A major insurance company says it loses $25 million from its bottom line for each one percent drop in its customer retention rate. What’s more, many formerly mutual (policyholder-owned)-turned-stockholder-owned companies are under increased pressure to keep earnings healthy. Add to that a customer base only a mouse-click away from competing insurers, and a picture emerges of an industry where enterprises are trying harder than ever to keep and obtain customers.



Enter integration, an increasingly important player in managing relationships between insurers and their policyholders. And in that sense, insurance might be viewed as a microcosm of what’s happening throughout the business world.

During the expoQ webinar Integration Improves Relationship Management in the Insurance Industry, Software AG Senior Vice President Bill Ruh and the company’s Financial Services Practice Director, John Stone, took a close look at how integration is helping insurance companies retain customers. The webinar is part of the Integrating Customer Touch-Points for Improved CRM series, sponsored by Software AG.

Paper bills and claim forms remain the most frequent types of communication between insurance companies and policyholders, so it’s no wonder opening up more channels to and from customers is paramount. Especially electronic channels, far less costly than paper ones.

Ruh noted that insurers can also use integration software to generate new revenue streams by flagging up-sell and cross-sell opportunities, and he pointed to integration as a ticket to trimming operational costs.

Still, insurers face challenges companies in other industries might not, making effective insurance CRM all the more daunting: Agents, frequently the middlemen between insurers and customers, must be kept in the loop. Insurance is a complex product “with a terminology and that doesn’t lend itself to e-business in the same way as buying a CD or book,” Stone said. And insurance can be hard to sell: “People will respond to a call from an insurance agent, but will not beat a path to their door,” Stone observed.

But Ruh stressed that carriers, agents and customers alike can be empowered by the integration of disparate content and data. And he detailed the architectural components of a system to accomplish that.

-1-

1  2  

   Next Page

Explore Our Topics

  • EDITOR'S BRIEFING
ebizQ editorial highlights and updates, compiled by ebizQ staff
  • BaaS bonus: In this podcast, Gartner Research Director Gordon Van Huizen discusses the Backend as a Service marketplace and the approach's pros, cons and challenges.
  • Cloud quiz: How much do you know about business process management in the cloud? Test yourself with this six-question cloud BPM quiz.
  • Three key steps: Clay Richardson of Forrester Research describes ways to emphasize user experience in business process design.
  • ebizQ editorial: Browse ebizQ's collection of independent editorial content, including articles, tips, Q & As, podcasts, guest columns, book excerpts and more.
  • Virtual Conferences
  • Webinars
  • Roundtables

BPM in Action

March 10, 2011

The sixth annual BPM in Action 2011 Virtual Conference will explore cutting-edge market developments in BPM and describe how to leverage them for improved business operation and performance. More

View All Virtual Conferences

Smart Case Management: Why It's So Smart.

Date:Nov 05, 2009
Time:12:00 PM ET- (17:00 GMT)

REGISTER TODAY!

Date:Oct 29, 2009
Time:15:00 PM ET- (19:00 GMT)

REGISTER TODAY!
View All Roundtables
  • Research Library
  • Podcasts
  • News

Joe McKendrick: Part II of II: Designing Evolve-ability into SOA and IT Systems

In part two of Joe McKendrick's recent podcast with Miko Matsumura, chief strategist for Software AG, they talk about how SOA and IT systems need to change and grow and adapt with the organization around it.

Listen Now

Phil Wainewright: Helping Brands Engage with Social Media

Phil Wainewright interviews David Vap, VP of products at RightNow Technologies, and finds out how sharing best practices can help businesses understand how best to engage with online communities.

Listen Now

Peter Schooff: Making Every IT Dollar Result in a Desired Business Outcome: Scott Hebner of IBM Rati

Scott Hebner, Vice President of Marketing and Strategy for IBM Rational, discusses a topic on the top of every company's mind today: getting the most from IT investments.

Listen Now

Jessica Ann Mola: Where Will BI Fit In? Lyndsay Wise Explains

In BI, this tough economy and the increasing role of Web 2.0 and MDM are certainly topics on people's minds today. WiseAnalytics' Lyndsay Wise addresses each of them in this informative podcast.

Listen Now

Dennis Byron: Talking with...Deepak Singh of BPM Provider Adeptia

Deepak Singh, President and CTO of Adeptia, joins ebizQ's Dennis Byron in a podcast that gets its hand around the trend of industry-specific BPM.

Listen Now
More Podcasts
  • Most Popular
  • Quick Guide
  • Most Discussed

Quick Guide: What is BPM?

Learn More

Quick Guide: What is Event Processing?

Smart event processing can help your company run smarter and faster. This comprehensive guide helps you research the basics of complex event processing (CEP) and learn how to get started on the right foot with your CEP project using EDA, RFID, SOA, SCADA and other relevant technologies. Learn More

Quick Guide: What is Enterprise 2.0?

A lot of people are talking about Enterprise 2.0 as being the business application of Web 2.0 technology. However, there's still some debate on exactly what this technology entails, how it applies to today's business models, and which components bring true value. Some use the term Enterprise 2.0 exclusively to describe the use of social networking technologies in the enterprise, while others use it to describe a web economy platform, or the technological framework behind such a platform. Still others say that Enterprise 2.0 is all of these things. Learn More

Featured Bloggers

Steven Minsky's Latest Blog Posts:

Read Steven Minsky's Blog
Scott Cleveland's Latest Blog Posts:

Read Scott Cleveland's Blog
Adrian Grigoriu's Latest Blog Posts:

Read Adrian Grigoriu's Blog
Dion Hinchcliffe's Latest Blog Posts:

Read Dion Hinchcliffe's Blog
Michael Poulin's Latest Blog Posts:

Read Michael Poulin's Blog
Noam Tamarkin's Latest Blog Posts:

Read Noam Tamarkin's Blog
Janne J. Korhonen's Latest Blog Posts:

Read Janne J. Korhonen's Blog

View All ebizQ Bloggers