TOPIC CRM IN INSURANCE

SUBMITTED BY: PREKSHA.D.FURIA

CLASS: T.Y.B Com (Banking and Insurance) SEMESTER VI

SUBMITTED TO: UNIVERSITY OF MUMBAI

PROJECT GUIDE:

Prof. SHUBHASHINI RAJASTHANI SAMMELANS GHANSHYAMDAS COLLEGE AFFILIATED TO UNIVERSITY OF MUMBAI ACCREDITED BY NAAC WITH A GRADE AND DURGADEVI SARAF JUNIOR COLLEGE (ARTS & COMMERCE) S.V. Road, Malad (W) Mumbai- 400 064 YEAR: 2011-12

DECLARATION

I Miss PREKSHA D FURIA of Ghanshyamdas Saraf College of Arts and Commerce, Malad (W) of T.Y.BCBI (Semester VI) has completed project on CRM IN INSURANCE in the academic year 2011-12. This information submitted is true and original to the best of my knowledge.

Date: student

Signature of

RAJASTHANI SAMMELAN'S GHANSYAMDAS SARAF COLLEGE AND DURGADEVI SARAF JUNIOR COLLEGE (ARTS AND COMMERCE) AFFILIATED TO UNIVERSITY OF MUMBAI ACCREDITED 'A' GRADE BY NAAC S.V.ROAD, MALAD (W), MUMBAI- 400 064. CERTIFICATE I Prof. SHUBHASHINI hereby certify that Ms. PREKSHA FURIA, of T.Y. BCBI (Semester VI) has completed project on CRM IN INSURANCE in the Academic year 2011-12. This information submitted is true and original to the best of my knowledge.

Project co-coordinator: External examiner:

Principal:

Date:

ACKNOWLEDGEMENT

I would like to thank the University of Mumbai and my college for giving me this opportunity for taking such a challenging project, which has enhanced my knowledge about " CRM IN INSURANCE" It is with deep gratitude, I would like to thank Prof. SHUBHASHINI MADAM under whose guidance I was able to complete my project successfully. I wish to thank him for all useful discussions and timely suggestions of the related topic and invaluable help during preceding the project. And at last I would like to thank all the people who helped me to complete this project by one way or the other.

Signature of student Executive Summary

This report examines and provides a detailed analysis of Customer Relationship Management (CRM) with respect to its implementation in the organisations. The study investigates market trends, levels of its current practice, levels of successes and failures and the factors associated with the implementation of the same. In order to gain proper understanding of the subject matter research, two different case studies are discussed in detail. At the end, the study presents a proposed model of successful implementation of CRM along with a set of recommendations following the conclusion. The paper then discusses two different case studies with respect to the implementation of CRM in the financial services industry Robeco Bank (Switzerland) & a German Bank (Anonymous). Thus, analysing the issues practically involved and raised in the implementation of the management system aimed at creating customer value, and also putting forward the experiences of two different companies in the same industry. Therefore, looking into the challenges created for the management, causes/factors associated with and resulting in the success/failure of CRM as a means of creating customer value, and overall experience of the companies attempting to implement CRM. The discussion therefore leads to a roadmap for successful implementation of CRM with a recommendation of Ten Key Steps for successful implementation of CRM in an organisation. Lastly, in the light of the analysis presented and case studies discussed, an independent conclusion under the subject matter research is formed along with a set of recommendations/suggestions.

INDEX

SR NO 1 2 3 4 5 6 7 8 9

TOPICS INTRODUCTION PHASES OF CRM History of CRM

PAGE NO

Benefits of CRM
CRM PROBLEMS CHALLENGES OF CRM Types/variations
STRATEGY OF CRM

The Importance of CRM Customer Relationship Management CRM RESOURCES

10

11 12 13 14 15 16

Market structures
Role of CRM in Insurance Case study:-1 Case study:-2 QUESTIONNAIRE CONCLUSION

What is CUSTOMER RELATIONSHIP MANAGEMENT?

CUSTOMER RELATIONSHIP MANAGEMENT first came unto the scene as mere software that organized and displayed customer information in a format that enabled customer service agents to offer fully informed and holistic customer service. This nascent software initiated the birth of a new philosophy in business

strategy. more... For whom is CUSTOMER RELATIONSHIP MANAGEMENT intended? CUSTOMER RELATIONSHIP MANAGEMENT is a necessary solution for any service oriented company looking to maximize the potential of their customer relationships. We specialize in providing tools for effective CRM in insurance companies.more... Why use CUSTOMER RELATIONSHIP MANAGEMENT? Every insurance company faces the challenge of servicing their customers quickly and with all the necessary background information. As the character of insurance provider businesses expands to encompass a plethora of details, a proper CRM is especially important in order to gain a complete view of the customer which addresses all the facts involved. No one can deny that the dynamic of a customer service phone conversation should be different when handling requests for a motorhome insurance quote and when navigating questions about Life Settlements.more... Is CUSTOMER RELATIONSHIP MANAGEMENT practical for every business? For every business that relates to customers in multiple ways and from multiple aspects of the company. No matter what the business, a CRM can be tailored to fit your needs and integrate your existing applications.more... CRM for Merchant Account Integration? Integrate your merchant account with your CRM! Connect your portfolio to your credit card receivables. Integrated merchant accounts including credit card payments by phone and mail.

INTRODUCTION
Customer relationship management (CRM) is a widely-implemented strategy for

managing a companys interactions with customers, clients and sales prospects. It involves using technology to organize, automate, and synchronize business processesprincipally sales activities, but also those for marketing, customer

service, and technical support. The overall goals are to find, attract, and win new clients, nurture and retain those the company already has, entice former clients back into the fold, and reduce the costs of marketing and client service. Customer relationship management describes a company-wide business strategy including customer-interface departments as well as other departments.

CRM Definition
CRM software stands for Customer Relationship Management software. CRM

provides an integrated approach to identifying, acquiring, retaining and managing customers. For most organizations, CRM is usually implemented through a software package - such as a database linked to a web interface - designed to support these processes. CRM is about organizing and streamlining of processes and information. CRM software enables companies to quickly and easily get and provide access to all aspects of business management and customer interactions, and also allows customers to quickly and easily find and use information on their own. By streamlining aspects of vendor-client interactions, CRM software helps organizations manage and coordinate their businesses efficiently, as well as provide excellent customer service. No longer just for tech companies, industries such as the pharmaceutical, automotive, construction, and airline industries have been implementing CRM to manage all aspects of business and customer managment. Hospitals, banks, and educational institutions are are also using CRM to manage qualitative data - such as a customer's favorite products and testimonials or a patient's history - making it easier to respond quickly and easily to individual customer needs without having to look through files or records. CRM software makes it easier for businesses large and small to manage the vast amounts of information that running a business in today's world produces. CRM software packages are highly customizable and are tailored to each organization's individual needs for data and resource management. CRM vendors implement single, easily navigable and user-friendly software systems that paperlessly bring all kinds of customer and product information to employee fingertips, thereby

reducing overhead costs and saving both the organization and client time and money.

PHASES OF CRM
The three phases in which CRM support the relationship between a business and its customers are to:

Acquire: CRM can help a business acquire new customers through contact management, selling, and fulfillment. Enhance: web-enabled CRM combined with customer service tools offers customers service from a team of sales and service specialists, which offers customers the convenience of one-stop shopping. Retain: CRM software and databases enable a business to identify and reward its loyal customers and further develop its targeted marketing and relationship marketing initiatives.

