The concept of customer relationship management (CRM) was brought to life in the early '90s, and it has been adopted quickly–at first by large companies, then by those further down the corporate scale. The financial services industry was one of the early adopters. As usual, banks moved ahead of insurance companies. Yet CRM investments during the big push of the 1990s didn't generate the expected returns for the companies that made them.
For example, a 2001 McKinsey study found only 20 percent of the U.S. retail banks that implemented CRM raised their profitability as a result. More and more, CRM began to be associated with two words: expensive and failure.
More specifically, has CRM vanished from the radar of insurance companies? That was really hard for us to conclude given the interest expressed by our clients on both sides of the Atlantic.
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