Introduction <ul><li>The insurance industry is undergoing significant change, and today’s playing field is both complex and competitive. Not only are there fewer .new. customers to pursue and more entities pursuing them, but the industry is also impacted by regulations that vary worldwide and are all in a state of transition. </li></ul><ul><li>Competition has increased with banks and brokers adding insurance products to their product mix, and insurers are now offering broader financial services products. And the internet has added increased pressure to margins by enabling customers to do their own comparison shopping. </li></ul><ul><li>As a result, insurance companies are continually trying to adjust to the new challenges and opportunities this brings. It comes as no surprise, therefore, that the traditionally product-centric insurance industry has turned to a customer-centric approach to achieve its business goals. improve customer retention, increase wallet share, reduce operating costs, and grow revenues. This customer-centric approach can only be successful when supported by an enterprise wide customer relationship management (CRM) strategy and other enterprise resource planning components </li></ul>
Process Historically, broker’s only online activity was to obtain policy details and pamphlets from the company’s secure website to show to customers. Meeting the client to show the policies available and recommend a suitable product. The broker would then send the company details of the customer to get the policy approved. The broker would then meet the customer to formal sign the approved policy. CRM systems geared for sophisticated broker and agent management improve the sales productivity of the agents, in addition to the independent brokers. Many insurers are implementing CRM modules like sales force automation and campaign management for their premium lines of business. Besides gaining the business benefits of CRM, deeper customers’ relationships can be fostered through their broker and agent channels.
Equipment <ul><li>Front End </li></ul><ul><li>Mobile Computers e.g. Laptop, PDA, Tablet PC </li></ul><ul><li>Mobile Printer </li></ul><ul><li>Digital Handwriting Capture Device </li></ul><ul><li>WAP, GPRS, or 3G enabled mobile phone (Telstra, Optus) </li></ul>
Equipment <ul><li>Back End </li></ul><ul><li>Application & Database Server </li></ul><ul><li>ERP System (which we going to streamline to difference modules and components at later on of the stages) </li></ul><ul><li>Existing Computers </li></ul>
Competitors in SEA <ul><li>Major competitors in SEA (Indonesia, Thailand, Malaysia, Singapore) are predominantly foreign insurance companies such as AIA (America) and Allianz (Germany). </li></ul><ul><li>Great Eastern Life (Singapore) are one of the few local companies that have a greater presence and market share. It is the largest asset-based life insurance company in Singapore and Malaysia. </li></ul><ul><li>All companies offer personal and corporate insurance policies. However, the range of policies being offered in every country are different. For example, Allianz Singapore differs from its competitors as it has policies for maid servants and also women drivers. </li></ul>