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Technologies Fit for the Insurance Industry

By Edited Apr 14, 2016 0 0

Nowadays, there is a general trend of interest in the IT (information technologies). The insurance companies follow this trend. The main areas of IT that present interest to such companies are:

-          ERP- systems that bring automation to business processes;

-          CRM systems that optimize the relationship with the customers;

-          Internet as the most promising and newest sales channel;

-          Use of analytical solutions (risk management systems and so on).

In order for one insurance company to work well it has to be able to deal with huge amounts of information constantly. Therefore, it is crucial that the company finds a system that helps it process all this information successfully and on time in order to keep up with the market. The automation systems used nowadays give a better chance for keeping up with the competition and make management more efficient. Any system from the ERP class is aimed at providing a common database for all the information connected to the business processes and making the exchange of information between different affiliates an easy process.

The world’s leading manufacturers are not the only ones who create solutions for the insurance industry. There are also local suppliers who can provide you with a decent system for your needs. However, the first ones have more experience and their products are more reliable because they have already been tested by numerous users and have undergone adjustments. On the other hand, the solutions provided by local suppliers can more easily be adjusted to your own needs. There is no dominant supplier of systems for the insurance industry at the moment. The past few years have shown a rising interest in standard software packages. Since the insurance industry’s main target is the customers, the need for CRM systems is essential.

When data is accumulated about the customers it is easier to improve the services, increase customer satisfaction and develop personalized services. The insurance companies which choose to implement a CRM system stand a better chance against the competition. A recent survey in Europe shows that 85% of the insurance companies on the continent are willing to improve their customer service. When such a company decides to spend money on IT it is mainly for the purpose of improving the relationship with customers. They also hope to reduce costs. This is the most appropriate way to beat the competition. According to experts, the main task of the software used by insurance companies is to optimize services, reduce costs, and help with the integration and sharing of data.

In order to attract new customers and keep the current ones the insurance companies have objectives such as: improving the quality of service; personalized customer relationships and better operation with data. In order to make all this come true it is essential to use a good CRM system. Reduced costs and increased productivity can also be achieved through centralization of data and standardization of reports with the right CRM solution.



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