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Insurance is probably one of the oldest human economic activities, appearing not long after the advent of trade, and developing as a way of protecting merchants from unforeseen events (natural catastrophes, robberies, etc.). There is evidence of traders using insurance for risk management as early as the third millennium BCE (“before the common era”).
Nowadays, insurance is one of the most complex areas of the financial sector, covering a wide range of risks for both personal and business activities. Most insurance companies offer similar products, which makes competition quite fierce. Here are some of the characteristics of the insurance sector:
Clear and effective communication with potential or existing customers is essential, particularly given the complexity of insurance products.
Liquidity (i.e., the amount of money available for reimbursements) is one of the key concerns of the industry.
Centralized data storage and easy access to information can make all the difference between a successful insurance company and its competitors.
The complexity of the industry, as well as the sheer volume of transactions, require powerful reporting and analytics tools to measure efficiency and forecast future trends.
Protecting confidential information is critical for insurance companies. Individuals and companies need to know that their insurer can withstand attacks from hackers and will not allow information leaks.
Compliance with national and international regulations is becoming more and more difficult, as countries and international organizations implement tighter measures to prevent privacy violations, fraud, etc.
These issues can be addressed by the use of such applications as customer relationship management (CRM), business intelligence (BI), and professional services automation (PSA).
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CRM for Financial and Insurance Markets
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