WEB TECHNOLOGY FOR LIFE INSURERS

THE CONTEXT :

Insurance Companies today are compelled to improve processes related to customer service, marketing and management of its channel partners(Branches, Agents, Brokers & Institutions).

Competition in this industry is Hi-end technology driven,financial backing and market garnering are more focused with mergers and acquisitions, which means redifining the business policies is apparent.

The techonolgy has given the customer the edge by giving them knowledge and product information on time and at rapid pace. Since the customer is well informed of the product and its benefits, selling has become doubly diffcult for those still focusing on traditional parameters such as premiums, Management costs and Agency commission.

The new market scenario in this industry will be Matured, Technology driven, Knowledgeable customers, Tight rope walking, shrinking bottom line, high cost on servicing the clients to satisfaction, and several other economic pressures, have resulted in the follwoing vagaries to be addressed.

Marketing

• Polices to maintain existing customer.
• Attract new customer
• Value added services to existing customers

Partners

• Dissemination of informaton for quality
• Updated Product knowledge and its benefits

Information on existing and extended call centres effectively

Optimising services mechanic with high end productivity.
Optimisation of database products.

For the three circle to be unified and give required output it needs a cosistent and fool proff system to avoid communication gap.