What Is CRM for Financial and Insurance Markets?

Financial and insurance companies have special needs. As such, their CRM solution should satisfy those needs. Their systems must adhere to strict requirements due to the highly sensitive information they contain, and the privacy laws that govern such markets—some of which are covered in the areas of securities, insurance, agency management, data standards, and e-commerce.

CRM for Financial and Insurance Markets Business Drivers and Benefits

In the competitive financial services industry, profitability and growth is largely dependant on client loyalty—thus making the client one of their most valuable assets. In order to distinguish themselves from the competition, build client loyalty, and gain a competitive edge, these companies are looking to client relationship management (CRM) solutions. To support their client-driven business strategies, they are turning to CRM to help improve business processes and deliver exceptional customer service.

• Manage client data, including preferences, transactions, and communications history, in a manner that enables executives and management to have a 360-degree view of the client.
• Increase data accuracy with a common repository of client information that ensures all departments within the organization are working with the same data.
• Increase customer satisfaction, loyalty, retention, and profitability using efficient tools that lower service costs.
• Comply with the privacy and security requirements of the current regulatory environment.
• Eliminate inefficiencies with a solution that customizes and integrates the company's roles and workflow.

Why Use the CRM for Financial and Insurance Markets Evaluation Center?

• Compare which products adequately support the right mix of your securities, insurance, agency management, data standards, e-commerce and other typical CRM features.
• Evaluate factors that support a methodical approach to financial and insurance markets.
• Understand how each product supports your Internet sales and analytics requirements.
• Compare the advantages and disadvantages of hosted solutions versus on-site CRM implementations.
• Access listings of vendors you may not know about, or may not have considered.

CRM for Financial and Insurance Markets Risks

• To successfully deploy a CRM application, it is imperative that IT objectives are aligned with business objectives.
• Customers are the driving force behind every business. Driving CRM processes from the outside in will ensure that CRM objectives are truly customer-focused.
• CRM solutions must meet stringent protocols set forth by regulatory agencies who track business activities within the financial and insurance sectors.
• The cost of performance testing a CRM solution prior to deployment can be relatively high, but the risk of not doing so, could be measurably higher—and can mean the difference between the implementation's success or failure.
• Increased application customization can magnify performance and availability problems.