CRM for Ins rance Ind strCRM for Insurance Industry

Mr. Navik Numsiang

Managing Director

Sundae Solutions Co., Ltd.

Insurance Industry SituationsInsurance Industry Situations

a complex anda complex and competitive 

environment tinged with little stability

The big fish dominate the sector

Acquisitions or  mergers

with little stability

selling insurance policies has become facing the toughest  Internet & policies has become an option for banks economic conditions Social Media

Instinctive reaction to cut all strategic projects and wait 

until things improve

Why CRM?Why CRM?

CRM is a business strategy designed tooptimise profitabilityoptimise profitability,

revenue and customer satisfaction

Gartner

Management Tools & Trends 2010 by Bain & CoManagement Tools & Trends 2010 by Bain & Co. 

Why CRM?Why CRM?

Helps protect revenue streams from your current customers

id i h d iProvides you with a 360 degree view of customer interaction across sales, marketing, service and finance

CRM is a business strategy designed tooptimise profitability marketing, service and finance 

functionsoptimise profitability,

revenue and customer satisfaction

Gartner

360 Degree Customer View360 Degree Customer View

Why CRM?Why CRM?

Helps protect revenue streams from your current customers

CRM is a business strategy designed tooptimise profitability

Provides you with a 360 degree view of customer interaction across sales, 

k d f

Enables you to unearth latent revenue

optimise profitability, revenue and

customer satisfaction

marketing, service and finance functionsEnables you to unearth latent revenue opportunities

Equips your sales team to deliver Gartner

q p yhighly focussed business development programmes

Replaces sporadic interaction with true customer lifecycle management

The Formula for Successin Insurance Industry

Gain a Unified 

Enterprise View of 

Customers

Retain Customers

Control Costs

Customers With Great Service

Control Costs While You Expand

The 1st Formula for Success

Gain a Unified EnterpriseGain a Unified Enterprise View of CustomersView of Customers

Gain a Unified 

Enterprise

Retain Customers 

Enterprise View of 

Customers

Control Costs While You Expand

CustomersWith Great Service

Expand

Gain a Unified Enterprise View of Customers

Is It Your View of Customers?Is It Your View of Customers?Is It Your View of Customers?Is It Your View of Customers?

Sales Management

Sales Management Call 

CentreCall 

CentreClaimClaim

Sales People Sales People 

Policy Management

Policy Management

Centre Centre  ManagementManagement

Account ManagementAccount 

ManagementM k tiM k ti

FinanceFinance

MarketingManagement Marketing

Management 

BillingBilling Marketing Marketing 

Gain a Unified Enterprise View of Customers

Corporate DataCorporate Data

A single, complete, real‐time enterprise view

Personalized service can be the differentiating factor that gretains good customers and reduces churn—an 

important goal, given that customer retention is profitableimportant goal, given that customer retention is profitableand new customer acquisition can be expensive.

The 2nd Formula for Success 

Retain Customers withRetain Customers with Great ServiceGreat Service

Gain a Unified 

Enterprise

Retain Customers 

Enterprise View of 

Customers

Control Costs While You Expand

CustomersWith Great Service

Expand

Unified Enterprise View of Customers

Advanced Level of Understanding 

• Know Your 

g

• Predict Customers customer 

behavior and align marketing,marketing, cross‐selling and up‐sellingand up selling efforts

A three‐step process for Predicting Customer Behavior

f l d lProfiling Modeling Scoring

Customer ClassificationCustomer Classification

Retain Customers with Great ServiceRetain Customers with Great Service

• The more products you canThe more products you can sell to a given customer, the less apt he/she is to migrateless apt he/she is to migrate to another provider. 

• The longer a policyholder• The longer a policyholder remains a customer, the less frequently he/she submits afrequently he/she submits a claim. 

• All of these factors ib i dcontribute to improved 

profitability.

The Last Formula for Success 

Control CostsControl Costs While You ExpandWhile You Expand

Gain a Unified 

Enterprise

Retain Customers 

Enterprise View of 

Customers

Control Costs While You Expand

CustomersWith Great Service

Expand

Business Expansion !Business Expansion !

• Increased assets• Increased assets 

• Broader geographic reach to g g pnew customers

But…

how does an insurancehow does an insurance company grow without sacrificing profitability?

The Key for Business ExpansionThe Key for Business Expansion

• To enable your agents, representatives and brokers to identify and spend the right amount on each opportunity

Right Opportunity each opportunityOpportunity

• To use the most cost‐effective channels without sacrificing a high level of customer service for diff t t t di d d i d b h i

Most cost‐effective 

different target audiences and desired behaviorschannels 

• Automation of the more mundane insurance business processes

Automated Process business processesProcess

The Key for Business ExpansionThe Key for Business Expansion

• To enable your agents, representatives and brokers to identify and spend the right amount on each opportunity

Right Opportunity each opportunityOpportunity

• To use the most cost‐effective channels without sacrificing a high level of customer service for diff t t t di d d i d b h i

Most cost‐effective 

different target audiences and desired behaviorschannels 

• Automation of the more mundane insurance business processes

Automated Process business processesProcess

Multi‐Channel CRMMulti Channel CRM

Email Marketing andEmail Marketing and CRMCRM

What’s Good about Email Marketing?

• Highly targeted

What s Good about Email Marketing?

• Highly targeted• Immediate• Measurable

Reach• Reach• Cost Effective

Email Campaign ResultsEmail Campaign Results

Mobile CRMMobile CRM

ROI for Mobile CRMROI for Mobile CRM

Mash‐up to CRM

Mash-ups to CRMA mash-up is a web application

Mash ups to CRMA mash up is a web application that combines data from more than one source into a single integrated view.g

Content used in mash-ups is typically sourced from a thirdtypically sourced from a third party via a Widget or API (web service).

• Minimized application data management

• Reduced development effort

Make CRM SMARTERMake CRM SMARTER

Most Popular Mash‐upMost Popular Mash up

Mash‐ups to CRM DashboardMash ups to CRM Dashboard

Social CRMSocial CRM

Social CRM

M i l di di tl f CRM f

Social CRM

Manage your social media directly from CRM for Twitter, Facebook and LinkedIn

Web 2.0 stimulated fundamental changes in consumer behavior

Interactions between customer and brands starting earlier and never ending

New behavior patterns demand a new strategy better segmentation newstrategy, better segmentation, new channels and targeted messages and review of current customer facing business processes

The Key for Business ExpansionThe Key for Business Expansion

• To enable your agents, representatives and brokers to identify and spend the right amount on each opportunity

Right Opportunity each opportunityOpportunity

• To use the most cost‐effective channels without sacrificing a high level of customer service for diff t t t di d d i d b h i

Most cost‐effective 

different target audiences and desired behaviorschannels 

• Automation of the more mundane insurance business processes

Automated Process business processesProcess

Automated ProcessAutomated Process

Wrap UpWrap Up

Turn challenges intoTurn challenges into strategic competitive 

Gain a

advantage and enhance their long‐

Gain a Unified 

Enterprise View of 

Customersenhance their long‐term viability and  Retain 

Customers With Great

profitabilityControl 

Costs While 

With Great Service

You Expand

Thank YoThank You

M N ik N iMr. Navik Numsiangnavik@sundae.co.thSundae Solutions Co., Ltd.Tel. 66 2634 8899Fax 66 2634 8896Website: www.sundae.co.th