Despite industry skepticism and tightening budgets, insurers will continue to invest in CRM with the prerequisite that vendors are able to demonstrate that significant returns can be achieved. Investment through 2002 and 2003 will be focused on: smaller scale projects to leverage greater returns out of existing systems, the development of operational CRM to improve distribution strategies, and the integration of core processes such as claims. In the highly competitive insurance landscape, the main objective of insurers is increasing the value of their customer base. Customer relationship management (CRM) is pivotal in achieving this. The following executive report examines why CRM is still vitally important to insurers and why they will continue to invest in these technologies, despite the downturn.
