Offer to customers with less risk. A long time customer Or a customer with less claim. It is a good sales opportunity and should be the primary goal of sales and marketing. Call center agents, sales agents and brokers need this information in real-time to decide on the priority of each sale opportunity.
2. Use cost-effective communication channels and excellent service standards. The company must consider the appropriate communication channels with its target customers and Customer behavior Be it call center, email, salesperson, or self-service portal.
Internet makes communication with customers very effective. Up and worth Companies must consider new technologies. Used properly and continuously. Technology helps customers to be more comfortable and more satisfied. These technologies include Web Chat, VOIP, Location-based, Email Marketing, Social Media or Mobile Application.
3. Automation business. The insurance company will have many systems such as billing system, billing system, insurance policy, etc. CRM system will be another system to be connected to those systems. Good Automated & Multi-step Workflow capability is required for maximum performance.
Today, insurance companies are faced with various challenges. To maintain and enhance the competitive edge, only the company attaches importance to the three success formula. (Keep current customers. With excellent service, customer focus for the organization, and cost control along with business growth), it can transform challenges into strategic advantage and business growth with sustainable profitability.