History of CRM
The History of CRM

CRM is an abbreviation for Customer Relationship Management, and refers to the software and special programs used by businesses to identify customers and their needs. CRM software is used by companies in several different industries, but many of the businesses use them for sales purposes. What does CRM stand for? Definition of CRM What is CRM? Companies using CRM software for sales look at what products and services their existing customers use, and based on a number of factors such as age, geography, income, family status, and other demographic information, they can categorize their customers. Based on these categories, companies can use the information to contact customers that dont have select products or non-customers. This data allows the company to directly market to the best candidates for their products and services. In the 1980s businesses began to utilize databases for the purposes of marketing. This was the very beginnings of a simplified CRM programs. In the 90s, more businesses began getting and utilizing CRM software, however, the hurdles of expense and not knowing how to efficiently use the software became stumbling blocks to growing the CRM field. In the 2000s the improvements in the technology of CRM software has meant an increase in usage. The current software is easier to input information, and more importantly easier to use the output. In early days of CRM, companies needed to rely on CRM providers to interpret the information, which added to the cost. Now, when companies use CRM software, they are provided training so that they can do it themselves. History of CRM CRM history Salesboom history of CRM With the global economy in a difficult position, it is important for companies to use resources properly. Those companies with CRM software are looking to work with the software to help identify profit opportunities. Using CRM software has

many benefits for businesses. Here are some links to websites which outline some of the benefits:

Benefits of CRM

The use of a CRM system will confer several advantages to a company:

Quality and efficiency Decreased costs Decision support Enterprise agility

Let's take a look at the advantages that a CRM or Customer Relationship Management system can bring.

Shared or distributed data As companies realize that customer relationships are happening on many levels (not just through customer service or a web presence), they start to understand the need for sharing all available data throughout the organization. A CRM system is an enabler for making informed decisions and follow-up, on all the different levels.

Cost reduction A strong point in Customer Relationship Management is that it is making the customer a partner in your business, not just a subject. As customers are doing their own order entry, and are empowered to find the info they need to come to a buy decision, less order entry and customer support staff is needed.

Better Customer Service All data concerning interactions with customers is centralized. The customer service department can greatly benefit from this, because they have all the information they need at their fingertips. No need to guess, no need to ask the customer for the n-th time. And through the use of push-technology, customer service reps can lead the customer towards the information they need. And, most of the time, the customer can do this on their own, as the CRM system (remember, the 3 P's) is more and more able to anticipate the need of the customer. The customer experience is greatly enhanced.

Increased Customer Satisfaction The customer feels that he is more "part of the team" instead of just a subject for sales and marketing (the proverbial number), customer service is better, his needs are anticipated. There is no doubt that customer satisfaction will go up. If the products sold exceed the customers expectation, of course, no CRM system can help you with shoddy products. In my opinion, the term statisfaction is a contaminated. Many companies think that if customers are satisfied that this is a good predictor for repeat business. However, this is not the case. Only delighted customers have a great level of loyalty.

Better Customer Retention If a CRM system can help to enchant customers, this will increase customer loyalty, and they will keep coming back to buy again and again, hence customer retention.

More repeat business The repeat business is coming from the delighted customers, who are turned from doubting clients into loyal advocates.

More new business If you are delivering the ultimate customer experience, this will seed the word-of-mouth buzz, which will spawn more new business.

More Profit! More business at lower cost equals more profit.

CRM Solutions: Business Benefits

The benefits of CRM solutions are multi-faceted and range from optimization of customer service response times and satisfaction to reduction of operational cost. Employees can manage their own 401(k) plans online, employers can manage project schedules and organize employees remotely, travelers can get flight times and transportation updates automatically, and financial transactions are immediate and seamless. The goal of CRM solutions is to establish relationships with customers on an individual basis, and then use that information to treat different customers differently. The exchange between a customer and a company then becomes mutually beneficial. CRM benefits are multiple - both quantitative and qualitative - and as unique as the businesses using them. Any organization that suffers from information overload, whether it's keeping track of clients, transactions, or providing efficient customer service, will benefit from implementing a CRM Solution. CRM works to organize all aspects of the vendor-customer relationship into one easily navigable format. Small businesses suffering from large amounts customer paperwork - due to things like credit cards and credit accounts - can use Customer Relationship Management software to keep track of transactions, and link that to their inventory. Call centers can use CRM to identify a customer before the call is taken, and quickly access their purchase history as well as any previous customer service transaction notes, thereby saving time and money. Medium size businesses can integrate CRM solutions with their accounting records, automate quarterly customer reports and eliminate third party services. CRM can significantly cut the amount of outsourcing any business has to do for most aspects of Customer Relationship Management, and greatly reduce overhead costs. CRM has also helped to increase access to and reliability of company, market, and client information. CRM solution enables investment firms to significantly increase investor activity by providing current and reliable investment information - including complete customer portfolio information - online. Consumers are more confident and comfortable making purchases online because they are able to read and access product reviews. People get better medical care because health organizations have accurate and immediate access to drug and health information. The benefits of CRM solutions - financially and sevice-wise, are both immediate and long-term for vendors and their customers.

CRM makes doing business online much faster and easier. Businesses small and large have found CRM solutions to be beneficial - and essential - to their success, growth, development, and return on investment (ROI).

More than just customer service, CRM combines all aspects of vendor-client relationships. CRM combines marketing, customer, and financial information so that management, salespeople, customer service, and also the customer can access the same information. CRM enables companies to automatically remind customers of billing and service requirements, know what other products a customer has purchased, and keep track of customer feedback in a detailed way. CRM integrates all these business functions together. Business benefits of CRM Implementing a customer relationship management (CRM) solution might involve considerable time and expense. However, there are many potential benefits. A major benefit can be the development of better relations with your existing customers, which can lead to:

increased sales through better timing by anticipating needs based on historic trends identifying needs more effectively by understanding specific customer requirements cross-selling of other products by highlighting and suggesting alternatives or enhancements identifying which of your customers are profitable and which are not

This can lead to better marketing of your products or services by focusing on:

effective targeted marketing communications aimed specifically at customer needs a more personal approach and the development of new or improved products and services in order to win more business in the future

Ultimately this could lead to:

enhanced customer satisfaction and retention, ensuring that your good reputation in the marketplace continues to grow

increased value from your existing customers and reduced costs associated with supporting and servicing them, increasing your overall efficiency and reducing total cost of sales improved profitability by focusing on the most profitable customers and dealing with the unprofitable in more cost effective ways

Once your business starts to look after its existing customers effectively, efforts can be concentrated on finding new customers and expanding your market. The more you know about your customers, the easier it is to identify new prospects and increase your customer base. Even with years of accumulated knowledge, there's always room for improvement. Customer needs change over time, and technology can make it easier to find out more about customers and ensure that everyone in an organisation can exploit this information.

Disadvantages of crm
Disadvantages of CRM are as follows:

difficult to work with require additional work inputting data dehumanize a process that should be personal require continuous maintenance, information updating, and system upgrading costly difficult to integrate with other management information systems

CRM PROBLEMS
Following are the major disadvantages that stops CRM systems from becoming a perfect solution for any business: Customer Dissatisfaction Although several businesses have implemented CRM systems to focus on customers, several clients are still dissatisfied with its execution. They term CRM as "technology that delays" or "stops service". For instance, lots of them find automated voice systems (or Interactive Voice Response) as a big headache and look for companies which have eased its use. As per a recent study conducted by Accenture, receiving poor customer service remains the number one reason why consumers abandon one service provider and move on to another, be it a mobile service supplier or a credit card provider. Other factors weighing heavily in consumer defections include lack of customised products and senseless corporate bureaucracies. Authenticity of Remotely Hosted CRM Services Lots of businesses these days tend to contract out CRM. At times, cost becomes the driving factor in outsourcing CRM systems and not the vendor reputation. In such scenarios, it's possible that the CRM service provider can disappear overnight, along with all official records. It is also possible that information kept with the service provider might get used for other purposes. A good CRM service always allows the company to back up/export data so that the outsourcing company has a control over the information. Also, in some cases corporate and government laws stops the businesses from keeping all client information (such as Social Security Number, Home Number, etc.) at an external location. Cost and Complexity Involved In Setting Up Locally Hosted CRM Software Frequent technical expertise required for setups and upgrades of CRM systems, makes the businesses pay for ongoing support of the application. Security becomes company's responsibility, which can cause a few headaches especially as is the case with many applications, security patches are rolled out and one needs to install them very quickly.

