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CRM May Soon Deliver On Its Promise

Eons ago, technologically speaking, the insurance industry was a showcase of centralized data processing that managed policy information for multiple sales channels by giving static views. The information rarely changed and growth was secure and predictable.

If we fast-forward to the 21st Century, we see that centralized information management is still widely practiced, but now most insurance companies have grown or acquired multiple centralized policy management systems. Worse, deregulation and market forces have unleashed fierce competition. The insurance customers of today are very sophisticated buyers benefiting from unlimited access to competitive insurance information. Now, nothing is secure or predictable.

Redundant systems are a universal problem in the insurance industry. These islands of automation for policy management rarely talk to each other. They largely are the creation of industry consolidation, wrought by mergers and acquisitions that reflect competitive industry forces.

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