Customer Lifecycle Management
Insurance companies are faced with various market conditions and are challenged to deliver new Marketing Strategies to increase the number of policies. They are also focusing on better ways to effectively implement and efficiently manage their marketing strategies.
Marketing is positioning products and services to more narrowly-focused customer segments in an effort to deliver relevant offers and messages to produce the desired results. They are trying to get cross-selling off the ground to find new areas of product differentiation.
But customers are resisting. Every day they are flooded with sales messages from a huge range of companies via every media channel for an endless array of products. The campaigns of insurance companies are potentially only simply adding to the noise. Personalised dialogues for individual customer are not happening. Consequently, they are reacting to the marketing campaigns with an apathy that often turns into antipathy.
So, despite a sustained effort, the growth of policies is sluggish and churn remains stubbornly high. What can be done about it?
The answer lies in implementing Customer Lifecycle Management (CLM) to improve the customer experience
Research has shown that improving the customer experience, i.e. how a customer feels about the way they are approached by a company, has a significant, positive impact on revenues and long-term customer value.
Finding ways to improve the customer experience is the focus of customer-centric organisations. And there are a new breed of front-line systems, known as Customer Lifecycle Management (CLM) systems that are able to deliver it.