Customer relationship marketing (CRM) and related digital capabilities are evolving at lightning speed in insurance – so fast that it begs the question, "Do I need to keep pace or can I watch, wait and then make safer investments at a later time?"
The clear answer is that customer-centricity is today's core winning business strategy – you must invest accordingly.
Merkle recently released the results of a study focused on customer-centricity, customer value and the role of a specific set of CRM capabilities that maximize them. The study was conducted with senior-level executives (50% C-level) at US-based insurance companies with more than $1 billion in revenue, as part of a larger cross-industry study of more than 350 executives.
Uniquely, we looked for links between customer-centricity and company performance. Some of the insights we uncovered were surprising. We found that high-performing insurance companies have completely different strategic project investments and goals versus lower-performing insurance companies.
What distinguishes winning companies?
• Programs are sponsored at the CEO level or have joint sponsorship by executives just below the CEO level; programs are not just supported at the division or functional level
• CRM is a strategic way of life; investment priorities are focused and fundamentally different from lower performing companies
• Customer engagement capabilities are stronger and include customization of the customer experience