| |
| Thought Paper |
| |
Unified Customer View & The Insurance Industry |
| |
| Abstract |
While the Insurance industry has seen significant growth, it is also facing tremendous
challenges in adapting to an increasingly complex and competitive field. Further, a spate
of mergers and acquisitions has meant that acquiring Insurance companies now have
many systems of different flavors and technologies, distributed in various locations.
As Insurance companies adjust to these new challenges, they are exploring new
methodologies and solutions to fulfill their business goals, improve customer retention,
reduce operating cost, and increase revenues. To achieve these objectives, Insurance
companies have started moving from a traditional product-centric world view to a
customer-centric approach.
Insurance companies normally do not have a single view of the different interactions of
their customers. But customers have a single view of their transaction with the insurance
company. Insurance companies will not be able to deliver a world-class service to their
customers, if they don't have a single, unified view of their customers. This unified view will
provide the insurance company an opportunity to build loyalty, increase revenues and
enhance profits.
This white paper describes the concept of the Unified Customer View with reference to the
Insurance industry, and discusses the pros and cons of a proposed implementation
methodology.
|