As the business grows, needs from a CRM package also changes and adding these extra features can be quite expensive. Improper Vision For Tomorrow's Needs Bottom line is that salespeople are only interested in things that help them sell more now. A sales representative's only resource is time; their most important goal is meeting quota or budget for this month, quarter, or year. Yes, they are concerned about the long run, but if they don't make quota now, they know that they probably won't be around to worry about the long-term. It's not completely fair to say that CRM doesn't benefit a salesperson in meeting short-range goals because in some respects it does, but most sales representatives feel that they can be just about as effective in selling in the short term without it. In other words, the benefits of CRM don't seem significantly greater than the investment of time and effort required to use the system each day. Training Sales Staff As the CRM is still evolving, businesses are required to devote enough time and revenue in training sales personnel. The workforce should be able to judge how to use the stored data in best possible manner. If they don't use it (or the information they do put in is out of date, inaccurate, or spotty) then they can be of little value to the company who "rolls up" all this "junk data". Inept call center employees can further worsen the situation. Essentially, companies that don't provide service representatives with sufficient training or information, or forms that make people fight their way through repetitive, fruitless support systems are going to lose more customers. That's no big surprise.

CHALLENGES OF CRM
Tools and workflows can be complex, especially for large businesses. Previously these tools were generally limited to contact management: monitoring and recording interactions and communications. Software solutions then expanded to embrace deal tracking, territories, opportunities, and at the sales pipeline itself. Next came the advent of tools for other client-interface business functions, as described below. These tools have been, and still are, offered as on-premises software that companies purchase and run on their own IT infrastructure. Often, implementations are fragmentedisolated initiatives by individual departments to address their own needs. Systems that start disunited usually stay that way: siloed thinking and decision processes frequently lead to separate and incompatible systems, and dysfunctional processes. Business reputation has become a growing challenge. The outcome of internal fragmentation that is observed and commented upon by customers is now visible to the rest of the world in the era of the social customer, where in the past, only employees or partners were aware of it. Addressing the fragmentation requires a shift in philosophy and mindset within an organization so that everyone considers the impact to the customer of policy, decisions and actions. Human response at all levels of the organization can affect the customer experience for good or ill. Even one unhappy customer can deliver a body blow to a business.

Types/variations
Sales force automation:Sales force automation (SFA) involves using software to streamline all phases of the sales process, minimizing the time that sales representatives need to spend on each phase. This allows sales representatives to pursue more clients in a shorter amount of time than would otherwise be possible. At the heart of SFA is a contact management system for tracking and recording every stage in the sales process for each prospective client, from initial contact to final disposition. Many SFA applications also include insights into opportunities, territories, sales forecasts and workflow automation, quote generation, and product knowledge. Modules for Web 2.0 e-commerce and pricing are new, emerging interests in SFA. Marketing:CRM systems for marketing help the enterprise identify and target potential clients and generate leads for the sales team. A key marketing capability is tracking and measuring multichannel campaigns, including email, search, social media, telephone and direct mail. Metrics monitored include clicks, responses, leads, deals, and revenue. This has been superseded by marketing automation and Prospect Relationship Management (PRM) solutions which track customer behaviour and nurture them from first contact to sale, often cutting out the active sales process altogether. Customer service and support:Recognizing that service is an important factor in attracting and retaining customers, organizations are increasingly turning to technology to help them improve their clients experience while aiming to increase efficiency and minimize costs. Even so, a 2009 study revealed that only 39% of corporate executives believe their employees have the right tools and authority to solve client problems.. The core for these applications has been and still is comprehensive call center solutions, including such features as intelligent call routing, computer telephone integration (CTI), and escalation capabilities. Analytics:Relevant analytics capabilities are often interwoven into applications for sales, marketing, and service. These features can be complemented and augmented with links to separate, purpose-built applications for analytics and business intelligence.

Sales analytics let companies monitor and understand client actions and preferences, through sales forecasting and data quality. Marketing applications generally come with predictive analytics to improve segmentation and targeting, and features for measuring the effectiveness of online, offline, and search marketing campaign. Web analytics have evolved significantly from their starting point of merely tracking mouse clicks on Web sites. By evaluating buy signals, marketers can see which prospects are most likely to transact and also identify those who are bogged down in a sales process and need assistance. Marketing and finance personnel also use analytics to assess the value of multi-faceted programs as a whole. These types of analytics are increasing in popularity as companies demand greater visibility into the performance of call centers and other service and support channels, in order to correct problems before they affect satisfaction levels. Support-focused applications typically include dashboards similar to those for sales, plus capabilities to measure and analyze response times, service quality, agent performance, and the frequency of various issues. Integrated/Collaborative:Departments within enterprises especially large enterprises tend to function with little collaboration. More recently, the development and adoption of these tools and services have fostered greater fluidity and cooperation among sales, service, and marketing. This finds expression in the concept of collaborative systems which uses technology to build bridges between departments. For example, feedback from a technical support center can enlighten marketers about specific services and product features clients are asking for. Reps, in their turn, want to be able to pursue these opportunities without the burden of re-entering records and contact data into a separate SFA system. Small business:For small business, basic client service can be accomplished by a contact manager system: an integrated solution that lets organizations and individuals efficiently track and record interactions, including emails, documents, jobs, faxes, scheduling, and more. These tools usually focus on accounts rather than on individual contacts. They also generally include opportunity insight for tracking sales pipelines plus added functionality for marketing and service. As with larger enterprises, small businesses are finding value in online solutions, especially for mobile and telecommuting workers.

Social media:Social media sites like Twitter, LinkedIn and Facebook are amplifying the voice of people in the marketplace and are having profound and far-reaching effects on the ways in which people buy. Customers can now research companies online and then ask for recommendations through social media channels, making their buying decision without contacting the company. People also use social media to share opinions and experiences on companies, products and services. As social media is not as widely moderated or censored as mainstream media, individuals can say anything they want about a company or brand, positive or negative. Increasingly, companies are looking to gain access to these conversations and take part in the dialogue. More than a few systems are now integrating to social networking sites. Social media promoters cite a number of business advantages, such as using online communities as a source of high-quality leads and a vehicle for crowd sourcing solutions to client-support problems. Companies can also leverage client stated habits and preferences to "hyper-target" their sales and marketing communications. Some analysts take the view that business-to-business marketers should proceed cautiously when weaving social media into their business processes. These observers recommend careful market research to determine if and where the phenomenon can provide measurable benefits for client interactions, sales and support. It is stated that people feel their interactions are peer-to-peer between them and their contacts, and resent company involvement, sometimes responding with negatives about that company. Non-profit and membership-based:Systems for non-profit and membership-based organizations help track constituents and their involvement in the organization. Capabilities typically include tracking the following: fund-raising, demographics, membership levels, membership directories, volunteering and communications with individuals. Many include tools for identifying potential donors based on previous donations and participation. In light of the growth of social networking tools, there may be

STRATEGY OF CRM For larger-scale enterprises, a complete and detailed plan is required to obtain the funding, resources, and company-wide support that can make the initiative of choosing and implementing a system successful. Benefits must be defined, risks assessed, and cost quantified in three general areas:

Processes: Though these systems have many technological components, business processes lie at its core. It can be seen as a more client-centric way of doing business, enabled by technology that consolidates and intelligently distributes pertinent information about clients, sales, marketing effectiveness, responsiveness, and market trends. Therefore, a company must analyze its business workflows and processes before choosing a technology platform; some will likely need re-engineering to better serve the overall goal of winning and satisfying clients. Moreover, planners need to determine the types of client information that are most relevant, and how best to employ them. People: For an initiative to be effective, an organization must convince its staff that the new technology and workflows will benefit employees as well as clients. Senior executives need to be strong and visible advocates who can clearly state and support the case for change. Collaboration, teamwork, and two-way communication should be encouraged across hierarchical boundaries, especially with respect to process improvement. Technology: In evaluating technology, key factors include alignment with the companys business process strategy and goals, including the ability to deliver the right data to the right employees and sufficient ease of adoption and use. Platform selection is best undertaken by a carefully chosen group of executives who understand the business processes to be automated as well as the software issues. Depending upon the size of the company and the breadth of data, choosing an application can take anywhere from a few weeks to a year or more.

