New Age Trends in CRM in Insurance Industry
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New Age Trends in CRM in Insurance Industry

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  • eRetail$1b in 2012 ie, 0.2% of overall retail [ET, Technopak]$13b in 2017, ie 2% of overall retail [ET, Technopak]

New Age Trends in CRM in Insurance Industry New Age Trends in CRM in Insurance Industry Presentation Transcript

  • “New Age” CRM Strategies for Insurance Firms Financial Technology Summit 08 June 2012, Goa Ram Medury, ICICI Lombard
  • A little about General InsuranceIndustry Wide ticket-size spectrum  Rs 20 to 2 cr, but same service expectation Claim intensive, unlike Life Insurance Many post-purchase/servicing processes are customer facing  Think of a car purchase
  • Insurance Customer LifecycleInform & Advice & First Contracting Quotation Contact Claims Cancellation/ Policy Handling Renewal Handling 1. 100s of Moments of Truth 2. Need to deepen customerRetention & relationship, improve customer Referral experience at each MOT
  • Trend 1 - The Growth of Direct Channel Go Direct, young man! Insurers focusing on direct business Net Savvy Customers  Personalised/DIY, Self-service  Demanding Importance of CRM goes up: analytics, timings (when to contact, how, having history)
  • Source: Technopak, ET
  • Source: Technopak, ET
  • Trend 2 - The Intermediaries, TheyAre a-Changin‟ Traditional Agent: submit policy, come to office again (and again) New Agent: going online with servicing Other partners : Hospitals, Garages Garage settlement of claim happens locally – access to customer record important CRM gets extended to partners as well
  • Trend 3 - Mobility Customer expectations changing – Instant Gratification Earlier accessibility was to fixed PC or call center CRM now onto mobile devices as front end keeps changing, how to tie in
  • Trend 4 – Go Social Corporate sales (eg: use linkedin to upload contacts, store correspondence) Impact on retail sales quite low as of now CRM to track social n/w actions  engage potential customer community  community product reviews to facilitate online sales
  • Trend 5 – Reputation Management Listen, capture, sentiment analysis (+/- /neutral) A good CRM should immediately address customer query instead of doing it offline
  • A last bit on CRM Software in Insurance No single provider of an end to end Insurance CRM Most Indian Insurers do not have a CRM s/w Is there more than one type of CRM s/w?  Sales-CRM  Service-CRM  Analytical CRM (as a horizontal) Often building blocks need to be first in place; e.g.: Single View of Customer
  • What hinders a „Single Customer View‟• Systems provide a „Policy View‟ rather than the „Customer View‟• Business data is stored in multiple systems and formats• Duplicated and fragmented data along with complexity in data extraction• All Customer interactions are not recorded
  • Thank You