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Customer Relationship Management - Case Study Example

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This paper "Customer Relationship Management" discusses a tool that integrates technologies and business processes to satisfy the needs of the customer (Bose, 2002). This tool has gained importance as competition has intensified due to globalization…
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Customer Relationship Management
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Download file to see previous pages  Consumers started looking for variety and lower prices. Through the use of technology, such customer tradeoff against variety and prices is not necessary. The US life insurance industry is large, mature and dominated by a number of large companies and this industry has been one of the early adopters of computer technology (Subramanian & Chatterjee, 2007). The advent of the CRM systems changed the landscape of the insurance industry.

The health insurance organizations use CRM to prepare health proposals and process applications in a much faster and accurate way. The organizations are better able to understand the needs and habits of the customer and provide more efficient service. Companies are able to integrate the operational, financial, marketing, sales and customer service functions thereby making it easier for the employees to work together and share critical information (Albazaz & Wei, 2004). The adoption of this technology can help firms to lower costs, perform tasks more efficiently and boost profits.

While the benefits of the CRM in the insurance sector are many, it failed to produce the expected results and returns on investment and various reasons have been cited for this. The insurance companies had unrealistic expectations that CRM would help them increase their customer database (Albazaz & Wei, 2004). Different departments within an organization had different understandings and expectations from the CRM technology. A shared business culture throughout the organization was lacking. Poor planning on the part of the organization was another reason. While investments were made no training was provided to the users or the managers. The adoption of CRM has to be phased so that gradually people get used to the technology.  ...Download file to see next pagesRead More
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