Crm - an Effective Tool in Insurance Sector
“RECENT DEVELOPMENTS IN BANKING AND FINANCIAL SECTORS-ITS IMPACT ON OTHER SECTORS”
SUB THEME: CRM - AN EFFECTIVE TOOL IN INSURANCE SECTOR
INTRODUCTION
Developing close, co-operative relationship with customers is more important in the current era of intense competition and demanding customers, than it has ever been before. CRM is a strategy that can help them to build long-lasting relationships with their customers and increase their profits through the right management system and the application of customer-focused strategies. CRM is a combination of policies, processes and strategies implemented by an organization to unify its customer interactions and provide a means to track customer information. It involves the use of technology in attracting new and profitable customers, while forming tighter bonds with existing ones. Customer Relationship Management is a comprehensive approach which provides seamless integration of every area of business that touches the customer-namely marketing, sales, customer service and field support-through the integration of people, process and technology, taking advantage of the revolutionary impact of the Internet.
Customer Relationship Management (CRM) is a fundamental business of every enterprise and it requires a holistic strategy and process to make it successful. (Jagdish N Sheth 2001)[1]. Advancements in technology have made relationship marketing a reality in recent years. Technologies such as data warehousing, data mining, and campaign management software have made customer relationship management a new area where firms can gain a competitive advantage.
DEFINITION OF CRM Customer Relationship Management is the establishment, development, maintenance and optimisation of long-term mutually valuable relationships between consumers and organizations. CRM is a comprehensive approach which provides seamless integration of every area of business that touches the customer viz., marketing,
SUB THEME: CRM - AN EFFECTIVE TOOL IN INSURANCE SECTOR
INTRODUCTION
Developing close, co-operative relationship with customers is more important in the current era of intense competition and demanding customers, than it has ever been before. CRM is a strategy that can help them to build long-lasting relationships with their customers and increase their profits through the right management system and the application of customer-focused strategies. CRM is a combination of policies, processes and strategies implemented by an organization to unify its customer interactions and provide a means to track customer information. It involves the use of technology in attracting new and profitable customers, while forming tighter bonds with existing ones. Customer Relationship Management is a comprehensive approach which provides seamless integration of every area of business that touches the customer-namely marketing, sales, customer service and field support-through the integration of people, process and technology, taking advantage of the revolutionary impact of the Internet.
Customer Relationship Management (CRM) is a fundamental business of every enterprise and it requires a holistic strategy and process to make it successful. (Jagdish N Sheth 2001)[1]. Advancements in technology have made relationship marketing a reality in recent years. Technologies such as data warehousing, data mining, and campaign management software have made customer relationship management a new area where firms can gain a competitive advantage.
DEFINITION OF CRM Customer Relationship Management is the establishment, development, maintenance and optimisation of long-term mutually valuable relationships between consumers and organizations. CRM is a comprehensive approach which provides seamless integration of every area of business that touches the customer viz., marketing,