Insurance Customer Value Enhancement enabled by a ‘Single View of Customer’

Insurance Customer Value Enhancement enabled by a ‘Single View of Customer’

In today’s scenario, insures have to face many issues to be able to maintain the desired level of growth and profitability. Some key Business Drivers, which shape the insurance operations in recent times, include:

o Demand for operational excellence even for survival
o Leadership in the market, leveraging scale of operations
o Multi-distribution as a tool to reach to more customers
o Building on brand strength as a prime strategy
o Simplicity and flexibility of the insurance coverage to suit evolving customer needs

For today’s insurance carriers, focusing on the customer is more important. Getting closer to customers and rapidly responding to their evolving needs is a great way to boost their loyalty. It also encourages developing deeper business relationships with them and paves way for additional spending. Successful insurers around the world have proved that this is a better route to long term success, than efforts on cost cutting and improving operational efficiency.

This paper analyses, what constitutes single customer view for an insurer, how Customer Data Integration plays a pivotal part in creating a single customer view and how these efforts ultimately help in achieving the CRM goals of an insurer.

Introduction

Customer Relationship Management (CRM) initiatives usually require functional units of an insurer to work together around a shared single view of the customer and the end-to-end processes, which a customer goes through in their lifetime. Insurers have realized repeatedly that having the right customer information at the right time is the key to achieve CRM goals. The drivers for supporting CRM with a single customer view and the long-term benefits to be reaped through investments to achieve a ‘Single Customer View’ are outlined in Figure A. Insurers have reaped long lasting benefits on investments made on creating a ‘Single Customer View’ .

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