What Is Open Source CRM? Open source CRM is a group of software products that provides business users with the tools required to manage their customers. Customer relationship management (CRM) software has experienced a huge increase in demand as more companies begin to understand the increased efficiency available with this tool. Open source software is developed through a collaborative effort. The difference between open source and commercial software is the ability to access the source code. How Do I Manage a Customer Relationship? Managing a relationship with customers is extremely important today or they may turn to your competition. Maintaining a good customer relationship doesn't, and shouldn't, mean that you almost have to give your products away to keep business. Rather, an effective customer relationship means respecting him or her. Customers who feel respected by being recognized by name and having any complaints handled fairly are likely to remain loyal. Customer loyalty cards, such as memberships with discount prices, are a good start in building good relationships with consumers. These types of offers can show customers that the business does care about their concerns for reasonable pricing. Treating customers as members makes them feel welcome and like they belong to a business and are not just entering a store to purchase something. Friendly service with a genuine smile only adds to the great shopping experience.

The Importance of CRM Customer Relationship Management

CRM Customer Relationship Management is one of the newest innovations in customer service today. CRM stands for customer relationship management and helps the management and customer service staffs cope with customer concerns and issues. CRM involves gathering a lot of data about the customer. The data is then used to facilitate customer service transactions by making the information needed to resolve the issue or concern readily available to those dealing with the customers. This results in more satisfied customers, a more profitable business and more resources available to the support staff. Furthermore, CRM Customer Relationship Management systems are a great help to the management in deciding on the future course of the company. As mentioned, there is much data needed for the CRM system to work. These fields include the customer name, address, date of transactions, pending and finished transactions, issues and complaints, status of order, shipping and fulfillment dates, account information, demographic data and many more. This information is important in providing the customer the answer that he or she needs to resolve the issue without having to wait for a long time and without going to several departments. With just a few mouse clicks, a customer support representative for example can track the location of the customer's package or order. This is infinitely better than the cumbersome process of tracking shipments previously. Furthermore, the customer service representative will also be able to see the previous concerns of the customer. This is a great help especially if the customer is calling about the same issue since he or she will not have to repeat the story all over again. This results in less time in resolving the issue, thus, higher productivity of the support staff. CRM Customer Relationship Management systems are also important to the top management because it provides crucial data like customer satisfaction and efficiency of service by the frontline crews. A piece of customer relationship management software will also be able to generate the needed reports for product development or new concepts. Furthermore, this system will also be a great help for the top management in deciding the company's future course of action, whether it involves phasing out one of the products on the shelves or making adjustments to one of the products sold. The reports generated by CRM systems are also invaluable to your advertising and marketing planners, as they will be able to pinpoint which ideas works and which do not. Because of CRM systems, you will be able to release advertisements or

plan marketing campaigns more in tune with your target market. This will also lead to more responses to your advertisement and a more effective marketing campaign. Successful integration of a CRM Customer Relationship Management system in your company, however, might not be as easy as it seems. The following might give you an insight why CRM systems fail in some companies... Most companies fail to prepare for CRM systems. By this, I mean that most companies fail to integrate all the departments that need to share the information for it to be effective. Furthermore, CRM units scattered all over the company's departments is often more effective than just making one big CRM department. This will ensure that each department will get the information and data that they need. A CRM system will also help you a lot in expanding your business. As CRM systems are capable of handling enormous amounts of data, CRM systems will help you a lot in coping with the increased numbers of customers and data. With a CRM Customer Relationship Management system installed and properly utilized, you can be sure that all data is maximized and used to ensure that your business will be successful and your customers a lot more satisfied than before.

CRM RESOURCES
There are several publications and websites dedicated to CRM news, system reviews, resources, guides, and customer reviews available online. The following is a brief list of resources that are useful when researching CRM solutions and for keeping up to date with the most recent CRM technology.

The Customer Management Community by insightexec www.insightexec.com o The customer management community, Europe's leading CRM service, provides a highly valuable set of tools, techniques, advice, specialist events and best practice case studies to help members make the most of customer management activities, achieve core business objectives and help improve the return on investment (ROI) of your CRM programs. o [news, forum, articles, events, whitepapers]

CRM Guru www.crmguru.com o CRMGuru is an online community focused on Customer Relationship Management. o [articles, forum, news, events, newsletters] CRM Daily Newsfactor crm-daily.newsfactor.com o NewsFactor Network features an outstanding team of journalists who produce daily news and industry analysis. Through syndication agreements, the Network also features editors' picks of other top tech stories from around the Web. o [news, articles, whitepapers, newsletters]

IT Toolbox CRM Knowledge Base crm.ittoolbox.com o ITtoolbox is an interactive website that enables users to evaluate vendor solutions, solve technical problems, research industry trends, stay current on specific segments of technology, exchange

information with other users, manage their careers, and even start their own IT-oriented blog. [blogs, forum, case studies, news, white papers, articles]

CRMCommunity www.crmcommunity.com o CRMCommunity is a community-oriented Web source for comprehensive, targeted information on evaluating, purchasing and implementing customer relationship management technology and solutions. o [news portal, articles, events, webcasts]

destinationCRM www.destinationcrm.com o From the editors of CRM Magazine, destinationCRM is designed to serve leaders engaged in the development of customer-centric business initiatives and ventures. destinationCRM.com's internet gateway is ideal for companies that have identified customer relationship management as a key strategy for creating enhanced customer value across many industries including technology, communications, finance, retail, advertising, and healthcare. Includes a Q&A section and sections dedicated to specific CRM topics. o [news, events, webcasts, expert advice]

CRM Today www.crm2day.com o CRM Today is a business community and resource center for CRM and Customer Economy information. CRM Today focuses on every business function - Marketing, Sales, Human Resources, Technology and business sector - Finance, Retail, Health, Insurance, IT, Telecoms, Internet, Call Centers - in order to provide its members with information and knowledge that is indispensable in today's competitive business environment. intelligentCRM

www.intelligentcrm.com o The Intelligent Enterprise online communities focus on business software strategies that provide competitive advantage by improving business decision-making, enhancing business performance, and maximizing the lifetime value of customer relationships. Their collective mission is to be strategic guidebooks that show IT and business managers how to collect, analyze, understand, and act decisively on enterprise business information in order to make their companies smarter, faster, and more profitable. Provides current news on CRM customers and solutions, analyses of CRM solutions, and editorials on CRM subject ranging from financial to operational aspects of specific CRM solutions. o [news, articles, events, webcasts, whitepapers]

Implementation
Implementation issues Increases in revenue, higher rates of client satisfaction, and significant savings in operating costs are some of the benefits to an enterprise. Proponents emphasize that technology should be implemented only in the context of careful strategic and operational planning. Implementations almost invariably fall short when one or more facets of this prescription are ignored:

Poor planning: Initiatives can easily fail when efforts are limited to choosing and deploying software, without an accompanying rationale, context, and support for the workforce. In other instances, enterprises simply automate flawed client-facing processes rather than redesign them according to best practices. Poor integration: For many companies, integrations are piecemeal initiatives that address a glaring need: improving a particular client-facing process or two or automating a favored sales or client support channel. Such point solutions offer little or no integration or alignment with a companys overall strategy. They offer a less than complete client view and often lead to unsatisfactory user experiences. Toward a solution: overcoming siloed thinking. Experts advise organizations to recognize the immense value of integrating their client-facing operations. In this view, internally-focused, department-centric views should be discarded in favor of reorienting processes toward information-sharing across marketing, sales, and service. For example, sales representatives need to know about current issues and relevant marketing promotions before attempting to cross-sell to a specific client. Marketing staff should be able to leverage client information from sales and service to better target campaigns and offers. And support agents require quick and complete access to a clients sales and service history.

