CRM Solutions in Life Insurance Sector-An Exploratory Study

Abstract

Increasing customer expectations, growing competition, new distribution channels, regulatory changes and globalization are just some of the changes insurance companies around the world are currently encountering. Foremost among these considerations is the new emphasis on customer orientation. To retain customers as well as profitability, insurance companies today must not only deliver a high-quality product and meet the new demands of customers but also perform efficiently to keep costs to a minimum. This can be achieved by optimally using then mechanism customer relationship management (CRM). Philp Kotler defines Customer Relationship Management is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. It is a strategy used to learn more about customers' needs and behaviors in order to develop stronger relationships with them. After all, good customer
relationships are at the heart of business success.