The CRM

1. “New Age” CRM Strategies for
Insurance Firms
Financial Technology Summit
08 June 2012, Goa
Ram Medury, ICICI Lombard

2. A little about General Insurance
Industry
 Wide ticket-size spectrum
 Rs 20 to 2 cr, but same service expectation
 Claim intensive, unlike Life Insurance
 Many post-purchase/servicing processes are
customer facing
 Think of a car purchase

3. Insurance Customer Lifecycle
Inform &
Advice &
First Contracting
Quotation
Contact
Claims Cancellation/ Policy
Handling Renewal Handling
1. 100s of Moments of Truth
2. Need to deepen customer
Retention & relationship, improve customer
Referral experience at each MOT

4. Trend 1 - The Growth of Direct
Channel
 Go Direct, young man!
 Insurers focusing on direct business
 Net Savvy Customers
 Personalised/DIY, Self-service
 Demanding
 Importance of CRM goes up: analytics,
timings (when to contact, how, having
history)

5. Source: Technopak, ET

6. Source: Technopak, ET

7. Trend 2 - The Intermediaries, They
Are a-Changin‟
 Traditional Agent: submit policy, come to
office again (and again)
 New Agent: going online with servicing
 Other partners : Hospitals, Garages
 Garage settlement of claim happens locally –
access to customer record important
 CRM gets extended to partners as well

8. Trend 3 - Mobility
 Customer expectations changing – Instant
Gratification
 Earlier accessibility was to fixed PC or call
center
 CRM now onto mobile devices as front end
keeps changing, how to tie in

9. Trend 4 – Go Social
 Corporate sales (eg: use linkedin to upload
contacts, store correspondence)
 Impact on retail sales quite low as of now
 CRM to track social n/w actions
 engage potential customer community
 community product reviews to facilitate online
sales

10. Trend 5 – Reputation
Management
 Listen, capture, sentiment analysis (+/-
/neutral)
 A good CRM should immediately address
customer query instead of doing it offline

11. A last bit on CRM Software in
Insurance
 No single provider of an end to end Insurance
CRM
 Most Indian Insurers do not have a CRM s/w
 Is there more than one type of CRM s/w?
 Sales-CRM
 Service-CRM
 Analytical CRM (as a horizontal)
 Often building blocks need to be first in place;
e.g.: Single View of Customer

12. What hinders a „Single Customer
View‟
• Systems provide a „Policy View‟ rather than the
„Customer View‟
• Business data is stored in multiple systems and
formats
• Duplicated and fragmented data along with
complexity in data extraction
• All Customer interactions are not recorded

13. Thank You