Adoption issues Historically, the landscape is littered with instances of low adoption rates. In 2003, a Gartner report estimated that more than $1 billion had been spent on software that was not being used. More recent research indicates that the problem, while perhaps less severe, is a long way from being solved. According to CSO Insights, less than 40 percent of 1,275 participating companies had end-user adoption rates above 90 percent. In a 2007 survey from the U.K., four-fifths of senior executives reported that their biggest challenge is getting their staff to use the systems they had installed. Further, 43 percent of respondents said they use less than half the functionality of their existing system; 72 percent indicated they would trade functionality for ease of use; 51 percent cited data synchronization as a major issue; and 67 percent said that finding time to evaluate systems was a major problem. With expenditures expected to exceed $11 billion in 2010, enterprises need to address and overcome persistent adoption challenges. Specialists offer these recommendations for boosting adoptions rates and coaxing users to blend these tools into their daily workflow:

Choose a system that is easy to use: not all solutions are created equal; some vendors offer applications that are more user-friendly a factor that should be as important to the decision as is functionality. Choose appropriate capabilities: employees need to know that the time they invest in learning and in using the new system will not be wasted, indeed that it will yield personal advantages; otherwise, they will ignore or circumvent the system. Provide training: changing the way people work is no small task; to be successful, some familiarization training and help-desk support are usually required, even with todays more usable systems. Lead by example: upper management must use the new application themselves, thereby showing employees that the top leaders fully support the application or else it will skew the ultimate course of the initiative toward failure, by risking a greatly reduced rate of adoption by employees.

Market structures
This market grew by 12.5 percent in 2008, from revenue of $8.13 billion in 2007 to $9.15 billion in 2008. The following table lists the top vendors in 2006-2008 (figures in millions of US dollars) published in Gartner studies. Vendor 2008 Revenue 2008 Share 2007 (%) Revenue 2007 Share 2006 (%) Revenue 2006 Share (%) 26.6 15.5 6.9 2.7 5.6 43.7

SAP Oracle

2,055 1,475

22.5 (-2.8) 2,050.8 16.1 10.6 6.4 4.9 39.6 1,319.8 676.5 332.1 421.0 3,289.1

25.3 16.3 8.3 4.1 5.2 40.6

1,681.7 1,016.8 451.7 176.1 365.9 2,881.6

Salesforce.com 965 Microsoft Amdocs Others 581 451 3,620

Total

9,147

100

8,089.3

100

6,573.8

100

Related trends Many CRM vendors offer Web-based tools (cloud computing) and software as a service (SaaS), which are accessed via a secure Internet connection and displayed in a Web browser. These applications are sold as subscriptions, with customers not needing to invest in purchasing and maintaining IT hardware, and subscription fees are a fraction of the cost of purchasing software outright. The era of the "social customer"[ refers to the use of social media (Twitter, Facebook, LinkedIn, Yelp, customer reviews in Amazon etc) by customers in ways that allow other potential customers to glimpse real world experience of current customers with the seller's products and services. This shift increases the power of customers to make purchase decisions that are informed by other parties sometimes

outside of the control of the seller or seller's network. In response, CRM philosophy and strategy has shifted to encompass social networks and user communities, podcasting, and personalization in addition to internally generated marketing, advertising and webpage design. With the spread of self-initiated customer reviews, the user experience of a product or service requires increased attention to design and simplicity, as customer expectations have risen. CRM as a philosophy and strategy is growing to encompass these broader components of the customer relationship, so that businesses may anticipate and innovate to better serve customers, referred to as "Social CRM". Another related development is Vendor Relationship Management, or VRM, which is the customer-side counterpart of CRM: tools and services that equip customers to be both independent of vendors and better able to engage with them. VRM development has grown out of efforts by ProjectVRM at Harvard's Berkman Center for Internet & Society and Identity Commons' Internet Identity Workshops, as well as by a growing number of startups and established companies. VRM was the subject of a cover story in the May 2010 issue of CRM Magazine. In a 2001 research note, META Group (now Gartner) analyst Doug Laney first proposed, defined and coined the term Extended Relationship Management. He defined XRM as the principle and practice of applying CRM disciplines and technologies to other core enterprise constituents, primarily partners, employees and suppliers...as well as other secondary allies including government, press, and industry consortia.

Manage customer relationships more profitably

As insurance companies face increasing competition, they are focusing on getting to know their customers betterincluding claims status, history, channel preferences, and individual profiles. Gathering and leveraging this information helps you personalize your relationships with each customerand applying predictive analytics enables them to offer products and services that can help increase the value of every client. SPSS predictive analytics solutions for CRM help you manage your customer relationships by integrating real-time analysis within your existing systems and processes. Predictive analytics make it possible to take advantage of data from every channelWeb data, claims data, and textual data like notes from call centers in closed-loop analysis that applies results to improve interactions. Empower agents, adjusters, call center representatives, and other employees throughout your organization with the predictive insight they need. Optimize your customer interactions for the greatest mutual value while minimizing your companys exposure to risk. Discover how SPSS solutions for insurance can support your organizations CRM objectives, including:

Customer Segmentation Customer Acquisition Customer Growth Customer Retention

Role of CRM in Insurance

By Bethany Harris, eHow Contributor updated: June 25, 2010

Role of CRM in Insurance Customer Relationship Management, or CRM, is a catalyst in insurance industry growth. Replacing the traditional in person encounter of door-to-door sales, the CRM system engages solid business relationships to meet customer demands for better results. Customer relationship management technology is proficient in qualifying leads, policy administration and streamlines various work functions to successfully service an insurance business. Continuing developments are providing the insurance industry with customized solutions to satisfy consumers and increase profits.

CRM SOFTWARE FOR INSURANCE & FINANCIAL SERVICES

Salesboom CRM Software supports business lines for the Financial Services Sector with highly scalable on demand solutions and support. Financial Sector is a broad term that includes banks, investment banks, and insurance companies (including brokerage, underwriting and reinsurance). Salesboom CRM software addresses and integrates Financial Sector organizational requirements from three key areas. Operational, Analytical, and Collaborative. The degree of detail and integration is scalable, and can be modified by owners as needed. Salesboom offers solid customer support, training and professional services Salesboom CRM Solutions offers customers in the Insurance Segment of Financial Services Sector an opportunity to assess, streamline and improve:

Operational activities with the automation of basic business processes (marketing, sales, service) Methods of analyzing customer behaviour and incorporating business intelligence strategies Collaboration with customers on multiple communications channels Collaboration between organizational team members to ensure a quality customer service experience and follow up Front and back end integration (supply chain) Workflow and assignment processes

