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 Gaurav Agarwal(10) Harshvardhan Dabhi(13) Allen Sangeeth(15) Vaibhavi Vighne Naveen Buddepu Akash Sharma(62) Jason Lloyd(63) .

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 -o study some examples of successful implementation of CRM in insurance sector .  -o study the impact of CRM as a process which is enhancing the efficiency of the Insurance sector.

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7  Aviva·s example ««««««««««««««««.4  Stages of CRM «««««««««««««««««5  -rends ««««««««««««««««««««6  Challenges ««««««««««««««««««.3  Use of Analytical CRM in Insurance companies «««««.  ‰hy CRM ««««««««««««««««««..10  Case study: Keenan & associates ««««««««««.12  Conclusion ««««««««««««««««««15 ...1  Role of CRM in insurance «««««««««««««2  Benefits of CRM in insurance «««««««««««.

profits could increase by 85%  Odds of selling to new customers = 15%. ‰ Œ   It costs six times more to sell to new customer than to sell to an existing one.  A typical dissatisfied customer will tell 8-10 people  By increasing the customer retention rate by 5%. as compared to those for existing customers (50%)  70% of the complaining customers will remain loyal if problem is solved  90% of companies do not have the sales and service integration to support e-commerce ˜ .

  Œ     CRM is a catalyst in insurance industry growth. K .  Is proficient in qualifying leads. policy administration and streamlines various work functions to successfully service an insurance business.  Providing the customized solutions to satisfy consumers and increase profits.  Engages solid business relationships to meet customer demands for better results.  Replacing the traditional in person encounter of door-to-door sales.

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 Œ        Cross.  Customer segmentation that leverages data to create accurate categories for use in marketing strategies.  Information regarding customer retention or attrition helps determine the likelihood of policy lapses and helps identify customers worth targeting for retention campaigns.and up-selling capability to provide market opportunities within an existing customer database.  Market automation that combines analytics with campaign management functionality to help drive a more effective and efficient marketing campaign.  Predictive capability to determine customer behaviour. Î .

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 ‡ Customer research Pre sale ‡ Pre sale transactions ‡ Sales transactions Sales ‡ Routine post sales transactions Post sale ‡ Non routine post sales transactions  .

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 Operational CRM Analytical CRM 'Initial investment of insurance sector is in operational CRM suite '-hen slowly they are integrating efforts towards data extraction and analysis for analytical CRM. 4 .

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    Moving from a direct to independent agent model  Offering a wider range of products to drive revenue  Lacking a unified view of the customer  Accessing multiple legacy systems for key data  Having poor or ineffective tools to manage the relationship with producers and clients  Regulatory Compliance  ˜ ˜ .

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com  Siebel X .      Goldmine  HEA-  -errasoft  Netsuite  Sage CRM  Salesforce.

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 Œ   Aviva was one of the last entrant in the Indian insurance sector  It had to clearly focus its strategy to know its customers and bring out products that were specific to their needs for their survival  So they went for a complete enterprise wide launch of e-CRM before it started its operations  -he CRM suite was deployed in marketing. track customer details and handle queries appropriately  It also enabled quick analysis of the data and marketing initiatives taken by the company. ˜ . sales and services  CRM has enabled the organization to have real time information about their customers.

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 ‰ith the help from CRM software Aviva can sell multiple insurance policies and pension plans to right customers. ˜˜ .  Based on the responses generated the customer service can be efficiently handled.  Aviva can keep a track on the viability of its marketing campaigns and can monitor them at every stage.  -he integration of marketing. customer service and backend processes have clearly enabled Aviva to provide superior service across varied channels.

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 Keenan & Associates is the 17th largest insurance consulting and brokerage firm in the United States. Keenan is a full service consultant and broker. dedicated to providing superior insurance products and services for public agencies and health care organizations ‡ Ñ : Insurance ‡ p: 675 ‡   p: California ‡ : 120 ‡ p .

Service & Support ˜K . : Salesforce CRM SFA.

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ð    Œ   No centralized contact management ² need 360 view of client  Lack of accountability  Need integration with Enterprise data  Lack of pipeline and production visibility across all lines of business (10 lines)  Lack of communication among business units  Inconsistent paper-based process for new business  Account knowledge lost with turnover  Customer Service disconnected from Sales team ˜ .

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ð    Œ   Salesforce CRM is now the database of record and integrates with other systems providing single point of entry for much of their data  Salesforce CRM has enabled us to monitor the competitive environment and give us insight into the market  Salesforce CRM has enabled us to automated processes which ensure that nothing falls though the cracks and has established standardization across the organization  Dashboards now provide visibility to both Sales and Service to manage the account from the prospecting to implementation stage ˜Î .

˜ .  -o survive in today·s competitive world every firm should focus on customer. Œ     CRM is a new business philosophy based on trust and value.  -o stay in business it is not imperative to maximize revenue from single transaction but to build a lasting sustainable relationship with the customer.

com/Analytical . ! "Œ ð  www.businessperspectives.asengupta.org/BBS_en_2008_1_Khare.pdf  www.

 .pdf  http://www.shtml  assets.com/20041011/casest udies01.com ˜ .salesforce.expresscomputeronline.