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.
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