CRM Solution Success Stories

How are companies using CRM solutions? The range of organizations using CRM systems today varies widely. While CRM was developed largely for service providers such as banks, hospitals, and universities, businesses small and large have found CRM to be beneficial to their bottom lines, regardless of size. Small businesses are finding CRM solutions save them time and money by organzing their client information, making it easier to provide quick and easy customer service without all the paperwork and staffing. Larger companies are using CRM to not only manage their clients, but also identify and retain new customers. Below are a few customer stories about their experiences using CRM in different industries worldwide. Alta Resources Alta Resources is an outsourcer of customized sales and service applications such as call center management and customer data analysis applications. To keep up with increasing internet and global demands, Alta needed a CRM solution that integrates its clients' business processes with its own applications to create mutual customized call center solutions for its clients. Alta Resources turned to PeopleSoft to help them create a unified, seamless CRM solution that resulted in their ability to expand their business, enter new markets, take on more clients, and increase revenue significantly within a relatively short period of time. IBM As a longstanding technology organization, IBM suffered from too many departments running on different platforms and applications that were no longer compatible, as some upgraded while others didn't and new systems were introduced. IBM was already using Sieble's CRM solution for it's call centers and technical support, so when IBM needed help with it's sales and marketing, they turned to Siebel once again to create a single integrated, company-wide CRM solution platform that supports IBM sales and marketing worldwide by providing a single source for customer and marketplace data, in several different languages and currencies. Bedfordshire County Council It's not surprising that the public sector has turned to higher-tech CRM solutions in the past few years. Government and public agencies are responsible for interfacing with and servicing everyone from private citizens to public corporations and

military agencies, and even small organizations can be overwhelmed with management issues. Bedforshire City Council in the U.K. was experiencing significant growth and a rapidly changing economy. SAP worked with the Council to create a CRM solution that makes the Council more efficient and enhances communications within its own department, with private companies, and with the general public. Bedfordshire County, and other communities worldwide, has realized that CRM has huge potential benefits to the efficiency of our government agencies, and can change the way government interacts with the public. America OnLine America Online, the world's largest Internet Service Provider, turned to SalesForce.com to help it manage its extensive customer base and, on the IT end, their customer - server interactions. AOL also had an increasingly complex sales and marketing process that involved multiple external partners, and managing information across multiple groups and contracts. SalesForce.com provided AOL with a CRM solution that directs customers and employees through the fastest and most efficient channels when seeking information or solutions, increasing productivity for the entire organization. Three Rivers Pharmeceuticals (3RP) 3RP is an example of a start-up company that implemented a CRM solution from the beginning in order to maximize its profits and efficiency during this most important growth period. 3RP had planned to do its CRM in-house, but after researching the amount of staff and financial resources it would take to do so, especially considering the FDA requirements they would be subject to, 3RP opted to outsource their software services to Oracle. Oracle quickly implemented an ebusiness solution that allows 3RP to focus on it's research and business development while the Oracle solutions work to manage its contracts, business transactions, and helps to automate reports. Blue Cross Blue Shield Blue Cross Blue Shield worked with Pegasystems to organize and implement a CRM system to provide accurate information via one application that could do several functions, as opposed to several, disconnected information centers. BCBS saw the time it took to train new employees diminish significantly because of less time spent teaching system navigation - only having to teach them to navigate one

or two screens instead of six or eight - and more time focusing on quality customer-service interactions. Employees now have more time to focus on customers instead of searching for information from several sources. The CRM solution also allows them to automate processes such as updating an address or requesting a member card, saving company time. Not only that, but the amount of technical support now needed to maintain the system is decreased. American Airlines American Airlines wanted to better understand its growing customer base, specifically the members of its AAdvantage Travel Awards program. AA worked with Epiphany to create a unique system that helps recognize customer differences through company-wide sources of data. Using this system, the airline and it's individual employees can offer personalized services to its most loyal customers frequent fliers - and potentially greatly increase their profitability by retaining customers in an increasingly dynamic and competitive industry. Boehringer Ingelheim In 2003, Boehringer Ingelheim (BI), a pharmaceutical company, implemented the Siebel ePharma customer relationship management (CRM) suite to create a new way of approaching the companys markets and to standardize information. As a global company, BI needed to standardize its sales and marketing practices worldwide. The Siebel system allows BI to compile and track product and client information in order for it to be deployed at any time, to any client, worldwide. The CRM solution, combined with other factors, optimized the company's effectiveness in such a way that BI saw their revenues double in a two-year period.

Case study:-1
Insurance and Securities Agency Streamlines Processes and Data Integration Using Microsoft Dynamics CRM Software By: Mike Hauck of Valmark Securities

For 45 years, Akron, Ohio-based ValMark Securities, a leading insurance brokerage agency and securities broker dealer, has provided sales, underwriting and administrative support to its network of over 300 wealth managers and insurance agents. ValMark maintains a targeted member broker and agent network that relies on ValMarks expertise in preparing investment and insurance packages for high-net worth individuals. These insurance packages are typically valued at three times the national average for insurance sales. In the spring of 2007, ValMark identified the need to update its business processes and began the search for software solutions that could address its demands to track workflows and manage complex business relationships with multiple insurance companies, financial institutions and investment firms. Managing complex interactions between partners and its member sales network was one of the core business issues for ValMark Securities. On the insurance side of the business for example, member insurance agents may submit sales opportunities to ValMark for customized recommendations on financial products from a partner database of 35 insurance carriers. Each sales opportunity for these clients is unique. High-net worth clients typically purchase multiple securities and insurance products through the member agent. Product recommendations are based on many client criteria using data obtained during the underwriting process. ValMark needed a system to track each insurance case from the preliminary stages until the final decision or sale is closed. Data integration was another important requirement for ValMark Securities in designing a new customer management system. Many insurance products require intensive data gathering during the underwriting process, which can be repetitive and time consuming if data is not easily

accessible. ValMark wanted assistance in migrating and sharing client-related data. In addition, the insurance brokerage community recommends that agencies adopt ACORD XML standards for insurance-related data in order to facilitate electronic data interfaces. These feeds include

insurance case status, requirements ordering and status, policy information and commission feeds. The new system would need to support these data standards and requirements in order for ValMark to operate efficiently. When the company realized it would be difficult to find a system to meet their needs from existing agency management software, they explored the idea of building the software themselves. However, expertise and resources were needed to do so. A few years ago, ValMark Securities contracted with Customer Effective, a value-added reseller and Microsoft Gold Certified Partner, to replace their initial contact management system with Microsoft Dynamics CRM 1.2. Over time, ValMark realized the need for more customized applications to improve data integration and track activities of its increasingly complex relationships between independent sales agents, brokers and the insurance carriers and investment houses that provide financial products. ValMark contacted Customer Effective and together they worked to build a customized agency management system within the Microsoft Dynamics CRM platform. ValMark adopted the solution from Customer Effective known today as Capital Effective, a relationship management solution based on the Microsoft Dynamics CRM platform, designed exclusively for the financial services market. ValMark chose to call their version of Capital Effective VBOSS or ValMark Back Office Support System to emphasize that their solution is not off the shelf but uniquely capable of supporting their business model. Employees benefit from the solutions native integration with the Microsoft Office Outlook, which provides a familiar, easy-to-use interface to access critical information. To further speed adoption of the CRM solution among ValMarks employees, Customer Effective used a unique approach to its implementation for the financial industry, branded as User First Design FormulaTM. This approach begins with a definition phase using input directly from the end users, designing corresponding workflows, and modeling all potential customer interactions. Following the design phase, Customer Effective created a strategic deployment

plan to test and train employees at every stage, integrating CRM use as part of their daily routine. Results: CRM System Expedites Business Procedures Since implementing the Capital Effective CRM solution, ValMark has improved its client interaction activities and expedited the time involved in integrating data to complete the insurance underwriting process. Accessing the system within the Outlook environment made it easier and more intuitive for employees to use. As a result, the CRM implementation did not entail an extensive training process, and the learning curve was much shorter in comparison to ValMarks previous agency management system. Additionally, Capital Effective can be changed quickly based on user needs and ValMarks everchanging business requirements (such as quickly adapting to industry regulations and standards, like ACORD XML). During the rollout of the new system, ValMarks users requested that the system be reconfigured to reduce the number of keystrokes necessary to track case information in the system. Within a week, the system was altered to require fewer keystrokes, allowing employees to conduct business through a more convenient process. ValMark needed a unique solution to solve unique business requirements. For this agency, the Microsoft Dynamics CRM platform provided the perfect environment to address user needs for data sharing and management needs to speed business process and sales reporting. Additionally, selecting the right implementation partner, Customer Effective, who took the time to evaluate needs from every level in the company, was a key part of their success in finding the right solution. Mike Hauck currently serves on the management team for ValMark Securities, a leading insurance brokerage agency and securities broker dealer in the wealth management and insurance industries.

