Insurance Technology - CRM in Global Insurance (Review Report)

SUMMARY

Overview

Introduction

This report combines the two briefs from the CRM theme for Q4 2007. Areas covered include market conditions and developments across the L&P and P&C sector, as well as strategies for meeting the market conditions.

Scope

• Covers the global market with specific emphasis on North America and Western Europe
• Forecasts CRM software license and subscription spend by region through 2012, with spend broken down by country and insurer type

Highlights

Insurers must gain a full view of the customer in order to identify and grow the most profitable customers, and marginalize the customers that have little or no profit potential.

To capitalize on opportunities and to thwart competition, insurers must become customer centric. The insurers that master the customer relationship will witness a boom to the bottom line.

According to Datamonitor projections, global CRM license sales will grow 9% annually through 2012, reaching $440 million.

Reasons to Purchase

• Understand how to compete better in today's evolving insurance market
• Understand the current and future direction of CRM spending in the insurance sector

TABLE OF CONTENTS

• Overview
  • Catalyst
  • Summary
  • Methodology
• Executive Summary
  • Introduction
  • Understanding the Opportunities for CRM in Global Insurance (Market Focus)
  • Protecting and Improving Insurer's Margins with CRM (Strategy Focus)
  • Customer Relationship Management Software Spending through 2012 in Insurance - North America (Databook)
  • Customer Relationship Management Software Spending through 2012 in Insurance - Western Europe (Databook)
• Table of Contents
• Table of figures
• Table of tables
• Understanding the Opportunities for CRM In Global Insurance (Market Focus)
  • Summary
  • CRM will enable insurers to compete - and excel - in today's highly competitive market
    • Focus on the customer in order to improve sales and service productivity
    • Improve customer retention and customer growth: Keys to being competitive
  • Insurers must use CRM to navigate the different global challenges
    • The United States
    • Europe
    • BRIC
  • CRM must shed its negative legacy and prove ROI by focusing on business rather than IT implications
  • Vendors must clearly communicate that today's CRM strategies have evolved
  • Vendors and end-users must strive for enterprise-wide implementations-"Break Down the Silos"
  • Ensure that end-user participation is maximized
• Protecting and Improving Insurer's Margins with CRM (Strategy Focus)
  • Summary
  • Insurers must gain a full view of the customer in order to drive cross-sales and allocate resources more efficiently
    • Customer centricity begins with Customer Data Integration (CDI)
    • Customer segmentation: The first step in customer analytics
    • Beyond segmentation: Portfolio Analysis and Predictive Analytics
  • Insurers must aggressively manage their producers, i.e. agents and brokers
    • Portals: The differing needs of captive and independent agents
  • Insurers need to integrate and automate sales, marketing and operations
    • "Close the Loop"
    • Intelligent automation reduces costs and improves service
  • Design flexible offerings that meet the needs of the intricate insurance process
  • Create insurer-agent portals that allow for collaboration but respect the agent's sovereignty
  • Know where the market is heading so that you can properly market to insurers
• Customer Relationship Management Software Spending through 2012 in Insurance - North America (Databook)
  • Introduction
  • Global Spending on CRM Licenses by Insurers, by Region, through 2012
  • North American Spending on CRM Licenses by Insurers, by Country, through 2012
  • North American Spending on CRM Licenses, by Insurer Type, through 2012
• Customer Relationship Management Software Spending through 2012 in Insurance - Western Europe (Databook)
  • Introduction
  • Global Spending on CRM Licenses by Insurers, by Region, through 2012
  • Western European Spending on CRM Licenses by Insurers, by Country, through 2012
  • Western European Spending on CRM Licenses, by Insurer Type, through 2012
• APPENDIX
  • Definitions
  • Methodology
  • Further reading
  • Ask the analyst
  • Datamonitor consulting
  • Disclaimer
  • List of Tables
    • Table 1: Global Spending on CRM Licenses by Insurers, by Region, through 2012 ($ millions)
    • Table 2: North American Spending on CRM Licenses by Insurers, by Country, through 2012 ($ millions)
    • Table 3: North American Spending on CRM Licenses by Insurers, by Country, through 2012 ($ millions)
    • Table 4: Global Spending on CRM Licenses by Insurers, by Region, through 2012 ($ millions)
    • Table 5: Western European Spending on CRM Licenses by Insurers, by Country, through 2012 ($ millions)
    • Table 6: Western European Spending on CRM Licenses by Insurers, by Country, through 2012 ($ millions)
  • List of Figures
    • Figure 1: Current threats and strategies
    • Figure 2: Premium Growth in BRIC compared to G7
    • Figure 3: The process required to turn a prospective customer into a policyholder
    • Figure 4: Global Spending on CRM Licenses by Insurers, by Region, through 2012 ($ millions)
    • Figure 5: North American Spending on CRM Licenses by Insurers, by Country, through 2012 ($ millions)
    • Figure 6: North American Spending on CRM Licenses, by Insurer Type, through 2012 ($ millions)
    • Figure 7: Global Spending on CRM Licenses by Insurers, by Region, through 2012 ($ millions)
    • Figure 8: Western European Spending on CRM Licenses by Insurers, by Country, through 2012 ($ millions)
    • Figure 9: Western European Spending on CRM Licenses, by Insurer Type, through 2012 ($ millions)