The Role of CCM in the Insurance Industry
June 10, 2010
Recently Interactive Intelligence released a white paper produced independently by Strategy Meets Action (SMA) looking at the effects of Customer Communications Management (CCM (News - Alert)) on the insurance industry.
Insurers today, the white paper finds, are "focusing on growth through existing products, lines, channels, and geographic areas." This approach requires a better understanding of customer needs and improved customer service increases sales and improves retention rates.
Customer communications management, obviously, is the critical technology for this, as it analyzes customer interactions to capture more information about customer needs, make timely offers, and enhance customer service.
The paper concludes that CCM "is most valuable when considered holistically as the integration of all forms of communication and all types of information across the enterprise."
In other words, the paper finds, a comprehensive CCM vision "is essential in today's landscape with the advent of new customer demands, shifting demographics, and the expansion of the various devices and channels that policyholders, agents, and third-party partners use to interact with insurers."
Simply put, without a credible CCM effort, you're not going to be able to keep it all straight: "Insurers should choose an approach that creates seamless flows of information from all voice and data communications, generating both structured and unstructured data, via a wide range of channels."
Such an approach, the paper says, "is essential for selling, servicing, and ultimately driving growth through new business and retention."
Most insurers, the paper finds, are focused on organic growth through existing lines, products, channels, and geographic areas. To be successful in that case, market penetration strategies require companies to increase cross-selling and up-selling and to improve retention rates."
"Much of the discussion in insurance today concerns selecting the right technology and telephony tools to automate the business and improve the workflows. However, this focus tends to mask the true scope and value to the business."
To download a free copy of this informative white paper, click here.
David Sims is a contributing editor for TMCnet. To read more of David's articles, please visit his columnist page. He also blogs for TMCnet here.
Edited by Patrick Barnard