Case study:-2
The Challenge: The company needed to replace their existing CRM application that had been supporting the Call Center activity for the past year. The existing CRM package (a leading product in the market) had the following limitations: Lack of performance in handling the growing number of incoming calls;

High cost to extend activities to backoffice departments the new application needed to support communication between departments to fulfill requests initiated at the Call Center; Lack of flexibility and ability to change - as a package the application was not easily customizable to address the evolving, specific needs of the insurance business; Integration with existing systems (claims processing and policy management) was extremely difficult to do - users distrusted the data that was presented to them wince it was constantly outdated. A trusted, single view of customer data didn't exist; The web interface was not tailored to the specific needs of insurance call agents - it was missing concrete processes and form handling, and it was too complex in other areas; Deficient analytical data - operational data was encoded in the specific metadata format of the CRM package and too complex for 3rd party reporting systems to use.

The Solution: The company developed a custom Call Center and Fulfillment system with the OutSystems Agile Platform, in just 6 weeks. The application was targeted at 100 call center agents and 150 employees from different departments that support the backoffice follow-up process of more complex customer requests. To support the complete caller contact/response process, the system included the following features: Automatic inbound handling - When a phone call is received the application automatically pops-up so the operators can start registering the customer interaction. The application is integrated with the companys Cisco ACD system; Contact identification and definition- simple to use form where the contact center agent classifies the contact (inbound or outbound call), its origin (e-mail, phone, fax, mobile, or other) and identifies the number where the call is coming

from. The operator must also identify the calling entity: first its type (Customer, Supplier, Agent, Employee, Third Party, etc) and then a specific person from the database, creating a typified contact record. Depending on the contact nature, more data can be entered, like a claim ID, a policy number or even a supplier key; Contact automatic prioritization SLAs are defined (in the back office) according to contacts type and reason, and the application automatically decides whether a call should be immediately answered, transferred or even if a task should be opened. It also fills the deadline date for resolution automatically; Intelligent customer routing Based on the defined SLAs, calls are automatically transferred to the right person without any intervention from the operator. Likewise, notifications of new tasks are automatically sent to the responsible department. The operator no longer needs to look up a phone number or write an email to send a notification. The whole process just became faster and easier; Contact Management and Analytics 84 types of contacts are catalogued and associated to a specific workflow and SLA. From new product simulations to claims or policy information, billing information or even agent related information and campaigns, the call center agent is able to efficiently address and answer all customer and partner agents calls; Profile Management profiles and groups are managed through the backoffice allowing the tasks to be viewed and owned by a group of people. When a specific task is forwarded to a team, anyone belonging to the team can open the task and become its owner. At any time the task owner can forward it to another team member; Contact and Task monitoring users can search on a list of all contacts and their related details (general data, comments, tasks and history). A progress bar is shown for all open data as well as the time remaining for closing a particular task; Portal Integration - data collected by the contact center is available to all applications under a portal, allowing any employee to check, for example, the entire contacts history for a specific insurance policy; Real time Integration with existing claims and policy systems;

True analytics and flexible reporting capacity.

Results: Accurate and complete collection of relevant contact data the company has accurate contact data regarding reasons of contact, number of contacts, times of resolution meshed with the relevant insurance business data; No more on-the-side" tactical applications or spreadsheets. Critical, unforeseen demands from the Call Center are deployed, in some cases, in as little as 2 days; High user satisfaction and adoption. The use of agile methodologies assured that users were deeply involved during the whole development process, and that the final system addressed their specific needs; Integration with existing legacy systems was simplified and ensured that multiple customer's related data was accurate in all systems.

INSURANCE
Salesboom CRM software offers services in support of personal and commercial insurance operations. The table below addresses standard sales and support activities supported by Salesboom CRM Software Solutions. BUSINESS Sale of financial products such as life insurance, property insurance, RRSP, etc. ACTIVITY Marketing, sales, product specification, pricing, targeting activities. SALESBOOM - INSURANCE SECTOR Salesboom CRM lets you create highly personalized marketing campaigns and execute them across multiple channels. With need analysis and product recommendation capabilities, Salesboom CRM helps agents close the sale by providing the right product

choices. Salesboom CRM Referral management

Automatically create leads for every referral captured Easily view the most valued source of referrals Maximize cross-selling opportunities Streamline account origination for multiple product sales Accurate, complete and timely call lists triggered by events, meetings, predefined conditions track, assign, escalate call activities appropriately deliver personalized investment advice to clients in timely basis View data on familial and ad hoc households Roll up of portfolios, leads, activities, notes, opportunities Consistent view of client portfolios across multiple platforms Accurately assess client value and profitability Segment clients for appropriate marketing initiatives Retain high value clients with exceptional customer service Universal sign up Cross-channel application processing Targeted cross-selling Multi-channel distribution of financial research in support of marketing and decision making Improve co-ordination with team

Targeted sales

Call list management

Household management

Identify client values

Self serve

Advisory services

members Representative Productivity Improve representative's productivity

Automatic tracking and assignment of activities to appropriate employees through workflow Electronic tracking and viewing of decisions by the relationship manager, credit officers and bank executives Capture new business processes Track status of all policy-trailing documents Initiate order for underwriting documentation

Policy

Support utilization of comprehensive policy management

Claims

Processing claims Amalgamate customer information from verification, policy review, agents, brokers, call center representatives, authorizations, payments mobile claims adjusters for good decision making. Gather, collate and assess client files in context for better pricing and decision making. Manage and Track Accounting activities Comprehensive and up to date product descriptions for sharing Produce and track quotes for customers based on pricing and packaging/incentive programs Proceed to underwriting with solid client profile and history in evidence. Consolidates all information sources (including external) to a single source.

Contextual Information

Billing

Salesboom will track and generate invoices and payments according to various triggers programmed into the system. Create, update and disseminate product information that is consistent for all users. Maintain history of quotations from common pricing tables, document incentives and successes on file.

Product Description Pricing and Quotations

Risk Assessment

Improves risk assessment as agents have access to comprehensive of customer specific underwriting from all business lines

Document Management

Generate policy documents Can be generated automatically and can be such as quote packages, sent directly from the system to customer by

declarations, certificates of email, fax, mail. insurance, and payment receipts

Salesboom CRM services has capacity to integrate and support the following business lines on-demand and asneeded to deliver successfully in your financial enterprise:
BUSINESS ACTIVITIES Marketing Analysis Sales ACTIVITIES Develop marketing strategies and maintain campaign history in a company repository available as a working file, a reference repository for lessons learned, a resources for decision making, training purposes, etc. Track sales activities, strengthen sales strategies, incorporate sales protocols, study sales successes/failures to finesse future sales strategies, provide instant overview for team overview and action. As a result it is easier to develop better targeted sales offers, up-sell and cross-sell opportunities.

Customer Service Deliver exemplary customer service with instant access to product marketing collateral and partner product information. Customer and Partner Management Call Center Manage call center services with on-line software that links the service team in real-time to sales information, product information, pricing and billing options and self service options. Policy Enforcement CRM implementation enables consistent enforcement of organizational policy. This capacity enhances areas where policy is important in terms of revenue generation, legal responsibility, regulatory compliance, Occupational Health and Safety, demonstration of fiscal due diligence. Embed business processes into Salesboom CRM to promote consistency and reduce costly training activities. ACTIVITIES Manage information and activities for customer and partner relationships from within one system to ensure good information exchange in support of sales, supply management, customer and product support.

Work-flow BUYING IN

Customization

Consider customization in the context of business lines, and updates as changes occur. Salesboom offers a wide range of customization options from within the system. This introduces the possibility for our customers to manage as little or as much customization as desired from the desktop. Once customization requirements are identified, implementation can be accomplished with consultation with Professional Services to determine what level of integration may be required to achieve your desired results.

Events Driven Advice

With access to 'up to the minute' information in organizational context, it is possible to provide accurate advice where timely information is critical to decision making. If the customization required is complex or fairly sophisticated in terms of true application, then the Professional Services team will review the requirements and identify integration points and implementation options. This includes identifying information holdings you wish to bring forward for service support in your new system. Because of the flexibility built into the Salesboom CRM system, it is possible to use the API packages to integrate existing systems for a rich customer service environment. Additionally, Salesboom has back-end functionality that can bring a full service on-demand system into operation where retention and integration of existing back-end information holdings is desirable. The Professional Services team will work with you to identify and suggest trategic integration options.

Integration of business processes

Technical integration of Web Services Platform

QUESTIONNAIRE Q1) What Is CRM?

CRM is a data tracking system used for customer, marketing, productivity and organizational solutions. Beginning in the 1980s, CRM was focused on marketing, but by the 1990s, with significant advances in technology, began providing solutions to other industries. CRM has become an important part of operations in the insurance industry.

Customers Success in the insurance sector originates from positive customer relations. Using CRM for your insurance book of business allows you to track leads, maintain customer profiles, provide more personalized service to meet specific needs and build customer loyalty. Tools for communication, such as email, enable lead, client and contact management. Marketing CRM offers a model for effective product management. Combining CRM solutions with industry legacy systems immediately channels product enhancements while tracking new product releases. This advancement allows insurers to meet the needs of policy holders within a shorter product development cycle. Productivity Productivity and sales performance can be monitored with CRM tools. Results can show which objectives are being met as well as areas needing improvement. After implementing a CRM system, a leading insurance brokerage and risk management consulting firm was able to meet set goals on performance metrics for 7,000 global employees, according to Salesforce.com. Contact center solutions improve claims procedures, providing first rate customer service while meeting business requirements.

Organization The processes of underwriting, claims processing and support are well structured using industry software to produce positive results. Claims solutions have provided built-in analytics, enabling an insurance carrier to save $4 million annually and achieve 1 percent reduction in loss ratio, according to Oracle's website. This type of efficiency strengthens relationships and keeps work processes at a high standard Industry Growth

The insurance industry has experienced broad strides within its corporate structure in addition to the field division. Alleviating risk, meeting diversity needs, improving financial challenges and employee operations are some of the successes that customer relationship management has brought to the insurance industry. More insurance companies are using advanced CRM technologies to meet the needs of an increasing customer base for better retention rates and profitability. Software developers have recognized this growth and are adapting technologies by offering solutions specific to the insurance industry's needs.

Q2)

Why is CRM important?

CRM is important for business enterprises because of three reasons. 1. Helps in acquiring new customers Prospective customers are needed in order for companies to move forward. Insurance CRM must have a way to gather leads or prospective clients. Cultivate these cold leads until they turn hot with marketing or advertising. Eventually, in theory, these leads turn into customers. 2. Helps in retaining current customers Customer retention can be achieved with loyalty programs. Insurance CRM should then definitely have updated information about all their customers. Centralization of information can help in that aspect. It makes it easier to determine the customers who are eligible for perks after some time.

3. Enhances their customers experience Enhancing the customers experience in dealing with the company can be achieved in many ways. Even simple things like having all important information found online can help. Making sure that all clients have a way of getting customer service in a timely manner is already of great benefit. Insurance CRM software providers can make

these things much easier. Insurance CRM can lessen the burden of the companys Information Technology (IT) departments. These main goals of CRM enable businesses to keep on running and continue to grow. Without customers, what happens to businesses? Keeping that in mind, customers are indeed an integral part of any business. None would profit or even exist without them. Q3) Why is CRM used in insurance? Insurance companies do have customers. Thus, CRM plays a vital role in keeping them. CRM also facilitates automation of many business processes. This alone saves any company precious resources because automation does decrease operation expenses. Excellent customer service is also important. That includes providing information regarding insurance plans. Providing information is crucial. Terms of agreement in insurance should be well-understood by clients. CRM also allows the collaboration of different departments within a company. Even insurance CRM deals with sales, customer service and marketing. In effect, the business works seamlessly using insurance CRM.

Q4)Why is insurance important? Insurance, nowadays, is a requirement for various things. It is a form of risk management. To insure something or someone means that in the event something bad happens, people get money back for their loss. There are different types of insurance policies. Therefore, there are also numerous insurance companies. Insurance has many types. Here are some of the most common types: Vehicle

 Home Health Accident, sickness and unemployment Casualty Life Property Liability Credit There are other numerous types of insurance nowadays for almost anything. Even businesses can be insured, kidnap and ransom, legal expense, livestock and a lot more.

Q5)Why is CRM important? CRM is important for business enterprises because of three reasons. 1. Helps in acquiring new customers Prospective customers are needed in order for companies to move forward. Insurance CRM must have a way to gather leads or prospective clients. Cultivate these cold leads until they turn hot with marketing or advertising. Eventually, in theory, these leads turn into customers. 2. Helps in retaining current customers

Customer retention can be achieved with loyalty programs. Insurance CRM should then definitely have updated information about all their customers. Centralization of information can help in that aspect. It makes it easier to determine the customers who are eligible for perks after some time. 3. Enhances their customers experience Enhancing the customers experience in dealing with the company can be achieved in many ways. Even simple things like having all important information found online can help. Making sure that all clients have a way of getting customer service in a timely manner is already of great benefit. Insurance CRM software providers can make these things much easier. Insurance CRM can lessen the burden of the companys Information Technology (IT) departments. These main goals of CRM enable businesses to keep on running and continue to grow. Without customers, what happens to businesses? Keeping that in mind, customers are indeed an integral part of any business. None would profit or even exist without them.

Q6) Why is CRM used in insurance? Insurance companies do have customers. Thus, CRM plays a vital role in keeping them. CRM also facilitates automation of many business processes. This alone saves any company precious resources because automation does decrease operation expenses. Excellent customer service is also important. That includes providing information regarding insurance plans. Providing information is crucial. Terms of agreement in insurance should be well-understood by clients.

CRM also allows the collaboration of different departments within a company. Even insurance CRM deals with sales, customer service and marketing. In effect, the business works seamlessly using insurance CRM.

CONCLUSION
Insurance organizations recognize the need to identify, attract, and retain profitable clients, but often lack a full or holistic view of their customers. In addition, consumer demand for flexible, customized services and products that can be accessed through multiple channels has leveled the competitive playing field. Insurers are looking for solutions that will empower agents to make smarter decisions at the point of contact, provide them with a complete customer view that fuels greater customer intimacy, and supports their ability to up-sell and cross-sell

a full range of financial products and services. Though decision makers understand the value of this comprehensive approach, they are hesitant to take the plunge. They are concerned about high costs, ease of user adoption, and the risks associated with time spent deploying a CRM system that addresses these needs. There is a solution. Microsoft Dynamics CRM provides holistic client information views and intuitive prospecting and relationship management tools that are a natural extension to the Microsoft Office system. With Microsoft Dynamics CRM, your staff can find your best clients and offer all customers the right service at the right time. Through Web services and a native SOA architecture, Microsoft Dynamics CRM can aggregate data from disparate sources to provide a fully integrated, 360 customer view that includes client profiles and histories, portfolio accounts, relationships, households, and support recordsall from a central location and within a familiar user interface. Agents can focus on immediate and long-term goals for clients and increase profits through improved internal collaboration and business process management, critical business alerts, and shorter sales cyclesall within a unified framework of business processes. Microsoft Dynamics CRM also offers a cost-effective, flexible CRM solution that delivers measurable ROI by helping drive sales and customer loyalty without high ongoing costs. Because Microsoft Dynamics CRM is built on the Microsoft platform and utilizes SOA technology, your organization can implement and integrate the solution into your existing systems efficiently and cost-effectively. The Microsoft Dynamics CRM platform has become a leading solution for the financial services industry. With ongoing investments in innovation based on customer feedback, Microsoft Dynamics CRM offers the insurance industry new tools, advanced feature enhancements, and robust platform capabilities. The latest release of Microsoft Dynamics CRM delivers a platform that is more flexible than ever, providing innovative technologies and a wide range of capabilities that allow insurers to strengthen customer relationships and achieve the highest levels of customer intimacy.

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